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No Solution Reached on Cyprus Property Tax Discussion

28.06.2011

“There was a preliminary discussion, which we will continue to see how the immovable property tax will become better and fairer, and we will revisit the matter,” said Filios Zahariades, the chairman of the employers’ federation.

At present:

-owners of property up to a value of €171 thousand do not pay Immovable Property Tax. 

-properties valued between €171 thousand and €427 thousand pay 2.5% 

-owners of property valued between €427 and €854 thousand pay 3.5% 

-owners of immovable property valued up to  €854 thousand and above pay 4%

It is significant that the matter of immovable property taxing has been already discussed last year, but the measure was rejected by the parliament.

 

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