Valuable housing tax and real estate appraisal report,which are important concepts in the real estate market, are different concepts, but are essentially situations that concern property owners and are related to each other at some point.

If we consider the valuable housing tax first, it is possible to say that it is a law that entered into force in 2019 and is expected to be implemented in 2020. Although this tax creates controversy among the public and experts, it can be summarized as the tax collected from immovables that have the status of “valuable” because it is accepted as a law. Residential real estates subject to this tax are those with a value of 5.000.000 TL and above determined by the General Directorate of Land Registry and Cadastre.

As we have just mentioned, in the valuable housing tax calculations, independent sections with condominium ownership and registered real estates with 5 million TL and above are included. In the calculations to be made, an obligation to pay a tax of three per thousand if the value of the immovable to pay this tax varies between 5-7.5 Million TL, if it varies between 7.5-10 Million TL, six per thousand for the houses above 10 Million TL, a tax obligation of 10 per thousand has been imposed.

How Valuable Housing Tax Appeal Stages Are Performed?

Persons who have complaints about the wrong determination of the value of the immovable properties and who do not have the status of entering the tax bracket must first apply to the General Directorate of Land Registry and Cadastre within 15 days with the notification sent to their parties from the General Directorate of Land Registry and Cadastre.

Appeals that will not be accepted if the 15-day rule is not complied with, are evaluated by the relevant institution when made within the specified period, and a decision is made within 15 days, and again, they are notified to the parties who complain as a notification notification.

What is a Real Estate Valuation Report?

The real estate appraisal reportis a document created by the scientific evaluation of the value of the real estates we call immovable or the rights connected to these immovables in a certain time and by revealing all the factors that create or affect this value in the form of a report by the experts who make this appraisal. This document can also be summarized as an independent and objective appraisal by appraisal experts on a specific date.

The said report must be prepared by real estate appraisal companies and experts licensed by The Capital Markets Board   (CMB). In the report, all information regarding the immovable property from A to Z and all factors affecting the value should be analyzed and presented in a prepared manner. In order for the report to be presented in detail and analyzed as required, the priority and important thing is to initiate the legal institution research review process.

Within the scope of this process, the zoning status of the real estate, the title deed registration containing the rights and benefits of the real estate, etc. The qualifications are carried out in the relevant departments of the provincial and district municipalities and land registry directorates. Then, the visit process is carried out in order to see and approve this information by the appraisal experts on site, and the consistency of the real estate features seen and examined during the visit with the information in the previously received reports are compared, and the current situation analysis and regional analysis process of the real estate is also made.

Observation, examination and analysis are of great importance in the process of creating real estate valuation reports. Because these immovables are subject to valuation over these reports created at the point of sale, it is of great value in determining the current value and learning the legal status.

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