The Immovable Property Registration Office of Albania (ZRPP) today started accepting immovable property revaluation applications with a reduced revaluation tax rate of 1%.
On 02.05.2013, following the proposal of the Minister of Finance, the Council of Ministers of Albania approved Normative Act no. 2, “On the Revaluation of Immovable Property”. The normative act is effective immediately and shall be in force until October 31, 2013.
The normative act grants individuals who own immovable property the right to revalue their property at market value by paying a reduced rate of 1%, instead of 10%, on the immovable property capital gain.
The capital gain is calculated as the difference between the revaluated property value and the value of the contract registered at the Immovable Property Registration Office.
The immovable property owners can choose to revalue their property at market value or at minimum fiscal prices. In the first case a property appraisal report issued by a licensed Appraiser must be attached to the revaluation application. In the second case the calculation of the revaluated immovable property will be assessed by the Immovable Property Registration office.