Until the entry into force of the 2016 regulations, the taxable value of buildings owned by a legal person was represented by the inventory value of the building, recorded in the accounting records of the owner. For buildings owned by individuals, the tax was determined by administrative calculation made by the local authorities. Currently, for the taxation of residential buildings owned by individuals, the procedure has remained unchanged.

However, for buildings with a non-residential destination, the tax is calculated by applying the tax rate set by the local authority on the taxable amount, which may be:

a) the value resulting from an evaluation report drawn up by an authorized assessor in the last 5 years preceding the reference year, submitted to the local tax body by the first payment term of the reference year;

b) the final value of the construction works, in the case of new buildings, built in the last 5 years preceding the reference year;

c) the value of the buildings resulting from the act by which the ownership is transferred, in the case of buildings acquired in the last 5 years preceding the reference year.

In the case of legal entities, the taxable value of residential and non-residential buildings is the value from 31 December of the year preceding that for which the tax / tax is due and may be:

a) the last taxable amount registered in the records of the tax body;

b) the value resulting from a valuation report drawn up by an authorized valuer in accordance with the valuation standards of the goods in force at the time of valuation;

c) the final value of the construction works, in the case of new buildings, built during the previous fiscal year;

d) the value of the buildings resulting from the deed by which the property right is transferred, in the case of buildings acquired during the previous fiscal year;

The taxable value of buildings owned by legal entities shall be updated every 5 years on the basis of a building valuation report drawn up by an authorized assessor in accordance with the standards for the valuation of assets in force on the date of valuation, submitted to the local tax authority by the first payment deadline of the reference year.

FairValue can ensure the evaluation of buildings throughout Romania, with efficiency and optimal costs for the client.