The bill also provides for a 15% discount for those who pay by the end of October – plus a further discount of 2.2% is available if payment is made online via JCC Smart or through a bank..
The proposals were tabled by the Cyprus Finance Minister Harris Georgiades.
Immovable Property Tax rates and bands remain the same at last year:
|
Assessed 1980 Property Value
|
Tax Rate
|
Tax
|
Cumulative Tax
|
|---|---|---|---|
| €1 to €12,500 | nil | €0 | €0 |
| €12,501 to ?€40,000 | 0.6% | €240† | €240† |
| €40,001 to €?120,000 | 0.8% | €640 | €880 |
| €?120,001 to €?170,000 | 0.9% | €450 | €1,330 |
| €170,001 to €?300,000 | 1.1% | €1,430 | €2,760 |
| €?300,001 to €?500,000 | 1.3% | €2,600 | €5,360 |
| €500,001 to €?800,000 | 1.5% | €4,500 | €9,860 |
| €800,001 to €?3,000,000 | 1.7% | €37,400 | €47,260 |
| More than ?€3,000,000 | 1.9% |
†Those owning property(ies) whose total 1980 value exceeds €12,500 will pay tax on their total 1980 value.