All reports tagged with: "immovable property tax"
Around one sixth of the 1.2 million properties in Cyprus were not registered with the Department of Lands and Surveys until the authorities carried out a revaluation exercise as part of the island’s bailout agreement.
Following the second post-programme surveillance mission to Cyprus, the European Commission and the European Central Bank reports that NPLs remain “very high” and that “reform momentum has weakened noticeably.”
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.
There have been a number of changes to various property taxes in Cyprus in recent times and a summary of the impact of those changes for individuals with property on the island are summarised below.
Approximately half of all property owners whose properties are valued in excess of half a million Euros at 1980 prices have not paid their property tax analysis of the Tax Department data shows.
The Tax Department will start sending Immovable Property Tax demands today that will include significant discounts agreed by parliament earlier this year of 75 per cent if they settle their account by 31 October.
In September the Tax Department will start sending Immovable Property Tax notices to some 237 thousand taxpayers who will find their tax bills reduced to 25 per cent of the amount demanded last year.
The Cyprus parliament has agreed that Immovable Property Tax for 2016 will be based on 1980 values but reduced by 75 per cent on the amount paid last year; IPT will be abolished in 2017.
The Cyprus government has changed its proposal regarding Immovable Property Tax because, according to media reports, municipalities have already started to send out property tax notices.
If the Cyprus parliament passes the proposed changes to Immovable Property Tax the government expects to collect €44.4 million from more than 306,000 taxpayers, while some 65,000 taxpayers will be exempt.