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Shanty house in Keban worth six seaside mansions
For example, while an ordinary house in the Keban Dam neighborhood of Elazığ has a square-meter unit value for property tax purposes of TL 10,000, the owner of a seaside mansion in Yalı Sokağı in İstanbul’s Yeniköy district along the Bosporus will pay tax on a unit value of TL 1,600 per square meter.
Similarly the price per square meter in Beylerbeyi’s Yalı Boyu Street remained at TL 2,400 with the new valuation. In İstanbul’s Zekeriyaköy district, where the purchase price of a villa may be around TL 1.5 million to TL 2 million, the unit value has been established at TL 430 per square meter. Likewise, in Acarkent and Beykoz, where housing prices are in the region of TL 900,000, the square-meter value for property tax has been fixed at the low level of TL 180.
Unit values are determined every four years for each street across the entire country with the participation of a city’s mayor or deputy, an official from the municipality, the general director of the local cadastre offices or their deputies, two representatives from the Finance Ministry and the heads of villages or neighborhoods. Property taxes are calculated based on these unit values, and the agreed amount for the sale of a property will not be below these values.
Unit values were first determined in 2005 to be effective from 2006, triggering huge controversy. The values were set again afterwards without so much change, although the values were increased to higher levels in some districts. The values were boosted for the following three years by half of the revaluation rate. The unit values showed large variations even between neighboring areas and huge disparities among provinces.
The committees decided to implement a fourfold increase in some districts and provinces this year, largely because of the municipalities’ desire to earn more revenue from their share in property taxes. The rate of increases was found to be 200 percent in some cities like İstanbul and İzmir. The rates varied between 20 percent and 100 percent in districts in Ankara. Overall, unit values rose much higher than the projected rate of inflation.
The most valuable place in Turkey has been determined as Anıt Street in İstanbul’s Beyoğlu district. A square meter of a real estate on this street was valued at TL 25,500.
Similarly, values were raised to TL 20,000 for Beyoğlu’s İstiklal Street and TL 24,000 for Tak-ı Zafer Street in the same district. The value was set as TL 5,000 for Bağdat Caddesi, a high-class street in Kadıköy. The unit values were TL 7,500 for İstiklal, TL 8,000 for Tak-ı Zafer and TL 2,194 for Bağdat Caddesi.
Increases in value were 20 percent in Ankara’s central district of Kızılay. The most valuable property in the capital became Zafer Meydanı, whose value rose to TL 6,000 from TL 5,000. The amount is TL 480 for Güniz Sokağı, on which Turkey’s ninth president, Süleyman Demirel, resides.
The valuation is being criticized mainly for neglecting some critical criteria such as geographical location, socioeconomic conditions of the residents and the development levels of the regions. This omission is blamed for causing the disparities between different regions and districts.
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