Luxury real estate tax in Türkiye
There are many luxurious properties in Türkiye with high-quality specifications. Therefore, in this article from Ebla Real Estate, we will talk about the luxury real estate tax in Türkiye.
Luxury real estate tax in Türkiye:
Luxury real estate tax in Türkiye (Turkish: değerli konut vergi) is one of the types of taxes imposed on luxury real estate used for housing; Provided that its value is more than 5 million Turkish liras.
But there were some amendments to Act No. 7194, on the collection of this tax from real estate to meet the conditions, starting from 2020. Another amendment was made to the status of this tax, under No. 24 of the Real Estate Tax Act, which is provided on the delay of commissioning the luxury real estate taxes made to 2021. The amendment to this tax was published in the Turkish Official Gazette on January 15, 2021.
How to calculate the luxury real estate tax in Türkiye:
The luxury real estate tax value is determined by determining the costs of the square meter for construction, which is jointly determined by the Ministry of Finance and Treasury, the Ministry of Environment and Urbanization, as well as the value of the specific land share of the property, according to the legal regulations by the evaluation committees.
Thus, if the value of the property is 5,227,000 Turkish lira to 7,841,000 Turkish lira,.. The tax rate is 3 per thousand.
Moreover, if the value of the property is 7,841,000 Turkish lira to 10,455,000 Turkish lira.. The tax rate is 6 per thousand.
In addition, if the value is more than 10,455,000 Turkish liras, the tax may be 10 per thousand.
Who pays the luxury real estate tax in Türkiye:
Undoubtedly, the residential tax is paid by the owner of residential property, who fulfills the conditions required for the tax or the owner who has the right to use this property.
Furthermore, if they are not available, the tax is paid by the real estate administrator. Moreover, if the property is owned by more than one person, each person pays for his share of the property.
Edited by: Ebla Group Real Estate
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