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Friday 06.12.2019 | Name days: Niklāvs, Niks, Nikolajs
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Amid fears of Latvian real estate tax hike, Kariņš pledges no dramatic increase

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Latvian Prime Minister Krišjānis Kariņš

As the Latvian Justice Ministry has drafted new rules of the cadastre evaluation of real estate, Latvian Prime Minister Krišjānis Kariņš promised in an interview with the LNT channel not to permit a dramatic hike in real estate tax.

Recently, in a meeting of state secretaries of Latvian ministries, a draft of the new Cadastre Evaluation Rules prepared by the Latvian Justice Ministry has been announced. It sets forth introducing in the Baltic country a new system of the cadastre evaluation of real estate properties. This, among other things, is a plan to adjust cadastre value to the market value of properties, which has raised fears that the payments of the real estate tax could be increased.

Three steps to avoid dramatic hike

The Latvian head of government explained in an interview with LNT TV channel on Wednesday, June 12, that the changes have been planned in three steps. First, the cadastre values of real estate would be put in order with the aim of bringing them nearer to market values. The second step would be to analyse, how the new values would influence payments of the real estate tax.

The third step would be to decide on the necessity to reduce the rates of the real estate tax to avoid a dramatic increase of taxes and yet to ensure balanced payments of the tax across the country.

According to Kariņš, additionally, the proposal to abolish the real estate tax for the only house under evaluation; however, the Latvian Prime Minister did not make any promises on the issue.


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