RIGA - The Justice Ministry and the State Land Service have completed work on a new set of cadastral values, which is to come into force on January 1, 2022 and stipulates higher cadastral values for many properties.
As the Justice Ministry informed LETA, the new cadastral values have been determined in accordance with the situation on the real estate market as of July 1, 2019. Local governments and residents can acquaint themselves with the new cadastral values on the websites kadastralavertiba.lv and kadastrs.lv.
There is a lot of information on both sites, but there does not seem to be an easy way for a real estate owner to find out the expected changes in the cadastral value of his or her property.
The value of farmland is expected to increase throughout the country, while the value of farm buildings remains practically unchanged or will even decrease due to recalculation of depreciation.
In the apartments group, cadastral values will increase for apartments in new buildings constructed after 2000 in Riga, Greater Riga, Jurmala and elsewhere in Latvia, as will cadastral values for standard-type apartments in buildings constructed before 2000 in Riga, Greater Riga, Valmiera, Jelgava and Ogre.
Cadastral values of private homes will increase for new homes built after 2000, especially in Riga, Greater Riga, Jurmala and other large cities, as well as for older private homes in Riga, Jurmala and Greater Riga.
Cadastral values of production and industrial facilities will increase for land as well as for new production facilities built after 2000, while in 45 municipalities, cadastral values of production facilities will decrease. For commercial facilities, cadastral values are expected to increase for new buildings built after 2000 in Riga, Greater Riga, Jurmala and other cities of national importance, in buildings built before 2000, in territories where the real estate market has increased (mainly in Riga, Greater Riga, Valmiera, Jelgava, Ogre), but reductions are expected in old buildings built before 2000 in areas where market prices have not increased.
When calculating cadastral values, such factors as building depreciation, materials, construction period and other indicators characterizing the building have been taken into account. In order to determine the value, the location of the property and changes in the environment around the property have been also taken into account - new roads, public infrastructure, and suchlike.