The per-square-meter normal construction cost rates for buildings, which will serve as the basis for property tax next year, have been set by a communiqué published in the Official Gazette.
According to the General Communiqué on the Property Tax Law prepared by the Ministry of Treasury and Finance and the Ministry of Environment, Urbanization and Climate Change, the minimum and maximum limits of per-square-meter normal construction cost rates for residential buildings are as follows:
- Luxury constructions: 12,642.67 lira - 27,712.26 lira
- First class constructions: 5,335.40 lira - 18,532.07 lira
- Second class constructions: 3,758.56 lira - 12,555.79 lira
- Third class constructions: 1,269.61 lira - 8,551.49 lira
- Simple constructions: 604.1 lira - 3,856.64 lira
The communiqué also revised the per-square-meter normal construction cost rates for buildings such as factories, hotels, hospitals, cinemas, banks, schools and swimming pools.