The law granting citizens and businesses the right to revalue their immovable property at a tax rate of 5% officially enters into force on January 22.

Meanwhile, the process will open in the second week of February and will run until December 31, 2026. Revaluation gives all individuals who own immovable property the opportunity to increase its value by aligning it with the market value.

This process is expected to revive property buying and selling, as owners and agencies had been waiting for the approval of the law in order to avoid paying the 15% tax rate.

What are the main procedures set out in the law that citizens must follow for revaluation?

Revaluation may be carried out by a licensed expert or by the local directorates of the State Cadastre Agency.

If an individual decides to carry out the revaluation based on market value, they must choose a licensed expert. The application for revaluation of the immovable property must include the expert’s valuation report.

In this case, the local directorates of the State Cadastre Agency calculate the taxable base and the tax that the individual must pay in order to register the revaluation.