Taxes and Fees
Taxes And Fees
Immovable Property Tax payable to the Tax Department
Immovable Property Tax (IPT) was reduced in 2016 to approximately a quarter of that in the previous year and is abolished in 2017.
Property Tax payable to Communities and Municipalities
This ‘local’ property tax has not been abolished and those with property on the island will continue to pay this ‘local’ tax, which is calculated on the Land Registry’s assessment of the 1980 value of the property.
Local Authority Fees
Depending on the size of your property, local authorities charge between €85 – €256 per annum for regular refuse collection, street lighting, sewerage and similar community services. Communal Services fees are payable to your local municipal authority. However, when property is rented out, then fees such as refuse collection tax and others are payable by tenant. Contact your local municipality council for details.
Municipality Tax
An annual Municipality Tax must be paid by the owner to the local municipal authority. It is calculated on the market value of the property as at 1st of January 1980 and the rates vary from 1%-2%.
Sewerage Tax
Sewerage Tax is payable annually to the local sewerage board. It is calculated on the market value of the property as at 1st of January 1980. Rates vary from 3% – 3,5%.
