The Government of Cyprus has declared details plans to amend the country’s Immovable Property Tax (IPT), exempting the lowest-valued properties.
At present, the property tax in Cyprus is based on valuations made on 1 January 1980. If the Government’s plans become law, those whose total property was valued at EUR 5, 000 or less in 1980 will no longer have to pay anything. Total property valued at between EUR 5, 000 and EUR 40, 000 will be taxed at 0.6 percent. The government also designs to scrap the EUR 75 minimum IPT payment.
The due tax amount of property have to be paid by 15 November. But those who will pay by October 16 will receive a 10% discount otherwise will be subject to a 10 % surcharge.
