The assessment of land valuation in land consolidation schemes: The need for a new land valuation framework

There are principally two ways for quantifying the land value of parcels in land consolidation schemes. The first approach involves assigning an agronomic value based on soil quality and land productivity represented by a score while the second method determines the market value signified in monetary terms. In Cyprus, the market value is employed, which is defined through an empirical process based on visual inspection of all parcels and hence it constitutes a type of mass land appraisal. This process presents weaknesses regarding time, costs, transparency, accuracy, reliability, consistency and fairness. In addition, the lack of adequate sales transactions in rural areas further complicates the whole process. Consequently, these deficiencies have adverse effects in the preparation of land consolidation plans and cause arguments between landowners and the authorities carrying out each scheme. Although experts are aware of this issue, there is a lack of research investigating land valuation factors and the quality of this traditional process. Therefore, this paper discusses, explores and assesses the land valuation undertaken by the Land Valuation Committee (LVC) in a case study area in Cyprus and proposes a new framework for carrying out this process. The assessment of the current process is undertaken by employing advanced spatial analysis techniques, including multiple regression analysis (MRA) and geographically weighted regression (GWR) within a GIS. Results show that eight out of fourteen land valuation factors related to parcel location characteristics, legal factors, physical attributes and economic conditions are the most significant. In addition, although the basic regression fits are quite good, some of the assumptions required for testing the hypothesis are not met, indicating unreliability and inconsistency in the relationships modelled. Furthermore, the presence of spatial autocorrelation reveals important regional variation in these factors suggesting significant inconsistencies in the valuation policy applied by the LVC. The latter two findings confirm experts’ concerns and suggest the need for a new land valuation framework that is designed to overcome the problems of the current process. The application of this framework and the investigation of various critical relevant issues is the core of ongoing further research.     

A multi-criteria model for land valuation in the land consolidation

Land consolidation is an effective technique in land management that contributes to sustainable rural development. Land valuation is one of the most important steps in land consolidation because it plays an important role in the reallocation process. Land valuation is also an important problem in Turkey as in many countries in the world. Because the lands will be reallocated at the end of the consolidation process, it is very important to determine the precise value of each parcel. However, the methods used in land valuation in many countries lag behind current techniques and technologies. For this reason, a new method for land valuation is needed. The purpose of this study was to develop a new model based on multi-criteria calculations that is suitable for today's technologies and addresses the weakness in the current land valuation methods. In a case study of Solak, Antalya, Turkey, we identified fourteen key land value factors. Those factors were assigned weights by the Land Valuation Committee, academic staff, engineers, and local landowners. The weights were then integrated into a framework called the Land Quality Index. The land quality index factors are the criteria for evaluating the geographical, physical, and socio-economic structure of the region. The scores for each factor on each parcel were determined using GIS software. The total score of fourteen factors was then converted to a 100-point scale, that comprised the Land Quality Index. The land value of each parcel was determined by adding the soil index to the Land Quality Index. In our study, we also created three different models to investigate how the parameters were apportioned during the land valuation. We found that, while the current method used by the government agency (General Directorate of State Hydraulic Works) classified the lands into five groups, our methods classified the lands into 17, 20, 24 groups, respectively. In addition, while the deduction rate was 4.97 % in the current method, they were 4.89 %, 4.86 % and 4.85 % in our new models, respectively. The method we proposed in this study determined land values more accurately, precisely, and fairly compared to current method used by General Directorate of State Hydraulic Works. It is suggested that our models could be used instead of the current method in the land consolidation works in Turkey.     

基于期权定价模型与灰色关联度分析的林木资产评估方法研究

首先对林木资产B-S期权定价模型和灰色关联度分析的方法进行简要概述并评价其优缺点,然后以宁陕县马尾松林木交易实例,运用灰色关联度分析得出马尾松的公允市场价格,代入期权定价模型,求出待评估马尾松的评估价值,并据此形成一种改进的林木资产评估方法。     

A Holistic vs. an Attribute‐based Approach to Agri‐Environmental Policy Valuation: Do Welfare Estimates Differ?

Different economic valuation methodologies can be used to value the non‐market benefits of an agri‐environmental scheme. In particular, the non‐market value can be examined by assessing the public’s willingness to pay for the policy outputs as a whole or by modelling the preferences of society for the component attributes of the rural landscape that result from the implementation of the policy. In this article we examine whether the welfare values estimated for an agri‐environmental policy are significantly different between an holistic valuation methodology (using contingent valuation) and an attribute‐based valuation methodology (choice experiment). It is argued that the valuation methodology chosen should be based on whether or not the overall objective is the valuation of the agri‐environment policy package in its entirety or the valuation of each of the policy’s distinct environmental outputs.     

