Immovable property tax is payable on 30 September each year and is imposed on the market value of immovable property as at 1 January 1980 and is calculated on the immovable property owned by the taxpayer on 1 January of each year. Both physical and legal persons are liable to this tax.
Applicable Rates up to 31/12/2011
| Value of property € | Rate % |
| 0 – 170,860 | 0 |
| 170,861 – 427,150 | 0,25 |
| 427,151 – 854,300 | 0,35 |
| 854,301 and over | 0,40 |
Applicable Rates from 1/1/2012
| Value of property € | Rate % |
| 0 – 120,000 | 0 |
| 120,001 – 170,000 | 0,25 |
| 170,001 – 300,000 | 0,50 |
| 300,001 – 500,000 | 0,60 |
| 500,001 – 800,000 | 0,70 |
| 800,00 and over | 0,80 |