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St. Petersburg's New Cadastral Values Spark Controversy, Tax Burden Set to Rise

Property owners in St. Petersburg face significant tax hikes due to a controversial new cadastral value report. Many are planning to challenge their new values.

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In this image there is a building. There is text on the building. There is a flag to the pole on...
In this image there is a building. There is text on the building. There is a flag to the pole on the wall of the building. In front of the building there is a railing on the walkway. In front of the railing there are barriers. In the bottom right there is the road.

St. Petersburg's New Cadastral Values Spark Controversy, Tax Burden Set to Rise

St. Petersburg's new cadastral value report has sparked controversy, with 542 comments submitted, mostly from legal entities and physical persons. The Association of Realtors led the objections. The report, prepared by the St. Petersburg City Government Cadastre Evaluation Department (GUKO), saw a 17.44% average increase in property values, leading to higher taxes for owners. Notably, the cadastral value of two adjacent buildings varied, with one rising 20% and the other 30%. Property owners will now challenge the new values through out-of-court or judicial procedures after the report's approval. Some owners, like those at FHK 'Imperiya', faced increases of up to 100%, averaging around 19%. The tax burden for UК 'Teorema' doubled due to the increase. Of the 542 comments, 109 were fully addressed, 38 partially, and 395 rejected. The updated report, incorporating amendments, will be published on the GUKO website by the end of November. The reassessment of St. Petersburg's 3.63 million property objects has led to significant changes in cadastral values and tax burdens. Property owners should review their new values and consider challenging them if necessary.

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