探矿权的价值确认与计价方法探讨

探矿权是企业或个人依法有偿获得的一种所有权。探矿权的价值有几种表现形式,虚拟的探矿权的价值无法以确切的价值加以衡量。当完成规定的最低勘查投入后,形成地质成果,通过不同的方法对探矿权的价值分别加以确认。探矿权价值的计价方法分别有:投入成本法、专家评估法和市场认定法。     

Real estate market efficiency

Summary

The application of modern portfolio theory to the investment in shares and bonds is integrally connected with the efficient market hypothesis. The requirement of multivariate normality of security returns is a sufficient condition for equilibrium asset pricing models such as the capital asset pricing model to theoretical work. Nevertheless the empirical relevance in decision making is firmly based on the efficiency of the capital market. If real estate investors are to avail themselves of these techniques it is first necessary to ensure the requirements of the efficient market hypothesis are satisfied in the context of the property market. This paper reports the results of such an inquiry into the British and Australian real estate markets.     

How to assess the impact of hope on a change in the use of land on market value?

This article is devoted to common yet quite specific approaches to valuation practice tasks that are involved in determining the market value of real properties in areas of possible land use changes. An intrinsic element of market value in such areas is the hope value, for which an option pricing model is used quite frequently.The authors propose a specially adapted Samuelson-McKean model for this task, which allows market value indication to be determined not only with the built-in development option, but also the dynamics of its components value in the current highest and best use and hope value – depending on the location of the given property. The greatest advantage of the Samuelson-McKean model is that it can be treated as universal for analyzing the range of possible indications of market value seeing as how its main task is to find a compromise between the interests of the buyer and the seller, which is the goal of any fair transactions and decisions.     

Property taxation in Israel: a non ad valorem approach

The arnona, the system of property taxation in Israel, is a unique form of taxation being based on a property's size (m²) and not on its discrete open market value. The actual use of the property (residential versus non-residential), its location in the municipality, type of property and its age are the determining factors for tax liability. In order to test for equity within the current system, the methodology adopted was to investigate the effect of population size, remoteness and population makeup with respect to some 80 municipalities on the levels of arnona. Although the thresholds of arnona for individual municipalities are approved by a committee of the Knesset, the present analysis indicates that the current differences in per capita amount of arnona collected by local authorities do reflect factors that would normally be expected to influence an ad valorem property tax in a market economy. It is argued that whilst the arnona is an accepted form of local authority property taxation, there are a number of fundamental weaknesses. Its application could be improved by incorporating elements of an ad valorem property tax, which would more fully reflect the socio-economic level of taxpayers and the physical condition of the built environment. However, the arnona, not being based directly on a property's market value should be of interest to countries (e.g. transitional countries of Central and Eastern Europe) who are presently introducing property taxes within an environment where property markets are not as yet fully developed.     

Influence of the EU CAP on terrain morphology and vineyard cultivation in the Priorat region of NE Spain

After the GATT agreements in 1986, which removed the existing external protection on wine market, and with demand developing towards a qualitative level, the European wine sector has been subjected to a continuous transformation to accomplish that main objective. To give producers the chance to bring production into line with market developments and to allow the sector to become permanently competitive, the European Commission established the Council Regulation (EC) No. 1493/1999) on the common market organization in wine, later adopted in the 2003 CAP reform. Among other measures, this regulation finances the restructuring of a large part of present vineyards by adopting new farming systems (EC Council Regulation No. 1227/2000), supporting actions as soil preparation, which includes land levelling and terracing. Traditional vineyard areas in Mediterranean mountain environments, with subsistence agriculture and farming systems based on man and animal labour, have taken advantage of the new market opportunities in the wine sector and of this policy as well, and have changed to a market-oriented farming strategy. It has involved the construction of terraces on hillslopes using heavy machinery with the objective of crop mechanization, which has supposed important changes in soils and landscape. An example of this situation is the Priorat region (Catalonia, NE Spain), where vineyards have been cultivated on hillslopes by human and animal labour since the 12th century. Since the early 1990s the region has been undergoing major changes arising from new wine market opportunities and later by vineyard conversion and restructuring EU policy, which subsidizes up to 50% of the cost. In this paper we consider two aspects of the changes that modern farming systems are causing in the region: (a) land use changes after the coming into practice of the EU vineyard restructuring policy and (b) terrain morphology changes due to land terracing and related geomorphological effects. The results show high terracing rates (22.6–36.1 ha year⁻¹) in the study period (1998–2006), accompanied by huge land movements (a cutting rate of about 5475 m³ ha⁻¹). Bad design of terraces has led to the collapse of benches and borders, affecting about 3.5% of the newly planted area. These effects question the suitability of the EU CAP for vineyard restructuring in Mediterranean mountain environments, revealing that although farmers comply with environmental protection requirements, CAP support is not accomplishing the objectives for which was conceived: the protection of the environment by the reduction of impacts of the agricultural activities.     

