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Moldovan government approves a new procedure for the appraisal and revaluation of real estate for tax purposes.

Moldovan government approves a new procedure for the appraisal and revaluation of real estate for tax purposes.

At a meeting on Wednesday, the Cabinet of Ministers approved a resolution that endorses two separate provisions - on the assessment and on the revaluation of real estate for tax purposes. The new document is designed to promote a comprehensive real estate appraisal process and subsequent revaluation for tax purposes taking into account that the revaluation process is significantly different from the appraisal process. Changes were also required due to the extension of the period for introducing a new system of real estate appraisal for tax purposes; the increased interest of real estate owners, market participants in an objective assessment of real estate for various purposes; in order to consolidate real estate tax - an important source of tax revenues for local budgets. The explanatory note to the document states that the valuation and revaluation of real estate for tax purposes using market-based valuation methods is an innovation for Moldova and involves a number of new elements. Thus, the proposed revaluation of real estate is of two types: general and current revaluation (with indexation of the appraised value, depending on the dynamics of market prices for real estate). The general revaluation will be carried out every 3 years according to the following scheme: in the first year - the revaluation of the housing stock, garages, parking lots, etc. will be carried out; in the second year - revaluation of commercial and industrial real estate, adjacent plots, as well as buildings located on agricultural land and used in economic activities; in the third year - revaluation of agricultural land (without buildings) and gardens located outside of settlements, property in public ownership; special purpose real estate. Revaluation with indexation will take place on June 1. The indexation coefficient will be calculated for each type of property in all localities. It will be defined as the ratio of the average level of prices for each type of real estate in different localities and the average level of the appraised value of the object during the last appraisal or revaluation. Revaluation with indexing will be carried out if the indexing coefficient is less than 0.75 or more than 1.25. In accordance with the Tax Code, real estate appraisal is carried out at the expense of the state budget, local budgets and other authorized sources. Revaluation of property in 2020-2023 will be funded by the Land Registration and Valuation Project, financed by a loan from the World Bank. Subsequently, a sustainable mechanism for revaluation of real estate for tax purposes will be elaborated. // 19.11.2020 - InfoMarket.

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