Revenue Service explains who is required to submit an annual property tax declaration
According to current legislation, no changes have been made regarding the submission or administration of the annual taxable property declaration. Therefore, entrepreneurs and individuals are required to include information about taxable property in their submitted declaration based on the previous tax year, and information about taxable land as of April 1 of the current tax year, the Revenue Service of the Ministry of Finance said in a statement.
The Revenue Service clarifies that an individual is not required to submit a new declaration if they already filed one or had tax assessed in the previous tax year and no data has changed (the system automatically records last year’s information).
“In the interests of taxpayers, the Revenue Service of the Ministry of Finance provides a detailed explanation of the categories of persons who are required to submit an annual property tax declaration by November 1.
A natural person, including an individual entrepreneur, must submit a declaration if their income, together with that of their family members, exceeded 40,000 GEL in the previous (2024) tax year and they own taxable property, such as:
Real estate (including unfinished construction, buildings or structures, or parts thereof),
Yacht (sailing boat),
Helicopter, airplane, or passenger car (excluding motorcycles and mopeds), etc.In the case of economic activity, this also includes assets, equipment, and other fixed assets recorded on the balance sheet.
Detailed information on the calculation and payment procedures for property tax by individuals — including the property tax calculator, video instructions, and guides — can be found at the following links:🔗 https://rs.ge/PersonsTaxFAQ?cat=5&tab=1
https://rs.ge/LawNewsArchive?newsId=1589\
Video Instruction: https://www.youtube.com/watch?v=9iMXptuh5ro
New Property Tax Calculator for Individuals: https://rs.ge/LawNewsArchive?newsId=1607
For additional information, taxpayers can also use the Revenue Service’s digital services — “RS Chat” and “RS Bot”, or contact the consultation call center at 2 299 299.
The Revenue Service reiterates that no changes have been made to the rules governing the submission and administration of annual taxable property declarations. Accordingly, entrepreneurs and individuals must submit data on taxable property based on the previous tax year and data on taxable land as of April 1 of the current year.
“The Revenue Service of the Ministry of Finance urges media outlets, financial/accounting/consulting companies, and individual experts to refrain from spreading false or misleading information that could harm taxpayers and mislead the public,” the statement concludes.
