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A Comprehensive Guide to Property Tax in Turkey: All You Need to Know
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Discover the essentials of property tax in Turkey, including rates, payment processes, and exemptions for foreign buyers. Keep up-to-date with annual tax deadlines.
Introduction
Investing in Turkish real estate offers promising returns, but understanding property tax obligations is essential for both Turkish and foreign owners. Property taxes in Turkey apply to various types of real estate, including residential, commercial, and land properties, and are due annually. This guide provides an overview of key tax requirements, payment deadlines, calculation methods, and benefits such as VAT exemptions for eligible foreign buyers.
Understanding Property Taxes in Turkey
Property tax in Turkey is paid to the local municipality where the property is registered, with two annual installments due in May and November. Tax rates vary by location and property type, with higher rates often applied in metropolitan areas. Let’s explore the main types of property tax in Turkey.
Types of Property Taxes in Turkey
- Annual Property Tax
Owners of residential and commercial properties must pay annual property tax, with rates varying by location. In major cities like Istanbul, the rate is 0.2% for residential and slightly higher for commercial. - VAT on Property Purchases
VAT may apply depending on property type and residency status. Eligible first-time foreign buyers can benefit from VAT exemptions. - Stamp Duty
A one-time stamp duty of 4% of the property value is required at the time of purchase.
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