Aargau Cannot Stop Higher Assessed Rental Values

In Aargau, the increase in imputed rental values remains in effect. An external legal opinion supports the cantonal government’s position and rules out a freeze or a retroactive adjustment. For property owners, the debate has thus shifted from the valuation to the question of possible tax relief.

This legal clarification directly addresses a politically contentious demand. The cantonal government states that the new assessed rental values cannot be retroactively repealed nor suspended pending a possible abolition at the federal level. The expert opinion obtained from Felix Uhlmann confirms this assessment.

The background to this is the ongoing implementation of the new appraisal system. The canton of Aargau has been valuing its properties on a new basis since January 1, 2025, after the previous values from 1998 no longer met market values or federal requirements. On the canton’s website regarding the revaluation, the imputed rental value is stated as 62 percent of the market rent. This is intended to comply with the 60 percent lower limit applicable in individual cases.

Valuations Not Yet Fully Mailed Out
However, the administrative processing is not yet complete. Of the 285,000 planned appraisals, approximately 11,600 were still pending as of early July 2026. They will not be sent out until the data on asset values and imputed rental values is complete and validated. This means that, particularly for property owners, planners, and consultants, it remains relevant that the technical implementation of the system is still lagging behind, even though the fundamental legal issue has now been clarified.

Political Focus Shifts
For the FDP and SVP, this narrows their scope to tax relief measures in other areas. Under discussion are temporary deductions, a phased implementation of the additional tax burden, or further reductions in the cantonal tax rate. At the same time, the next tax debate is already underway. The voters of Aargau are expected to decide on the 2027 tax law revision in November 2026 or February 2027. The plan calls for a reduction in the top income tax rate from 11 to 9.75 percent, as well as a deduction for low-income earners on incomes up to 75,000 francs.

For homeowners, the fiscal equalization now applies
For the real estate market, the decision is particularly relevant because the discussion is shifting from valuation methodology to the overall tax burden of homeownership. The new assessments not only affect individual households’ tax bills but also alter the calculation of holding costs and the political acceptance of owner-occupied housing in the canton.