REPUBLIКА SRPSKA REPUBLIČKA UPRAVA ZA GEODETSKE I IMOVINSKO-PRAVNE POSLOVE BANJA LUKA BOSNA I HERCEGOVINA FEDERACIJA BOSNA I HERCEGOVINA FEDERALNA UPRAVA ZA GEODETSKE I IMOVINSKO-PRAVNE POSLOVE S A R A J E V O Washington DC, March 15, 2016 Sales Price Register as basic and first step on the way to comprehensive Mass Valuation System in Bosnia and Herzegovina

REPUBLIКА SRPSKA REPUBLIČKA UPRAVA ZA GEODETSKE I IMOVINSKO-PRAVNE POSLOVE BANJA LUKA BOSNA I HERCEGOVINA FEDERACIJA BOSNA I HERCEGOVINA FEDERALNA UPRAVA ZA GEODETSKE I IMOVINSKO-PRAVNE POSLOVE S A R A J E V O CILAP component direct outcome: “ Centralized Sales Price Register with developed web services publicly available for professional and other needs providing correct and reliable data of property transactions ” Land and Poverty Conference 2016

Current Real Estate Market situation The absence of Sale Price Register The lack of market transparency The market does not dictate prices Unharmonized real estate records and inadequate legal framework The lack of statistical data Land and Poverty Conference 2016

Pilot projects are conducted Figure 1. Residential market zones in RS Figure 2. Residential market zones in FBiH Land and Poverty Conference 2016

Pilot projects identified issues In Federation BiH: property transaction tax - 5% tax rate high and not simulative to the public the current system of taxation last long commissions’ minutes are insufficient for following the valuation criteria individual property valuation is a costly process for public finances In Republic Srpska: property tax- revenues from property tax may be higher and include all owners of real estate tax authority lacks an adequate basis for calculating of market value fiscal real estate register is unevenly distributed and incomplete Land and Poverty Conference 2016

Pilot projects identified issues Problems with real estate data gathering: data from purchase contracts for identification of the real estate there are properties that can not be identified in the public records of real estate incomplete relevant information on the characteristics of the property Activation of all stakeholders is required Land and Poverty Conference 2016

Sales Price Register Concept Land and Poverty Conference 2016

To develop and implement Sales Price Registry To train personnel with relevant skills to use SPR To develop relevant legislation for both geodetic authorities To increase awareness and to have closer cooperation with all participants in the Real Estate Market To provide public and professional access to SPR data Land and Poverty Conference 2016 Next Steps

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