Property Tax for 2016 to be at 25% of price in 1980
- Marios Pampakas
- Jul 15, 2016
- 1 min read
The Cyprus Parliament accepted a proposal that the property tax for 2016 will be the 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 raised to 27.5%.
If the payment is filled after December 31 there will be a 10% additional fee added to the price calculated on November 1 and December 31.
The Cyprus Parliament also approved a proposal for the complete abolition of the property tax in 2017.
Contact us for free consultation and to assist you for the settlement of the property tax.
This post offers a fascinating look back at a pivotal moment in Cyprus Property taxation. The 2016 decision to base property tax on 1980 values—and later abolish it entirely in 2017—was a major shift that helped reinvigorate investor confidence. For those exploring New Built Properties, understanding the historical tax landscape adds valuable context to today’s opportunities. With modern developments rising across the island, especially in high-demand areas, now is a great time to explore New Residential Projects in Cyprus that combine lifestyle appeal with long-term investment potential.