Formula, how are lands revalued? - Difference between the reference prices in force and the market value
Land owned by individuals is another asset that can be revalued at a 5% tax rate, to increase their value to the level of reference or market prices.
But how is it done in the case of land revaluation? Referring to the instruction already in force, when the revaluation is carried out by the State Cadastre Agency, in the case of land the minimum fiscal price is the price per square meter of surface, determined in the value map, according to the sub-legal act in force on the date of the revaluation.
The current land value map is the one updated by a decision in 2016, which makes the fiscal values low in relation to the development of the property market in recent years. The value of land varies depending on the administrative unit of a municipality.
So in other words, for the Paskuqan area in Kamza, the reference price for land plot results in 35 euros/m2. And individuals who will choose the revaluation procedure through the ASHK, will have the opportunity to bring their property up to this value, despite the fact that at market price it may be higher. So for a land area of 1 thousand m2 based on the reference price of about 35 euros/m2, the property will be registered at a total value of 35 thousand euros. The formula will function in the same way throughout Albania.
If the individual chooses to have the property revalued 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.
The formula for land revaluation is the same. Let's take the example of an agricultural land in Tirana with an area of 1 ha and a current registered value of 20,000 euros, while the market value according to the expert's report is 70,000 euros.
The taxable difference in this case is 50,000 euros and the tax paid is 5% x 50,000 euros, resulting in 2,500 euros.
So, the property is registered at a value of 70 thousand euros, the increase in value is 50 thousand euros, while the citizen pays 2,500 euros.
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