Immovable Property Tax

Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to the immovable property owned by the taxpayer on 1 January of each year. This tax is payable on 30 September each year. Physical and legal persons are both liable to Immovable Property Tax.

Property value as at 1 January 1980 Rate
%
Up to €120.000 0
€120.000 - €170.000 0,4
€170.000 - €300.000 0,5
€300.000 - €500.000 0,6
€500.000 - €800.000 0,7
Over €800.000 0,8


Exemptions
The following are not subject to Immovable Property Tax:

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