Wednesday, September 11 2019 16:53
Alina Hovhannisyan

Cadastral value of expensive real estate in Armenia may increase  eight fold

Cadastral value of expensive real estate in Armenia may increase  eight fold

ArmInfo. The cadastral value of  luxury expensive real estate in Armenia can increase eight fold. This  was stated during the discussion of the draft law "On Establishing  the Procedure for Calculation of the Cadastre Approximate to the  Market Value of Real Estate for the Taxation of Real Estate" on  September 11, head of the Real Estate Cadastre Committee of Armenia  Sarhat Petrosyan. Thus, with the adoption of the law, the tax on  particularly expensive real estate will increase significantly.

Petrosyan introduced a draft law, which proposes to simplify the  types of taxation of real estate by integrating property tax and land  tax into a single type of property tax.

According to the head of the cadastre, owners of expensive property  on Liberty Avenue will feel a change in property tax much more  significantly than a pensioner living in the center of Yerevan who is  forced to pay a high property tax, despite the fact that his main  income is only a pension.  , said Petrosyan.  According to the head of  the cadastre, this will allow to activate production facilities, as  there are areas that do not provide production.

The head of the Cadastre Committee explained that the base tax rate  multiplied by the coefficients will be adopted for the entire  territory of Armenia, and these coefficients, in turn, will be  calculated in accordance with the cadastral zoning.

"The existing 12-zone cadastral division of Armenia will increase to  20 and become more specific," Petrosyan noted.

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