RIGA - Saeima Legal Affairs Committee today approved in principle amendments, according to which the current property cadastral values will continue to apply at least until December 31, 2025.
"As long as Saeima and the coalition majority have not agreed on a complete overhaul of the property tax system, which will ensure fair and proportionate tax burden on residents and businesses, cadastral values should not increase," emphasized the committee's chairman Juris Jurass (New Conservative Party).
Property taxes in Latvia are calculated in accordance with properties' cadastral values, which have been frozen until now so as to prevent a steep increase in property taxes, explained Jurass.
The amendments state that the Cabinet of Ministers will have to draw up and submit to Saeima legislation on revision of taxes and duties related to cadastral values. Saeima will then consider the bill in three readings.