How Much Is Property Tax in Turkey?
Real estate buyers are obliged to pay property purchase tax in Turkey. This tax is called title deed conveyance tax. It is applied as 4% of the sales price of the property.
Property taxes in Turkey are paid in different phases. For instance, buyers pay title deed conveyance tax while buying a property. This tax is paid only once. On the other hand, annual property tax is paid regularly every May and November.
The taxes on buying and owning real estate in Turkey:
- Title deed conveyance tax
- Property rental income tax
- Capital gain tax
- Annual property tax
- Inheritance tax
- Gift property tax
- Value-added tax
Property tax in Turkey for foreigners is applied the same as for Turkish citizens. So, foreign property buyers and owners do not pay an additional tax in Turkey.
Property owners pay annual property tax in Turkey, which is relatively lower than in European countries. Annual property tax mainly depends on the property value. So, the more expensive the property is, the more annual property tax is paid. Property type and location also affect the annual property tax amount.
Residential properties are subject to a lower annual property tax when compared to commercial properties. Besides, property owners in metropolises pay more annual property tax than in cities. To learn how to pay annual property tax in Turkey in detail, you can visit our Real Estate Taxation in Turkey page.
Is There Property Tax in Turkey?
Yes. There are different real estate taxes for different property transactions in Turkey. For instance, when you buy a property in Turkey, you pay title deed conveyance tax. On the other hand, if you inherit a property in Turkey, it will be subject to inheritance tax.
These taxes are relatively low in Turkey. This is an important reason for preference when buying property overseas. Whether you buy a property overseas for investment or as a holiday home, you want to keep the extra costs as low as possible.
So, when choosing among countries you may buy a home, you should consider the tax costs as well as maintenance and buying costs. Turkey offers perfect circumstances in terms of taxation when buying a house and for property owners.
If you are looking to buy property in Turkey, you can call our agents now for further information about real estate taxation in Turkey.