Cyprus Property Forum for Buyers, Sellers & Investors

Dear Nigel, Thank you for all the information you have provided to your readers in your article "Money off your Immovable Property Tax bill (updated)". The table you have provided for the 2013 IPT and the calculation methods in the article seems so straight forward. However I am very lost the minute I open the forms 302 & 303 where they mention tax rates for 2012 and earlier. Didn't property owners with title deeds recieve notifications from their local municipalities to pay Immovable property tax until now? Is Municipal property tax (not garbage tax) different to Inland revenue property tax? Isn't this big fuss 2013 & onwards? If I signed a sale contract in 2005, the property was completed in 2007 and I recieved my title deed in 2011. From which date onwards do I start paying for? I have paid Municipal Property Tax from 2011 onward upto 2012, 2013 has yet to arrive.
Additionally, I keep reading that the Land Registry is in the process of recalculating property values. So, can I go and pay tomorrow or do I need to wait until they have recalculated?
Thanking you in advance.

Hello Talar and welcome to the forum.

Immovable Property Tax (IPT) is confusing - it is a tax that is paid to the Inland Revenue Department in addition to the property tax you pay to your local Municipality or Community.

Until the law was changed a few weeks ago, those whose properties were valued at less than €120,000 (at 1980 values) were exempt from paying IPT and so only those who owned very large houses, more than one house and property development companies were liable.

But the changes brought about by the MoU with the Troika means that everyone who owns property is now liable for IPT.

The Land Registry is reassessing property values and further changes to the law will be made next year (again this is a requirement of the MoU).

So I would pay your tax by 15th October to be sure of receiving the 10% discount.

Regards,