Cyprus Property News magazine for overseas buyers & real estate investors

Thursday 9th July 2020
Home News Immovable Property Tax 1980 values

Immovable Property Tax 1980 values

Immovable Property Tax calculationTHE ANTICIPATED changes to property taxes in Cyprus that were scheduled to be implemented this year have been postponed until 2016.

The changes, which amalgamated Immovable Property Taxes imposed by the Tax Office and the municipality and community authorities into a single tax based on 2013 property values, will not be discussed by Parliament until after the summer recess – despite the government’s request to pass the bill before the summer break.

The Tax Office has started to issue IPT notices to home buyers and owners who should receive them later this month – and the municipalities and communities have also started sending out tax demands.

Immovable Property Tax rates

The rates remain the same as last year:

Assessed 1980 Property Value
Tax Rate
Cumulative Tax
€1 to €12,500nil€0€0
€12,501 to ?€40,0000.6%€240€240
€40,001 to €?120,0000.8%€640€880
€?120,001 to €?170,0000.9%€450€1,330
€170,001 to €?300,0001.1%€1,430€2,760
€?300,001 to €?500,0001.3%€2,600€5,360
€500,001 to €?800,0001.5%€4,500€9,860
€800,001 to €?3,000,0001.7%€37,400€47,260
More than ?€3,000,0001.9%

Those owning property(ies) whose total 1980 value exceeds €12,500 will pay tax on their total 1980 value.

Early bird discount

Those who pay IPT to the Tax Office early will receive a 10% discount. (Last year the government offered a 15% early-bird discount, which was only valid for 2014. This may be offered again, but it will have to be discussed by parliament after MPs return from their summer break.)


  1. @Deanna, ‘cumulative tax’ is simply the total tax you would have to pay if your property price was at the top end of that bracket.

    E.g. A €120,000 property would have to pay €240 + €640 I.e. A cumulative amount of €880.

Comments are closed.



EUR - Euro Member Countries


Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.

Decision soon on Pissouri homes devastated by landslide

The government said Monday it will soon have in hand the recommendations of experts concerning the landslide in the area of Pissouri, which has seriously damaged dozens of properties throughout the years.