On Thursday, the State Duma, the lower house of the parliament of the Russian Federation, adopted in the third reading a law on common methodology of cadastral valuation of real estate and delegation of authority to conduct cadastral valuation to specially established regional agencies.
In accordance with this law, state cadastral valuation is conducted on the resolution of the executive body of the Russian Federation’s subject by a budget-funded entity established by the RF subject.
Its representatives are denied the right to determine the market value in order to challenge the cadastral valuation. The list of real estate objects subject to valuation should be drawn up by the Federal Service of State Registration, Land Register and Mapping (Rosreestr).
Valuation is to be carried out no more frequently than every three years and no less than every five years. In the cities of federal significance - no more than every two years.
The exception is an unscheduled cadastral valuation in case of challenging the value on the grounds of establishing a market value on no less than 30% of real estate items in the RF subjects.
In case there is a number of court rulings on the same item, the possibility to challenge the valuation is expanded. The law comes into force since the 1st January, 2017.