This is an annual tax payable by all property owners in Cyprus, irrespective of their residence status.
It’s imposed on the market value of the property as of 1st January 1980 (sic), and you’re exempt from tax if this value is below CY£170,860, so there’s often nothing to pay. Above that value the tax rates are as follows:
| Property Value (€) | Tax Rate (%) | Cumulative Tax (€) |
| Up to 170,860 | 0 | |
| 170,861 – 427,150 | 2,5 | 641 |
| 427,151 – 854,300 | 3,5 | 2,136 |
| Over 854,300 | 4 |
Buildings under a preservation order or belonging to a charitable organisation are exempt. Immovable property tax is payable annually on 30th September.