TIRANA, June 2 /ATA/ – The immovable property re-evaluation process is still open and citizens keep apply with the State Cadastre offices, benefiting under a tax incentive on re-evaluation of immovable properties that gives the right to revalue the property at market value to all individuals.
The government decided at end of 2020 to postpone by another year the deadline for the revaluation of immovable properties as the process was slowed down due to the COVID-19 pandemic.
The deadline postponement is considered an opportunity to provide more breath and give a fresh impetus to the real estate market.
Data from the Ministry of Finance and Economy show that the state budget collections from the property re-evaluation tax amounted to over 1.2 billion lek during period between January and April 2021, with more than 50,000 properties included in this process to date.
The property revaluation is a process that approximates the value of property to the current market price and it is done voluntarily by citizens within a certain deadline that allows them to pay a reduced 3% tax rate paid to the state in case of property sale.
As many as 60,000 properties are expected to benefit under the re-evaluation process with the state budget collections from this tax estimated at over 6 billion lek.
This is the third re-evaluation after two previous processes between 2011 and 2013, when around 95,000 properties were revalued.
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