In contrast to the prolonged development of real estate taxes in our country, Turkey has long had its own method of collecting real estate taxes. In Turkey, real estate taxes are divided into two categories: land tax and building tax. Besides these two fees, what other costs do we need to pay when buying property in Turkey?
First, let’s understand land tax and building tax.
The subject of the building tax is the building itself, and the taxpayer is the owner of the building. The value of the building is assessed annually by the municipality, and it is paid twice a year, with the annual tax rate generally ranging from 0.1% to 0.4% of the assessed value. The subject of the land tax is the land, and the taxpayer is the owner of the land. Similar to the building tax, the value of the land is determined by the municipality, and it is also paid twice a year, with the annual tax rate ranging from 0.1% to 0.6% of the assessed value.
What other costs are involved in buying property in Turkey?
1. Purchase price: You must pay money to buy a property, so the purchase price is essential. Currently, for immigration through property purchase in Turkey, an investment of $250,000 is required;
2. Value-added tax: 1% of the purchase price. For a total purchase price of $250,000, the value-added tax would be $2,500;
3. Purchase tax: 1% of the purchase price;
4. Property transfer fee: 1.5% of the purchase price;
5. Notary fee for the purchase contract: 1.13% of the purchase price;
6. Stamp duty: 0.948%.
The above data should be verified for accuracy. In addition to the aforementioned fees, there are also costs for transfer documents, property appraisal fees, earthquake insurance for properties, etc. For specific details, please consult the customer service of WorldWay Immigration.