Legal & Financial - Immovable Property Tax

The annual immovable property tax is calculated on the market value of the property as at 1st January 1980.

Market value of property (CYP)	Annual Property tax (‰)
Up to 100,000	Exempt
100,001 to 250,000	2.5
250,001 to 500,000	3.5
over 500,000	4.0

 

 

Exemptions

The following are not subject to Immovable Property Tax:

• Public cemeteries
• Schools
• Immovable property owned by the Republic
• Churches and other religious buildings
• Buildings under a Preservation Order
• Buildings of charitable organizations
• Foreign embassies and consulates
• Common use and public places
• Property under Turkish occupation
• Agricultural land used in farming or stock breeding, by farmer or stock breeder residing in the area.