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.
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