A serious recalculation of the cadastral value of real estate will be carried out in Armenia, said the head of the Cadastre Committee of Armenia Sarhat Petrosyan at a meeting of the Permanent Parliamentary Committee on Economic Affairs.
He explained that if the cadastral price of housing changes, this does not mean that housing will rise in price.
“This means that in the Real Estate Cadastre its price will be revised. Real estate tax is calculated from the cadastral price,” he noted.
The Cadastre Committee also notes that taxes on land and property were extremely low for many years in Armenia, because they were calculated from very low cadastral prices. On the one hand, unsecured citizens benefited from this, but, on the other hand, the owners of elite expensive apartments and villas paid unreasonably little.
At the same time, after raising taxes, the government intends to come up with a mechanism under which unsecured citizens would not suffer, as well as those who have lived in the center of Yerevan since Soviet era.
The cadastre will only conduct a price review, and the Finance Ministry will decide how taxes will be calculated from them.
After quite lengthy discussions, the bill again received a positive conclusion from the Permanent Parliamentary Committee.