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Valuable Housing Tax: New Tax Regulation
The valuable residence tax entered into force with the Law No. 7194 on December 7, 2019. Residential immovable properties located within the borders of Turkey with a building tax value exceeding TRY 5 million are subject to this tax. The tax base is calculated on the real estate tax value and is applied at different rates according to certain value ranges:
3 per thousand for the portion exceeding 5 million TL,
6 per thousand for the portion exceeding 7.5 million TL,
10 per thousand for the portion exceeding TL 10 million.
Tax Exemptions:
Exemptions from the valuable residence tax include the following:
Those who own only one residential property in Turkey,
Immovable properties of general and special budget administrations, municipalities and universities,
New immovable properties not subject to initial sale.
Enacted in 2021, the regulation requires taxpayers to file their declaration in February and August each year and pay the tax in two equal installments.
Criticisms and Legal Controversies:
The valuable housing tax has been criticized as double taxation, as it envisages both real estate tax and valuable housing tax for the same property. It is argued that the tax burden is not fair and balanced and violates the right to property. Under Article 73 of the Constitution, tax regulations must be proportionate and in accordance with the principle of equality. Furthermore, allegations of violation of the jurisprudence of the European Court of Human Rights protecting the right to property have also been raised.
In conclusion, the valuable residence tax is a controversial regulation both in the implementation process and in the legal dimension. It is of great importance that taxpayers carefully examine the regulation and fulfill their obligations.
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