Land valuation: what is it and how is it done? The procedure for assessing the market value of a land plot The procedure for determining the market value of a land plot.

How is the market value of land determined? How much is an acre of land worth? Is it possible to find out the market value of land by cadastral number?

When selling any product or service, we offer a price that we believe is fair. To do this, we find similar ads and compare them with ours. However, this is not always possible. Especially for atypical objects of sale, for example, for some land plots.

My name is Valery Chemakin. As a legal consultant, in this article I will talk about market value land plot.

I will also talk about where and how to order an appraisal of the market value of land.

1. What is the market value of a land plot and why do you need to know it

In conditions of free commercial circulation of land, prices for plots are formed by the market. Most often, objects of the same type in a particular area cost about the same. This is due to the fact that the market is capable of self-regulation, despite the apparent randomness.

Based on the above, we formulate a definition.

This is the price at which it can be sold within a reasonable time on the free market, with mutual satisfaction with the results of the transaction of both parties.

Where can I find out the market value of the land? In most cases, the answer to this question is obvious. It is enough to open any site with ads and study the offers in the area of ​​the land. However, if there is not a single similar plot for sale, you will have to resort to the help of appraisers.

If you need an official expert opinion, for example, for a court, an independent one is also carried out. Read our special article about the essence of this concept. Experts to determine the market value of the site use different methods of evaluation, depending on the purpose of the land.

For example, with an agricultural land plot, the formula uses the factor of potential profit from maintaining Agriculture or commercial production. The calculation of the market value of an industrial land plot also takes into account potential income, but from other economic activities.

2. How much does a hundred square meters of land cost - an overview of the main factors affecting the market value of a plot

Without going deep into the procedure for assessing the market value of a land plot, I note that there are dozens of factors influencing its formation.

Here are the main ones.

Factor 1. Site location

This is the most important factor, since it is he who has a decisive influence on the formation of prices. The closer land is to major cities, the more expensive it is.

Example

Recently I sold a plot of 17 acres in countryside with communications, but 200 km from the nearest large city for only 100 thousand rubles. Immediately after that, he acquired 20 acres of land within the boundaries of Tyumen, albeit without communications, but for 1.5 million rubles.

This is a penny compared to the price of land in the elite suburbs of Moscow. Even within the boundaries of one cadastral region, the price of plots of the same area differs quite a lot, despite the similar ones. It depends on the individual characteristics specified in the next subsection.

Factor 2. Soil condition and terrain

People acquire land not just for building a house, but for further outdoor activities. Therefore, the site should please a person with its appearance, proximity to a forest, river or lake, soil fertility. Ravines, ditches and other undesirable landforms greatly reduce the cost, as well as marshy or salty soil.

Factor 3. Presence of buildings on the site and their condition

The market value of land with a residential building is much higher. After all, it includes the price of the building itself, even if it is an old dilapidated house that will have to be demolished. However, the condition of the buildings also matters. Obviously, a plot with a cottage is much more valuable than one with a barn.

Factor 4. Ability to connect to communication networks

Often, municipalities finance the construction of utilities on plots for individual housing construction (IZHS). Conducted electricity, gas and water supply greatly increase the value of the land.

Example

The site I purchased has no communications or even access roads, so it costs 1.5 million rubles. Such land in the nearest already inhabited village costs at least 3 million rubles. So I have a chance to get a good profit after summing up engineering networks.

Factor 5. Probability of making a profit for a certain period from the use of the site

Agricultural lands or for the construction of industrial facilities are intended for the production of material goods, which means they are able to make a profit. Areas near federal highways are especially valued. This potential income is also included in the market value of such plots.

3. Who is involved in determining the market value of land - an overview of the main options for appraisers

For any legally significant actions, it is not enough just to know the price of your site. It is necessary to obtain an official opinion from professional appraisers, drawn up in accordance with the law on appraisal activities.

Let's look at who sets the market value of a land plot, how it is determined and where to apply for this.

Option 1. Specialized appraisal bureau

Today there are many commercial offices engaged in various types of valuation activities. A prerequisite is that they must be members of self-regulatory organizations (SROs). These firms only perform appraisal activities, but do not provide other services, such as legal ones.

Option 2. Independent private appraiser

The law does not prohibit engaging in individual appraisal activities, so you can also find a private appraiser. He uses the same valuation principles in determining the market value of a land plot as an employee of any firm. The private appraiser is subject to the same law on appraisal activities.

Option 3. Real estate agency

Any major real estate agency has appraisers on its staff. Therefore, if you decide to sell the land through a real estate agency and do not know what price to set, they are at your service. This is very convenient, since their work will be paid from a commission.

