Paphos People

Can you outline the format and legalities by which developers can charge IPT to owners that seem dispropertionate please

Thanks

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Every person who has property in Cyprus of which the value was more than Euro 170.860 (Cy£100.000) according to the Government valuation of the 1st of January 1980 is liable to pay property tax.

This is charged when the separate title deed for the project at which was bought has not been issued and the title deed for the whole project is still in the name of the Developer and he gets a bill for property tax. This amount is divided between all the owners of the units at the project according to the size of their property from the date of delivery to the purchaser and paid back to the Developer.

Once you have the Title Deed in your name, you can claim back some of this amount.

The scale for the immovable property tax is as follows:

Property Value on
01/01/1980

Euro Amount ‰ (per thousand)
0 – 170.860 0
170.861 – 427.150 2.5
427.151 – 854.300 3.5
854.301 and above 4