Instruction enters into force/ Real estate revaluation is unblocked

2026-02-23 17:30:00, Aktualitet CNA

A new instruction published in the official gazette paves the way for the revaluation of real estate.

Among other things, the instruction emphasizes that the right to conduct a revaluation is granted to all individuals who own registered real estate (land and/or building) or who acquire ownership and register it by December 31, 2026.

Revaluation can also be carried out for those assets that have already gone through this process.

Instruction:

If the individual chooses to have the property revaluation carried out by the ASA, it is carried out at the minimum fiscal prices in force at the time of the revaluation process and in accordance with the provisions of joint instruction no. 34, dated 29.12.2023, “On the tax on the transfer of ownership of immovable property”. In this case, the taxable base is calculated as the difference between the value resulting from the revaluation (according to the minimum fiscal prices in force) and the deductible value determined in point 3 of this chapter”, the instruction states.

Meanwhile, when the revaluation is done by a licensed expert, the value of the property may be even higher. "If the individual chooses to have the property revaluation by a licensed expert, the taxable base is calculated as the difference between the value reflected in the property valuation act and the deductible value. In any case, the value reflected in the property valuation act by the licensed expert cannot be less than the minimum fiscal price," the instruction continues.

For the first time in this process that aims to bring the value of property closer to real market prices, property depreciation will also be recognized, 1% for each year of age. "In the case of buildings, the reference prices will be deducted 1% of the value for each additional full year of use, starting from the date of obtaining the title of ownership for the first time. The 1% discount will be applied to all types of real estate buildings. This discount must not be greater than 30% of the reference price determined in the VKM 2 in implementation of articles 21, point 2, 22, point 5, 22/1, 22/3 and 22/4 of law no. 9632, date 30.10.2006, "On the local tax system", as amended ". /CNA