Option 4. Law firm

Many law firms are not limited to legal assistance to clients. They offer expertise and appraisal services. It is advisable to contact such offices when you need not only to find out the cost of the object, but also to get legal assistance. For example, it is required in court to divide property with a former spouse, but you do not agree with his assessment.

It is especially common to go to court to reduce the cadastral value in order to pay less tax. To do this, the contestation procedure is carried out after, but you better read about this in our special article.

4. How to find out the market value of a land plot - step by step instructions

If you do not know how the market value of a land plot is calculated, but you need it just for reference, and not for legally significant actions, then use one trick. Now the state is striving to bring the cadastral value closer to the market value in order to collect more taxes. Information about the cadastral value is in the Rosreestr database.

Therefore, calculate online the approximate market value of the land using its cadastral number. To do this, visit the website of Rosreestr or any intermediary company and enter the number in a special search form. Instead of a cadastral number, it is allowed to enter an address, but if it already officially exists.

When you need an official paper on the market value of a land plot, for example, to register the right to lease, then contact professional appraisers. How to do it - read on.

Step 1. Choose an appraisal company

Depending on the scope and complexity of the work, choose an independent appraiser or contact an appraisal company. To choose the right company, first inquire about all available in your area.

Ask friends, family and neighbors. Suddenly someone recently used the services of an appraiser. Read the forums. As a result, you need to choose the best company in terms of cost and quality of services provided.

Step 2. Define a set of questions for the expert

Before concluding a contract, you need to decide on the questions you want to ask the expert. It is recommended to immediately settle all the nuances with him.

Questions for the expert:

• whether he will go to the site or conduct an assessment according to the documents;
• what is included in the cost of services;
• how he will evaluate the site;
• How long does it take him to get to work?

Do not forget to look at him for some example of assessing the market value of a land plot. Looking at it, you will understand how responsibly and accurately the appraiser works and whether the form of the report meets the requirements.

Step 3. We provide the necessary documentation

To carry out the work, the appraiser will need technical documentation for the site, as well as documents confirming your ownership.

If you didn’t have something, then you can always order the missing item on the USRR 365 website. Just go to this portal and you will see what documents they are preparing. In the same place, in the search form, enter the cadastral number of the site and get information from the Unified State Register of Real Estate (EGRN). It's free.

You need an official cadastral certificate, an extract from the USRN or technical documentation for the site - pay the money and they will deliver it all to you by courier. Official certificates and other documents have the seals of Rosreestr. If printing is not needed, then the cost of the service is an order of magnitude lower.

Step 4. We pay for the service and conclude an agreement

After all the documents are ready, sign the contract and pay for the service. Be sure to read the terms of the contract carefully. It should spell out the appraiser's responsibility for the problems that arose due to his fault due to an incorrect assessment of the market value of the land.

Step 5. We agree on the date and time of the assessment

Since most often for a competent and correct assessment it is necessary to examine the site itself, then coordinate with the specialist in advance the time and date of this event. After all, only after its implementation, he will be able to proceed directly to the calculations. By the way, ask in advance if his departure is included in the cost of the entire service. If not, then find out if you need to pay right away or later.

Step 6. We are waiting for the arrival of a specialist

On the appointed day and hour, meet a specialist and escort to the facility. Stay close during the inspection. Perhaps there will be some clarifying questions regarding the individual characteristics of the site. This may be the quality of the soil, the degree of flooding in the spring, the presence of other hidden factors that you consider necessary to take into account.

Step 7

The report on the appraisal of the market value of the land plot contains the installation data of the owner of the object and the appraiser. An important component of the report is the description of the methodology and its legal justification.

For example, the use of the mass valuation method in determining the market value of land plots is only permissible in relation to standard land for construction within the boundaries of settlements.

Quite different methods are used when establishing the market value of forest fund lands, agricultural land, land for industrial facilities, as well as any atypical land plots. Any report ends with a conclusion, which indicates the market value.

If you want to consult on these or other legal issues in more detail, visit the website of Pravoved. There you will find a convenient form feedback through which you can ask a lawyer a question.

State your problem briefly and clearly. As a result, you will receive a comprehensive answer with a specific algorithm of actions to solve the problem. The cost of such an online consultation is less than 1000 rubles.

5. Professional assistance in determining the market value of a land plot - an overview of the TOP-3 appraisal companies

Turning to an appraisal company, we must be sure of the professionalism of specialists. In addition, we do not want to overpay.

Below I offer an overview of 3 well-known appraisal companies, in which it will be inexpensive to order an appraisal of the market value of a land plot.

