Property Tax for 2016 to be at 25% of price in 1980

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.