Apartments in Tashkent "increased in price" by 7 times, houses — by 14. What does this mean for taxes?
In Tashkent, another stage of the mass real estate valuation has been completed — and its preliminary results look impressive. But a much more important question is: what kind of tax burden will property owners face after transitioning to the new value of housing and land plots? About a month ago, Nuz.uz, citing the information service of the Ministry of Economy and Finance, reported on the preliminary results of the mass real estate valuation in […]
Apartments in Tashkent "increased in price" by 7 times, houses — by 14. What does this mean for taxes?
In Tashkent, the next stage of mass real estate valuation has been completed, and its preliminary results look impressive. However, another question is far more important: what tax burden will owners face after transitioning to the new value of housing and land plots?
About a month ago, Nuz.uz, citing the information service of the Ministry of Economy and Finance, reported on the preliminary results of the mass real estate valuation in the capital.
More than 600,000 apartments were valued in Tashkent. Their current cadastral value is 57.8 trillion soums, whereas, based on the results of the mass valuation, it reached 426.7 trillion soums. In other words, the total valuation of apartments increased by almost 7.4 times.
An even more noticeable gap was recorded for individual residential houses. More than 213,000 houses previously had a combined cadastral value of 39.1 trillion soums, and after the mass valuation, it amounted to 548.4 trillion soums — almost 14 times more.
At the same time, the capital itself turned out to be far from homogeneous. The cost of one square meter of an apartment, depending on the district, is determined in the range from 4.6 million to 35.8 million soums, and one sotikh (100 sq. m) of land — from 115 million to 890 million soums. In essence, this is the first time that allows us to see a more detailed picture of how much the state values real estate in different parts of Tashkent.
The mass valuation is being carried out within the framework of the presidential decree dated March 5, 2025. The first stage is designed for 2025–2026 and is taking place in Tashkent as an experiment. In the future, the system is planned to be extended first to Nukus and regional centers, and then to the rest of the country's territories.
The task of the reform is to bring the value of real estate closer to the market value, turn it into a full-fledged economic asset and, most importantly, form a fairer base for taxation.
And here the main question arises for owners: if the tax base increases sharply, does this mean an equally sharp increase in tax?
So far, the documents suggest the opposite. The presidential decree directly provides for the preparation of proposals to reduce rates and revise the tax base for property tax and land tax for objects covered by the mass valuation in Tashkent.
That is, the authorities are laying down a different model: the value of real estate is closer to the market value, the tax rate is lower. It is on how significantly the rates will be reduced and what the new calculation procedure will be that the real tax burden on owners of apartments, houses, and land plots will depend.
At the same time, starting from 2026, property tax rates for individuals have already been adjusted. For residential houses and apartments with an area of up to 200 sq. m, the rate is 0.36% of the cadastral value, for housing with an area of over 200 to 500 sq. m — 0.48%, and over 500 sq. m — 0.64%.
Therefore, the current figures of the mass valuation cannot be automatically transferred to future tax bills. An increase in cadastral value by 7–14 times in itself does not yet mean a tax increase of 7–14 times. For this to happen, the tax base must change and the corresponding rate must be maintained at the same time.
But this is precisely where the intrigue of the reform lies. The state is actually receiving a much more expensive "tax map" of Tashkent. Now the question is to what extent this new value will be compensated by a reduction in rates.
Owners can only monitor not only how much their apartment or house was valued at, but also the second, much more practical indicator — how much they will have to pay after the introduction of the new system.
For now, the preliminary results of the mass valuation have already been published for review. Owners can see the valued cost of their real estate through the EPIGU (Single Portal of Interactive State Services) and submit an application for a review of the result if they consider it overestimated.