- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Immovable Property Tax unpaid

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.)