URAD ZA
MNOŽIČNO
VREDNOTENJE
NEPREMIČNIN
GEODETSKA UPRAVA REPUBLIKE SLOVENIJE
MINISTRSTVO ZA INFRASTRUKTURO IN PROSTOR
REPUBLIKA SLOVENIJA
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
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
Databases development process
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Real Estate Registration Modernization
Project (WB)
System Development
Real Property Mass Appraisal Act
Real Estate Recording Act
MV Office Establishment
Main existing real estate
databases:
•
Land cadastre
•
Building cadastre
•
Land registry
Purpose:
• Protect the property rights
Sales Register Establishment
Our goal – Mass Real estate
valuation System:
• Sales price register
• Valuation models register
• Mass valuation calculation
algorithm
Mass Valuation System Development
Valuation Models Development
Test
Valuation
MV System Enforcement
Purpose:
Social affairs, banks, individual
appraisals, court, taxation
3
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
Land
Cadastre
Land
Register
Land
Cadastre
Real Estate
Market
Register
Value
Assessment
(GMV)
Census
of
Buildings
Population
Register
Slovenian
Business Register
REAL
ESTATE
REGISTER
Municipalities
Data
MoAF Data
(agriculture & forest)
Questionnaires
Buildings data and information
capturing project (2007)
Data collection
with geodetic
techniques
5
Real Estate Register figures
 Enforcement as a public register in 2010.
 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
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
77
Mass Real Estate Valuation System
SPR
Sales & Rents
Social &
Economics Data
RER
Property Data
GENERAL VALUATION
Every 4 years
ASSIGNING VALUE
Real Estate
Register
RER
INDEXATION
Every year
VALUE INDEXATION
8
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
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
Mass Real Estate Valuation Unit
Group of Properties (21)
Property (6,1 million)
Parcel
Building/Part
(5,3 million)
(1,8 million)
PROPERTY UNIT
VALUATION
MODEL
Parcel or part
of the parcel
Building/Part
of building
VALUE UNIT
11
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
Mass Real Estate value Calculation
VALUATION MODELS SPECIFICATION
AND CALIBRATION (21 MODELS)
Valuation
Model
Database
Real
MASS VALUATION OF ALL
PROPETRIES IN THE PROPERTY
REGISTER
REAL PROPERTY
REGISTER (6,1 M PROPERTIES)
Ma
Appr
Calcu
Softw
13
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
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
Thank you!
16