The Executive approved the draft law on establishing a procedure for cadastral evaluation of real estate close to market prices.
The bill provides that a unified system of real estate evaluation and taxation will be introduced in Armenia in parallel to the real estate market’s gradual development. It will be an important step on the way to achieving enhanced efficiency in tax administration and real estate assessment.
As Real Estate Cadastre Committee Chairman Sarhat Petrosyan said, the proposed amendments will not affect agricultural land. The real estate appraisal procedure will be implemented in three ways: the plot of land itself, the improvements made to it - buildings, non-residential premises, garages, as well as public and industrial facilities located in a multi-apartment building. Sahrat Petrosyan also mentioned that swimming pools, canvas areas, etc. shall be considered as luxury items.
The Head of Government stated in this connection: “The question is about the long-discussed changes that imply shifting the so-called social justice component to the regime of property taxation. This is very important in ideological terms. Of course, the process is not limited to this project. There is still a lot to do in this area, but I do believe it an important milestone that a relevant package is being sent to the National Assembly.”
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