Valuable Housing Tax General Implementation Notification was published in the Official Gazette No. 31365 on January 15, 2021. With this notification, the valuable housing tax has been regulated in detail. Residence within the borders of Turkey that it will only qualified real property is exempt from taxes, which last year made an arrangement with the regulations in this scope had taken place in this notification.

According to this published notification; Valuable housing tax exemption will be applied for the single property with the lowest value of residence which is the subject of valuable housing tax for those who have more than one residential property. The exemption will also apply to the part belonging to their shares if these persons own a single residence with a share.

The taxpayers who have more than one residential real estate have the lowest value residential property within the scope of the valuable housing tax, the declaration with the "Notification Regarding the Single Dwellings with the Least Value of Exemption (Including those with Usufruct Rights)" in the annex of the Notification. It was stated that they must notify the relevant tax office within the deadline.

The value of residential properties subject to valuable housing tax;

-          Those between 5 million 250 thousand TL and 7 million 875 thousand TL; 3 per thousand for the part exceeding 5 million 250 thousand TL

-          Those up to 10 million 500 thousand TL; 7.875 TL for 7 million 875 thousand TL, 6 per thousand for more

-          Those more than 10 million 500 thousand TL; 23.625 TL will be taxed for 10 million 500 thousand TL and 10 per thousand for the excess.

As explained in the examples in the Notification, the immovables below the amount specified for the relevant year (5.227.000.-TL in the 2021 declaration) are not covered by the Valuable Housing Tax, so it will not be included in any declaration. If there are immovables of this nature and immovables with a value of more than 5.227.000 TL, the valuation will be made only for the immovables above the said amount and one of them with the lowest value will not be taxed as stated above.

The taxpayers will submit their declarations to the tax office at the location of the immovable until the end of the 20th day of February of the relevant year, by attaching the document showing the building tax value obtained from the municipality where the residential property is located.

Taxpayers will be able to submit their declarations themselves electronically, as well as sign contracts with independent accountants, independent accountants and certified public accountants and send them in the form of e-declaration.

The tax assessed and accrued will be paid in two equal installments until the end of February and August of the relevant year.

The taxpayer will continue to make annual returns for the following years. A document showing the building tax value for the year in which the declaration is submitted and the previous year will be attached to the declaration submitted for each year.