Cyprus immovable property tax has been a long debated issue. Following years of discussion on how unfair the law is with regards to taxing property, a decision today by the Members of Parliament settles the matter once and for all.
It has been decided that the 2016 immovable property tax will be 25% of the 2015 tax, if paid by 31st October 2016. This means if someone paid €1.000 last year, they will only pay €250 for this year. If the obligation is settled between 1st November till 31 December 2016, the tax will be raised to 27,5%, thus raising the obligation to €275 as per our above example.