Under current rules, the base cadastral value is reviewed every two years. Next year it should be 85% of the market price. The project of cadastral cost should be approved before June 15 of the current year.

Given these requirements it is projected a significant increase in the amount of the estate tax. For example, homeowners in new buildings will pay twice. Therefore, a mechanism is needed to protect owners from excessive fees.

Parliamentarians approved the draft law envisages the introduction of a new base cadastral cost a year later, i.e. from 1 January 2018. Will be based on the market situation on 1 July 2015.

We will remind that in the middle of last year the average cost per square meter of housing in Riga amounted to 645 euros.