This company is engaged in real estate appraisal for banks. If you want to get a loan secured by your land, and the cadastral value is too low, contact the company Yurdis. It works with most major Russian banks. They trust her, so be sure that your site will be adequately assessed and you will get the loan you want.

It is also possible to order here, which you want to use as collateral. The company's appraisers are ready to calculate the liquidation value of the object, which is 20% lower than the market value. Needed for a quick sale. Such services cost only 4 thousand rubles, which is much lower than that of competitors.

The company provides all types of appraisal services. Land plots are valued in three different ways in agreement with the customer: with or without inspection of the object, by issuing an expert opinion on the value of the land without appraisal actions.

What are the advantages of Consult Pro Evaluation:

№	Advantage	Benefit
1	Legal force	The report will be accepted in any court, bank and government agency
2	Knowledge market conditions Moscow	Take into account the prestige of the area, building density, environmental factors
3	Reliability	Achieved through a thorough analysis of the market situation at a particular point in time
4	Convenience	The service can be ordered through the site, take into account all the wishes of the customer
5	Efficiency	All work is carried out in the shortest possible time

On the company's website, it is proposed to create a personal account through which it is very convenient to control the implementation of the land valuation service. It is also easy to track the history of your orders. All reports are fully compliant with the law, which guarantees their acceptance in banks, courts and government bodies Specialists carry out calculations using special programs, which reduces the likelihood of errors to a minimum.

The site even has an online calculator with which you can evaluate some objects for free. Appraisers work at any time and are ready to fulfill an urgent order even on weekends. The firm offers special profitable terms cooperation with regular customers.

A number of unified methods are used to determine the price of land. They are general methods and valuation technologies that can be applied to establish its value, regardless of the type of land use. The possibility and expediency of applying one or another methodology or method for land valuation depends on the purpose of the valuation, the type of real estate being valued, and the availability of initial data. A prerequisite determining the market value of land for any purpose is the use of market data. Our appraisal company in Moscow provides services for assessing all types of territories with the selection of the best method for you.

The main methods used for land valuation are:

• sales comparisons;
• discharge;
• distribution;
• capitalization of land rent;
• remainder;
• intended use.

This list is standard. It was approved by the order of the Ministry of Property of Russia dated March 07, 2002 No. 568-r in the document " Guidelines to determine the market value of land plots". These methods are used to assess any type of territory. You can find out more about the assessment services and the methods used on the pages

1. Sales comparison method

It is used to assess land plots, both occupied by buildings, structures and (or) structures, and land plots free from development. The condition for applying the method is the availability of information on the prices of transactions with land plots that are analogues of the assessed one. In the absence of information on the prices of transactions with land plots, the use of supply (demand) prices is allowed.

This method of land valuation involves the following sequence of actions:

• determination of the elements by which the object of assessment is compared with objects - analogues (hereinafter - the elements of comparison);
• determination for each of the elements of comparison of the nature and degree of differences of each analogue from the assessed land plot;
• determination for each of the comparison elements of price adjustments of analogues corresponding to the nature and degree of differences of each analogue from the assessed land plot;
• adjustment for each of the price comparison elements of each analogue, smoothing out their differences from the assessed land plot;
• calculation of the market value of the land plot by reasonable generalization of the adjusted prices of analogues.

The elements of comparison include the cost factors of the appraisal object (factors, the change of which affects the market value of the appraisal object) and the characteristics of transactions with land plots that have developed on the market.

The most important cost drivers tend to be:

• location and environment;
• intended purpose, permitted use, rights of other persons to the land plot;
• physical characteristics (relief, area, configuration, etc.);
• transport accessibility;
• infrastructure (presence or proximity of engineering networks and conditions for connecting to them, social infrastructure facilities, etc.).

2. Extraction method

The basic rules for land valuation, which this methodology contains:

This method of land valuation involves the following sequence of actions:

• calculation of the cost of replacement or the cost of reproduction of improvements to the assessed land plot;
• calculation of the market value of the assessed land plot by subtracting from the market value of a single real estate object, including the assessed land plot, the cost of replacement or the cost of reproduction of improvements to the land plot.

3. Method of distribution

It is used to evaluate built-up land plots.

Land valuation rules approved by this methodology:

• availability of information on the prices of transactions with single real estate objects, similar to a single real estate object, including the assessed land plot. In the absence of information on transaction prices, it is allowed to use offer (demand) prices;
• availability of information on the most probable share of the land plot in the market value of a single real estate object;
• conformity of improvements to the land plot to its most efficient use.

