Municipal tax rates

Municipal tax rates

In Cyprus, this year, changes are expected in the calculation of the municipal tax rate on real estate. Previously, the tax was calculated based on the value of real estate for 1980, but now based on the year 2013. This decision was made with the aim of getting into the local budget.

 This decision will only affect those owners whose plots were registered in 1980, but subsequently the house was built on it, as well as the amount of payment for those whose property is located in the development zones that are subject to zoning. Accordingly, these changes will not affect the owners of new plots and houses.

 These changes should significantly increase the budget allocations – approximately more than one million euros.

 The municipal authorities can calculate the rate of the municipal property tax according to the formula 0.024% from every 1000-chi of the value of real estate, but, at the same time, for different regions, the rates are different. For example, Limassol uses the above rate, while in Larnaca the rate is 0,023%, in Paphos 0,019% and else

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