Because of all persons who have immovable property in the Republic of Cyprus, they have to pay tax in respect of that property. The property tax is imposed by virtue of the Immovable Property Tax law of 1980. It is imposed on the property held as at 1st January of each year. And is calculated using the 1/1/1980 total market value of the immovable property in the Republic.
In order to enable the above, all persons who held property at 1.1.1980, must submit Immovable Property Declaration (Έντυπο Τ.Φ.301) ,then the computation of the tax of 1980 .Details of their Immovable Property as at 1.1.1980 (Έντυπο Τ.Φ.302).
Every person who acquiesce or disposes of immovable property is obliged to submit an Additional Declaration of Immovable Property (Έντυπο Τ.Φ.303)
and pay the tax regarding that property.