Abstract
Part Two of this article deals with problems related to land valuation. For that purpose, a site of 6.89 ares located in Švitrigailos Street XX, Vilnius, was selected as the research object and appraised using three approaches: the sales comparison approach, the MAMVA method and the mass valuation approach. Peculiarities of these methods in land valuation were reviewed and the recommendations were provided for land valuation for taxation purposes applicable in a new Model for Lithuanian Real Property Taxation System. Santruka Antroje šio straipsnio dalyje nagrinejamos problemos, susijusios su žemes sklypu vertinimu. Tuo tikslu buvo parinktas konkretus 6,89 aru ploto žemes sklypas, esantis Švitrigailos g. XX, Vilniuje, ir ivertintas trimis būdais: lyginamosios vertes, MAMVA metodais ir masinio vertinimo būdu. Apžvelgti šiu metodu taikymo ypatumai vertinant žemes sklypus, pateiktos rekomendacijos, kaip nustatyti mokestines žemes sklypu vertes ir pritaikyti siūlomam naujam Lietuvos nekilnojamojo turto apmokestinimo modeliui.
Highlights
Part One of this article (Raslanas et al, 2010) stressed the importance to follow the principle of just taxation, which is understood as calculation of the exact and valid tax value. Chapman et al (2009) stated that land value taxation has numerous potential advantages compared to conventional property taxes on capital and land
Mass valuation models are commonly based on the sales comparison method and the ordinary least squares (OLS) linear regression is the the sales comparison approach is the most common and preferred method, the results obtained from mass valuation models are influenced by the number of market transactions used in the analysis and by the accuracy of the data, which are sales prices
The real property taxes are ad valorem taxes and, within the last decade, the prices of real estate have been growing faster than the revenues related to real property taxes, the system’s operation was defective
Summary
Part One of this article (Raslanas et al, 2010) stressed the importance to follow the principle of just taxation, which is understood as calculation of the exact and valid tax value. Chapman et al (2009) stated that land value taxation has numerous potential advantages compared to conventional property taxes on capital and land. Chapman et al (2009) stated that land value taxation has numerous potential advantages compared to conventional property taxes on capital and land. This statement is based on the idea that land values are assessed without error. Aragonés-Beltrán et al (2008) proposed the application of the Analytic Network Process (ANP) based on the Multiple Criteria Decision Analysis (MCDA) in property valuation. It attempts to deal with some of the drawbacks found in classical property valuation methods and to broaden the scope of current approaches. The PariTOP technique is based on the direct comparison method, where the market value of property is explained through its comparisons with other successfully sold properties
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