'Towards finalization of new reference prices' - Malaj: Revaluation of property with reduced tax rate
The Minister of Finance, Petrit Malaj, stated today that the draft for the new reference prices for property values is nearing finalization.
"We are close to finalizing the new reference prices for properties. The value of properties has increased by 26%, which will have a direct impact on increasing revenues for local self-government units," said Minister Malaj, during a meeting with representatives of local government, where Prime Minister Edi Rama and other members of the government were also present.
He emphasized that property tax is one of the main taxes in all municipalities in European countries and should take on the same weight and importance for municipalities in Albania.
At the same time as changing the reference prices, the Ministry of Finance will also revalue properties with a reduced tax rate.
"This mechanism will give citizens the opportunity to, in addition to the new value of their property, also make a real revaluation of the assets they currently own," said Malaj.
According to him, this process will help not only in creating a fairer and more accurate property taxation system, but also in strengthening local finances in a sustainable and long-term manner.
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