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CYPRUS: Property tax set at 25% of 1980 prices

Parliament has approved a proposal that the property tax for 2016 will be at 25% of the taxable payable amount calculated based on the applicable rates and the price of the property in 1980.

Payments will be received up to October 31, and if the payment is made between November 1 and December 31 the rate will be higher, at 27.5%.
If the payment is made after December 31 there will be a 10% surcharge on the price calculated on November 1 and December 31.
Parliament also approved a proposal for the complete abolition of the property tax in 2017.


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