The Verkhovna Rada supported the bill on new property valuation rules: what will change
On June 30, the Verkhovna Rada passed in the first reading bill 13435, which provides for the reform of the property valuation system and professional appraisal activities.
As noted, the act was developed to fulfill Ukraine's obligations to the International Monetary Fund under the Extended Fund Facility mechanism.
What changes are envisaged
The bill provides for the introduction of unified approaches to property valuation and professional appraisal activities in accordance with European and international standards.
If the bill is adopted in full, a modern, transparent, and unified property valuation system will be created in Ukraine. This will contribute to increasing trust from international partners and investors, as well as ensure more effective management of state assets. Important elements will include the digitalization of processes, strengthening state control over the activities of appraisal entities, and the introduction of mechanisms for pre-trial dispute resolution.
For citizens, the new rules will mean new property valuation procedures aimed at reducing the risks of abuse and increasing the fairness of property value determination. An improvement in the quality of services in this area and expansion of opportunities due to the integration of the Ukrainian appraisal services market into the international environment are also expected.
The bill also opens access to the Ukrainian market for foreign appraisers and creates conditions for Ukrainian specialists to work in international markets, which will promote competition development and raise professional standards in the field.
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