Law no. 164/2020, dated 16.12.2020 “On some changes and additions to law no. 90/2019 “On immovable property revaluation” as amended.

The Albanian Parliament has recently approved the extension of the immovable property revaluation deadline by 1 year.  Law no. 164/2020 is published in the Official Gazette no. 03, dated 08.01.2021, and enters into force on 23 January 2021, while extending the effects until 31 December 2021.

All individuals who own, registered immovable property (land and/or building), or who acquire ownership and register it by 31 December 2021, have the right to re-evaluate the immovable property within this period at market value.

Here are included cases when the immovable property has been re-evaluated before. The individual can voluntarily choose whether the revaluation of immovable property will be done by SCA (State Cadaster Agency), or an real estate expert, licensed by the relevant institutions.

To benefit from the revaluation, through its reflection in the real estate register, the individual must first pay the revaluation tax (3% of the taxable base) and the service fee, according to law no. 90/2019. In case the individual owns more than one immovable property and will do the revaluation of each of them, the revaluation procedure is individual for each of these properties.