Cadastral Value of Monument Properties to Increase Eightfold

“Many former high-ranking officials built expensive private houses in Yerevan and paid very little property tax in return. Do you have data on how much property tax has not been paid annually for these luxurious residences? How much will budget revenues increase in the event of a new regulation?” asked Hayk Konjoryan, a member of the ‘My Step’ faction, during the discussion in parliament on the government’s proposed project related to real estate.

Head of the State Committee of Real Estate Cadastre, Sarhat Petrosyan, noted that the taxes do not go to the state budget but rather to the community budget. “Regarding specific properties, I have one example: one of the very expensive properties on Abovyan Boulevard (Monument) currently occupies an area of 8,960 sq. m, with a cadastral value of 17 million 754 dram, and the building value is 330 million dram, which means we have assessed its cadastral value at approximately 347 million dram. After the changes proposed by us, the cadastral value of this property will be 2 billion 840 thousand dram. This means we have an eightfold increase in the case of luxury properties. I believe that those with such expensive properties will feel this change significantly after the adoption of this project,” said Petrosyan.