The method involves the following sequence of actions:

• determination of the elements by which a single real estate object, including the assessed land plot, is compared with objects - analogues;
• determination for each of the comparison elements of the nature and degree of differences of each analogue from a single real estate object, including the assessed land plot;
• determination for each of the comparison elements of price adjustments of analogues corresponding to the nature and degree of differences of each analogue from a single real estate object, including the assessed land plot;
• adjustment for each of the price comparison elements of each analogue, smoothing out their differences from a single real estate object, which includes the assessed land plot;
• calculation of the market value of a single real estate object, including the assessed land plot, by reasonable generalization of the adjusted prices of analogues;
• calculation of the market value of the land plot under appraisal by multiplying the market value of a single real estate object, including the land plot being appraised, by the most probable value of the share of the land plot in the market value of a single real estate property.

4. Method of capitalization of land rent

This method of land valuation is applied to the valuation of built-up and non-built-up land. The condition for applying the method is the possibility of obtaining land rent from the assessed land plot.

This method of land valuation involves the following sequence of actions:

• calculation of land rent created by a land plot;
• determination of the value of the corresponding coefficient of capitalization of land rent;

The capitalization of land rent is understood as the determination on the date of the assessment of the value of all future values ​​of land rent equal to each other or changing at the same rate for equal periods of time. The calculation is made by dividing the amount of land rent for the first period after the date of the appraisal by the appropriate capitalization coefficient determined by the appraiser. As part of this method the amount of land rent can be calculated as income from the lease of a land plot under the conditions prevailing on the land market.

5. Remainder method

It is used to evaluate built-up and non-built-up land plots. The condition for applying the method is the possibility of building up the assessed land plot with income-generating improvements.

This land valuation method involves the following calculation rules:

• calculation of the cost of reproduction or replacement of improvements corresponding to the most efficient use of the assessed land plot;
• calculation of net operating income from a single property for a certain period of time based on market rental rates;
• calculation of net operating income attributable to improvements over a certain period of time as the product of the cost of reproduction or replacement
• calculation of improvements for the corresponding coefficient of capitalization of income from improvements;
• calculation of the amount of land rent as the difference between the net operating income from a single real estate object for a certain period of time and the net operating income attributable to improvements for the corresponding period of time;
• calculation of the market value of a land plot by capitalizing land rent.

6. Intended use methodology

This method of land valuation is applicable for built-up and non-built-up land plots. The condition for applying the method is the possibility of using the land plot in a way that generates income.

The land valuation rules approved by this method assume the following sequence of actions:

• determination of the amount and time structure of expenses necessary for the use of the land plot in accordance with the option of its most efficient use (for example, the cost of creating improvements to the land plot or the cost of dividing the land plot into separate parts that differ in forms, type and nature of use);
• determination of the amount and time structure of income from the most efficient use of the land;
• determination of magnitude and temporal structure operating expenses necessary to receive income from the most efficient use of land;
• determination of the value of the discount rate corresponding to the level of risk of investing capital in the assessed land;
• calculation of the value of the land plot by discounting all income and expenses associated with the use of the land plot.

The final value of the estimated value of the land plot is derived based on the results obtained various methods. When comparing these data, it is advisable to give preference to estimates based on more complete and reliable information. Significant discrepancies in the value of land calculated by different methods, methods and rules indicate either errors in estimates or an imbalance in the land market.

After analyzing the potential of a piece of land and selecting possible options for its use, the assessor should proceed to the analysis of the best and most efficient use of it (BNEI). That is, to identify such use among reasonable, possible and legal alternatives that is physically possible, reasonably justified and financially feasible and that results in the highest value of the land.

In addition to the NNEI analysis, the following can be used to assess the value of a land plot:

Sales Benchmarking Method (SAP).

Residual value method.

transfer method.

Land rent capitalization method.

Residual method for land.

Analysis of the best and most efficient use of land provides for a comparison of alternative options for the development (development) of a land plot. For each building option is calculated residual value earth. The highest residual value of the land corresponds to the option of its best and most efficient use.

The first stage of the analysis selects those use cases that are reasonably feasible, taking into account market opportunities and constraints. The potential of the location, market demand, legal development rights are taken into account. This procedure allows you to identify only reasonable options for the use of land, thereby eliminating the need to collect unnecessary information. So, if zoning norms limit the development of land only to residential buildings, then options for commercial or industrial development are not considered at all. However, if the analyst believes that in the future the zoning regulations for this site will be revised, then the current restrictions associated with them should not preclude consideration of non-residential development options.

At the second stage, the cost of development is determined for each of the alternative strategies. The resource quality of the site and the technological feasibility of various development options are taken into account.

