EU – Baltic States, Financial Services, Latvia, Legislation, Real Estate, Taxation

As the association's spokesman Kaspars Licitis told LETA, the minister underlined during the meeting that the cadastral values of real estate have been updated in order to bring them closer to their actual market value and not to provide additional budget revenue. 

Reirs believes that after the revision of the taxation policy, the property tax rate might range between 0.2% and 0.4%, which corresponds to the average rates in Europe. 

At present, the tax rate for land properties is 1.5% and for dwelling houses and apartments the tax rate is in the range from 0.2% to 0.6%.