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.