291 TAX LAW taxpayer in accordance with their shares. As per joint ownerships, the owners will be severally responsible for the taxes. VHT liability starts from the beginning of the year following the dates stated, below. • The date when the building tax value of the residential real estate exceeds the declaration limit (amount) valid for the relevant year, • In the event of reasons that modify the tax value (for example, the purchase or transfer of the covered property), the date of such changes, • In cases where the exemption is benefited from, the date upon which the exemption is suspended (lost). Tax Base and Ratio of Valuable House Tax While certain tax bases and fixed rates were envisaged in the calculation of VHT before Law No. 7221, an appropriate and relatively equitable practice was adopted through the change made by Law No.7221, and a progressive tax system was introduced. The rates to be applied for the calculation of VHT in 2021 are regulated, as follows: • For houses having a value between TRY 5,227,000 and TRY 7,841,000: 3 per thousand for the part exceeding TRY 5,227,000; • For houses having a value between TRY 7,841,000 and TRY 10,455,000: TRY 7,842 in relation to the value of TRY 7,841,000; 6 per thousand for the value exceeding TRY 7,841,000; • For houses having a value higher than TRY 10,455,000: TRY 23,526 in relation to the value of TRY 10,455,000; 10 per thousand for the value exceeding TRY 10,455,000. We would like to emphasize that the total value of the property is taken into consideration when calculating the tax base, regardless of whether the property is under shared or joint ownership.
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