The Immovable Property Tax Division of the Cyprus Tax Department has issued an announcement reminding property owners that the immovable property tax for 2014 is due by November 30.
The announcement states that “all companies, organizations and individuals, either residing in Cyprus or abroad, who had immovable property registered in their name in Cyprus as at 1.1.2014, are subject to Immovable Property Tax, if the total value of their property on 1.1.1980 is valued over €12.500.”
Property owners should receive their tax assessments through the post during August, but in the event that an assessment is not received, a declaration (Τ.Φ. 303 2014) needs to be filed and the correct amount of tax paid. For objections, form Τ.Φ. 15ΦΑΙ 2014 can be filled.
The announcement further states that “in case where the property of a deceased person has not yet been transferred to the legal heirs, the legal heirs have an obligation to pay the correct amount of tax to the Tax Department; by incorporating the value of the share of the property inherited to their declaration.”
Property owners have until the end of September to raise any objections either by personally visiting the I.P.T division of the District Office at which their file is kept, or through the designated web pages. If appealing at the office, the tax assessment must be presented.
Payment of the tax can be made online, at any local banks or at the Tax Collection Department of each district office, and there is a discount of 15% on the tax payable for those who pay by the end of October. Late payments will incur a 10% penalty plus interest and any other administrative charges imposed by the law.
www.mof.gov.cy/ird.
