Author Topic: Property transfer tax  (Read 3701 times)

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Offline tintin1504

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Property transfer tax
« on: December 31, 2009, 12:17:17 PM »
Hi,hope someone could point me to a link or advise.
What is the current rate for property purchase tax ,I believe it was 1.5% of purchase price.Is this correct?T.



Offline Scunner

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Property transfer tax
« Reply #1 on: December 31, 2009, 12:24:41 PM »
Technically yes but in recent times the buyer also pays the seller's 1.5%. This is based on the tapu value which is normally substantially less than the purchase value.

Offline tintin1504

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Property transfer tax
« Reply #2 on: December 31, 2009, 13:20:00 PM »
Thanks for that Scunner, that's helpful especially the second part!.T.

Offline Scunner

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Property transfer tax
« Reply #3 on: December 31, 2009, 13:25:51 PM »
Ah yes, a great con for "certain" estate agents is to charge 3% of the purchase price to the buyer, pay 3% of the tapu value to the government and pocket the rest. Like the commission wasn't enough!

Offline Chinook

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Property transfer tax
« Reply #4 on: December 31, 2009, 13:43:20 PM »
quote:
This is based on the tapu value which is normally substantially less than the purchase value.


Isn't declaring a lower value illegal and been the subject of a crackdown and prosecutions by the Mugla Province tax office?

Offline Scunner

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Property transfer tax
« Reply #5 on: December 31, 2009, 13:55:00 PM »
Declared values are provided by government now, not by chancers  :)

Offline LeeGlo

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Property transfer tax
« Reply #6 on: July 31, 2010, 11:27:49 AM »
quote:
Originally posted by Scunner

Declared values are provided by government now, not by chancers  :)



I know this is an old post but I've not been on the forum for a while, but on doing a bit of catching up I came across this.

When did this start and how do they work out the values. I ask because we are thinking of selling and our tapu was issued in April 2008 complete with what we were told was the "council valuation" ([naive I know NOW)read undervaluation here and this could drastically affect our CGT position.

Another question on that - when is CGT taken? At change over of tapu or do you have to declare it yourself.




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