Yes you are quite right. Based on the market value of property as of the 1st January 1980 your exempt from tax if this value is below CY100,000, so there's often nothing to pay.
Otherwise the rates are stepped 100-250,000 0.25%
250-500,000 0.35% then over 500,000 it would be 0.4%
Bottom line though is don't be conned by unscrupulous developers/builders.
Regards, Chris