At the third stage, the financial feasibility of the identified development strategies is determined. For each option, a forecast income statement is prepared. For each development strategy, based on assumptions and assumptions about future market behavior, net operating income is calculated.

At the fourth stage, the net operating income is distributed between land and buildings (structures). The analyst may use capitalization ratios based on available market information or based on the investor's expectations. For each of the building options, there may be a different coefficient. The ratio depends on the level of risk, the length of the capital recovery period, the financing structure and the expected increase or decrease in the value of the object.

Sales Benchmarking Method (SAP) involves determining the market value of land plots by converting the sales prices of comparable plots into the market value of the assessed plot.

In our conditions, this method can be used to determine the cost of plots for individual housing construction, garden and garden plots.

In accordance with the theory of valuation, when applying this method, the valuer must use six elements of comparison:

terms of financing the deal.

Terms of sale.

Sale time.

Location.

Physical characteristics.

characteristics of income.

For each element of comparison, appropriate corrections are made (Table 8.1) based on the fact that the comparable area is made similar to the estimated one.

The sequence of amendments is as follows. The appraiser obtains interim price figures and applies subsequent adjustments to the previous adjusted value.

Table 8.1

Correction table for assessing the cost of the site

When taking into account the physical characteristics, corrections for the size of the site, the irregularity of the shape and the angular location must be taken into account.

It is known that the larger the plot, the lower the price per unit area, as a rule.

In countries with market economies, there are special tables that allow you to take into account the impact of consolidation of the site on its value. In our conditions, the appraiser must do such an analysis on his own, that is, it is necessary to build a graph, for example, the dependence of the sale price of 1 m 2 or one hundred square meters of land on the area of ​​​​the site.

It is also known that with the same area, a triangular section is estimated lower than a rectangular one due to the inconvenience of working on it. To value triangular parcels, appraisers often use the "65-35 rule" whereby "the value of a triangular parcel with a street front base will be approximately 65% ​​of the value of a rectangular parcel."

To evaluate irregularly shaped parcels, you can use the technique when the parcel is divided into rectangles, which are evaluated separately, and the total cost is the sum of the costs of individual parts.

The impact of the corner location is determined by the site's commercial assignee. For shops and gas stations, this location provides certain advantages, and, therefore, their cost will be higher. For garden plots and cottage construction, the corner location reduces their cost. To assess the corner location, it is necessary to collect certain statistics on sales and make an appropriate analysis of this influence for sites for various purposes.

Residual value method. Under this method, the value of buildings is subtracted from the value of the sale of real estate, which gives an estimate of the value of the land at residual value.

This technique is especially useful in long developed areas, when there are no sales of vacant lots. The method gives more accurate results for sites with relatively new buildings for which cost estimates are available.

If there is not enough information regarding sales, then expert estimates of their value can be used as initial values. The accuracy of the method depends on how reliable the expert assessment and calculation of construction costs are.

transfer method. For a certain type of real estate and a particular region, there is a certain relationship between the value of land and the value of buildings. Therefore, if a region does not have a sufficient number of sales of undeveloped land, then it is possible to select a comparable region with a sufficient number of concluded transactions, determine a typical ratio between the value of land and the value of buildings, and use this ratio in the assessment for that region.

The advantage of this method is that there is no need to use the cost method to determine the cost of buildings.

Land rent capitalization method. This method can be used when land is leased separately from buildings and structures.

If the lease is recent or if it accurately reflects the current situation in the rental market, the net rent can be capitalized directly into the value of the land property.

Example: A piece of land was recently leased with the condition that operating costs be charged to the tenant for 100,000 rubles per year for 10 years. Capitalization rate - 15%. Determine the value of the land.

Solution: 100,000: 0.15 = 666,700 rubles.

Residual method for land. The method is based on the principle of incremental productivity. The value of land is calculated as the remainder after taking into account all necessary payments related to labor, capital and management costs.

Example: It is necessary to evaluate a land plot of 16 hectares allocated for residential development, with an allowable number of 1 house per 10 acres. The owner sells sites of 0.1 hectares, taking into account landscaping and communications, for 175,000-220,000 rubles (200,000 rubles on average). The cost of site preparation, landscaping and communications will require 14,000,000 rubles. Design, administrative, transaction and other overhead costs average 25% of the total sale price for such projects. Allowable loan fees, maintenance costs and profits will amount to 40% of net income. Determine the value of the land.

