Property valuation of real estate is a special type of valuation activity aimed at establishing the value of a property. This process is extremely important for the state, since it is this value that acts as a taxable base when collecting various property taxes. Only specialists – Property engineers – can determine the cost.
If a real estate market valuation is carried out to determine the exact price of an object at a particular moment, then a cadastral valuation involves establishing a value that will be taken into account for a long time.
It is important to note that recent legislative changes have also affected the frequency of assessments. Now it will be carried out every 4 years in most regions and 2 years in federal cities.
It is also possible to conduct an extraordinary assessment before the expiration of the specified period. The reason for this is a decrease in the real estate market index (fall in prices in a particular subject) by 30% or more. New results will be approved only if they do not exceed the existing ones. In other words, within the framework of an extraordinary assessment on this basis, only a decrease in the cadastral value is possible.
Another reason for an extraordinary procedure is the contestation of the results of the cadastral value on the basis of establishing a market price for 30% or more of real estate.