The cadastral value of property is an important indicator used to calculate taxes, register real estate transactions and determine the market value of the property. In this article we will look at what cadastral value is, why it is needed and how it can be found out in different countries.
What is cadastral value?
Cadastral value is the value of real estate determined by government agencies based on special methods and data on the real estate market. It differs from market value, which is determined as a result of purchase and sale transactions between private individuals. Cadastral value is used for various purposes, including:
- Calculation of property tax: Property tax for individuals and legal entities is calculated based on the cadastral value of the property.
- Registration of real estate transactions: When buying and selling, donating or inheriting real estate, the cadastral value is required to be indicated in contracts and other legal documents.
- Determination of the cost of redemption of property: In cases of seizure of land for state needs or other situations, the cadastral value can be used to determine compensation to the owner.
How to find out the cadastral value of a property?
Depending on the country, the procedure for obtaining information on cadastral value may vary. However, the basic methods remain similar:
1. Public services portal
Many countries have online portals that provide access to cadastral data. Approximate steps for using such a portal:
- Go to your country’s official government services portal.
- Select a section related to cadastral data or real estate.
- Enter the cadastral number or address of the property in the appropriate field.
- View the search results, where the cadastral value of the property you are interested in will be indicated.
2. Citizen service centers
Contact citizen service centers that provide government services:
- Make an appointment at your nearest service center.
- Provide documents confirming your right to the property or its cadastral number.
- Receive an extract from the real estate register, which will indicate the cadastral value of the property.
3. Electronic requests through government services portals
You can also submit a request for information on cadastral value through your country’s government services portal. To do this you will need:
- Register and log in to the government services portal.
- Go to the section related to cadastral data and select the appropriate service.
- Fill out the necessary information about the property and send a request.
- Receive an extract from the real estate register in electronic form.
4. Contact the cadastral chamber
If it is more convenient for you to obtain information directly, you can contact the regional office of the cadastral chamber (or similar body):
- Prepare an application to obtain information about the cadastral value.
- Provide documents confirming your right to the property or its cadastral number.
- Obtain an extract from the real estate register, which will indicate the cadastral value.
5. Services and applications
There are various services and mobile applications on the market that provide information about the cadastral value of real estate. They can be convenient for quickly obtaining information.
Important points when obtaining information on cadastral value
When requesting information about cadastral value, there are several important points to consider:
- Relevance of the data: The cadastral value may change depending on market conditions and revaluation of real estate. Therefore, it is important to check the relevance of the received data.
- Accuracy of information: Make sure that you have correctly indicated the cadastral number or address of the property in order to receive correct data.
- Legal review: When using cadastral value for legally significant actions, it is recommended to additionally consult with a lawyer or real estate specialist.
Examples of using cadastral value
To more fully understand the importance of cadastral value, let’s consider several examples of its use:
- Calculation of property tax: For example, in some countries property tax is calculated as a percentage of the cadastral value of the property. If the cadastral value of your home is $200,000 and the tax rate is 1%, then your annual property taxes will be $2,000.
- Registration of inheritance: When registering an inheritance, it is often necessary to indicate the cadastral value of the inherited property. This allows you to determine the size of the tax obligations of the heirs.
- Obtaining a mortgage: Banks may use cadastral value as one of the factors when assessing the value of collateral for issuing a mortgage loan.
Differences in determining cadastral value in different countries
Methods and criteria for determining cadastral value may vary significantly in different countries. Let’s look at a few examples:
Northern Cyprus
In Northern Cyprus, the cadastral value is determined by local governments. The appraisal process is based on market data and also takes into account the condition and location of the property. Revaluation may be carried out in the event of significant changes in the real estate market. Property owners have the right to challenge the results of the assessment by filing a corresponding application with local authorities.
Phuket, Thailand
In Thailand, particularly on the island of Phuket, the cadastral value of real estate is determined by the Department of Land Resources. The valuation is based on market prices and may be revised every few years. The cadastral value is used to calculate property taxes. Property owners have the opportunity to challenge assessment results if they believe they are unfair by filing an appeal with the Department of Land Resources.
Georgia
In Georgia, the cadastral value is determined by the National Public Registry Agency. The valuation is based on market data and other factors such as location and infrastructure around the property. Revaluation can occur at certain intervals or at the request of the owner. If the property owner does not agree with the established cadastral value, he can file an appeal with the agency or go to court to review the assessment.
How to challenge the cadastral value
Sometimes property owners may not agree with the established cadastral value. In such cases, a challenge procedure is provided:
- Preparation of documents: Collect documents confirming that the cadastral value is inflated. This may be reports from independent appraisers, data on the market value of similar objects, etc.
- Submitting an application: Submit an application to dispute the cadastral value to the appropriate government agency. Provide all required information and attach supporting documents.
- Consideration of the application: Your application will be considered, and if the decision is positive, the cadastral value may be revised.
Conclusion
Cadastral value is a key indicator used for various purposes related to real estate. There are several ways to find out the cadastral value of a property, including using the government services portal, contacting citizen service centers, submitting an electronic request through the government services portal, or contacting the cadastral chamber. The choice of method depends on your preferences and the availability of services in your region. It is important to remember the possibility of challenging the cadastral value if it seems unfair to you.
