05 Aug Immovable Property Tax (IPT) Reduction in 2016 and will be abolished in 2017.

Immovable Property Tax (IPT) Reduction in 2016 and will be abolished in 2017.

Provided that the immovable property tax is paid until 31^st of October 2016, it will be at 25% of the amount calculated with the existing provisions in place, that is to say its value on 01.01.1980.

In case the tax is fully paid between 1^st of November and 31^st of December 2016 the tax, which has to be paid, will be at 27.5% of the taxable amount on the basis of existing provisions in place.

It further includes the imposition of a penalty of 10% on the 27.5% of the taxable amount if it is not settled by 31^st of December 2016.

The legislation also provides the abolition of the tax from 1^st of January 2017 onward.
For Example: If you are owner of Immovable Property/ies in Cyprus with total property price value as at 1980, €40.000.- now you will pay IPT as follows:

Tax in 2015 – last payment day 31/12/2015                                       €240

Discount 17.5% (payment 30 days before)                                         €198

Discount 20% (payment 30 days before and via JCC or banks)       €192

Payment after 31/12/2015                                                                   €264

Tax in 2016

Payment until 31/10/2016                                                                €60

Payment until 31/12/2016                                                                €66

Payment after 31/12/2016                                                                €73