1. Projected sale price of plots 160 * 200,000 = 32 (million rubles)

2. Development costs - 14 (million rubles)

3. General overhead costs (25%) - (8 million rubles)

4. Net income excluding profit - (clause 1. - (clause 2 + clause 3)) - 10 (million rubles)

5. Cost of ownership and profit (40% of 10,000,000) - 4 (million rubles)

The cost of undeveloped land is 6 (million rubles).

The evaluation procedure includes the following steps:

• 1. conclusion of an agreement for the assessment;
• 2. collection and analysis of information necessary for the assessment;
• 3. application of valuation approaches, including the choice of valuation methods and the implementation of the necessary calculations;
• 4. coordination (generalization) of the results of applying approaches to valuation and determination of the final value of the value of the object of valuation;
• 5. drawing up an evaluation report.

Stage 1. Conclusion of an agreement for the assessment.

At this stage, the estimator sets the following valuation parameters:

• the purpose of the assessment;
• valuation standards, according to which the value is determined;
• · the legal regime and scope of assessed rights to the land plot.

When evaluating a land plot, it is necessary to clearly define the following features that characterize the legal regime of its use:

• The category of land within which the land plot is located. For urban lands, there is also a type of territorial-economic zone: residential, public and business, industrial, engineering and transport infrastructure, recreational, agricultural use, military facilities, etc.;
• permitted use of the land;
• · type of ownership;
• · cadastral number;
• · servitudes and restrictions of real rights on the land plot;
• the presence of buildings;
• · determination of the date of the assessment. The date of determining the value of the land plot, as a rule, should not be later than the date of its last inspection by the appraiser;
• Drafting an appraisal contract.

Stage 2. Collection and analysis of information necessary for the assessment.

The appraiser collects and analyzes the information necessary to assess the appraisal object and is essential for determining the value of the appraised object, studies the quantitative and qualitative characteristics of the appraised object, analyzes political, economic, social and other factors that affect the value of the appraised object, analyzes the market object of evaluation.

The data used for evaluation can be divided into general and specific. The collection of general data involves the analysis of information that characterizes the natural, economic, social and other factors that affect the market value of a land plot within the area of ​​its location.

The collection of special data involves the analysis of detailed information related to the object being assessed. The specified data are used in the appraisal report to characterize the appraisal object, the potential of its location, to analyze the situation in the region with a description of the state of the land and real estate market, to select appraisal methods, etc. When collecting and analyzing information, special attention is paid to the six sections below.

• 1. Legal description and registration data:
  • a) an agreement on the transfer of title of ownership;
  • b) documents describing the boundaries of the site and certifying its area;
  • c) information about the owner or tenant;
  • d) characteristics of easements;
  • e) rules for zoning and functional use;
  • f) urban planning requirements for land use (urban planning regulations, requirements of state urban planning regulations and rules, etc.)
  • g) various kinds of restrictions: legislative, administrative, sanitary-environmental and recreational; utilities, restrictions on heat supply, water supply, gas supply and electricity supply, communications, sewerage and others related to the capacity of existing engineering networks and infrastructure when connected to them.
• 2. Physical characteristics of the land. The description of the size and shape of the land includes its dimensions, frontal boundary, width and depth, and indicates any advantages or disadvantages associated with physical characteristics. The appraiser describes the site and analyzes how its shape and size affect the value of the property. Special attention give to characteristics that are unusual for the area. The impact of the size and shape of the site being assessed varies depending on its likely use. For example, an unusually shaped lot may be suitable for a holiday home but unsuitable for some type of commercial or industrial activities. The frontal boundary is the side of the lot, measured in meters, facing a street, railroad, river, or some other geographical feature recognized by the market.

Often a parcel is larger or smaller than neighboring parcels, which has an impact on cost and is considered in the best use analysis. The functional usefulness of a site is often associated with optimal size and the ratio of the frontal boundary and depth. The appraiser should take this into account when valuing parcels of unusual shape or size. Value trends can be identified from published market sales or from rentals of lots of various sizes.

Typical physical characteristics of the land include:

• a) size (area);
• b) form (configuration);
• c) topography (relief);
• d) landscape;
• e) engineering and geological conditions for development, the results of engineering and survey work (if they were carried out);
• f) the condition of the site (not developed, cleared, there are landings, etc.).
• 3. Description of buildings, structures, structures, engineering infrastructure facilities located within the land plot, including space-planning and design characteristics (material of walls, roofs, age, condition, etc.).
• 4. Characteristics of the location and the surrounding area:
  • a) use of adjoining sites (housing, administrative, commercial, industrial buildings, etc.);
  • b) the orientation of improvements, the presence of buildings in the surrounding areas;
  • c) availability of streets, alleys, public transport routes;
  • d) the possibility of access directly to the site, the quality

and the condition of the roads;

