Ibrahimov: Legislative amendments provide for mechanisms for mass real estate appraisal

The key strategy for Azerbaijan should be to create a more equitable real estate tax system by integrating a transparent fiscal-cadastral model, modern mass appraisal systems, open governance mechanisms, and social protection tools, Nusrat Ibrahimov, chairman of the Chamber of Appraisers of Azerbaijan, said at WUF13 in Baku, Report informs.

According to him, the current real estate tax system in Azerbaijan does not fully reflect differences in the market value of properties.

Ibrahimov noted that international practice demonstrates the effectiveness of models based on the market value of real estate, while hybrid approaches are more common in developing countries.

"In the first stage, it is advisable to create a unified fiscal cadastre, followed by a transition to a hybrid mass appraisal system. In the long term, a gradual implementation of a real estate tax model based on market value is envisaged," he said.

He also noted that mechanisms for mass appraisal of real estate are already included in the legislative amendments.