Use of real estate databases for mass valuation in slovenia unece wpla workshop vie nna 2014
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USE OF REAL ESTATE DATABASES FOR MASS VALUATION IN SLOVENIA UNECE WPLA Workshop Vie nna 2014. Andrej Glavica Mass Real Estate Valuation Office Surveying and Mapping Authority of the Republic of Slovenia. Introduction.

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USE OF REAL ESTATE DATABASES FOR MASS VALUATION IN SLOVENIA UNECE WPLA Workshop Vie nna 2014

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Use of real estate databases for mass valuation in slovenia unece wpla workshop vie nna 2014

USE OF REAL ESTATE DATABASES FOR MASS VALUATION IN SLOVENIAUNECE WPLA Workshop Vienna 2014

Andrej Glavica

Mass Real Estate Valuation Office

Surveying and Mapping Authorityof the Republic of Slovenia


Introduction

Introduction

  • Development ofmass real estatevaluationsystem as anresponse to the “verypoor” existingpropertytaxationsystem.

  • Forgoodmassappraisalsystembased on market values are essential:

    • Transparent real estate market

    • Real estatedataandinformation

2


D atabases development process

Databases development process

  • Our goal – Mass Real estate valuation System:

  • Sales price register

  • Valuation models register

  • Mass valuation calculation algorithm

  • Mainexistingreal estatedatabases:

  • Landcadastre

  • Buildingcadastre

  • Landregistry

Purpose:

Social affairs, banks, individualappraisals, court, taxation

  • Purpose:

  • Protect the property rights


Property databases and mass valuation system fit for use

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


Real estate register

Real Estate Register

Census

of

Buildings

Population

Register

Land

Cadastre

Slovenian

Business Register

Land

Register

Land

Cadastre

REAL

ESTATE

REGISTER

Municipalities

Data

Real Estate

Market

Register

MoAF Data

(agriculture & forest)

Later on

Value

Assessment

(GMV)

Questionnaires

Buildings data and information

capturing project (2007)

Data collection

with geodetic

techniques


Real estate register figures

Real Estate Register figures

  • Enforcement as a public register in 2010.

  • Real estate data, including assessed value, free of chargeavailable 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


Sales p rice r egister

SalesPriceRegister

  • Based on MassAppraisalAct (2006)

  • Established in 2007

  • No detailed data is available on internet free of charge

  • Annualreports on real estate market in Slovenia

  • Contains real estate market data (saleprice, propertydata)

  • From 2013 containsalsorentaldata

7


Use of real estate databases for mass valuation in slovenia unece wpla workshop vie nna 2014

Social & Economics Data

SPR

Sales & Rents

GENERAL VALUATION

Every 4 years

ASSIGNING VALUE

INDEXATION

Every year

VALUE INDEXATION

Mass Real Estate Valuation System

RER

Property Data

Real Estate

Register


Use of real estate databases for mass valuation in slovenia unece wpla workshop vie nna 2014

  • 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

Valuation models

(21)

VARIABLES

  • 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


Mass real estate valuation models

Mass Real Estate Valuation Models

VALUATION MODELS

FREE OF CHARGE AVAILABLE ON THE INTERNET (ValuationModels Register)

value areas, value zones, value tables, value indexes, description of the models,….


Mass real estate valuation unit

Mass Real Estate Valuation Unit

Group of Properties (21)

Property (6,1 million)

Parcel

(5,3 million)

Building/Part

(1,8 million)

PROPERTY UNIT

Parcel or part

of the parcel

Building/Part

of building

VALUATION

MODEL

VALUE UNIT


Mass real estate valuation unit definition

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


Mass real estate value calculation

Mass Real Estate valueCalculation

VALUATION MODELS SPECIFICATION

AND CALIBRATION (21 MODELS)

MASS VALUATION OF ALL

PROPETRIES IN THE PROPERTY

REGISTER

REAL PROPERTY

REGISTER (6,1 M PROPERTIES)


Conclusion

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, ..)


Conclusion1

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


Use of real estate databases for mass valuation in slovenia unece wpla workshop vie nna 2014

Thank you!


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