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New rules for assessing real estate in Ukraine – what changes the new law of the Rada

The decision of the Verkhovna Rada fundamentally changes the existing system for assessing real estate in Ukraine

On November 12, the Verkhovna Rada adopted a law establishing new rules for evaluating real estate in Kiev and throughout Ukraine. Deputies adopted bill No. 2047-d “On Amendments to the Tax Code of Ukraine regarding the elimination of the corruption scheme in the field of registration of information from reports on the valuation of real estate and the transparency of the sale of property”.

In order to adopt the legislative act, 340 people voted as the basis, and in order to reduce the time for making amendments – 314. Thus, the deputies managed to assemble a constitutional majority, which spoke in favor of new rules for evaluating real estate in Ukraine.

Related article: What taxes and costs when buying an apartment in a new building in Ukraine

It is expected that the law and the new rules for the valuation of real estate will enter into force on January 1, 2020, but after voting for the second reading and signature of the president.

Why did you decide to change the rules for evaluating real estate in Ukraine
According to media reports, approximately 500-700 thousand transactions are carried out annually in Ukraine, which brings the owners of real estate valuation sites at least 1 billion UAH. Such data was released by the chairman of the Ukrainian Society of Appraisers Alexey Amfiteatrov. “This means that every day they get about 4 million UAH. Moreover, these funds do not go to the budget, ”he says.

The right to connect to the Unified base of appraisers now has 4 appraisal sites:

“Evaluation. Online ”;
Professional Appraisal (Procurement Company);
“Express Assessment” (the company “Accept-online”);
Register assessment (information and consulting center ASBOU).
Related article: Enhanced protection of property rights to real estate: what has changed

New rules for the assessment of real estate in Ukraine – key provisions of the adopted law
The law adopted by the deputies significantly changes clause 172.3 in article 172.

Thanks to the changes, the owner of the property will be able to calculate the estimated value of the property using the Unified Database and, only if he does not agree with the results of the automatic assessment, he will contact the appraiser.
It will be possible to register the report in the Unified Database if the appraiser names the amount that differs from the set automatically by no more than 25%. If the difference is greater, the registration of the report will be denied, and the appraiser will be able to apply to the State Property Fund of Ukraine (FGIU) within 5 days, which will add the review result to the database.
The reference on the estimated cost will cost 2.5% of the subsistence minimum for able-bodied persons (in 2019, this is 48 UAH). Registration of the assessment report will cost 10% of the same amount (this year 192 UAH.). This money will be sent to the state budget. Notaries will be able to use the Unified Database for checking data for free.
A statement of the estimated value of the object will be valid for 30 calendar days.
Appraisers will be able to register a property valuation report exclusively with a qualified electronic signature. In this case, the report is assigned a unique registration number, without which the evaluation report is invalid.
During the sale (exchange) of real estate between individuals, the notary certifies the relevant contract if there is a certificate of the estimated value of such real estate or a report on the valuation of property registered in accordance with the law and a document on the payment of tax to the budget by the party (parties) agreement and makes a single database information about the price of the contract of sale.
Information of the Unified System about real estate and its value, including evaluation reports, will be open – with direct unauthorized access and the ability to download in the form of open data. Such information should be published online on the official website of the SPFU. Exception – personal data; secrecy is protected by law (but this does not include information about appraisers).

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