2018 Building Construction Cost Schedule
FRIDAY, 18 August 2017
Official Gazette
Issue: 30158
COMMUNIQUÉ
From the Ministry of Finance and the Ministry of Environment and Urbanization:
GENERAL COMMUNIQUÉ ON THE REAL ESTATE TAX LAW
(SERIES NO: 71)
In subparagraph (b) of the first paragraph of Article 29 of the Real Estate Tax Law No. 1319 dated 29/7/1970, it is stipulated that the tax value for buildings is the amount calculated by making use of the provisions of the Regulation on the Assessment of Tax Values to Serve as the Basis for Real Estate Tax, which was put into effect by the Council of Ministers Decision No. 7/3995 dated 29/2/1972, prepared pursuant to Article 31, on the basis of the normal construction cost per square meter of buildings to be jointly determined and announced by the Ministries of Finance and of Public Works and Settlement, together with the value of the land or land share to be determined in accordance with the principles set out in subparagraph (a) of the same article.
On the other hand, the first paragraph of Article 37 of the Decree Law No. 644 dated 29/6/2011 on the Organization and Duties of the Ministry of Environment and Urbanization stipulates that references made to the Ministry of Public Works and Settlement shall be deemed to have been made to the Ministry of Environment and Urbanization.
Accordingly, the normal construction cost values per square meter of buildings to be applied in 2018 as the basis for real estate tax have been determined by the Ministry of Finance and the Ministry of Environment and Urbanization in the amounts specified in the schedule annexed to this Communiqué.
This is hereby communicated.
