Immovable property tax

[Davidtylor]

Hi, regarding the popular topic of the property tax I am slightly confused. I understand the tax is based on the value of the property or land as of 1980. I purchased my villa and have the deeds in 1989. How is my property tax calculated ?
Thanks
David

[Pantheman]

Hello,

Check your title deeds and about 1/3 way down you will see the date 1/1/1980 with a figure immediately to its right.

That's your 1980 value for which you will be taxed according to the scale.

If you bought land and built on it, the title will show the land value and the LR will revalue to take into consideration the villa value.

Hope that helps

Pan

[Nigel Howarth]

Hi David and welcome to the forum,

As Pan says, the 1980 value of your property will be shown on its Title Deed.

If you got your deed in 1989 I expect you have one of the old ones - a double-sided white sheet? If so, somewhere on the front page you'll find an oblong rubber stamp in which the Land Registry will have written the 1980 value (which will be in Cyprus Pounds).

I suggest you visit the Land Registry and get a 'new' deed - these are buff and have four pages and have the 1980 value on the second page - see http://www.news.cyprus-property-buyers. ... e-Deed.pdf

Regards,

[debra4145]

HI...

We have a 1 bedroom apartment on the Tombs of the (Kings Royal seacrest)..built 2009.we do not have our Title Deeds...Our developer is asking for 382.50 euros from us...15000 euro's at 19% and sewage 15000 euros @5% & 22.50 Municipality tax ...does this amount seem reasonable...I do not think my property was worth 15000 euros in 1980...can we dispute this figure...please help

[Nigel Howarth]

Hi debra,

I expect that your developer has charged Immovable Property Tax incorrectly - and even working out the calculations €382.50 isn't 1.9% of €15,000!!

As the owner of the property, your developer will be paying IPT on the total 1980 value of all the properties registered in his name. The larger developers have properties whose total value exceeds €€3,000,000 and will therefore be paying this tax at the highest of 1.9%.

Unfortunately, many 'crooks' in the industry do not calculate their buyers IPT obligations correctly and often charge them based on a fraction of the purchase price rather than the 1980 value.

For more information and advice on how to deal with this issue, please visit http://www.cyprus-property-buyers.com/law/tax.htm - and if your developer refuses to provide you with the necessary information, print a copy of the letter from the Interior Ministry that you'll find at http://www.cypruspropertybuyers.com/IPT-Govt-Reply.pdf .

Regards,