Three categories of citizens in Yerevan will receive property tax benefits
YEREVAN, September 9. /ARKA/. The Yerevan City Council of Elders is set to offer property tax exemptions to three specific groups of citizens.
According to Yerevan Mayor Tigran Avinyan, these exemptions will be granted to the family members of individuals who were killed or injured during military operations in the defense of Nagorno-Karabakh and the Republic of Armenia, as well as to disabled persons classified in groups I and II, and the families of those who are captured or missing.
Overview of the new tax
On June 25, 2020, the Armenian parliament ratified amendments to the Tax Code, which introduced a revised framework for property taxation.
The proposed changes removed the tax-exempt threshold of 3 million drams, resulting in an additional 560 thousand housing units being subject to taxation four years ago. The property tax will now be assessed based on a value that closely reflects the actual market price, rather than the cadastral value.
These modifications are being rolled out in phases over a period of six years - in 2021, the populace paid 25% of the tax, in 2022 - 30%, in 2023 - 35%, in 2024 - 50%, in 2025, citizens will be obligated to pay 75%, and in the subsequent year, 2026 - 100% of the tax calculated using the new methodology.-0-