模糊综合评价法在工矿企业品牌资产评价中的应用

品牌是企业一项极其重要的无形资产，品牌资产是当今企业最有价值，也最有影响力的竞争武器，本文侧重分析从营销角度进行的品牌评估，采用模糊综合评价方法，评估企业品牌价值，帮助企业提高品牌资产管理工作。     

自然资源资产核算的逻辑规则与土地资源资产核算方法探讨

研究目的:探讨自然资源资产核算逻辑规则下的土地资源资产核算理论与方法。研究方法:归纳与演绎,实证研究。研究结果:实现自然资源可持续利用与保护是实施自然资源资产核算的根本目标,核算的内容应以实物量核算为主、价值量核算为辅,应防止自然资源垄断引起过度有偿使用、过度价值化造成利益扭曲;土地资源资产核算内容应包括面积、质量、价格,价值量核算应遵循可市场化原则;对于城镇国有建设用地来说采用基准地价进行核算更具可行性。研究结论:自然资源资产负债表在性质上应属于国家资产负债表范畴,自然资源资产核算的目标是促进生态文明建设,科学、扎实、准确的调查与监测数据是开展自然资源资产核算的重要基础。     

Can process-based modelling and economic valuation of ecosystem services inform land management policy at a catchment scale?

Land produces a range of benefits, from ecosystem services, but markets only incentivise the production of a small proportion of them. The Ecosystem Approach develops plans for moving towards a more optimal mix. This requires stakeholders to understand the value of ecosystem services and how these values change with land-use and management. We investigate whether process-based modelling and economic valuation can help stakeholders to do this. We do this by applying these tools to a plan to improve ecosystem services delivery in a catchment. To be used in decision-support, analytical approaches need to be relatively inexpensive and rapid, and our analysis was deliberately constrained in this way. Two 25-year future scenarios were developed and compared against a baseline scenario. The first Designated Site scenario was based on enhancing the condition of nationally important nature conservation sites. The second, Ecosystem Services scenario, represented implementing the ecosystem services delivery plan. We modelled the change between the scenarios with an internationally recognised process based ecosystem services toolkit (the Land Use Capability Indicator, LUCI tool) and used the model outputs to inform economic valuation methods. Our selection of which ecosystem services to model and value were initially identified through a participatory approach. However those we could quantify was limited by evidence and data availability. We assessed changes in water quality (phosphorus load), sediment generation, carbon storage and flood regulation. We were able to put economic values on only carbon sequestration and flood regulation. Both the modelling results and the experience of applying the linked modelling-valuation approach are examined in the discussion to consider the limitations to the current usefulness of linking process based modelling to economic valuation for informing land management policy. We explore the origin and nature of these limitations and the key bottlenecks that need to be overcome, applicable to its use in other sites, regions and countries. This includes the availability of suitable coefficients and/or underlying data/evidence to parameterise the model, and the compatibility of model outputs with available economic valuation evidence (for value transfer).     

城镇土地估价的相关技术标准分析--<城镇土地估价规程>与<房地产估价规范>比较

研究目的比较分析<城镇土地估价规程>与<房地产估价规范>在技术标准上的差异性,确定未来城镇土地估价的技术规范方向.研究方法文献资料法和比较分析法.研究结果(1)两个技术标准都强调价格的正常性,但土地估价更多从权益角度考虑,突出出让土地使用权的地位,房地产估价更多地从正常市场交易的价格前提考虑,从而导致估价基础的差异;(2)二者估价的方法相近,但术语用词、应用要求存在差别,特别是基准地价的制定和应用在土地估价中有着重要的地位;(3)对土地权益和与之相关的估价目的,土地估价重视不同用途和各种权利状况下的估价操作,房地产估价则重视具体目的估价时对合法原则的遵循.研究结论两个技术标准应逐步统一,以适应规范市场的发展需要,其关键在于明确基准地价在中国估价技术中的重要地位；规范统一专业术语；统一估价目的方法应用要求。     

3 Dimensional data research for property valuation in the context of the LADM Valuation Information Model

Property valuation is a process that promotes sustainable development as it supports and forms several land management activities. Access to information on the legal, geometric, physical, locational and environmental characteristics of property units together with the economic indicators are required for an effective property valuation system. Traditional cadastral systems generally provide only two-dimensional (2D) legal and geometric information about property units, however, today’s valuation practices would benefit significantly from three-dimensional (3D) information in order better to estimate and explain values of property units. The purpose of this paper is to examine how 3D spatial datasets and spatial analyses have been used in property valuation, and to develop 3D valuation unit profile(s) in line with the examination results for the recently proposed Valuation Information Model that extends the ISO 19152:2012 Land Administration Domain Model (LADM) from the valuation point of view. The study focuses more on 3D locational and environmental characteristics of property units; particularly visibility and especially viewshed analysis in terms of property valuation. By using open topography, building and height datasets of the Netherlands, a number of viewshed analyses are conducted to show how it can be utilized using different 3D data sources. The main contribution of the article is to present how 3D datasets and spatial analyses could be used to support property valuation activities and to investigate to what extent it is possible and meaningful to include derived 3D characteristics of property units in valuation registries.     

