July 31, 2006
Turkey’s property taxes rise
Residential property taxes in Turkey have gone up by 9.8 percent following a joint decree by the ministries of finance and public works. The new levels of taxation will be effective as of the beginning of 2007, according to the government’s Official Gazette.
Property taxes in the country are based on a sliding scale of rates per square meter depending on the standard of the home (luxury, first-class, second-class, third-class, and simple, as determined by local authorities) and the materials used in its construction. The most expensive properties as judged by their tax liabilities are thus luxury homes built from steel. The new rates mean that this type of property will be valued at YTL889.94 (£319) per square meter, up from the current level of YTL810.51 (£290). The taxes themselves remain at 0.1 percent of a home’s value (as assessed above) per year.
Posted on: Turkey
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