The cost per square meter of real estate for calculating the amount of annual property tax in 2024

The cost per square meter of real estate for calculating the amount of annual property tax in 2024

The Ministry of Treasury and Finance and the Ministry of Environment, Urbanization and Climate Change of the Republic of Turkey have published the cost per square meter of real estate, on the basis of which the property tax will be calculated:

Luxury real estate - 6768.41 liras per m2

1st class real estate - 4226.86 liras per m2

Real estate of the 2nd class - 2821.97 liras per m2

Real estate of the 3rd class - 1998.57 liras per m2

Luxury commercial real estate - 7295.63 liras per m2

Commercial real estate of the 1st class - 5102.71 liras per m2

Commercial real estate of the 2nd class - 3218,22 liras per m2

Commercial real estate of the 3rd class - 2341.59 liras per m2

For example, for residential luxury real estate with a square footage of 100 m2, the tax will be calculated based on the amount of 676,841 liras. The tax amount will be 0.1 - 0.6% of the amount, depending on the region in which the building is located.

Cities with the maximum tax rate: Adana, Erzurum, Kocaeli, Sakarya, Ankara, Eskisehir, Konya, Samsun, Antalya, Gaziantep, Malatya, Sanliurfa, Aydin, Hatay, Manisa, Tekirdag, Balikesir, Istanbul, Mardin, Trabzon, Bursa, Izmir, Mersin, Van, Denizli, Kahramanmarash, Mugla, Diyarbakir, Kayseri, Ordu.

A tax on the land located under the building is also added to the final cost. The tax amount is 0.3 - 0.6% of the value of the land plot. The tax on land under an apartment building is divided among the owners in proportion to the area of the apartments.

The full list of real estate objects and their corresponding cost per square meter can be viewed here: https://mcusercontent.com/5a34f72115ce1374f3a43faff/files/b482b23d-f5f5-4f8e-f869-6ce5f087d010/20230831_8_1.pdf