A model of single value of property for multipurpose (SVMP) based on government's tax value approach : case of Antapani Kidul Housing District, Municipality of Bandung, Indonesia
Virtriana, Riantini, Iwan Kurniawan and Bambang Edhi Leksono
Real Property transactions are one of the most important in economic activities. It is also considered that real property system enhancement should be placed as one important agenda to accelerate growth of national economic. Due to rapid economic development activities, it may causes complex real property related activities such us conveyance, mortgage, taxation, and asset valuation. Hence, real property system must have complete, accurate and reliable data bank that used as primary references for valuation and appraisal purposes. In terms of Indonesia, property could assessed by several different institution, such banking, insurance (financial institution), real property agent, and taxation office (government). Those stakeholders asses the same object with different procedure, specification, and point of view as well. Therefore, different value from the same object is common. This research aimed to build up a model of single value of property for multipurpose that based on NJOP (governmentts tax value) and started with an area of Antapani Kidul Housing, Municipality of Bandung, Indonesia. The modeling of SVMP (Single Value of Property for Multipurpose) are constructed by comparing NJOP with market price data to obtain the differences using statistic method. Hence, difference for every single zone or property classification will then added to NJOP in order to establish the SVMP. This model has six parameters; land price, building price, infrastructure availability, road classification, number of storey within property unit, and the building age. Each parameter is defined to have a different weight. Finally, with statistic computation this model shows a level confident at 95% for each parameter. This SVMP model resulted 102% of difference with existing market price.
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