39 million residences will be followed! With the 2021 Presidential annual plan approved by President Erdoğan, 2 units are established to ensure tax justice and to monitor the changes in the value of the title deed. Value increase of 39.1 million houses will be monitored with the Collective Valuation System and Real Estate Value Information System. The Ministry of Environment and Urbanization will thus ensure that the justice in tax is strengthened after the system is activated.
News concerning millions of homeowners has arrived. According to the 2021 Presidential annual plan approved by President Recep Tayyip Erdogan, the Ministry of Environment and Urbanization, as of the end of September 2020, to monitor the increase and decrease in value of 39.1 million houses, cottages and lodgings registered in the National Address Database and to establish a fair tax system. will build a new unit.
CONSULTANCY WILL BE GIVEN
In this context, the Ministry of Environment will establish a Collective Valuation System in order to determine the purchase-sale value of real estate, which is the basis for taxation. World Bank financed consultancy service will be used in 2021 for the development of the system.
The Ministry will thus ensure the consolidation of justice in taxation with the activation of the system. The regulations on the design and implementation of the system and the necessary infrastructure will be established by the ministry.
INCREASE WILL BE FOLLOWED
The Ministry will also establish a Real Estate Value Information System integrated into the Land Registry and Cadastre Information System. Data on the values of immovables will be kept together with ownership information. Thus, the values of the immovables will be continuously monitored with the new system to be established in order to record the price realized in the title deed transactions, to monitor the changes in value, to follow the value increases resulting from public investments and regulations, to contribute to the location analysis and to create real estate value maps.
It was also noted in the program that the Ministry of Treasury and Finance will re-evaluate the taxes on real estates, taking into account the taxation of other savings instruments. Accordingly, within the scope of encouraging country-level savings and directing resources to productive areas, the relevant legislation will be scanned and regulations in this direction will be reviewed in order to make the necessary evaluations.
IT WILL BE PASSED TO A SINGLE COORDINATE SYSTEM
will move to a single coordinate system in Turkey. Accordingly, with the completion of the update process of 22.3 million parcels, the Cadastre Modernization Project will be completed by ensuring that a total of 58 million parcels across the country will be switched to a single coordinate system.