Property Tax in Turkey
Property tax paid annually in Turkey. Tax rates ranges from 0.1 to 0.3 percent. If you plan to buy a property in Turkey, it is important to understand the tax situations first. You can divide your tax into 2. Taxes will be calculated depending on the category and the property type. For a property residentially used in Istanbul will have 0.2 percent tax amount. This amount should be paid to the government. While calculating the tax, location is divided into 2 as big cities and small cities. In a big city, you are going to need to pay double amount of tax comparing with small cities. Property type can be land, farm, commercial or residential.
One Time Paid Property Taxes
One time paid property taxes can be either 1 percent ot 18 percent. The factors effecting the percentage is about type of property. Also the location and the size of the property is important. While calculating the tax the net space of the property is used. After you receive the title deed, you can pay added value tax. Upon transferring the ownership of the property, you need to pay for stamp duty tax. Stamp duty tax is 4 percent of the property’s worth.
Property Taxes to Pay During Purchase Process
Property taxes during purchase should be paid. First payment should be made to the notary. Payment includes translation and also notarizing documents. The cost is around 50 USD. You should pay title deed fee. It costs about 60 USD. Property transfer fee should be paid to the registration Office. It costs about 200 USD. In order to pay all of your taxes, all you need is a bank account. If you are not good at those processes then you can get help from real estate agencies. Comparing with European countries, the prices and taxes of real estate is cheap. Also, property laws are simple and easy. Those are the reason why Turkey is a real estate market for many.
What are the Necessary Documents to Complete Property Purchase in Turkey?
Necessary documents for property purchase should be completed. Documents are the following:
Property evaluation report,
4 biometric updated photos,
Turkish tax number,
A translated and notarized copy of the passport.