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.

/u.sh/