Who Can Benefit from Property Tax Exemptions in Yerevan

The Yerevan City Council has decided to grant property tax exemptions to family members of those who died, were injured, or died from wounds sustained during combat operations or military service in Artsakh and Armenia. This initiative also includes first and second category disabled veterans, families of those who were captured, or those missing in action.

“Many developers, considering the somewhat slower sales pace this year, have started to face financial constraints. The legislative initiative discussed by the Ministry of Economy not only cancels the existing tax entirely but also addresses the penalties and fines. We believe we are on the right path by providing significant exemptions instead of outright cancellation,” stated Deputy Prime Minister Tigran Avinyan, adding that they are removing sections that are not considered part of the main residential buildings and applying a coefficient of 0.25. Additionally, exemptions are offered for properties valued up to 50,000 AMD per square meter at 25% and for properties exceeding 50,000 AMD per square meter at 50%.

The Mayor further noted that the challenges for developers in Yerevan are somewhat alleviated.