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Immovable property tax law

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Immovable property tax law

Postby CrookedRiverGuy » Mon May 30, 2016 11:44 am

How is "Individual owners are exempt from this tax if the 1980 value of their property is less than €12,500" to be understood?

(Re: http://www.afaudit.com/immovable-proper ... in-cyprus/ )


E.g for a piece of land that was valued at € 1000 in 1980 and built with a €300000 house in recent years; how much would the tax be?
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Re: Immovable property tax law

Postby CBBB » Mon May 30, 2016 11:56 am

CrookedRiverGuy wrote:How is "Individual owners are exempt from this tax if the 1980 value of their property is less than €12,500" to be understood?

(Re: http://www.afaudit.com/immovable-proper ... in-cyprus/ )


E.g for a piece of land that was valued at € 1000 in 1980 and built with a €300000 house in recent years; how much would the tax be?


The link you provide is very out of date!

If the tax is based on the 1980 value as stated on the title deeds/kochani regardless of what has been built on it since, then there will be no tax to pay.

If it is to be based on the new valuations made in 2014 than it will be on that value.
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Re: Immovable property tax law

Postby CrookedRiverGuy » Mon May 30, 2016 12:22 pm

So the exercise of tax on property is a little random?

What would trigger a new valuation in 2014 or later?
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Re: Immovable property tax law

Postby CBBB » Mon May 30, 2016 12:43 pm

CrookedRiverGuy wrote:So the exercise of tax on property is a little random?

What would trigger a new valuation in 2014 or later?


All properties were revalued by the government in 2014 for property tax purposes, the value has nothing to do with the market value.

The inention is to use that valuation for property tax this year, but with different percentages.

If you have the title deeds you can go here and find the 2014 valuation given to a property.

http://parcel.dls.moi.gov.cy/search/ParcelSearchEN.aspx
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Re: Immovable property tax law

Postby Tim Drayton » Mon May 30, 2016 1:01 pm

Will this tax be imposed again this year? Originally, it was going to be a one-off affair because of the crisis.
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Re: Immovable property tax law

Postby CBBB » Mon May 30, 2016 2:19 pm

Tim Drayton wrote:Will this tax be imposed again this year? Originally, it was going to be a one-off affair because of the crisis.


It is an annual tax and this year should be on the 2014 values. I am not sure, but I think this year it will be the only property tax, municipalities will not charge separately.
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