Azerbaijani appraisers study practice of mass assessment for taxation of property

Business Materials 20 May 2010 14:56 (UTC +04:00)

Azerbaijan, Baku, May 20 / Trend U. Ismayilova /

Azerbaijani Society of Appraisers intends to hold special training sessions for appraisers in the field of mass appraisal under implementation of the property tax payable in the municipal budget by physical entities, which are private property owners in Azerbaijan, coordinator of the society Amil Ismayilov said.

"Training will be conducted by Azerbaijani Society of Appraisers with the support of USAID", Ismayilov said.

He said the training will be conducted by U.S experts who will talk about the U.S experience in mass appraisal.

Ismayilov said that Azerbaijani appraisers are currently undertaking an assessment for taxation, but the practice in the field of mass appraisal for taxation is still a novelty for local appraisers.

Azerbaijan introduced property tax in the local (municipal) budgets by physical entities (both residents and non-residents), which are private owners of buildings (apartments, country houses, garages, etc.).

Tax rate is set at 0.1 percent of inventory value, taking into account the exempt part of 5,000 manat for real property.

Accordingly, the tax will be levied on the value exceeding 5,000 manat.

Municipalities make a decision on the assessment of property, located on their territory no more than once within three to five years to calculate the property tax on physical entities with their buildings and facilities.

The assessment is made at the expense of municipalities.