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In these days when there is much talk about the real estate sector, for example regarding the land registry reform, I would like to point out the ruling of the Tuscany Regional Tax Commission no. 1106 of October 6, 2021, which ruled on the adjustment of the market value of a building.
According to the Regional Tax Commission, if the Office intends to adjust, upwards, the market value of the property for registration tax purposes, “it must take into account not merely dogmatic and stereotypical evaluation elements, but concrete and objective ones, including the maintenance status of the asset, the peculiar characteristics of the property, its location, and the number of potential buyers”.
Furthermore, according to the Florence Regional Tax Commission, the summary appraisal by the Technical Revenue Office and the “so-called comparison method” are mere clues “because they do not take into account the real estate market, which is characterized by extreme volatility ... and suffers from peculiar characteristics that prevent an easy comparison between aggregate demand and aggregate supply ...”.
For these reasons, ultimately, the appellate judge confirmed the first instance ruling, which had deemed the adjustment of the market value of the property carried out by the Revenue Agency through the comparative appraisal by the Technical Revenue Office to be unlawful.
Below is the text of the ruling.
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