Armenian cadastre committee is revising cadastre value of real estate
05.06.2019,
16:25
Armenia’s State Real Estate Cadastre Committee has started a revision of the cadastral value of real estate across the country, Sarkhat Petrosyan, the head of the agency, said at a press conference on Wednesday.
YEREVAN, June 4. /ARKA/. Armenia’s State Real Estate Cadastre Committee has started a revision of the cadastral value of real estate across the country, Sarkhat Petrosyan, the head of the agency, said at a press conference on Wednesday. He said the process is likely to result in a slight increase in the property tax.
He said the revision is based on new trends in the local real estate market. According to him, the problem is that the current real estate tax is calculated based on prices established back in the 2000s.
As an example, he cited the cost of one square meter of land in downtown Yerevan 20 years ago when it was estimated at 60 thousand drams. Today the price has skyrocketed to 350 thousand drams.
In another example, the price of one square meter housing in a one-room apartment in central Yerevan was the equivalent of $700-1000. Today, the price has almost doubled. He said these changes should be reflected in revised property tax rates
He said there is a political decision that the increase in property tax should not be drastic, and the government will mitigate these risks through cutting on other taxes.
Earlier, Prime Minister Nikol Pashinyan announced his intention to establish fair taxation, saying so-called "elite" neighborhoods and "elite" property must be subject to higher taxes. ($ 1 - 480.02 drama). —0--
He said the revision is based on new trends in the local real estate market. According to him, the problem is that the current real estate tax is calculated based on prices established back in the 2000s.
As an example, he cited the cost of one square meter of land in downtown Yerevan 20 years ago when it was estimated at 60 thousand drams. Today the price has skyrocketed to 350 thousand drams.
In another example, the price of one square meter housing in a one-room apartment in central Yerevan was the equivalent of $700-1000. Today, the price has almost doubled. He said these changes should be reflected in revised property tax rates
He said there is a political decision that the increase in property tax should not be drastic, and the government will mitigate these risks through cutting on other taxes.
Earlier, Prime Minister Nikol Pashinyan announced his intention to establish fair taxation, saying so-called "elite" neighborhoods and "elite" property must be subject to higher taxes. ($ 1 - 480.02 drama). —0--
