Reminder: Valuable Residence Tax Deadline February 20
Residents Urged to Prepare for Valuable Residence Tax Deadline
The deadline for valuable residence tax is quickly approaching, and residents are being urged to prepare and submit their declarations to ensure compliance with the regulations. Mustafa Hakan Özelmacıklı, the General Manager of Altın Emlak, provided valuable information regarding the tax and its requirements.
According to Özelmacıklı, residential real estate within Turkey with a building tax value surpassing 12 million 880 thousand Turkish liras (9 million 967 thousand TL in 2023) is subject to valuable house tax. The deadline for submitting declarations is set for Tuesday, February 20, 2024. Additionally, the accrued tax must be paid in equal installments by February 29 and September 2.
Taxpayers must submit their declarations to the tax office, attaching the document showing the building tax value obtained from the municipality where the residential real estate is located. The tax office to which the declaration is to be submitted is the one where the real estate is situated. Valuable house tax is paid by the owner of the residential real estate, the usufruct owner, or other relevant parties. Each independent section of the property is evaluated separately for taxation, and individuals with shared ownership are liable in proportion to their shares.
The tax rates for residential properties subject to the valuable residence tax in 2023 and 2024 were also discussed. There are specific tax rates based on the value of the property, and these rates differ slightly between the two years.
Furthermore, exemptions from valuable house tax were outlined by Özelmacıklı. Immovable properties used as workplaces, newly constructed residential properties owned by building construction businesses, and individuals who own a single residential property within Turkey may be exempt from the tax. Additionally, for those who own multiple residential properties, an exemption is applied for the single residential real estate with the lowest value that is subject to the valuable house tax.
Residents are advised to take the necessary steps to comply with the valuable residence tax regulations and ensure they meet the upcoming deadline. Failure to comply with these regulations may result in penalties and additional fees. It is essential for taxpayers to familiarize themselves with the requirements and submit their declarations promptly to avoid any complications in the process.
