Economic, political and social development of each country is determined and affected by its ownership of real estate resources – land, natural resources, buildings, structures, etc. Real estate is one of the most important economic resources and one of the essential components of national wealth. Immovable property tax is a very important component in the economy of each country. It is paid for each immovable property that is at one’s ownership, possession or lease. The aim of the research is to evaluate peculiarities of changing immovable property tax from which it can be concluded that introduction of this taxation will significantly influence the development of real estate market and secondary - the economy of the country as a whole. Thus the further studies are closely related to the in-depth analysis and evaluation of socio economic system that will serve as the basis of the development of sustainable social economical model of real estate of Latvia.