Nominal asset land valuation technique by GIS
Yomralioglu, Tahsin and Recep Nisanci
Land valuation is the process of assessing the characteristics of a given piece of land. The process may be described as a carefully considered estimate of the worth of landed property based on experience and judgment..However, the objective of land valuation is to determine value; a term generally prefaced by some description such as market value or benefit value. In the land valuation, it is a common understanding that the value and potential of a property are fundamentally determined by its location. This emphasizes the significance of spatial factors in decision making of land valuation. A geographical information system (GIS) is undoubtedly useful in this decision making. A sufficient estimation can be done by analyzing a certain amount of land characteristics in an objective way. In order to make adequate value estimation for a land, there are many tangible and intangible land valuation factors that should be taken into account during the valuation process. In this paper, a method which called nominal asset land valuationn has been introduced. In this method rather than dealing with the real-market prices, the qualitative and quantitative characteristics of individual land properties have been examined. To determine the value of a land, some land valuation criteria are selected and formulated so that property values are assigned by the numerical parameters rather than real-market values. These parameters are derived from a combination of the selected land valuation factors which can be spatially analyzed by using GIS. Land value can then determined as a single unit figure which represents all factors affecting the land as compared to others. Nominal values based on a pixel such as a bit of land were calculated, and necessary valuation analyses in order to produce land valuation maps were done by GIS. As a result, a visual land valuation model created which will be readily understood by individuals unfamiliar with mass appraisal procedures as well as appraisal professionals.
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