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Extended LADM country profile for property valuation in Serbia

Authors
  • Radulović, Aleksandra (author)
  • Sladić, Dubravka (author)
  • Govedarica, Miro (author)
Publication Date
Mar 31, 2022
Source
TU Delft Repository
Keywords
Language
English
License
Unknown
External links

Abstract

Real property valuation in the Republic of Serbia is a procedure in which the value of real property is defined on a certain date. Many different factors directly or indirectly affect the value of real property, and for that reason, the process of estimating the value of real property is very complex. In the Republic of Serbia, the field of real property valuation is regulated by appropriate laws and bylaws. Valuation of real property in the Republic of Serbia is done by different state bodies, and it is performed for different needs. A key element for real property valuation are public registers that enable regular maintenance and updating of data, as well as links between these registers that have the necessary information for assessment. The real estate cadastre provides data on real property that is necessary to assess the value of real property, however they are not sufficient for today’s complex valuation practice. By recording information produced through valuation activities and recording market indicators, it is possible to enable further market analysis, and more reliable real property valuation. The data sources for the real property valuation model are the real estate cadastre, the real estate price register and the central register of planning documents. In addition, other data sources can be used to provide an accurate and fair assessment of real property values. Real property valuation is performed by procedures of individual and mass real property valuation. Mass real property valuation is prescribed by the law and divided into four steps of which the first one is fully finished in Serbia. Republic Geodetic Authority implemented the Real Estate Price Register for that purpose. For the purpose of taxation, the value of real property is determined by usable area of the property and the average price per square meter of the corresponding real property in the zone where the real estate is located. The average price is determined based on the prices realized during the sale of appropriate real estate by zones. Taking into account the importance of real property valuation, an existing LADM country profile for Serbia (Radulović et al., 2017) is extended to include property valuation. The developed model for real property valuation is based on the LADM Valuation Information Model proposal (Kara et al., 2021) and appropriate national laws and bylaws. This model can be used for individual but also for mass valuation which is planned but not yet finished. Since data used for valuation come from different sources (Jočković, 2021), examples of specific valuation procedures are presented. One purpose of valuation is related to taxation process for which the tax administration is responsible. For this purpose, a web service architecture and mappings of appropriate data and code lists between geodetic authority and tax administration are discussed.

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