Investment Guide

Calculation of Real Estate Tax

The following information needs to be known when calculating building tax:

·      The square meter unit value of the land on which the house or workplace is built and the number of square meters of the land share,

·      Cost of square meters determined according to the status of concrete and carcass, masonry or wood of the houses and buildings and construction class,

·      Tax rates of residences and businesses within or outside the metropolitan municipality,

·      Exterior measurement of the building,

·      Wear allowance reduction,

·      Heater and elevator difference.

There are a number of ways to calculate the building tax value. These ways are:

·      The average figure in the scale showing the normal construction cost of square meters will be multiplied by the surface area of the building.

·      The difference that will arise as a result of the multiplication mentioned above shall be added to the difference of the elevator, heating or air conditioning installation if any. This additional figure will be 6% for the elevator and 8% for the heating or air conditioning.

·      Thus, the depreciation share corresponding to years and construction type is deducted from the total value found.

·      After deducting the depreciation share, the amount of the land or the share of the land determined according to the minimum measurements is added to the remaining amount.