As a reminder, revaluation of land and buildings is required at the close of the fiscal year in order to adjust the purchase cost to commercial values in accounting terms, and is done every three years.
The revaluation is carried out:
- drawing up a special report by an evaluator who is a member of UNEVAR;
- transposing into accounting as of December 31, the appraisal values.
It should be noted that the revaluation procedure is not mandatory but optional as it allows exemption from the ‘application of the increased rate when calculating the local property tax (the base rate varies from 0.25% to 1.50% depending on the municipality where the property is located).