• e) proximity and intensity of traffic, noise level;
• f) the presence of green spaces (type, age, condition);
• g) the state of the environment;
• h) the negative impact of natural, environmental and social factors:
  • natural - the susceptibility of the site location area to floods, landslides, earthquakes, the close occurrence of groundwater,
  • environmental - change chemical properties atmosphere, soil and water, electromagnetic and radiation radiation, etc.
  • 5. Analysis of economic factors:
    • a) prices of neighboring plots;
  • b) the availability of engineering communications (underground and aboveground) or the possibility of their laying, the amount of costs for their creation ( Electricity of the net, water supply, sewerage, gas pipeline, heating main, telephone network and etc.);
  • c) data on sales of similar land plots;
  • d) data on the cost of renting land plots;
  • e) data on the costs of new construction or improvements to the facility for its effective use (to complete the construction of the facility and its normal operation);
  • f) data on income and costs from the use of the object;
  • g) stage life cycle appraised land:
    • is in operation
    • Temporarily out of service
    • Land plots prepared for sale or transfer.
• 6. Special factors arising from the location of a particular site. The appraiser attaches to the report a map of the area showing the site and its location, as well as photographs of the land and its improvements.

Information sources

• 1. Direct inspection of the land plot and adjacent territory and study of documentation to identify the object of assessment, i.e. establishing the identity between what is written in documents and what really exists.
• 2. Obtaining information from the owner of the facility and representatives of the operational services,
• 3. Research of the land market and sales practices.

Stage 3. Application of valuation approaches, including the choice of valuation methods and the implementation of the necessary calculations.

The market value of a land plot is determined based on its most efficient use, i.e. the most probable use of the land plot, which is physically possible, economically justified, in accordance with the requirements of the legislation, financially feasible, and as a result of which the estimated value of the land plot will be maximum. NEI is considered both from the point of view of the "conditionally vacant" state of the land plot, and taking into account options for improving the characteristics of an object that already exists on the site. The NEI of a land plot is determined taking into account its possible reasonable division into separate parts that differ in forms, type and nature of use.

The most efficient use may not be the current use of the land. At the same time, it is possible to re-profil the nature of the use of the site or demolish existing objects without causing any damage. environment. When determining NEI, the following are taken into account:

• intended purpose and permitted use;
• · prevailing methods of land use in the immediate vicinity of the assessed land plot;
• the current use of the land;
• Prospects for the development of the area in which the land is located;
• · expected changes in the market of land and other real estate.

In accordance with the Federal Law of July 29, 1998 No. 135-FZ “On Appraisal Activities in Russian Federation» the appraiser uses (or justifies the refusal to use) the cost, comparative and income approaches to valuation when conducting the valuation. It independently determines specific methods of assessment within each of the assessment approaches. At the same time, the volume and reliability of market information available for use of one or another method is taken into account.

sales comparisons;

• selection;
• · distributions;
• capitalization of land rent;
• the remainder;
• the intended use.

Sales comparison, allocation and distribution methods are based on the comparative approach. The income approach is based on the methods of capitalization of land rent, balance and intended use. Elements cost approach in terms of calculating the cost of reproduction or replacement of land improvements, they are used in the residual method and the allocation method.

Each of these methods can lead to different values ​​of the value of the land. Further comparative analysis allows you to weigh the advantages and disadvantages of each of the methods used and derive the final value of the land based on the most appropriate and reliable data. The final value of the market value of the land plot must be expressed in rubles as a single value, unless otherwise provided in the valuation agreement (for example, calculation of a range of values).

Stage 4. Coordination (generalization) of the results of applying approaches to valuation and determining the final value of the value of the object of valuation.

At this stage, the results obtained by various valuation approaches are harmonized, and the conclusion about the final value of the market value of the property being valued is substantiated.

The final conclusion on the value of the appraisal object is made on the basis of a generalization, in which the following are carried out:

• final check of the data on which the assessment is based;
• Checking the validity of the assumptions underlying the assessment;
• checking the correctness of calculations;
• · harmonization of the results obtained by different approaches and a single final conclusion on the market value.

Depending on the specific situation, the amount of initial information, the results obtained using each of the three approaches may differ to a greater or lesser extent from each other. Further comparative analysis allows you to weigh the advantages and disadvantages of each of the methods used and derive the final value of the property based on the most appropriate and reliable data. Usually, the cost indicators obtained by different approaches are summarized in a tabular form in order to give them certain weights, and on this basis to draw a conclusion about the final value of the cost.

