About property tax in Georgia
Basic principles of property tax
Property tax in Georgia is levied on individuals and legal entities owning movable and immovable property objects on the territory of Georgia, regardless of which countries such persons are residents of.
Market value of property
When filling in the declaration, property owners shall indicate the value of the property, which shall be the market value:
- valuation of property may be carried out by the owner himself/herself at his/her own discretion (e.g. by comparing immovable/movable property objects on relevant websites: myhome.ge, myauto.ge, etc.);
- valuation may be carried out by an independent appraiser.
In case there are doubts about the reliability of property valuation, the tax authority may reassess the property.
Tax rate
The tax rate depends on (1) the amount of annual income received by the taxpayer both in Georgia and abroad; (2) the market value of the property; (3) the holding period in the tax reporting period.
Rates are determined at the local level, and may differ from region to region of the country.
- For families with income less than GEL 100,000, the rate is from 0.05 to 0.2% of the market value of the property.
- For families with income over GEL 100,000, the rate is from 0.8 to 1% of the market value of the property.
Deadlines
- Deadline for filling a tax declaration for property tax of physical persons - no later than November 1 of the year following the reporting period (previous calendar year);
- Deadline for payment of property tax by physical persons - by November 15 of the year following the reporting period.
- Deadline for submission of tax declaration for property owned by legal entities, as well as for payment of property tax on property owned by legal entities - not later than April 1 of the year following the reporting period (previous calendar year);
Liability
- additional tax assessment in respect of the difference between the declared and market value;
- bringing to liability in the form of a fine of up to 50% of the additional chargeable difference.
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