property valuation for purchase tax

newscoop


Joined: 23/12/2007
Posts: 2197

Message Posted:
16/10/2008 08:13

In the past the valuation for purchase tax purposes was based on the "build" value. My neighbour insists it is now based on the contact price. Is he right?

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
16/10/2008 08:19

Yes he is... the good thing about that is, you no longer have to worry about extra covered areas you may add as they don't affect the valuation.

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
16/10/2008 10:05

yes, its price paid on the contract!

angces


Joined: 24/12/2008
Posts: 3

Message Posted:
19/01/2009 19:27

Hi all,



I wonder can anybody advise us.



We have just been charged property tax for our apartment, paid out of our bank account by the bank that we set up to pay our water bills as they come in.



We have not yet received our title deeds and thought that we were not liable to pay property tax until we received them



I have emailed our solicitors asking th question, but as yet no reply!



Also, the cost of the tax was much higher than we expected to pay.



Any nformation would be gratefully appreciated



Thanks

Angie

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
19/01/2009 23:35

Hi angces,



This happened to us earlier this year and we haven't received our title deeds either. You do have to pay these taxes from the day you take possesion of your home. I suspect the bill is high because you will be in arrears. The local Belediye will have suddenly received information that you are living in your property and for how long you have been there. They do this by water bills and refuse collection etc. Hope this helps.



The Butlers wife

Molly


Joined: 30/08/2008
Posts: 299

Message Posted:
20/01/2009 12:02

The valuation is based on the contract price but beware of the following;



New build - Ensure any extras are specified on a separate appendix to the contract so that you do not pay additional transfer tax and Vat.



Furthermore, check whether quoted prices are inclusive of VAT. On recent transfer of title deeds, some vendors have slapped on 16% VAT to extras. Remember, non payment = no transfer of title.



Resale properties - as above. If you are buying furniture, ensure it is specified on a separate appendix otherwise you will pay a higher transfer fee than necessary.

truffles808


Joined: 16/10/2007
Posts: 183

Message Posted:
20/01/2009 12:13

If you have not paid your KDV, will you incur interest until you do? I know a lot of people who will not pay until they know the title deeds are ready or at least when they have their PTP.