In Yerevan, There Are 107,000 Apartments with Cadastre Value Below 3 Million and No Property Tax Paid

The Chairman of the Economic Affairs Committee of the National Assembly, Babken Tunyan, wrote on his Facebook page:

“10 facts about the current distorted picture of the cadastre values of apartments and property tax. These are just facts; comments will come later. Here they are:

1. There are about 432,000 apartments in Armenia, of which 64% (275,000 apartments) have a cadastre value below 3 million drams. This means that no property tax is paid for these apartments.
2. In Yerevan alone, there are 107,000 apartments with a cadastre value below 3 million drams that do not pay property tax. By the way, if you know of an apartment in the capital worth less than 3 million drams, please mention it in the comments.
3. There are 135,000 apartments in Armenia for which an average annual property tax of only 1,800 drams is paid (150 drams per month).
4. Out of the 432,000 apartments in Armenia, property tax is actually paid for 257,000 of them. The total annual amount is only 1 billion drams.
5. The average annual tax for taxable apartments is only 3,900 drams.
6. There are only 6,000 apartments in Armenia with a cadastre value exceeding 20 million drams (42,000 drams).
7. There are only about 900 apartments in Armenia with a cadastre value exceeding 40 million drams.
8. For a 120 sqm apartment on Heraci Street in the center of Yerevan, which has a market value of 80,000 dollars, the annual property tax is 9,000 drams, meaning it is 8 times less than the property tax of a 15-year-old Mercedes worth 5-6 thousand dollars.