IMMOVABLE PROPERTY TAX FOR 2014 REFERS TO 1980S VALUES

The planned overhaul to the Cyprus immovable property tax that would enable tax calculations on properties based on current values has been deferred yet again, following lack of parliamentary support on the draft bill presented. The proposed change aimed at introducing a single tax rate on current values however, this step forward has proven impossible. In the meantime, there is a growing number of objections to the Land Registry’s valuations, filed.

Minor amendments to the tax for 2014 have been made, including property owners will be liable for immovable property tax regardless of whether the property is in fact registered in their name, except where the non-registration of the property is for reasons outside their control.

The deadline for payment of the immovable property tax is November 30th whereas property owners who settle the tax by the end of October will be entitled to a 15% ‘early-bird’ discount on the total tax bill.