Latvia, Real Estate
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Wednesday, 24.04.2024, 06:22
Latvian government plans to approve new regulations on assessment of properties' cadastral value in mid-2020
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Justice Minister Janis
Bordans (New Conservative Party) says that the new methodology will ensure
unbiased value assessment for all properties. The new system will take into
consideration the year a building was constructed, the type of the building,
for what purposes it is used, and where it is located. The methodology will
also be improved for assessment of apartment buildings' value.
The new cadastral assessment methodology, however, will only
come into force after ruling coalition parties agree on reforming the system of
real estate property taxes, stressed Bordans. "The state has to have
objective information about cadastral values, but it must not cause a
disproportionate increase in taxes on residents' primary homes," explained
the minister.
A fair methodology for the assessment of properties' values
in line with the market situation is at the basis of real estate taxes, but the
Finance Ministry and local governments must take into consideration residents'
solvency when setting new tax rates, believes Bordans.
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