Immovable Property Tax in Cyprus

Immovable Property Tax in Cyprus was a tax levied annually on the market value of immovable properties, such as land and buildings. It was calculated based on the property's assessed value and applied to all property owners. The tax was abolished in 2017 as part of a broader fiscal reform.

The relevant legislation was the Immovable Property Tax, chapter 322 of the laws.

For the purposes of the tax, immovable property was land, trees, water, rights in water, vineyards, buildings and other structures.

Certain types of property were not included in the definition. These included places devoted to religious worship, cemeteries, schools, and land registered as common-use pasture land.

The rate was 2 per thousand of the value given by the Department of Lands and Surveys (DLS) on 1 January 1980.

The immovable property tax was abolished in Cyprus on 1 January 2017.

Before it was abolished, the tax was an important annual financial obligation for property owners. When this tax was annulled, the appeal of investing in land significantly increased. Now, the tax is part of the history of land ownership and taxation on the island.