Developments in valuation and assessment: an Australian case study

Parker, David; Lockwood, Tony; Marano, Wayne

doi:10.1108/02637471211198170

Cited by 2 publications

(2 citation statements)

References 8 publications

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“…Online searching, in combination with the use of GIS and global positioning system data, provided of course that the data entered are correct (Vandell, 2007); enable a complete picture of the land, and its comparators, to be formed much more quickly and accurately than previously possible. Ease of access to current and accurate data and GIS correspondingly has increased the daily output of the valuer (Parker et al, 2012;Kershaw and Rossini, 2008;Kummerow and Chan Lun, 2005).…”

Section: Discussionmentioning

confidence: 99%

After the rains: water’s impact for valuation practices

Cradduck

2016

Property Management

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Purpose – The purpose of this paper is to reduce the potential for litigation by improving valuers’ awareness of water risks. As part of a valuer’s due diligence, the paper provides guidance as to how to identify such risks by explaining the different types and examining how online search tools can be used in conjunction with more traditional methods to evaluate the probability of these risks occurring. Design/methodology/approach – The paper builds on prior research, which examined the impact of water to and for valuations. By means of legal/doctrinal analysis, this paper considers relevant issues from the perspective of managing client expectations and needs. In so doing it identifies online tools available to assist in identifying at risk properties and better informing clients. Findings – While the internet provides a variety of tools to gain access to relevant information, this information most commonly is only provided subject to disclaimer. Valuers need to ensure that blind reliance is not given to use of these tools but that the tools are used in conjunction with individual property inspections. Research limitations/implications – Although the examples considered primarily are Australian, increasing water risks generally make the issues considered relevant for any jurisdiction. The research will be of particular interests to practitioners in coastal or riverine areas. Practical implications – Valuation reports are sought for a variety of purposes from a variety of clients. These range from the experienced, knowledgeable developer looking to maximise available equity to the inexperienced, uneducated individual looking to acquire their home and thinking more often than not with their heart not their head. More informed practices by valuers will lead to valuation reports being more easily understood by clients, thus lessening the likelihood of litigation against the valuer for negligence. Originality/value – The paper highlights the issue of water risks; the need for valuers to properly address potential and actual risks in their reports; and the corresponding need to undertake all appropriate searches and enquiries of the property to be valued. It reinforces the importance of access to the internet as a tool in the valuation process.

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Section: Discussionmentioning

confidence: 99%

After the rains: water’s impact for valuation practices

Cradduck

2016

Property Management

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“…The paper maps and cadastral records available with various government agencies can be georeferenced and digitized into vector format with attribute data in the GIS. This spatially enabled cadastral data can integrate geographic location, transaction details and other attribute information's (Parker et al ., 2012). Another GIS application in property management is the spatial data collection and scrutiny of social, economic, planning and environmental attributes for valuation purposes (Wyatt, 1996).…”

Section: Introductionmentioning

confidence: 99%

A critical review of the fair value of land in Kerala, India

Binoy

Naseer²,

Kumar³

2022

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PurposeProperty tax continues to be the most viable, steady, progressive and genuine source of income for an independent local government administration in India. Kerala has one of the most complex cadastral and property taxation systems in the country. In 2008, the Kerala government introduced “Fair value of land” for all landed property in Kerala, which is calculated per Are and notified by the Government of Kerala on the website. This paper presents the outcome of the spatial mapping of the fair value of land in Kerala and its comparison with actual land value collected through advertisements and surveys.Design/methodology/approachThe methodology used in this study analyzed the existing fair value system of land valuation in Kerala and identified its drawbacks. Fair value is integrated into cadastral data in geographical information system (GIS) and spatially analyzed to identify the discrepancies in fair value fixation. The actual land value for 837 locations is collected from online advertisements and verified through a field survey. A paired t-test analysis follows this to compare the fair value and actual land value of the study area.FindingsThe disparity between the original land value and the registration value in Kerala has resulted in the undervaluation of land resources by the government. The fair value fixed by the government is significantly lower than the actual land value based on the statistical comparison results. It is observed that the actual land value is multiple times higher than the government fixed land value. Also, the spatial distribution of the village level fair value shows the randomness in fixation and abnormalities existing at numerous locations.Practical implicationsThe results indicate that the traditional comparison method used for fair value calculation by the Kerala government is not suitable in Indian scenarios due to the unreliability of registration values. The study thus points to the importance of developing a scientific method for determining the land value that would consider various spatially influencing parameters.Originality/valueThe current study provided an in-depth analysis of the land valuation system of the Kerala government. The strengths and weaknesses of the existing system are analyzed through statistical methods.

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Developments in valuation and assessment: an Australian case study

Cited by 2 publications

References 8 publications

After the rains: water’s impact for valuation practices

After the rains: water’s impact for valuation practices

A critical review of the fair value of land in Kerala, India

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