Property Valuers Sydney provides reliable services regarding their property

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Property Valuers Sydney

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Property Valuation – What it is and what it is for

The Property Valuation is the determination, by the administration, of the value for tax purposes and payment of taxes.

Having the Property Valuation is of great relevance to face a procedure with both technical and objective information about the property.

The professional in charge of carrying them out is the Real Estate Judicial Expert, a specialist in the Property Valuation that determines the value of a real estate asset. In the same way, it is able to analyze Real Estate Appraisals already carried out as well as to study if the criteria that are followed are adequate and legally acceptable.

Many of our Real Estate Appraisal Experts are certified APIs (Real Estate Agents), which is a guarantee of knowledge and can help you in your case.

In this post we will explain what this type of Property Valuation consists of and we will detail the difference between Appraisals and Property Valuations.

What is Property Valuation

Property Valuation is the determination of the market value of a property.

An expert in Property Valuation can help in conflicts that involve the appraisal of buildings or homes. Within the field of action are properties:

  • Commercial
  • Industrial
  • Residential
  • Agricultural

Each of which requires specific knowledge. Therefore, you must have the expert expert in real estate appraisal, appropriate in each case. At PJ GROUP we put at your disposal the best experts in Property Valuation and appraisal.

Our Property Valuation Experts are crucial when there are disagreements about the value of a real estate asset. For example, when there is a distribution of an inheritance, and a part benefits from the “downward” appraisal. In these cases, our Experts provide objective and rigorous information on the value of the property.

Real Estate appraisals are especially necessary when, in addition, there is a change in the use, classification or qualification of the land. Which entails a radical change in the price of the square meter.

In addition, currently, cities are undergoing a Adelaide Property Valuer process of internal rehabilitation, so the areas where the properties are located change their characteristics completely. In any case, expert experts in Property Valuation are required to determine the appropriate value to the characteristics and that the owners are treated fairly.

What is taken into account in a Property Valuation

When a real estate sale is made, an appraisal may be required to determine the value of the same. In this way, it is assigned a fair market value, by a professional with knowledge and experience in the field.

This must take into account all aspects that may vary the value of the property,such as:

  • Surface
  • Classification
  • Qualification
  • Location
  • Form
  • Use
  • Structure
  • Services

And any feature that may have an impact on the value of the property. As you can see, most are technical factors that require the study of a specialist.

In addition, a large number of details must be taken into account during the real estate appraisal process to reach an exact value. This process applies to any type of property, such as:

  • Plots
  • Residential properties, housing blocks, single-family homes
  • Industrial buildings
  • Commercial real estate

What is the (minimum) Reference value or “Legal Value”

It is a value for tax purposes (IBI, ITP, AJD, etc.), which is binding for the respective operations, even if a lower value is recorded.

That is, if a property is sold for € 100,000, but the reference value is € 140,000, the buyer will pay the ITP taking into account the minimum € 140,000. On the other hand, it would have been sold for € 200,000 (declared), it would be paid based on this sale price because it is higher than the reference price.

Is an Appraisal the same as a Property Valuation?

No. The appraisal is the fixation for an official sale. That is, it takes into account the specific data of the property, but also all the contextual characteristics that may vary the value of the property (reforms, evolution of the neighborhood where it is located, nearby facilities, etc.

In short, an appraisal is an official Property Valuation. Although on many occasions these terms are confused.

What is the purpose of Valuing a Property

The Property Valuation may be needed for different reasons. It is not only useful for the sale of it, but also for other purposes, such as:

  1. TAX PURPOSE. When paying any of the taxes associated with the properties
    and their sale, such as: – Inheritance and Donations Tax (ISD)
    – Property Transfer Tax (ITP)
    – Documented Legal Acts, formalization of notarial documents (AJD)
    – Plusvalía (IIVTNU)
  2. ACCOUNTING PURPOSE. This area is very varied, given the casuistry of situations where assessment is required. Among others, the
    reasons are: – Financial information of credit
    institutions, operations, companies, etc. – Commercial operations
    (Mergers,
    Corporate Operations, Bankruptcy) – Management of sale or rental – Auctions
    – Distribution of inheritances
    – Separations of assets in divorces
  3. FINANCIAL PURPOSE. For everything related to the mortgage and insurance market, itis necessary to know the value of the property. Specifically in the
    following situations:
    – Mortgage guarantee
    – Mortgage recovery
    – Adjudication for quick
    sale – Assets of investment institutions – Real estate assets of Pension Funds – Coverage of Insurance Companies
  4. JUDICIAL PURPOSE. These are all those cases in which there is a dispute between parties, and it is required to know the value of a property.
  5. ADMINISTRATIVE PURPOSE. It is required
    for cases such as: –
    Determination of the fixed assets of a commercial company – Urban projects (expropriations, reclassifications, etc.)

