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Immovable property tax

 

Immovable property tax is imposed on the market value of immovable property as at 1 January 1980. It is calculated on the value of the immovable property as at 1 January of each year.

The rates applying for the calculation of the immovable property tax are the following:

 

 

Value of property

Tax Rate

1 – 12.500 _
1 – 40.000 (*) 6‰
40.001-120.000 8‰
120.001 – 170.000 9‰
170.001 – 300.000 11‰
300.001 – 500.000 13‰
500.001-800.000 15‰
800.001-3.000.000 17‰
Over 3.000.000 19‰

 

* For immovable property value over €12.500, the immovable property tax is calculated on the total value of the property.

 

Exemptions

The following properties are exempted from immovable property tax:

  • public cemeteries, churches and other religious buildings
  • public schools, hospitals and other buildings owned by the Government as well as foreign embassies and consulates
  • buildings of charitable organizations
  • buildings under a preservation order subject to conditions
  • agricultural land used for agriculture used by a farmer
  • property of a missing person under administration
  • immovable property situated in inaccessible or depressed areas