How to make the right decision for property revaluation? Risks and costs that may arise from the process
Citizens are faced with the dilemma of whether to revalue their assets or not and which method to choose to increase the value of the property?
An ALTAX analysis emphasizes that to reap the most benefits, owners and businesses must make decisions based on real strategies and risk factors, not just administrative formalities.
Specifically, an analysis of the property available to citizens is recommended, whether it is standard or has unique characteristics.
Citizens are suggested to choose the appropriate revaluation method, taking into account that for standard properties, the zonal price method may be sufficient, referring to Tirana, since in other municipalities the process will have to be carried out by a private expert. While for complex, old properties, with development potential or with a higher market value, a licensed expert is recommended.
It is also recommended to obtain quotes from 2-3 licensed experts to compare prices and quality of service.
Citizens should ensure that they prepare accurate documentation to avoid delays and legal problems.
The main risks that may arise from the revaluation process are related to the undervaluation of the property and the use of zoned prices for non-standard properties, which can lead to a much higher tax value at the time of sale and potential financial losses in the long term.
Lack of proper expertise is another risk. For businesses, the law requires the use of experts, and failure to comply with the legislation can result in administrative fines; inaccurate estimates in financial statements; and difficulty obtaining financing.
Failure to plan investments for properties with development potential is again considered a risk. Underestimation can result in missed opportunities for future projects or strategic agreements.
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