IPT tax

[mick pattman]

hi Nigel

we recently purchased a villa in Gialia we paid euros 200,000.00 the land registry revalued it at euros 250,000.00 how do you work out the IPT tax to be paid.

Many thanks fro a very cold U.K.

[Nigel Howarth]

Hi Mick

Immovable Property Tax is calculated based on the 1980 value of the property - this figure will be shown on the property's Title Deed.

The Immovable Property Tax bands and rates have yet to be agreed by parliament and they will be based on the 2013 property valuations. We will not know what the this years tax bands and rates until later this year.

Regards,

[mick pattman]

Thankyou for the reply nigel.

[Charis Charalambous]

Hi Mick pattman

The Property Tax is claculated on the Market value of 1/01/1980 which is normally shown on the title deed of the property of the buidling are included by the Land office.

Alternatively if the title deed isnot synchrnosed to include the market value of the buildings this can be estimated by the Tax office at about 220 euro per Sq.m using the covered area of the house plus the market value of the land as at 1/01/1980.

The revaluation of the purchase price is taking place at the Land office the date of the transfer based on the actual date of purchase by comparison of other sales of similar propertties in the nearby area where your property is located. This is only fo rhte purpise of calculating the transfer fees to transfer the title deed to your names.

Kind Regards


Charis Charalambous
For, Red Tape Resolved

[Pantheman]

Hi Mick pattman

The Property Tax is claculated on the Market value of 1/01/1980 which is normally shown on the title deed of the property of the buidling are included by the Land office.

Alternatively if the title deed isnot synchrnosed to include the market value of the buildings this can be estimated by the Tax office at about 220 euro per Sq.m using the covered area of the house plus the market value of the land as at 1/01/1980.

The revaluation of the purchase price is taking place at the Land office the date of the transfer based on the actual date of purchase by comparison of other sales of similar propertties in the nearby area where your property is located. This is only fo rhte purpise of calculating the transfer fees to transfer the title deed to your names.

Kind Regards


Charis Charalambous
For, Red Tape Resolved

You have used a blanket 220/m2, but this value will differ depending on property type and location. Where did you derive the 220€ from? Just out of curiosity.

[MIKEG]

Hi Mick pattman

The Property Tax is claculated on the Market value of 1/01/1980 which is normally shown on the title deed of the property of the buidling are included by the Land office.

Alternatively if the title deed isnot synchrnosed to include the market value of the buildings this can be estimated by the Tax office at about 220 euro per Sq.m using the covered area of the house plus the market value of the land as at 1/01/1980.

The revaluation of the purchase price is taking place at the Land office the date of the transfer based on the actual date of purchase by comparison of other sales of similar propertties in the nearby area where your property is located. This is only fo rhte purpise of calculating the transfer fees to transfer the title deed to your names.

Kind Regards


Charis Charalambous
For, Red Tape Resolved

You have used a blanket 220/m2, but this value will differ depending on property type and location. Where did you derive the 220€ from? Just out of curiosity.

Hi,

I bought a 58 square meter apartment in Oroklini with title deeds in 2015. What should be the IPT approximately , knowing that there is a figure of 14,500 euros dated 1/1/1980 on the title deeds- which I assume is what your were referring to. How should I go about to pay the IPT, since I visit Cyprus for about 2 weeks each years.

kind regards
Mike