Latvia, Legislation, Real Estate, Taxation
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Friday, 26.04.2024, 05:45
Saeima supports the proposal to leave cadastral value of properties unchanged in Latvia
BC, Riga, 06.05.2016.
Print version
Print versionSaeima in Latvia on May 5th backed in the first reading the Justice Ministry's proposal not to change properties' cadastral value in 2016, informs LETA.
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Justice Minister Dzintars Rasnacs (National Alliance) previously said that a revision of property taxes would be necessary and that it is also necessary to consider tax benefits for those who only have one property.
In line with the law on the National Real Estate Cadastre Law, the cadastral value of properties is revised once every two years. The cadastral values are equal to 85% of the properties' market value.
This year, the recalculation of the properties' cadastral value has to be based on market data for July 1, 2015.
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