Immovable Property Tax (IPT) is abolished as from 1 January 2017. Until the tax year 2016, the owner of immovable property situated in Cyprus was liable to pay an annual IPT which was calculated on the market value as at 1 January 1980, at varying rates which applied per owner and not per property.
Tax rates
| Property Value ( as at 1 January 1980) | Rate | Accumulated tax |
| € | % | € |
| First 40.000 | 6 | 240 |
| From 40.001 to 120.000 | 8 | 880 |
| 120.001 to 170.000 | 9 | 1330 |
| 300.001 to 500.000 | 13 | 5360 |
| 500.001 to 800.000 | 15 | 9860 |
| 800.001 to 3.000.000 | 17 | 47260 |
| Over 3.000.000 | 19 |
Exemptions
The following were neve subject to Immovable property tax
- Public cemeteries
- Churches and other religious buildings (partly exempt)
- 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
