THE TAX ON REAL ESTATE WILL GROW BY 60% IN 2023
The tax on real estate will grow by 60% in 2023, property tax is anticipated to rise by 61.46% in January for people who own homes, land, and businesses. The total is calculated while accounting for the projected worth of the property.
There isn’t much news, but there are certain exceptions, such the fact that persons whose only source of income is a pension from a social security agency cannot pay property taxes (that is, veterans, disabled people, widows, urban orphans, etc.). Providing they are the only owners of a residence with a maximum total space of 200 square meters. In such circumstances, there is no yearly tax.
The remaining parties must pay the tax; you can do so either by sending the funds directly to the municipality to whom the property “belongs” or by using bank branches where the municipalities maintain accounts.
Estimated real estate tax calculation: Assume that the cost of a home is 500,000 Turkish lira. The treasury will receive 1,775 Turkish liras in exchange for this property.
The owners of vacant properties in Istanbul are currently anticipating higher payments.
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