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Immovable Property Tax Law 2013 Discount

New Immovable Property Tax Law – Deadline November 15, 2013 – Discount if Paid by Oct. 15!

As of September 27, 2013, there have been approved changes to the Immovable Property Tax which means the minimum payment of 75 Euros has been removed and low-value properties are now exempt. Properties valued at less than 12,500 Euros are now exempt.   This new law will affect over 50,000 people and over 15 million Euros in revenue have already been collected.

The revised rates for 2013 are below:
Assessed 1980 Property Value Tax RateTaxCumulative Tax
€1 to €12,500nil€0€0
€12,501 to €€40,0000.6%€240€240
€40,001 to €€120,0000.8%€640€880
€€120,001 to €€170,0000.9%€450€1,330
€170,001 to €€300,0001.1%€1,430€2,760
€€300,001 to €€500,0001.3%€2,600€5,360
€500,001 to €€800,0001.5%€4,500€9,860
€800,001 to €€3,000,0001.7%€37,400€47,260
More than €€3,000,0001.9%
The amount of tax you will pay is calculated by the Inland Revenue Office and will be based on the 1980 value of the home and on the names on the “Certificate of Registration of Immovable Property.”
An example is if a property is in one name and has a value of 60,000 Euros you would pay  0.6 % on the first 40,000 Euros = 240 Euros.  Then 0.8% on the remaining 20,000 Euros = 160 Euros to Total of 400 Euros.
If the same property is registered in two names then the payment will be calculated on half the 1980 value for EACH registered owner making the payment 180 Euros each and a total of 360 Euros.
As a permanent resident, you can wait for your notice to be delivered and pay the IPT by registering online through the JCC Smart website using the Inland Revenue icon or visit the Inland Revenue Office and make sure to take all required documentation with you.
Non-residents who are registered owners of properties can appoint a representative to take care of the matter.
For those who pay before October 15th 2013, there will be a 10% discount. If payment is made after November 15th, 2013 there will be a 10% penalty.
Published Wednesday, October 09, 2013, 4:15 PM by Cleo Shahateet
Filed under: developers in Cyprus, property tax rates, October 15th deadline Immovable Property Tax, JCC website to pay IPT, deadline for IPT, 2013 Immovable Property Tax Cyprus, Immovable Property Tax Changes, tax rates Cyprus

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