For individuals whose total annual income does not exceed 40,000 GEL, residential property is exempt from tax. Land plots are taxed separately at a rate that depends on the land category and location. Tax is paid in two instalments: an advance payment by 15 June and a final settlement by 1 April of the following year.
To prepare the declaration, a legal entity needs balance sheet data showing the residual value of fixed assets at the beginning and end of the year, as well as details of any property not reflected on the balance sheet. Individuals must confirm ownership of the property and provide information on annual income. With all documents in hand, preparing and submitting the declaration typically takes 2 to 5 business days.
Who is required to file a property tax declaration?
Legal entities with fixed assets on their balance sheet must file. Individuals whose annual income exceeds 40,000 GEL and who own property in Georgia are also required to file.
What is the property tax rate for companies?
For legal entities, the rate is up to 1% of the average annual book value of fixed assets. The exact rate is set by the municipality and cannot exceed the statutory maximum.
When is property tax due?
Tax is paid in two instalments: an advance payment by 15 June of the current year and a final settlement by 1 April of the following year. The declaration itself is due by 1 November.
Does a foreigner's property in Georgia get taxed?
Yes. Foreign individuals and legal entities that own property in Georgia are subject to property tax on the same basis as residents.
What happens if the declaration is not filed on time?
Missing the filing deadline results in a penalty. Failure to file carries a fine of 50 GEL per violation, and late payment of the tax accrues interest.