All Curiosities About Property Tax

All Curiosities About Property Tax

How to Calculate 2023 Property Tax

In today's conditions, investing and owning a property is very valuable. Because one of the best methods to increase the value of money is to own a property. However, the job does not end with owning a property. People who earn a regular income or own an immovable property are obliged to pay a number of taxes to the state on these properties. These taxes may vary from person to person, from year to year. So, how are all these calculations made, who becomes liable to pay taxes? In this article, we examine the tax issue. If you are ready in our content where you can find answers to all the questions you wonder about property tax, let's move on to the details.

What is Tax?

Tax is the fees determined by the governments of the country and calculated on the annual earnings of individuals and collected in certain periods.

Taxes are in different forms according to different sources of income.

The most common tax types in Turkey are as follows;

1- Income Tax: It is the type of tax that individuals pay based on their salaries, rental income, investment returns and other sources of income. Personal income tax is usually declared with a special declaration and is determined according to income characteristics by applying various rates.

2- Corporate Tax: It is the tax paid by companies and other businesses based on their annual earnings. Corporate taxes are calculated on the expenditures and net income of enterprises.

3- Property Tax: It is a type of tax that a person pays annually for one or more properties owned by a person. If a person owns more than one property, in such cases both properties are taxed separately.

If certain expenses are deducted from income, a tax base can be created.

Within the scope of property tax, this includes costs such as structuring for the maintenance, management and operation of the residence.

Who is liable to pay tax?

Generally, individuals who have income over a certain amount and own immovable property are liable to pay tax. Income tax; It can be deducted from salaries, rental income, investment income, capital gains and other sources of income.

How to Calculate 2023 Property Tax?

Let's come to the most curious subject; How is property tax calculated?

The biggest detail you need to know about this issue is that the tax calculation of each immovable is different.

Property / housing tax is proportional to the value of the immovable property you own. In other words, it is calculated by taking into account the current value of the property. Therefore, property tax is recalculated every year.

Another issue affecting the property tax is the type of real estate. Housing, land or workplace have different rates.

For houses and lands, this rate is 1 per cent of the fair value, while workplaces are taxed at a rate of 2 per cent.

In the tax process, the municipality to which the property you own is affiliated is also an important issue affecting the price. If your property is connected to the metropolitan municipality, the rates in question differ.

How to Make Property Tax Payment?

You have calculated your 2023 property tax. Now it's time to pay. Property tax payment is made to the municipality where your property is located. If you wish, you can easily make your tax payment through the online transactions of the municipality you are connected to with your T.R. ID number.

Income tax calculation can be quite complicated. Therefore, it is important to ask for help from an expert when preparing tax returns.

Each region's tax laws and decisions on this issue may differ. However, all these taxes are of great importance for the development of a country.