Retiree Tax Exemption Application Process Begins March 1 for Homeowners – Latest News
The property tax process, which impacts homeowners, begins on March 1st. Recent discussions have focused on the taxation process for individuals earning rental income, but it is important to note that property taxes are also paid by homeowners.
Many questions arise regarding property taxes, such as how they are determined, whether retirees are required to pay taxes, and who is exempt from taxes. Real Estate Expert Mustafa Hakan Özelmacıklı provided valuable insights on these matters in an interview with milliyet.com.tr.
Property taxes can be paid in two equal installments, with the first installment due in March, April, and May, and the second installment due in November. The deadline for the 2024 real estate and environmental cleaning tax 1st installment payments is Friday, May 31.
Property tax payments are made to the relevant municipality where the real estate is registered, and some municipalities also offer payment options through e-Government. Failure to pay property taxes on time may result in a penalty of 2.5% applied to the delayed installment amount each month.
The determination of property tax rates varies depending on the type of property, with different rates for residences, other buildings, land, and plots of land. The values are assessed every four years by appraisal commissions.
Retired individuals may be eligible for property tax exemptions if they meet certain criteria, such as owning a single residence with specified characteristics. Those who have no income, veterans, widows, orphans, and others with specific circumstances may also qualify for reduced building tax applications.
It is important for retirees to investigate their exemption status and for newly retired individuals to understand the necessary steps to apply for tax exemptions. Each person is evaluated individually, and certain conditions must be met to be considered for tax exemption.
Overall, understanding the property tax process and eligibility for exemptions is essential for homeowners, retirees, and individuals newly entering retirement. It is advised to consult with relevant authorities or experts to ensure compliance with tax regulations and take advantage of any available exemptions.
