• Property Tax Turkey 101 – What You Should Know
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Property Tax Turkey 101 – What You Should Know

Property Tax Turkey 101 – What you should know

Turkey is a very beautiful country to live in. It is a country that is nestled in the middle of Asia and Europe. Turkey is located in an enviable part of Europe as it symbolizes the gateway from Europe to Asia through the famous Bosphorus bridge. Due to its economic and social significance, the real estate marketplace of the country has started to expand exponentially.

Property Tax Turkey

A lot of locals and foreigners are busy choosing their dream apartments, villas, and offices at some of the prime property locations in the country. While it is recommended for investors and property users to purchase appreciable properties in the flourishing country, it is expected to know the property taxes involved in the country.

The property taxes in Turkey

Property tax in Turkey isn’t very different from that of other countries. However, it has its peculiarity. Even more, so it is unique to foreigners who are not very familiar with the real estate ecosystem of the country.

There are several taxes involved in purchasing and owning property in the eastern-European country.  If you are curious about property tax in Turkey, this is a list of all the taxes on property in the country.

The Purchasing Tax

The purchasing tax is also known as the fee for the title deed. If you purchase a house in the country, you are given a title deed. In Turkish, this is called Tapu. It is charged as a 4% fee of the property price. This fee can be split between the buyer and the seller. However, you the buyer may be expected to pay the entire fee, and vice versa.

Valued Added Tax (VAT)

The law for property tax Turkey states that all professional, industrial, and commercial transactions done in the country attracts a VAT. Possible exceptions to this rule are:

  • If the present property owner is not a part of the commercial transaction,
  • If the present property owner is not a participant in the Turkish property market and has had this property for over two years.

In Turkey, VAT is pegged at 18%. Then again, if you are buying a commercial property which is not eligible for an exemption, you will pay the VAT. If you want to buy a residential property that is under 150 square metres in net area, your VAT will be charged at between 1% and 8%. Your VAT will be the regular 18% if it has over 150 square metres in the net area.

Stamp Duty

Anytime that you are creating an agreement to sell a property, you are charged a stamp duty of 0.948% which is estimated over the price stated in the sales agreement.

Annual tax on Properties

If you are holding a property in Turkey, you will be eligible for a yearly tax. Your yearly tax is calculated based on the property type and the city. For instance, if you have a property in Istanbul, you will pay a yearly tax of 0.2% spread equally over the estimated property price. The taxes are:

  • Residential properties are charged 0.2% in big cities and 0.1% in small cities.
  • Commercial properties are charged 0.4% in big cities and 0.2% in small cities.
  • Farms are charged 0.2% in big cities and 0.1% in small cities.
  • Lands are charged 0.6% in big cities and 0.3% in small cities.

Income tax

You are eligible to pay income taxes on rented properties. Also, you will pay an income tax if you are selling the property too. But, if you have owned this property for over 5 years, you will be exempted from paying this income tax.

Gift or Inheritance Tax

If you have been given a property either through donation or inheritance, you are eligible for tax payment. This tax is pegged at between 1% and 30%. These taxes can be spread over a 3-year period and should be paid only in two installments.

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