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YEREVAN. – Zhoghovurd newspaper of Armenia writes: In 2021, the property tax on luxury homes will increase eight times. Aram Karakhanyan, Acting Chairman of the State Committee of the Cadaster, also told in an exclusive interview with Zhoghovurd daily that the increase would be insignificant for the people who, for example, live in 1-2-room apartments.

"Not the legal act on property tax, but the law on approximation of cadastral value to market was adopted in the NA [National Assembly] second reading," Karakhanyan said, explaining that the property tax rate will be calculated on the basis of cadastral value and set by the Tax Code.

To Zhoghovurd daily’s remark that there is a view that the government intends to bring money to the state budget by raising property taxes, Karakhanyan responded that the income tax reduced after the adjustment, and "Taxes on higher-market-priced houses, newly built properties should increase substantially, and thereby to close that gap; that is to say, the less amount of income tax will be compensated at the expense of the property tax of the already high-value property."

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