What is Property Tax, When is it Paid?

What is Property Tax

Property tax is a tax levied on immovable properties such as houses, land, plots, shops, etc. While the scope of property tax applied to immovable properties like houses and land is narrower in our country, it has been expanded in some countries. In our country, property tax is collected by municipalities. Property tax, which is an important source of income, is determined based on the region and city where the house or land is located. For example, the property tax for a 100-square-meter apartment is not the same in Istanbul as it is in Ordu. An apartment within the metropolitan city limits is taxed at a rate of two-thousandths of its value, while a 100-square-meter apartment in a non-metropolitan city is taxed at a rate of one-thousandth of its value.

When is Property Tax Paid 

Property tax is an annually paid tax. It is mandatory to pay it every year. Municipalities collect property tax in two installments. Taxpayers who wish can pay their tax in full in March, April, and May. Those who do not wish to pay in full can pay the first installment of property tax in March, April, and May, and the second installment in November. Interest is charged on overdue payments. Late payment interest is also paid when the overdue installment is paid.