On the sale of a property in Turkey, both the buyer and the seller are charged 1.5 percent in Turkish transfer costs. These costs (which amount to a total of 3 percent of the property's stated value) are dependent on the declared value of the property. The reported value of the property, on the other hand, cannot be less than the 'tax value',which is decided by the local town hall and serves as the basis for the calculation of property taxes. In addition, 1.5 percent is due on the registration of new buildings erected on a property.