Citizens whose family income in 2024 exceeded GEL 40,000 and who own any type of property are required to pay property tax by November 15, while the declaration must be submitted by November 1. As Nina Akhalaia, head of the consulting company Ratio, explained on Business Morning, many individuals mistakenly believe that property tax applies only to business owners or those engaged in economic activities.
“For many people, it’s news that even individuals with no business activity are required to pay property tax if their family income exceeds GEL 40,000 and they own property,” Akhalaia said. “This includes private citizens as well as individual entrepreneurs.”
According to her, the property tax rate varies depending on the type, value, and location of the asset. For incomes between GEL 40,000 and GEL 100,000, the rate ranges from 0.05% to 0.2%, while for incomes above GEL 100,000, it rises to 0.8–1%. The Revenue Service’s online system automatically calculates the tax based on registered property and declared income. Even those whose 2024 income did not exceed GEL 40,000 must still submit the declaration to prevent the system from using outdated 2023 data.
Failure to file the declaration by November 1 or pay the property tax by November 15 will result in fines and late-payment penalties. Akhalaia emphasized that while individuals must indicate the value of their property in the declaration, there is no need to hire an appraiser, as the valuation can be provided independently through the system.
