2018 Property Tax Valuation Commission Decisions and First Installment of Property Taxes

An omnibus bill entitled the Law Amending Some Tax Laws and Some Other Laws No. 7061 (the “Law”), enacted and published in the Official Gazette dated 5 December 2017 numbered 30261, introduced a provisional article to the Law of Property Tax (the “LPT”).

Provisional Article 23 of the LPT regulates the property tax base appraised for 2018 by valuation commissions by mandating that they be compared with those of 2017 and, if the tax base of 2018 appraised by the valuation commission exceeds the tax base applied in 2017 by more than 50%, the 2018 tax base increase rate shall be limited to 50%.

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