How will inherited and privatized buildings be revalued? - Example/ Apartments without registered value are calculated at operating cost
The law on property revaluation provides the possibility of revaluation at a 5% tax rate even to citizens who have a residence that does not have a registered value on the ownership certificate, that is privatized, donated or inherited.
Specifically, according to the instruction "for buildings constructed and registered in the Local Directorates of the State Cadastre Agency, which do not have a registered value, or the registered value is expressed in currencies such as gold francs or gold napoleons, as well as for buildings privatized under the 1992 law, "On the Privatization of State Housing", for the purpose of determining the revaluation tax, the deductible value will be the cost of use per square meter determined by the sub-legal act in force for the National Housing Authority, in the year of registration of the immovable property.
Likewise, for buildings acquired in cases of inheritance, gifts or renunciation of property, for which the property value has not been registered, the deductible value will be the cost of use per square meter, determined by the sub-legal act in force for the National Housing Authority on the date of registration of the act.
According to the law, the average cost of use per m2 is updated every year. So if we take as an example an 80 m2 apartment in Tirana, which was registered in mortgage in 1999, the average cost of use results in 251 euros/m2 and the total that will be used as deductible value for this apartment is 20 thousand euros.
The revaluation in this case will be made on the difference between the new revalued value with the reference or market price and the deductible value. Let's say that this apartment with market value is currently valued at 80 thousand euros. The citizen will pay 5% of the difference between the revalued value or the deductible value, that is, over the value of 60 thousand euros, or in other words 3000 euros and the property is registered with a final value of 80 thousand euros.
According to experts, this category of citizens finds it most urgent to carry out the property revaluation procedure, with the aim of registering it at the current market value or current fiscal value.
Reinaldo Pipiria, Executive Director of NAREA: "Anyone who does not have a market value in the property register, such as properties acquired through the privatization process, inheritances, etc. Properties that are in the process of legalization because they have minimal or zero values in the register, regardless of whether they plan to sell or not, must be revalued because if a property alienation has to be carried out, they will find it very difficult. Revaluation is not a cost, but an investment. The properties will have added value in the coming years."
Citizens will have the opportunity to apply to benefit from this law until December 31, 2026.
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