VALUATION OF REAL ESTATE

Аннотация

The article analyzes the nature of real estate valuation and formulates conclusions and proposals based on the research. Keywords: tax analysis, property tax, real estate, assessment, value. In our current research, we would like to focus on the property tax levied on legal entities, which is of particular importance. In the tax system of the Republic of Uzbekistan, property tax levied on legal entities is included in the structure of direct taxes and, in essence, this tax is a tax imposed on resources in the form of fixed assets. Clause 9 of the Decree of the President of the Republic of Uzbekistan No. 6121 “On Further Improvement of Resource Taxes and Property Taxation” dated December 3, 2020 states that “The Cadastre Agency under the State Tax Committee shall, by January 1, 2022, determine the cadastral value of real estate objects based on their market value, improve the information system to create a complete and reliable database of real estate objects belonging to each owner (user), and develop a methodology for conducting a qualitative assessment of real estate objects based on their market value” [1]. Given the two branches of the state budget, namely the state and local budgets, each of them serves to replenish the budget. When talking about local budgets, it should be noted that all European countries adhere to the principles of international democracy, which are reflected in the European Party of Local Self-Government. One of the principles of local self-government is the federal principle of the budget. This means that some functions of local authorities should be carried out at the expense of their own sources of income. The most important and widespread of them is the property tax. Indicators of the tax on the property of real estate legal entities in our country were analyzed and proposals and recommendations were developed in the context of banning foreign experience. Proposals and recommendations are given for determining the cadastral value of real estate based on foreign experience in taxation of real estate objects, based on their market value. The methods of induction, deduction, statistical observation, statistical and comparative analysis were used in the research. 157 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference According to the Tax Code of our country, "real estate is considered an object of taxation for the purpose of taxing the property of legal entities. Real estate includes the following: 1) buildings and structures that are subject to registration in the bodies responsible for state registration of rights to real estate; 2) objects under construction. Objects under construction include objects that are not completed within the regulatory period established in the design and estimate documents for the construction object, or, if the regulatory period for construction is not established, within twenty-four months from the month of receipt of a permit from the authorized body for the construction of this object; 3) railways, main pipelines, communication and power transmission lines, as well as structures that are an integral technological part of these objects; 4) residential real estate objects, real estate objects listed on the balance sheets of construction organizations or builders of buildings for subsequent sale, six months after commissioning [2]. Problems of property policy in the economy and public administration related to tax rates. They depend on the material of the structure, the size and purpose of the object (residential buildings, industrial, economic facilities). The determination of tax rates directly depends on legislation and economic practice. In this case, two forms are used - a fixed rate and a variable rate [3]. When using fixed rates, the central government determines the percentage of the taxable value, which allows for effective management of the revenue part of the local budget. The variable tax rate is set by local authorities, as a rule, annually, depending on the forecasted budget expenditures and the availability of the tax base. At the same time, local authorities are given the appropriate powers to determine the size of the rates or set the rate based on the minimum or maximum limits established by law at the national and regional levels. - in almost all countries there is a property tax (real estate tax), which is considered a local tax and is one of the most important sources of funding for local budgets; - in each country there are special conditions for collecting real estate tax, which depend on the tax base, rates, status of the payer (legal entity or individual) and the system of incentives for payers; - when determining the tax base, the market value, capital, use, inventory value, and rent of taxable objects are used. Public valuation is used using 158 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference standard procedures to determine the value of the object. The tax base is