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27 May 2016, 15:19

World Bank to help Belarus improve real estate appraisal system

MINSK, 27 May (BelTA) – The World Bank intends to help Belarus improve the real estate appraisal system, BelTA learned from Mika-Petteri Torhonen, the World Bank's leading land administration specialist, on 27 May.

Among other things World Bank experts arrived in Belarus for the sake of studying results of the pilot project for the mass appraisal of real estate in Kobrin District, Brest Oblast and Sovetsky District, Minsk. “We believe that the World Bank can provide support to Belarus in matters concerning real estate appraisal as well as the improvement of taxation in this sphere. It will allow municipal government agencies to get additional tax revenues. Apart from that, Belarus will be able to build a fairer tax collection system that will benefit the general public and the private sector,” believes Mika-Petteri Torhonen.

According to the source, the World Bank's support will be restricted for now to analyzing results of the pilot project and working out recommendations that will be reflected in the proposals the Belarusian government will get. The best international practices and Belarusian experience will be compared as well.

In his words, the improvement of the real estate appraisal system has to proceed gradually. It is necessary to target specific kinds of real estate and geographic territories initially and expand the scope later on. The World Bank and the State Property Committee of Belarus follow this approach, he remarked.

In the past the World Bank decided to render this kind of assistance to Netherlands, Lithuania, and Moldova, which were willing to introduce new real estate taxation systems. “The World Bank has colossal experience in this line of work in the international scene, this is why we are ready to share the best international practices with Belarus. Belarus has a good foundation for making the transition to mass real estate appraisal,” said Mika-Petteri Torhonen.

The mission of World Bank experts held a special seminar in Minsk on 23-27 May together with land registration and real estate appraisal specialists from other international organizations. Participants of the event discussed possible changes and further development of the cadastral valuation system in Belarus, the formation of real estate, collection of data about real estate, and possible changes of the taxation system.

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