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Learn More About Property Taxes Before Investing

Posted by greaterturkeyofficial on 04/05/2022

Knowing more real estate taxes in Turkey is important before buying or selling a real estate, to avoid falling into the trap of criminal procedures when failing to pay the real estate tax.

In this article, Greater Turkey team will tell you about the most important real estate taxes in Turkey, knowing that what distinguishes the Turkish tax system is the equality of foreigners with Turkish citizens in the amount of tax they pay, in addition to some exceptional reductions that some foreigners receive according to specific circumstances, and this is what prompted Foreigners are more to invest in.

What are the property taxes in Turkey?

The tax system in Turkey for real estate follows the tax system in the country, which is a specific financial fee that is paid in the Turkish Tax Department, resulting from the buying, and selling of real estate in Turkey, and it is imposed on both sides of the real estate transaction by the Turkish government.

First – annual property taxes in Turkey

These are the types of taxes in Turkey that are required on the property annually, and include:

Earthquake insurance tax

The property owner insures his property against earthquakes, by paying this tax annually, bearing in mind that the type of property and what it includes determine whether it is mandatory or not.

The DASK tax in Turkey is estimated at two US dollars per square meter of the property area.

Municipal tax on real estate

This tax was imposed for municipal services, and it is an annual tax estimated at 0.03% of the property value, and it is paid in May of each year.

Second – Monthly property taxes in Turkey

It’s called proceeds, and it’s a monthly fee for shared services by property owners, which is paid to the department responsible for the affairs of the condominium or building.

Their fees vary from one property to another depending on the services implemented within the complex or the building, such as landscaping, swimming pool services, playgrounds, cleaning services, maintenance, lighting, security, and others.

Third – one-time property taxes

These are the taxes related to the sale and purchase of real estate, which are:

Transfer tax

The owner is obligated to pay the property sale tax in Turkey when transferring the ownership of his property to other people, due to sale or otherwise, in addition to issuing a title deed in the name of the new buyer, and the value of this tax is estimated at 4% of the value of the property registered in the sales contract.

This tax may be paid equally between the seller and the buyer, but is usually borne by the buyer alone, unless the contract states otherwise, and sometimes it may be paid by the construction company.

Real estate registration tax

When registering the property in the land registry department in Turkey, the investor must pay the property ownership tax in Turkey, which is approximately $60, in addition to some minor costs associated with the process of registering the title deed.

Value added tax

One of the most important property taxes in Turkey, ranging from 1% to 18% of the net property value, and this percentage is determined depending on the level of the urban area, the type of property, and the price per square meter of the land on which it is built. This tax is paid once, upon completing the process of buying real estate in Turkey.

To encourage foreign investors wishing to own real estate in Turkey, the Turkish government has from time to time issued decisions that either reduce value-added tax or exempt foreigners from it.

How to pay property taxes in Turkey

The new owner will not confuse how to pay the property tax in Turkey, especially after real estate owners open bank accounts in a Turkish bank, which makes paying all real estate taxes in Turkey and the monthly payments on the property easier, not to mention proving their payment officially through this method.

In addition, foreign investors can seek the assistance of a real estate consultancy company to follow up the procedures for paying taxes and following up on the property.

Now it is possible to make these payments easily through the applications that the Turkish government has allocated to facilitate payment procedures.

In nutshell, we hope that we have informed you of all types of property taxes in Turkey, and Greater Turkey is pleased to receive your inquiries, give you an accurate answer to all questions related to tax exemptions, and help in paying all taxes in the hope of achieving your satisfaction and fulfilling your desires.

Edited by: Greater Turkey©

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