SUBJECT OF VALUABLE PROPERTY TAX
In articles 42 to 49 added to Property Tax Law Nr. 1319; “valuable property tax” is regulated as a new type of tax.
In accordance with such regulation, the immovable assets classified as dwelling located within the borders of Republic of Turkey, the building tax amount or the value determined by General Directorate of Land Register and Cadaster of which is equal to and higher than 5,000,000 Turkish Liras, shall be subject to valuable property tax. In other words, any immovable asset that are not classified as dwelling and/or the building tax amount or the value determined by General Directorate of Land Register and Cadaster of which is lower than TRY-5,000,000.00 are out of the scope of “Valuable Property Tax”.
Basis of the tax shall be the higher of the building tax amount or the value determined by General Directorate of Land Register and Cadaster.
With regard to valuable property tax; if value of the immovable asset classified as dwelling is;
For the immovable assets classified as dwelling subject to joint ownership; total value of the immovable asset shall be taken as basis for valuable property tax. Each owner/joint holder shall be liable for valuable property tax proportionally to his/her share. As in the immovable assets classified as dwelling subject to joint ownership; total value of the immovable asset shall be taken as basis for valuable property tax for the immovable assets subject to cooperative ownership. However, while each owner shall be liable for valuable property tax proportionally to his/her share in joint ownership; all owners shall severally be liable for valuable property tax for the immovable assets subject to cooperative ownership.
STATEMENT, PAYMENT TERM AND PAYMENT PLACE OF VALUABLE PROPERTY TAX,
The tax statement shall be submitted to the competent tax office affiliated to Revenue Administration, where the immovable asset classified as dwelling is located until the end of shift in the 20th day of February of subsequent year. The tax shall be assessed and accrued by the competent tax office annually. The taxpayer shall submit statement for successive years with same procedure, and the tax shall be assessed and accrued by the competent tax office accordingly. The tax that is assessed and accrued by the competent tax office shall be paid in two equal installments until the end of February and August of related year.
OBJECTION PERIOD FOR DETERMINED VALUE OF THE PROPERTY
The value of the property is determined by General Directorate of Land Register and Cadaster according to valuation performed by the same. Such value is announced in the website in a manner related persons may access, and a notice is sent to related person as well.
WHO ARE EXEMPTED FROM VALUABLE PROPERTY TAX?
Yazar : GülelHukuk
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