As per the Article 42 of Real Estate Tax Law, residential property within the borders of Turkey with a tax value exceeding TL 5,000,000 is subject to valuable housing tax. This amount valid for 2020, has been increased by the Ministry of Treasury and Finance by taking into account the rate of 4.555% which is half of the revaluation rate (9.11% / 2 =) and calculated as TL 5.227.000.
Additionally, the lower and upper limits of the residential real estate values basis to the tax rates to be applied in 2021 are set as indicated below by increasing at the rate of 4.555% which is half of the revaluation rate.
These amounts have been announced through the Real Estate Tax Law General Communique series no.78 published in the repetitive Official Gazette dated 29 December 2020.
The value of the property
Tax rate
Those between TL 5.227.000 and TL 7.841.000 (including this amount) for the part exceeding TL 5.227.000
3 per thousand
Those up to TL 10.455.000 (including this amount) TL 7.842 for 7.841.000, for more
6 per thousand
Those over TL 10.455.000, TL 23.526 for TL 10.455.000, for more
10 per thousand
Our explanations provided above include general information on the issue. No responsibility can be claimed against EY and/or Kuzey YMM ve Bağımsız Denetim A.Ş. due to the implications arising from the context of this document or emerging with respect to its context.
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