«Each year, property owners can submit a request to the Registry Center for clarification of the tax value of their real estate — buildings or land plots — during the first three months of the year, i.e. January-March, from which property taxes are calculated. It is important to note that in order to adjust the tax value of the property, an individual property assessment must be conducted and the original assessment report must be submitted along with the application,» said Lina Kanisauskene, Head of the Property Valuation Department for State Purposes at the Registry Center.
Every year, the Registry Center conducts a mass assessment of all Lithuanian real estate (buildings and land plots) and recalculates the average market value. These values are equated to tax values at least once every five years, based on which property taxes are calculated.
Property taxpayers have the right to submit a one-time application to the Registry Center within three months from the start of the tax period (calendar year) to recognize the tax value of the real estate property as the value determined after an individual property assessment.