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IMMOVABLE PROPERTY TAX
Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to the immovable property owned by the tax payer 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
PROPERTY VALUE
€ |
RATE
% |
TAX
€ |
ACCUMULATED TAX
€ |
Up to 120,000 |
Nil |
Nil |
Nil |
120,001-170,000 |
0.40 |
200 |
200 |
170,001-300,000 |
0.50 |
650 |
850 |
300,001-500,000 |
0.60 |
1,200 |
2,250 |
500,001-800,000 |
0.70 |
2,100 |
5,400 |
Over 800,001 |
0.80 |
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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 organizations
- Agricultural land used in farming or stockbreeding, by farmer or stockbreeder residing in the area. |
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