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Immovable Property Tax unpaid

Twenty five owners of properties valued in excess of €3 million at 1980 prices failed to pay their Immovable Property Tax by 27th December according to information from the Tax Department.

Cyprus Immovable Property TaxDESPITE the generous 75 per cent discount on Immovable Property Tax, Cyprus Weekly reports that by 27th December twenty five owners of immovable property whose value exceeds €3 million have failed to pay Immovable Property Tax.

Citing figures from the Tax Department, the paper reports that 2 people owe a total of €104,564, while 23 businesses owe a total of €3.4 million.

These 25 owners owe more property tax than the property tax owed by the 20,000 owners whose properties have a 1980 value of no more than €40,000 (€2.1 million).

In addition, 143 business and individuals whose properties have a 1980 value between €800,000 and €3 million have yet to pay their tax, estimated to be €3.3 million. Indeed, the highest percentage of non-payers (22.87%) own property within this value band.

The higher the value of their properties the less likely it is that their owners have paid their tax.

(The twenty five individuals and businesses have not been named.)

Readers' comments

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  • Jill says:

    So, surprise, surprise….. What do they intend to do to force payment? Probably, nothing!! It’s as usual – if you’ve got money, you get away with it!!

    And what’s happening about our Title Deeds. It’s over a year ago now that many of us paid the 10 Euros to apply. In the usual way of things here, we have heard absolutely nothing!!

  • Mike says:

    Perhaps they have picked up on the Bankers anthem in that they are far too big and important to be allowed to fail. The little people will pick up the bill and pay it one way or another. Uboat @ 0916 seems to have it solved.

  • Uboat says:

    No surprise there is it…?

    If you have money in Cyprus you do all you can to pay into the country to support it and rely on tourist and foreign aide..

    Not a lot of thinking of the future only of their greedy present. … sorry to say.

    Meanwhile we who pay in pick up the bills in so many other ways ….

    Happy New Year

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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