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Home arrow Legal and Finance arrow Immovable Property Tax
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Immovable Property Tax PDF Print E-mail

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.

 

Tax rates -1 January 2003

 

                                        Property value                      Rate                      Accumulated tax

                                                   C£                                                                  C£

                                        Up to 100.000                         -                                      -

                                        100.001 - 250.000                 2,5                                  375

                                        250.001 - 500.000                 3,5                               1.250

                                        Over 500.000                          4

 

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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