Increase in Taxes on High-Value Real Estate

A draft law has been presented in the National Assembly, proposing to simplify the types of real estate taxation by merging property tax and land tax into a uniform tax category for real estate. This was announced by the head of the Cadastre Committee, Sarhat Petrosyan.

"Taxes will significantly increase, especially for high-value real estate ... the cadastral valuation, which will result in the taxation," Petrosyan stated.

He noted that this will also help activate production areas, as there are certain areas that do not secure any production.

The committee head explained that a base tax measure will be adopted for the entire territory of Armenia, which will be multiplied by coefficients. These coefficients will be calculated according to the cadastral zoning. Prior to that, Armenia's 12-zone cadastral division will become a 20-zone division for more targeted taxation.