As the clock ticks down, property owners in Turkiye are urged to take swift action. Tomorrow marks the final opportunity to settle the first installment payments of property tax, a crucial obligation for owners of residences, buildings, land, and workplaces across the nation.
Compliance Obligation for Property Owners
With the deadline for the first installment payments of property tax fast approaching, owners of real estate in Turkiye must ensure compliance with tax regulations. Failure to meet this obligation may result in penalties and additional charges.
Exemptions and Legal Framework
While property tax is mandatory for most real estate owners, exemptions exist under specific circumstances. Retirees with modest-sized properties, individuals receiving certain pensions, disabled persons, veterans, and those with documented financial hardship are among those exempted. Additionally, certain properties, such as those belonging to public institutions and foreign embassies, are exempted under the Real Estate Tax Law.
Expert Insight: Penalty and Payment Procedures
Sworn-in Accountant Abdullah Tolu emphasizes the importance of timely payment to avoid penalties. Property tax installments offer flexibility, allowing payments in cash or by credit card through various channels, including municipal offices, online platforms, and e-Devlet services. However, failure to meet deadlines may incur a monthly late payment fee of 4.5%, starting June 1st.
As the deadline approaches, property owners are advised to act swiftly to fulfill their tax obligations and avoid unnecessary financial burdens.
Source: Trthaber / Prepared by Irem Yildiz