Amendments to the Law on Public Property
It is now possible to decrease the estimated initial market price in a repeated sale of public property
The latest amendments to the Law on Public Property, effective as of 16 December 2018, allow for a decrease in the estimated initial market price of immovable and movable public property after a failed public auction.
In such cases, the estimated initial market price is decreased to 80% and then to 60% if the property is not sold in the repeated auction.
The above changes are a response to a number of failed public auctions, when high prices set by tax authorities discouraged the sale of movable and/or immovable property.
The decision to decrease the estimated initial market price is made by the Government i.e. the competent body of the autonomous region or the local self-government unit.