USE OF REAL ESTATE DATABASES FOR MASS VALUATION IN SLOVENIA

Transcription

1 GEODETSKA UPRAVA REPUBLIKE SLOVENIJE MINISTRSTVO ZA INFRASTRUKTURO IN PROSTOR REPUBLIKA SLOVENIJA URAD ZA MNOŽIČNO VREDNOTENJE NEPREMIČNIN USE OF REAL ESTATE DATABASES FOR MASS VALUATION IN SLOVENIA UNECE WPLA Workshop Vienna 2014 Andrej Glavica Mass Real Estate Valuation Office Surveying and Mapping Authority of the Republic of Slovenia 1

2 Introduction Development of mass real estate valuation system as an response to the very poor existing property taxation system. For good mass appraisal system based on market values are essential: Transparent real estate market Real estate data and information 2

3 Databases development process Real Estate Registration Modernization Project (WB) System Development Main existing real estate databases: Land cadastre Building cadastre Land registry Purpose: Protect the property rights Real Property Mass Appraisal Act Real Estate Recording Act MV Office Establishment Sales Register Establishment Mass Valuation System Development Valuation Models Development Purpose: Our goal Mass Real estate valuation System: Sales price register Valuation models register Mass valuation calculation algorithm Test Valuation MV System Enforcement Social affairs, banks, individual appraisals, court, taxation 3

4 Property databases and mass valuation system fit for use Land Cadastre, Building cadastre and Land registry in 2006: Problem: Insufficient building data and information for mass valuation system implementation Solution: Establishment of Real Estate data register 4

5 Real Estate Register Land Register Real Estate Market Register Value Assessment (GMV) Land Cadastre Land Cadastre Later on Census of Buildings REAL ESTATE REGISTER Questionnaires Buildings data and information capturing project (2007) Population Register Slovenian Business Register Municipalities Data MoAF Data (agriculture & forest) Data collection with geodetic techniques 5

6 Real Estate Register figures Enforcement as a public register in Real estate data, including assessed value, free of charge available on the internet Overall: 6,1 million properties 1,2 million buildings 1,8 million parts of buildings 5,3 million parcels 1,2 million property owners 6

7 Sales Price Register Based on Mass Appraisal Act (2006) Established in 2007 No detailed data is available on internet free of charge Annual reports on real estate market in Slovenia Contains real estate market data (sale price, property data) From 2013 contains also rental data 7

8 Mass Real Estate Valuation System SPR Sales & Rents Social & Economics Data RER Property Data GENERAL VALUATION Every 4 years ASSIGNING VALUE Real Estate Register INDEXATION Every year VALUE INDEXATION 8

9 Sales comparison approach Valuation model for apartments Valuation model for family houses Valuation model for garages Valuation model for business premises Valuation model for offices Valuation model for land for the construction Valuation model for built land Valuation model for agricultural land Valuation model for forest land Income approach Valuation model for power plants Valuation model for mines Valuation model for marinas and ports Valuation model for business premises Valuation model for gas station Cost approach Valuation model for industry Valuation model for heavy industry Valuation model for vineyard cottages Valuation model for farm buildings Valuation model for public buildings Valuation model for other buildings Valuation model for special properties Valuation models (21) VARIABLES Age Size Location Quality Special circumstances 9

10 Mass Real Estate Valuation Models VALUATION MODELS FREE OF CHARGE AVAILABLE ON THE INTERNET (Valuation Models Register) value areas, value zones, value tables, value indexes, description of the models,. 10

11 Mass Real Estate Valuation Unit Group of Properties (21) Property (6,1 million) Parcel (5,3 million) PROPERTY UNIT Building/Part (1,8 million) VALUATION MODEL Parcel or part of the parcel Building/Part of building VALUE UNIT 11

12 Mass Real Estate Valuation Unit definition 1 PROPERTY: THE SAME OVNER OF HOUSE, GARAGE AND THE FACTORY ON ONE PARCEL 1st VALUE UNIT HOUSE + PART OF PARCEL => 2nd VALUE UNIT GARAGE 3rd VALUE UNIT FACTORY + PART OF PARCEL 4th VALUE UNIT REST OF THE PARCEL PROPERTY UNITS: HOUSE, GARAGE, FACTORY AND PARCEL 12

13 Mass Real Estate value Calculation VALUATION MODELS SPECIFICATION AND CALIBRATION (21 MODELS) Valuation Model Database Real Property Database MASS VALUATION OF ALL PROPETRIES IN THE PROPERTY REGISTER Mass Appraisal Calculation Softweare REAL PROPERTY REGISTER (6,1 M PROPERTIES) 13

14 Conclusion Property databases upgraded to support mass valuation system Real Estate Register Mass valuation system implemented in 2012 Mass valuation system in use: Social affairs (subsidies, censuses,..) Taxes (property transfer tax, land use change) Banks (mortgage, Basel I, Basel II EU directives) Private appraisers, investors Courts (inheritance,..) 14

15 Conclusion Property Tax Law failed on 2014 Constitutional Court New Property Tax Law in 2016 Preparing for new cycle of general valuation process new models, updating the existing models Preparing changes in registering real estate data: Classification of property types Optimization of detailed building data Quality system control mechanisms 15

16 Thank you! 16