UrBC, Yekaterinburg, October 22, 2018. 3,048,000 Sverdlovsk Region-based infrastructure facilities will have to undergo a cadastral appraisal next year, Sverdlovsk Region’s Ministry for Public Property Management’s press service reports.

The constituency is getting ready to start the procedures at the moment.

‘The Tax Code amendments the Russian Government adopted on January 1, 2015 state that private taxpayers must start paying a property tax based on their assets’ cadastral value by January 1, 2020 at the latest (Article 402 of Russia’s Tax Code). They are currently paying a property tax based on deflator coefficient of 1.481 off their assets’ assessed value plus Yekaterinburg Duma’s special tax rulings. This means the current cadastral value of Sverdlovsk Region’s infrastructure facilities and buildings doesn't properly correlate with their actual market worth,’ the press service explains.

According to the Ministry, the upcoming cadastral appraisals will allow the fiscal authorities to determine the actual, economically grounded cadastral value of a capital construction asset.