The Turkish Property Taxation
Ocak 15, 2009 by admin
Filed under Property Guides
Buildings and land owned in Turkey are subject to real estate tax at the following rates:
• Residences 0.1%
• Other buildings 0.2%
• Land 0.1%
• Vacant land (but allocated for construction purposes) 0.3%
• Farming lands 0%
Income Tax (such as Rental Income)
There is no income tax unless you are Turkish Resident.
Inheritance and Gift Tax
Property acquired as a gift or through inheritance is subject to taxes of between 1% and 30% of the valuation. Tax paid in another country on inherited property is deducted from the taxable value of the asset. Inheritance tax is payable over the period of three years and in two installments per year.
Environmental Tax
This tax is levied in staged payments and is charged depending on the location of the property. Environmental Tax contributes towards the financing of certain services such as rubbish disposal.
Turkey Property Tax
Turkey Property Buyers and Sellers Tax Approximately 1.5% is paid by both parties based on the declared price of the property. This is tax that is paid at the time of title deed conversion over to the buyer’s name, which could take several months after completion. In practice, sellers push this liability onto the buyers and buyers pay 3%.
Government tax Approximately £140 p.a
Community tax Approximately £12 paid yearly for local services.
Property tax Approximately 0,5% based on the declared value of property, paid yearly
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