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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 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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  1. 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

  2. Introduction • Development ofmass real estatevaluationsystem as anresponse to the “verypoor” existingpropertytaxationsystem. • Forgoodmassappraisalsystembased on market values are essential: • Transparent real estate market • Real estatedataandinformation 2

  3. 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

  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 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

  6. 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

  7. 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

  8. 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

  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 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

  10. 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,….

  11. 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

  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

  13. 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)

  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, ..)

  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

  16. Thank you!

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