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New Property Tax Law: Exemptions and Penalties
Law No. 3 of 2026 introduces amendments to the Real Estate Tax Law. It specifies the circumstances under which tax debt and penalty interest owed by taxpayers may be waived. These circumstances include death without an apparent estate, lack of attachable assets, bankruptcy and business closure, or leaving the country for ten years provided there are no enforceable assets. Additionally, the law establishes the formation of committees by a decision of the Minister of Finance to examine requests within 30 days of their submission, with the authority to revoke waiver decisions if found to be invalid. The law also provides exemptions from penalty interest for taxpayers who pay their taxes before the law comes into effect or within six months thereafter, with no right to recover any amounts already paid plus interest. Furthermore, previously unassessed properties are exempted from real estate tax, provided the declaration is submitted within one year of the law’s enactment, including any periods prior to its implementation.
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