Minimum real estate tax has been cancelled

In addition, the minimum rate of 75 euros for real estate in the range of 5000 - 40 thousand euros has been cancelled. Such objects are taxed at a rate of 0.6%. The rest of the tax rates scale is remained unchanged (please see the table below).

Property Value (at 1980 prices), euro - Tax rate,% - Maximum tax amount, euro:

5 000 – 40 000 0,60 240
40 001 – 120 000 0,80 880
120 001 – 170 000 0,90 1 330
170 001 – 300 000 1,10 2 760
300 001 – 500 000 1,30 5 360
500 001 – 800 000 1,50 9 860
800 001 – 3 000 000 1,70 47 260
Более 3 000 000 1,90 —

This year, the amount payable is still based on the prices of 1980. However, from next year, taxation will be recalculated on the basis of 2013 prices. 

Recall that the increase in real estate tax rates is one of the conditions of the memorandum with the "troika" of Cyprus international creditors. It is expected that as a result the state will receive from 105 to 110 million euros. 

Reed more: http://www.vkcyprus.com/cyprus_news/ekonomika1/otmenen-nalogovyy-minimum-dlya-nedvizhimosti/