On 29 December 2017, President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On forecast of the main macroeconomic indicators and parameters of the State Budget of the Republic of Uzbekistan for 2018”.

Previously, individuals paid a personal property tax based on the inventory value of real estate.

Individuals will pay tax on property at a rate of 0.2% of the cadastral value. Previously, the tax rate was 1.7% of the inventory value of the property.

The rate for residential houses and apartments located in cities with a total area of more than 200 and up to 500 square meters will be 0.25% of the cadastral value of real estate and over 500 square meters - from 0.35%.

The tax rate for apartment houses and apartments, country houses located in other settlements with a total area of more than 200 square meters will be 0.25%.

To prevent a sharp increase of the tax burden, the resolution found that the amount of tax cannot exceed the amount accrued for 2017 by more than 20%.

The President instructed to approve the procedure for determining the cadastral value of real estate for tax purposes. At the same time, the minimum cost was determined at 42 million soums.

In the absence of the cadastral value determined by the property valuation authorities, the conditional value of property in Tashkent, Nukus and regional centers in the amount of 210 million soums is applied to levy taxes, and 90 million soums in other cities and rural areas.