The Russia’s State Duma adopted in the first reading a bill limiting the annual increase of the tax on property of individuals at the cadastral value. In particular, the bill proposes a change in the procedure for calculating the tax on property of individuals at the cadastral value as well as introduction of a new coefficient limiting the annual increase in the amount of the property tax for individuals at the cadastral value by no more than 10% on an annual basis. As informed in the explanatory note to the draft law, “at present, when calculating tax, there is a temporary coefficient providing for a gradual increase in the amount of tax calculated at the cadastral value, compared with the tax calculated at the inventory value: within the first five years the value of this coefficient increases by 20% annually (from 0,2 to 1)”.

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