According to the head of Armenia’s State Real Estate Cadastre Committee, Sarkhat Petrosyan, the agency has started revising the cadastral value of real estate across the country. The process may result in a slight increase in the property tax.
Petrosyan stated that the real estate tax is now calculated based on the rates established in 2000s. The revised version of prices is based on current trends in the local real estate market.
The head of the agency stated several examples which explained the necessity of the changes. According to him, 20 years ago one square meter of land in downtown Yerevan costed 60 thousand drams. On the contrary, the price today increased to 350 thousand drams.
As another example, the price of one square meter housing in a one-room apartment in central Yerevan was the equivalent of $700-1000. Today, the price has almost doubled. He said these changes should be reflected in revised property tax rates.
According to the head of the agency, the political majority has decided that the increase in property tax should not be drastic. The government will take steps to cut other taxes. ($ 1 – 480.02 drams) (Real estate cadastre value revised in Armenia, arka.am (June 4, 2019) (in English)).