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Immovable Property Tax
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Immovable Property Tax

Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to the immovable property owned by the taxpayer on 1 January of each year. This tax is payable on 30 September each year. Physical and legal persons are both liable to Immovable Property Tax.

 

 

Property value as at 1 January 1980

Rate

Accumulated tax 

First €40.000

6

240

€40.000 - €120.000

8

880

€120.000 - €170.000

9

1.330

€170.000 - €300.000

11

2.760

€300.000 - €500.000

13

5.360

From €500.001 to €800.000

15

9.860

From €800.001 to €3.000.000

17 47.260

Over €3.000.000

19  

 

 

Exemptions

The following are not subject to Immovable Property Tax:

  • Public cemeteries
  • Churches and other religious buildings
  • Public hospitals
  • Schools
  • Immovable property owned by the Republic
  • Foreign embassies and consulates
  • Common use and public places
  • Property under Turkish occupation
  • Buildings under a Preservation Order
  • Buildings of charitable organisations
  • Agricultural land used in farming or stock breeding, by farmer or stock breeder residing in the area.
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