When does the revaluation of assets begin? - 6,000 "frozen" contracts awaiting the process
The process of revaluation of assets in the country is expected to begin soon for all citizens interested in increasing the legal value of their homes, as well as for properties that are in the process of being sold.
The law that gives citizens and businesses the right to revalue their real estate assets with a tax rate of 5% officially entered into force on January 22. But the relevant instruction is now expected to be issued to make this law enforceable.
According to sources from the Ministry of Finance, but also from the real estate market, by the end of February, the approval of the relevant instruction is expected, which gives the green light to the launch of applications by citizens for the revaluation of properties.
According to data from the National Association of Real Estate Agents of Albania (NAREA), there are currently 6,000 contracts for change of ownership "frozen" awaiting the start of the process.
This process is expected to significantly impact the promotion of property transactions that have so far been awaiting fiscal relief, in order to avoid paying the current tax rate of 15%, and 500,000 families are expected to directly benefit from this initiative.
Referring to the law, requests for revaluation submitted to the State Cadastre Agency for which tax payments have been made, but administrative procedures have not been completed by the ASA by December 31, 2026, are considered subject to revaluation under this law and administrative procedures are completed by March 31, 2027.
The revaluation can be carried out by a licensed real estate valuation expert, by relevant institutions or by local directorates of the State Cadastre Agency.
If the individual decides to carry out the revaluation at market value, then he chooses a licensed expert. He also attaches the expert's valuation act to his application for revaluation of the immovable property and the calculation of the tax to be paid is made by the State Cadastre Agency.
If the individual decides that the revaluation should be carried out at the minimum fiscal prices in force, then he applies to the State Cadastre Agency, which in this case also calculates the tax to be paid referring to the 5% tax rate.
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