    – Cadastral acts

How useful are Property Valuations?

In addition to the purposes mentioned above, Property Valuations are of great relevance in more specific situations.

Cases in which a Real Estate Judicial Expert expert in real estate appraisal is required may be related to the misrepresentation of the value of the property and other matters related to real estate, such as:

  • Defects in real estate
  • Decrease in value
  • Insurance
  • Foreclosure
  • Natural disasters
  • Fraudulent valuation
  • Accidents

In all these cases, the professionals in charge of carrying out the different Property Valuations will study the characteristics and influential factors of the properties involved in the procedure, be it an inheritance, a work process or the payment of taxes.

The inspection carried out by pj group specialists will be very useful to check its condition and have an objective assessment. It will also be related to the market situation as well as the peculiarities of each case.

Property Valuation Methods

As has been said, the Property Valuation has among its purposes the preparation of self-assessments of taxes, both that of Patrimonial Transmissions and Documented Legal Acts, as well as that of Successions and Donations.

Therefore it is an assessment made by the Autonomous Communities. Through different applications, which are detailed below, information on the value for tax purposes of real estate is provided.

If what you need in an appraisal of a property, in Perito Judicial GROUP we can help you.

How to Value a Property?

The free Property Valuation can be done through the portals of each Autonomous Community. As has been said, these are not appraisals, but Property Valuations for tax purposes. If you need an appraisal, do not hesitate to contact us.

Types of Property Valuations

For tax purposes, there are different Property Valuation, depending on the property and its characteristics. Therefore, the following casuistry is considered as special, for which the generic means of Property Valuation do not apply:

  1. Real estate of an urban nature for non-industrial or residential use
  2. Real estate in which the value exceeds € 300,000
  3. In the case of unbuilt land,plots, buildings with buildings in a dilapidated state in their entirety,
  4. In unique buildings of a historical, cultural or artistic nature
  5. Goods without cadastral reference
  6. Real estate with a price established in judicial, notarial or administrative auction
  7. If the transferor or acquirer is a public administration

The administration shall take the highest value between the declared value and the value which the Community determines to be appropriate.

This will apply both to the Property Valuation of urban assets and to the Property Valuation of rustic goods.

Expert in Property Valuation

In many litigations it is important to know the value of real estate to resolve disputes, which requires experts in Property Valuations and appraisals of buildings. But, in addition, each particular situation requires a specific type of Expert.

All Property Appraisal Experts are graduates with experience and knowledge in real estate management, investments and development.

Real estate appraisal experts are divided into specific categories, each working with a type of property and employing different criteria to establish the value. The conclusion of their work is based on the determination of the fair market value, referring to the moment in which the appraisal is carried out.

In PJ GROUP we have a team of first class professionals, who can help you with your appraisal quickly and easily.

Property Valuations & Appraisals

The Property Valuation tries to calculate the value of a plot, plot, housing or construction. As we can see, it is very useful in a wide variety of areas, so it is essential to have the right Expert in each case, with knowledge and specific experience in the area.

Property Valuation may be required for problems with the insurance company, to claim them if any problem or catastrophe has occurred (fire, earthquake, structural collapse, etc.).

Other lawsuits are made against the previous appraisers,if in the work they have done there are significant calculation errors, which can lead to large economic losses. These situations are frequent in inheritance distributions, where Property Valuation greatly affects the determination of the amounts assigned to each heir.

Real estate appraisals, in addition, include the determination of the value of the land, use, etc. not only the value of what was built. Therefore, it requires Property Valuation methods that take into account the possible economic benefit that having that property can bring.

Therefore, real estate appraisals and Property Valuations require high levels of specialization and experience.