With this bill, a unified system of valuation and taxation of property in Armenia will be identified, said the head of the Cadastre Committee of Armenia Sarhat Petrosyan on Wednesday.
According to him, the approval of this bill will be an important step in improving the efficiency of the tax system and real estate valuation.
The bill in particular proposes:
1) Strengthening the principles of horizontal and vertical fair distribution of taxation on property, fair and equitable distribution of the tax burden without increasing taxes for underinsured taxpayers;
2) Implementation of a new, more effective system for the unified assessment of real estate - plots and their subsequent improvement in accordance with the definition and market pricing of real estate;
3) Simplification of property tax administration;
4) Assistance in the development of the real estate market and the provision of analytical information on the pricing situation in the real estate market;
5) Mass assessment of the total and market value of the real estate in the republic.