Law No. XIV-2575 “On compulsory property and business valuation”.

The scope of this law is to create legal prerequisites for decisions that would ensure a reliable mandatory valuation of property or business. It establishes the requirements for property and business appraisers, mandatory property or business appraisal and mandatory property or business appraisal report, as well as the requirements for providing, storing and publicizing the appraisal report, the right of property or business appraisers to receive data for the mandatory property or business appraisal, audit, accounting , the functions of the Asset Valuation and Insolvency Management Service under the Ministry of Finance and the management and processing of the information system of valuation reports. This Law does not apply to the mass assessment of real estate. Mass valuation of real estate is regulated by the Real Estate Cadastre Law. It does not apply to services provided by property or business appraisers, when they are not provided in accordance with the requirements of this Law. Mandatory valuation of property or business shall be intended determination of the value of property or business, taking into account the individual characteristics of the property or business, carried out in the cases indicated by legal acts requiring such valuation, in order to ensure public and/or private interests. Property or business value shall be intended the sum of money expressed as the result of a mandatory property or business valuation, determined taking into account the property or business value basis that meets the purpose of the mandatory property or business valuation and the property or business valuation approach and method as understood by the International Valuation Standards or European assessment standards. The evaluator must be independent. The appraiser has the right to receive from the evaluation client, state and municipal institutions and bodies, companies and public institutions and entities managed by the state and municipality, as well as state information and data (including personal data) of system managers, state information system managers, register managers, which are necessary for the evaluation.