Real property assessment in a new light

With a view to simplify the procedure of real estate assessment by introducing a new method of real estate assessment through its automatic appraisal by the module of the State Property Fund of Ukraine, the Verkhovna Rada adopted the Law of Ukraine “On Making amendments to the Tax Code of Ukraine as regards Elimination of Corruption Scheme  the field of registration of information on reports to deal with the assessment of real estate and transparency of the sale of property on December 05, 2019. The law was signed by the President on December 24, 2019.

The provisions of the Law provide, in particular, for the following:

  • From February 1, 2020, a new, much simplified model of real estate assessment is gradually being introduced, which will allow for an automatic assesssment in the shortest possible time and speed up the process of real estate transactions.
  • Thanks to this system, any person will be able to obtain a certificate for the automatic assessment of a real estate items and to conclude a real estate agreement on its basis. In case of disagreement with the value of the real estate item, determined by the module automatically, the person has the right to contact the subject of the assessment activity, the assessment officer and to conduct the assessment in general order with the registration of the report in the Unified database (as it is today).
  • Notaries will have the right of free access to the Unified Database for checking certificates and real estate assessment
  • Information from the Unified Database of Assessment Reports will be open, it will provide for automatic disclosure of all information about the real estate item and its value in the mode of open, direct unauthorized access with the possibility of downloading (except information that constitutes the personal data of the customer of the report and / or the property owner respectively to the Law of Ukraine “On Protection of Personal Data”).
  • Assessment reports will be stored in a single database electronically.
  • The fee for the formation of certificates is set at 2.5 percent of the subsistence minimum for an able-bodied person, established on January 1 of the calendar year, for one operation, and for the registration of assessment reports and information from them to the Unified database of assessment reports equals 10 percent.

– Oleg Zheryobkin, attorney at Dynasty Law Firm.

Publications 9 January, 2020

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