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Spatially enabled taxation systems provide public policy makers in Australia with a conundrum. For the Valuers General who provide the fiscal cadastre for the taxation system, spatial enablement could lead to a central role in State Government taxation or to a sidelined role. This paper aims to address this issue.

The paper uses a survey of Valuers General.

The paper establishes the current extent of adoption of spatially enabled taxation systems, identifies current provision and uses of valuation data and explores possible future provision and uses of such data.

The sample size for survey may limit its use elsewhere.

The paper concludes that further integration and a unified national policy approach would be preferable.

The first published paper to establish the current extent of adoption of spatially enabled taxation systems and to identify current provision and uses of valuation data in Australasia.

This article discusses the future of property valuation data provision by examining a new data initiative designed to increase valuation data availability known as a National Valuation Evidence Database (NVED). This NVED will be an on‐line source of comparable evidence which, when combined with the National Land Information System, will provide valuers with a single source of on‐line valuation evidence. It is argued that the future of valuation data provision will revolve around these two initiatives and that it is up to property professionals to take the lead in encouraging these initiatives, to indicate to their clients a progressive attitude towards property service provision.

This study sought to highlight the conceptual and empirical grounds precluding accuracy in property valuation thereby exposing the limitations of valuation as proxy for actual transaction price and as basis for performance measurement for property investment. As a way of gauging the current level of awareness on the subject of valuation accuracy among Nigerian valuers (estate surveyors/appraisers) and to ascertain their response to the worldwide phenomenon, the study also included an empirical investigation of the perception of principal stakeholders in Lagos, Nigeria.

For primary data, the study employed questionnaire survey based on cluster sampling technique; while secondary data were sourced from existing literature and results of previous empirical studies.

“True market value” is unattainable; while valuation rarely identifies its target – the transaction price as surrogate of the “true market value”. In Nigeria, considerable gap exists between expectations and realities in valuation accuracy.

While efforts devoted to improving the accuracy of property valuation are laudable, the study revealed the extent to which such improvement is feasible.

The study suggested measures that would help Nigerian valuers hone their skills for improved level of accuracy; while funds managers and other valuation end-users are cautioned against blind use of valuations as performance yardstick for property investments.

This paper is devoted to urban land zoning for taxation purposes in advance of the establishment of a land market. It typifies most urban areas in Ukraine, a country in transition to a market economy. The assessed values in Ukraine do not reflect market values, as the land market is immature. The disadvantages of the current assessment system are described. The reasons why the usual Western valuation methods cannot be applied are also discussed. A proposal is presented here for a new approach to the analysis of land values and real estate markets. For this purpose, three groups of methods are described and evaluated. In the proposed structure of assessment zoning, several possible approaches to zones formation are foreseen. While the paper proposes methods that could be used, these are not backed up with empirical data. The implementation of the proposed approach is the subject for future research.

Challenges of property data in developing markets have been reported by several authors. However, a deep understanding of the actual nature of this phenomenon in developing markets is largely lacking as in-depth studies into the actual nature of data challenge in such markets are scarce in literature. Specifically, the available literature lacks clarity about the actual nature of data challenges that developing markets pose to valuers and how this affects valuation practice. This study provides this understanding with focus on the Lagos property market.

This study utilises a qualitative research approach. A total of 24 valuers were selected using snowballing sampling technique, and in-depth semi-structured interviews were conducted. Data collected were analysed using thematic analysis with the aid of NVivo 12 software.

The study finds that the main data-related challenge in the Lagos property market is the lack of database of market property transactions and not the lack or absence of transaction data as it has been emphasised in previous studies. Other data-related challenges identified include weak property rights institution with attendant transaction costs, underhand dealings among professionals, undocumented charges, undisclosed information, scarcity of data relating to specialised assets and limited access to the subject property and required documents during valuation. Also, the study unbundles the factors responsible for these challenges and how they affect valuation practice.

The study has implication for practice in the sense that the deeper knowledge of data challenges could provide insight into strategy to tackle the challenges.

This study contributes to the body of knowledge by offering a fresh and in-depth perspective to the issue of data challenges in developing markets and how the peculiar nature of the real estate market affects the nature of data challenges. The qualitative approach adopted in this study allowed for a deep enquiry into the phenomenon and resulted into an extended insight into the peculiar nature of data challenges in a typical developing property market.

This paper aims to identify the imbedded option value in price of auctioned land in Hong Kong, and to propose a more accurate valuation method in predicting land price.

Based on records of land auctions and property transactions during two periods of very different market conditions, land prices are estimated using the traditional hedonic pricing method as well as the option model modified from Quigg. The results are compared to deduce whether there is any imbedded option value, thus concluding whether the option model facilitates a more accurate valuation of land prices.

This study concludes that land auction prices have embedded option value in waiting to develop land. Option premiums increase with implied volatilities, which go up during market downturns, suggesting that developers place higher value on the option to develop during recessions.

