Immovable Property Tax
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 ‰ | Accumulated tax € |
First €40.000 | 6 | 240 |
€40.000 – €120.000 | 8 | 880 |
€120.000 – €170.000 | 9 | 1.330 |
€170.000 – €300.000 | 11 | 2.760 |
€300.000 – €500.000 | 13 | 5.360 |
From €500.001 to €800.000 | 15 | 9.860 |
From €800.001 to €3.000.000 | 17 | 47.260 |
Over €3.000.000 | 19 |
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.