The revaluation of real estate with 3% tax is expected to be postponed until April 31, 2022 and with the possibility of paying the fee until July

The revaluation deadline expired on December 31, 2021. The postponement of the process has been consulted with the Ministry of Finance and Economy and according to sources in the State Cadastre Agency (ACA) and market players it is expected to be passed to the government for approval. This is the fourth time that the deadline for completing the process is expected to change within a short period of time.

The reason for postponing the revaluation deadline is the high number of unfinished applications by ACA and those who have applied for revaluation but have not yet paid the tax. According to the data of the State Cadastre Agency (KASA) for Monitor for 2021 are 42% of applications that have not yet paid tax. Specifically, 56,623 applications were made for 32,944 of which 3% tax was paid and the process was completed, while for 16,682 applications no tax was paid. Currently, 2,506 applications have not been processed by ACA and 4,491 of them have been canceled. For the total of applications completed in 2021, about 3.6 billion ALL were collected.

Postponing the revaluation deadline will have positive effects on the real estate market according to representatives of the National Association of Mediators (NAREA).

Postponement of the re-evaluation deadline first gives the ACA the opportunity to successfully complete each application already submitted and for which the re-evaluation owner (who in most cases is also the seller in the near future) has not yet received a confirmation of the measure of revaluation tax. Encourages real estate transactions, making all properties, regardless of category, year of construction, depreciation status, tradable, competitive as well as a good alternative in the market. Encourages investment in Real Estate, developing property titles as well as the right of anyone to own a real estate. Promotes formalization and avoidance of tax evasion in property transfer transactions. “Through the revaluation process it is possible to reflect the real price in the market and not only according to the reference prices and the fight against money laundering, encouraging transactions revalued according to the market price and not only according to the reference price system”, quotes the National Association of Brokers .

As the revaluation process is yielding positive effects in the real estate market, NAREA is expected to soon propose a formula that will stay long-term, avoiding frequent delays in the process. The new revaluation method being drafted by the mobile agencies in cooperation with the MFE is expected to categorize the apartments according to age, depreciation and accounting rules.

The law on real estate revaluation entered into force on January 1, 2020, but its implementation began late, due to lack of guidance, which entered into force in early February. For the period January-May 2020 MFE announced that the number of applications was low and therefore from 30 September 2020 which was the deadline was extended to the end of last year. The deadlines for completing the reassessment were changed again, due to the low number of applications from the situation created by the pandemic, setting December 31, 2021 as the deadline for closing the amnesty.

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