The accuracy of the analysis may have been compromised by the limited number of land auctions conducted and the difficulties in inferring the value of multi‐ownership residential buildings from sample transactions of their constituent individual units. Future research will benefit from a larger sample of transactions.

This paper illustrates that real option models provide the property industry with a valuation tool that addresses the concern arising from the irreversibility of investment decisions.

The study finds out the option premiums of vacant land in Hong Kong, lending empirical support to the application of option‐based models for more accurate land valuation under different market conditions.

This paper seeks to investigate the nature and magnitude of the distortion in appraisal land price information according to change in the market, with a special focus on the Government's Published Land Prices.

In Japan, there is an item of land price information, so‐called Koji‐Chika (PLPS: Published Land Price Information System), that is a survey of fair market value by the qualified appraisers. The valuation error of this land price information was analyzed using the following method. First, hedonic price indices were constructed based on both actual transaction prices and the Published Land Prices, they were then compared to detect possible distortions in the governmental price information. Also the possibility of structural change in the Japanese real estate markets was studied and its effect on price indices was considered. Analysis of the Tokyo metropolitan area in Japan took place between 1975 and 1999

Large and systematic discrepancies between actual transaction prices and the Published Land Prices were identified, which might suggest that there are serious problems in the governmental information system. It is believed that it is necessary to consider this issue in the context of the entire real estate appraisal system in Japan.

Limitations stem from the nature of Japanese data. Future research will seek to look at values on an IPD index.

The land market in Tokyo experienced a so‐called Bubble economy, and the rapid rise and fall of the land price were generated for this period.

Automated valuation models have been in use at least for the last 50 years in both academia and practice, while automated valuation recently re-emerged as very important with the rise of digital infrastructure. The current state of the art, therefore, justifies the dual contributions of this paper: organising existing knowledge and providing a new framework.

This paper provides much-needed analysis and synthesis of the accumulated body of knowledge by proposing an updated classification of automated valuation approaches based on two criteria, and a taxonomy adapted to new trends. The latter requires a paradigm shift from models to automated valuation systems. Both classification and taxonomy arose after literature review.

This paper provides a framework for an explicit context under which automated valuation is carried out. To do so, authors propose a definition of automation valuation systems; contextualise the differences among theories, approaches, methods, models and systems present in automated valuation and introduce a classification of automated valuation approaches and a non-hierarchical taxonomy of automated valuation systems.

Perhaps, a systematic literature review process instead of a selective list of 100 references could additionally validate the proposed classification and taxonomy.

The new framework, underlying various dimensions of the automated valuation process, can help practitioners surpass judging models based purely on their predictive accuracy. Also, the automated valuation system is a more generic term that can better accommodate future research coming from a multitude of disciplines, more diverse business areas and enlarged variety of practical users.

This is the first paper that develops a taxonomy of automated valuation systems.

Many taxing authorities use unimproved land (site) values as a tax base. In highly developed urban areas this may require the use of indirect valuation methods, such as an extraction technique to arrive at the land value. The purpose of this paper is to propose that the land extraction (residual) valuation calculation of an investment property should incorporate productivity variables, rather than cost based figures, in order to simulate market value principles.

This paper examines the assessment of the land component of investment property as an ad valorem tax base. It justifies a valuation methodology using the market comparison approach before developing a model to meet specified criteria. The model incorporates productivity based benchmarks and differentials appropriate for shopping centre properties. The model is then tested on an Australian shopping centre.

This paper found that the land value component of a major shopping centre in Australia could be derived from comparable vacant and improved sales using the variables of moving annual turnover (MAT) and gross lettable area (GLA) as key value determinants.

This exploratory research identified a model that is appropriate for major shopping centres in Queensland, Australia. The model could form the framework for other types of investment property but the key productivity determinants would require re‐examination.

This study provides a practical solution to an ongoing valuation problem arising from the rating legislation in Australia, which requires the determination of site value for all property types.

This paper uses productivity variables to assess the site value of investment property. This innovative methodology can provide a more accurate appraisal of site values.

This paper aims to analyse how Dutch Compulsory Purchase (CP) compensation is decided on and to explore to what extent the valuation of the CP compensation is assessed by professionals within a range of 10 per cent (higher or lower) difference.

The authors study CP compensation using the Dutch Legal Intelligence database, assessing every publicly available court decision and comparing the compensation that is offered in the voluntary negotiations and during the CP procedure in court.

The results show that there are many uncertainties in the valuation process of CP that lead to a broad range of valuation outcomes. In 94 legal CP cases from the Netherlands, the final offer of compensation in court was on average 56.7 per cent higher than the last compensation offer from the expropriator. The differences in valuation were related to several aspects including different systems of valuation and different interpretations of the CP legislation.

A central issue in the CP procedure is the amount of compensation that the landowner receives. There are few researchers who have studied how accurate CP compensation is appraised in practise. This is one of the first attempts internationally to empirically conduct an analysis of CP compensation values.