The Black Sea region has many beautiful places and is a perfect country for real estate investment, retirement, and intercontinental migration. The unique city of Trabzon has beautiful scenery, and historical sites, and is located between Asia and Europe, providing the best of urban life with nature. But, before you get carried away by the wave of the incredible property market of this beautiful city, it is wise to know the local tax laws for property, especially the prevailing property tax regime.
In this blog, you will find all the details regarding property tax in Trabzon, how property tax is calculated, and how much property tax you will be required to pay.
Understanding Property Tax in Turkey
Property tax in Turkey called Emlak Vergisi is an annual tax that is imposed on owners of real estate and this includes houses, shops, or farms in the entire country. The amount they charge you back would mostly depend on the zone and the kind of real estate property owned, hence this means property taxes differ from one town down to the other.
However, the problems of these attitudes extend even to decision-making making quite aggressively developed tourism.
What is the Property Tax in Trabzon?
How can one find the Property Tax in Trabzon? As in any other city in Turkey, the property tax rates are mostly based on a certain percentage of the property’s respective value as registered. To put it simply here is how it works:
Municipality’s Role:
It is up to every municipality to evaluate the properties in their area and to assess their respective values. A tax rate is subsequently applied to this assessed value.
Type of Property:
There are separate rates applied to standard property classes Residential, Commercial, Industrial, and Agricultural properties
Location of Property:
Since Trabzon is not one of the metropolitan municipalities in Turkey property tax rates are relatively lower than big cities such as Istanbul and Ankara.
The property tax rates payable on residential property in the Trabzon area are:
Residential property tax rate: 0.2% of the registered value of the property.
Commercial property tax rate: 0.4% of the registered value of the property.
The detached house or lot: 0.3% of the registered value without any development.
Farmland: 0.1% of the registered value.
Always remember that these rates may rise or fall depending on the changes made in the municipality or the Turkish tax system laws. One can easily check with the local municipality office in Trabzon or an experienced property manager to get the real situation on property tax rates.
Payment of Charges
Besides the yearly tax on property, there are some other expenses that new property holders in Trabzon must take into account.
Title deed transfer tax:
This is a one-off expense that you make to the government when you purchase your property for the first time in Turkey.
Environmental Cleaning Tax (Çevre Temizlik Vergisi):
Technically, this isn’t a property tax but on an annual basis this is a rent charged to property owners to be paid for the water bills. This property tax assessment varies depending on the extent of the property owned.
Stamp Duty:
For instance, should you decide to rent out an apartment in Trabzon, you will be renting the property for a specific duration, which will be subject to stamp duty on the tenancy agreement, usually imposed at a low rate of 0.189 percent of the total annual rent.
Methods of Paying Property Taxes in Trabzon
Paying property taxes in Trabzon is a simple affair. You can pay it all at once as a single payment made once a year or you can break it into two separate payments made usually in May and November. The taxes may be paid at the municipal office concerned or through the Internet on the municipal website. Many property owners pay it online for simple reasons, the most common being that many do not live in Turkey.
As for foreigners, it is worth mentioning that the property tax system is also in effect for foreign buyers as well as for Turkish citizens. If you are thinking of making any investments in Trabzon, please ensure that your tax responsibilities are up to date to avoid any issues with the law in the future.
Conclusion:
To sum up, property tax in Trabzon and how it can affect budgeting and plans is very significant. Most cities in Turkey are expensive in terms of property tax rates, but thank God Trabzon is on the lower side thus real estate investors and home buyers can maximize the full potential of the economy. If it is an investment in a vacation home or a quest for a new family home or any other purpose for that occasion, the existing market that Türkiye offers in the region of Trabzon is beautiful, affordable, and developed enough to consider it as an option.
Before closing any deal, it is advisable to seek the help of a local real estate professional regarding the tax aspect of the transaction and have fun in exploring this captivating city in Turkey.
