The House of Representatives of Cyprus voted on the 14th of July 2016 the following changes relating to immovable property tax.
Immovable Property Tax for 2016 will be based on 1980 values but reduced by 75% on the amount paid last year (provided that such tax will be paid by 31/10/2016) and immovable property tax will be in fact abolished in 2017.
If the payable immovable property tax is paid after 31/10/2016 and before year’s end, a 2.5% penalty will be imposed, bringing the amount due to 27.5% of last year’s dues. If however, such tax is not paid until the last day of December 2016, then such penalty will increase 10% bringing the total amount due to 37.5%. In addition, immovable property tax will be abolished in 2017.