Implementing a land value tax: Considerations on moving from theory to practice

A land value tax is a recurrent tax on landowners based on the value of unimproved land. There is a widely held view that a land value tax is an economically efficient means of taxing wealth and of encouraging land development. The arguments presented in the policy and academic literature tend to concentrate on the compelling theoretical case, but most do not consider the detail of how such a tax might be implemented. Indeed, land value taxation is not widely implemented as a standalone real estate tax despite the strong theoretical rationale for its use. We explore why this might be by identifying key practical, political and economic factors surrounding the implementation and operation of land value taxation in six countries. We examine the various rationales for the introduction of land value tax, reasons for its continued use or abolition (where applicable) as well the particular practical and political issues which policymakers need to consider prior to introducing land value taxation. These include the need for a comprehensive up-to-date land registry and forward planning of land use at plot level; the provision of a well-resourced and informed valuation profession; resources to undertake robust valuations which separate the value of land from the value of improvements for developed plots and do so on the basis of highest and best use; and the need for widespread political support for the introduction of a new tax (which may be difficult to secure). These issues present significant uncertainty in comparison with already-existing forms of land and property taxation. We conclude that these issues may therefore provide some explanation as to the lack of widespread adoption of land value tax despite the economic theoretical arguments in its favour.     

Exploring the effect of land use on ecosystem services: The distributive issues

The current debate of ecosystem services has focused more on monetary valuation methods and payments for environmental services (PES) then on the classic economic analysis (i.e. assumptions regarding: sustainability, justice and efficiency). This paper examines, taking into consideration ecosystem services, income distribution from different land uses to stakeholders. We study the Portuguese common land ecosystem, which is characterized as having a wide range of ecosystem services. Allowing that all the benefits can be translated into economic value, we estimated the total economic value (TEV) associated with these territories on 5 different land use situations: forest, shrubland, water bodies, mountain agriculture and other uses, and analyzed the current institutional arrangements around these territories. We found that the distribution of the benefits of different land uses is relatively inequality. The results showed that the contemporary institutional arrangements of wealth distribution ensure a relatively fair distribution insider of system; however this institutional arrangement is unable to ensure equitable distribution of wealth by external stakeholders. We can conclude that different types of land use provide a very asymmetric distribution of income by different groups of humans: land owners; citizens of a country, and residents of Earth.     

The influence of valuation practices upon the price of vacant inner city land

Summary

Many earlier studies have provided useful statistical information on the extent of vacant land in British towns and cities, but few have attempted to relate land vacancy to the wider development process. This paper presents recent evidence from Inner Manchester which suggests that valuation practices operate to prevent inner city land prices from falling even in areas of apparent over‐supply. This creates a blockage in the development process. It is shown that asking prices for vacant sites currently on the market are often substantially in excess of the level of prices achieved in recent transactions. As the great waves of compulsory acquisition in Manchester are now over, the statutory rules of valuation do not account for this difference, although historic levels of value have been supported by recent local authority acquisitions by agreement. It is evident that the comparative method of valuation is unable to cope with few transactions or a declining economy, both of which characterize the inner city land market. As a result, inner city land prices appear to be revised downwards only slowly and reluctantly in response to lack of demand or excess supply.     

Modelling property values in Nigeria using artificial neural network

Unreliable and inaccurate property valuation has been associated with techniques currently used in property valuation. A possible explanation for these findings may be due to the utilisation of traditional valuation methods. In the current study, an artificial neural network (ANN) is applied in property valuation using the Lagos metropolis property market as a representative case. Property sales transactions data (11 property attributes and property value) were collected from registered real estate firms operating in Lagos, Nigeria. The result shows that the ANN model possesses a good predictive ability, implying that it is suitable and reliable for property valuation. The relative importance analysis conducted on the property attributes revealed that the number of servants’ quarters is the most important attribute affecting property values. The findings suggest that the ANN model could be used as a tool by real estate stakeholders, especially valuers and researchers for property valuation.     

森林公园景观资产评估市场比较法初探

本文在分析森林公园景观资产特性基本属性的基础上 ,根据市场比较法的基本原理 ,将景观质量调整因素细分为景观质量调整系数和景观经济地理指数 ,从而针对性地解决了景观资产中景观质量调整因素的确定问题 ,文章首次将市场比较法应用于森林公园景观资产的评估中来 ,并给出了部分应用实例 ,为丰富森林公园景观资产评估方法做出了有益的探讨