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110,000 families throughout the country benefited from the revaluation of property

2024-05-16 10:42:35Biznes SHKRUAR NGA REDAKSIA VOX

110,000 families throughout the country benefited from the revaluation of

The country may soon have a new property revaluation process, as a legal initiative for real estate revaluation has been filed in the Assembly. This initiative aims to offer citizens the possibility of revaluation of real estate until June 31, 2025. "All individuals who own real estate have the right from the date of entry into force to of this law until June 31, 2025, to reassess this property with the market value", it is stated in point 1 of article 1 of this draft law.

If the initiative is approved, the revaluation will be done against the payment of 3% of the difference between the revaluation value and the registered accounting value, for real estate.

Individuals who are in the process of property legalization and registration will also have the opportunity to benefit from this property revaluation process.

But how has this process turned out over the years and how many times has the property been reassessed?

According to official data, the first two revaluations were carried out during the years 2011-2013 and were carried out for about 95 thousand properties. Contrary to what is provided recently, in 2011 and 2013, the one who equalized the value of the property with the fiscal price approved by the government, or with the market price, would pay 1% of the difference between the purchase price and the one declared . The revaluation during this period generated 4 billion ALL in the budget.

Later, the revaluation was carried out in 2016-2017 with a tax rate of 2% and was carried out for 63 thousand assets, generating about 5.1 billion ALL in the budget.

Meanwhile, the last asset revaluation process started in 2020 and ended in August 2022, which benefited 110,000 families across the country and revalued 168,200 assets. If we were to talk about profits, the state budget benefited 12.7 billion ALL.

The last revaluation, like the one expected until 2025, had a 3% tax rate, while the current tax rate is 15%. If this bill is approved, it will be the fifth process in 13 years.

But what is the revaluation process?

Revaluation is a legal and fiscal instrument that aims to determine the value of real estate in accordance with real estate market indicators. Revaluation ensures that all property owners pay their fair share of taxes based on the true market value of their property. As a result of the revaluation, parameters such as the purchase price, the construction cost, the income generated by the property as well as its depreciation or current expenses related to its maintenance are analyzed. Assets that are subject to revaluation are mainly apartments, commercial units, plots or service buildings, storage and all other real estate.


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