Cyprus Property Forum for Buyers, Sellers & Investors

Nigel,

from your newsletter, you state the following :

How much Immovable Property Tax (IPT) will I pay?
The amount of tax you pay will be calculated by an Inland Revenue officer and will be based on the total 1980 value of all the properties registered in your name as shown on their Title Deeds – or more correctly the ‘Certificate of Registration of Immovable Property’ – in Greek ‘Πιστοποιητικό Εγγραφής Ακίνητης Ιδιοκτησίας’.
For example, if a property is registered in a single name and has a 1980 value of €60,000, its owner will be asked to pay:
On the first €40,000 – 0.6% = €240
On the next €20,000 – 0.8% = €160
Total IPT payable = €400

This is useful, however, I was under the impression that you paid the tax according to the level and that is it not staggered. In other words at €60,000 you would pay the full amount at 0.8%.

Can you just confirm which it is???
After all you don't get the same grace with the 12,5000 allowance.

Cheers

Pan

Hi Pan

I'm sure the payments are staggered - my wife and I paid our IPT shortly after it was announced and I'd done the calculation before we went to pay.

The Inland Revenue has published the revised law (in Greek) on its website at http://www.mof.gov.cy/mof/ird/ird.nsf/A ... 292013.pdf

It maybe worthwhile checking.

Regards,

Thanks Nigel,

I have looked through this and I do not see anywhere, that it is a staggered calculation.

Perhaps I will ask at the tax office next time I go that way.

Cheers

Pan