Immovable property tax is payable by 30 September each year on the market value as at 1 January 1980 of all immovable property in Cyprus registered in the name of the taxpayer at the start of the year. For 2013 the rates applied to each successive tranche of the 1980 value are as follows.
| Band | Rate |
| First €5,000 | Nil |
| Next €35,000 | 0.6% |
| Next €80,000 | 0.8% |
| Next €50,000 | 0.9% |
| Next €130,000 | 1.1% |
| Next €200,000 | 1.3% |
| Next €300,000 | 1.5% |
| Next €2,200,000 | 1.7% |
| Above €3,000,000 | 1.9% |
For 2013 the payment date has been extended to 15 November 2013. A penalty of 10% of the tax due will be imposed in the event of late payment and a discount of 10% will be allowed if the tax is paid 30 days or more before the due date.
It was initially proposed that there would be a €75 minimum charge and no nil rate band but the government announced on 20 August that there will be no minimum charge and that no tax will be payable on properties with a 1980 value of €5,000 or less. The changes require parliamentary approval, but this is not expected to be an issue.
Source: Andreas Neocleous & Co LLC
