New property tax model to align cadastral and market prices across Uzbekistan

Under the fiscal strategy for 2026–2028, once market valuation is adopted, property tax rates will be subject to revision.

“A phased implementation of a market-based property valuation system for taxation purposes is planned, along with a reduction in property tax rates based on this system,” the strategy document states.

Speaking at an open dialogue with construction sector professionals on July 17, Kudbiev noted that cases of artificially undervaluing property prices during transactions remain widespread.

From January to July this year, in 2,000 cases, the recorded price per square meter was just UZS 1 million, covering a total area of 353,000 sq. m.

In 9,300 transactions, the price ranged between UZS 1–3 million per sq. m for properties totaling 702,000 sq. m.

In 13,500 cases, properties with a combined area of 933,000 sq. m were declared at UZS 3–5 million per sq. m.

The head of the Tax Committee proposed setting a minimum residential price for Tashkent and enforcing it in all real estate transactions. He stressed that the price per square meter in the capital should not fall below $500.

Earlier, it was reported that the Ministry of Economy and Finance had approved a methodology for mass property valuation.

Implementation timeline for the new valuation system:

• 2025–2026 – pilot phase in Tashkent
• 2026–2027 – expansion to Nukus and regional centers
• From 2027 – rollout to other regions

The new system aims to bring cadastral values closer to actual market prices.