President Shavkat Mirziyoyev signed a decree on a system of valuation of real estate Wednesday. The decree is aimed at determining the close to market value and creating conditions for raising the economic assets of the public and businesses.
This is set to set value for more than 8 million residential and non-residential premises, as well as about 7 million land plots, as an economic asset.
In addition, it is planned to ensure a balanced value of real estate for taxation, purchase and sale, collateral and other cases.
From 2025, the country will begin large-scale valuation of all real estate in stages:
- 2025-2026 - as an experiment in Tashkent city;
- 2026-2027 - in Nukus and provincial centers;
- From 2027 - in other areas.
To organize this process, a National Center for large-Scale Real Estate Appraisal with a 30-men staff to be created under the Cadastre Agency.
The Center will be financed from the state budget, international grants, income from the placement of temporarily free funds and other sources.
The Ministry of Economy and Finance is designated as the body responsible for a unified national policies in the field of large-scale real estate appraisal.
By November 1, it is planned to develop Real Estate Market Monitoring for collecting and analyzing data and Large-scale Real Estate Appraisal automated systems for determining the value of real estate.
Republican authorities are required to provide data for large-scale appraisal free of charge and integrate their information systems with the systems of the national center.
In addition, by the end of 2025, the Ministry of Economy and Finance must prepare proposals to reduce property and land tax rates based on the findings of the experiment in Tashkent.
By the end of 2026, based on the findings of the experiment in Tashkent, advanced foreign experience, as well as the conclusions and recommendations of international experts, it was ordered to submit to the Cabinet of Ministers a Large-scale appraisal of real estate Bill.