The final value of the market value of real estate must be expressed in rubles as a single value, unless otherwise provided in the valuation agreement (for example, calculation of a range of values).

Stage 5. Compilation of the assessment report. The results of the assessment must be presented in the form of a written assessment report. An appraisal report is a document of evidentiary value intended for the customer of appraisal services and other persons interested in the results of the appraisal, containing a final conclusion on the value of the appraisal object. The main requirements for the content of the report on the assessment of the market value of the land are set out in the following documents.

• 1. the federal law dated July 29, 1998 No. 135 "On valuation activities in the Russian Federation".
• 2. Federal valuation standards: " General concepts valuation, approaches to valuation and requirements for the valuation” (FSO No. 1), “Purpose of the valuation and types of value” (FSO No. 2), “Requirements for the valuation report” (FSO No. 3). Approved by orders of the Ministry economic development and trade dated July 20, 2007 No. 254--256.
• 3. Guidelines for determining the market value of land. Order of the Ministry of Property of Russia dated March 6, 2002 No. 568-r.
• 4. Guidelines for determining the market value of the right to lease land. Order of the Ministry of Property of Russia dated April 10, 2003 No. 1102-r. As practice shows, a well-established form of data presentation and report content has not yet been formed, not only in the field of land valuation, but also in the field of real estate valuation in general. Different firms and valuation structures use different forms of reports, and the content of these reports in terms of completeness of information and functionality can vary significantly. This situation significantly complicates the perception of the presented data and does not always allow the customer to assess the correctness of the results obtained.

The composition of the information, the detail and depth of the research being carried out, and the content of the report must comply with the following principles. The report should contain all information that is significant in terms of the value of the object of assessment (principle of materiality). The report must contain all the necessary data so that the customer of the report can:

• - understand the content of the report and the methods used by the appraiser to perform work, analyzes and research, identify the sources of information used by him and the degree of reliability thereof;
• - check the performed calculations (both intermediate and final results of the assessment) and reproduce them for other combinations of initial data.
• · The information provided in the appraisal report, used or obtained as a result of calculations during the appraisal, which is significant in terms of the value of the appraisal object, must be confirmed (justification principle). Information is substantiated if it corresponds to reality and allows the user of the appraisal report to draw correct conclusions about the characteristics studied by the appraiser in the process of appraisal and determining the final value of the appraisal object, and make informed decisions based on these conclusions.
• · The content of the appraisal report should not mislead the users of the appraisal report, as well as allow for ambiguous interpretation (principle of unambiguity). The terms used in the report should not be ambiguous. All technical terms used in the text of the report should be explained.
• · The composition and sequence of the materials presented in the assessment report and the description of the assessment process should allow the cost calculation to be fully reproduced and lead the user to similar results (verifiability principle).
• · The evaluation report should not contain information that is not used in the evaluation to determine the intermediate and final results, if it is not mandatory (sufficiency principle). Information is sufficient if the use additional information does not lead to a significant change in the characteristics used in the assessment, and also does not lead to a significant change in the final value of the value of the object of assessment. When compiling a report on the assessment of the market value of a land plot, it is advisable to be guided by the following requirements:
• timely preparation in writing and transfer to the customer of the report on the assessment of the land plot is the proper performance by the appraiser of his duties assigned to him by the contract;
• · the report must indicate the date of the land plot valuation, the valuation standards used, the purposes and purpose of the land valuation, as well as provide other information that is necessary for a complete and unambiguous interpretation of the results of the land valuation reflected in the report;
• · if during the evaluation of a land plot not the market value is determined, but other types of value, the report must indicate the criteria for establishing the assessment of the land plot and the reasons for the deviation from the possibility of determining the market value of the land plot;
• · the report may also contain other information that, in the opinion of the appraiser, is essential from the point of view of the completeness of the justification of the method used by him to calculate the cost of a particular land plot;
• for the assessment of land plots, the legislation of the Russian Federation may provide for special shapes
• · The assessment report must be numbered and bound. The report is personally signed by the appraiser and certified by his seal, if he carries out appraisal activity independently, or the seal and signature of the head legal entity with whom the appraiser has entered into an employment contract.

Task

market value of land

Determine the market value of the land. The cost of the building located on it is 3,000 thousand rubles, its economic life is 25 years. The rate of return on capital is determined by the straight-line method. The rate of return on investment is 18%. Net operating income from the facility in the first year of operation amounted to 700 thousand rubles.

D zd \u003d C zd * K st

K st \u003d R n + H vk \u003d 0.18 + 1 / 25 \u003d 0.22

D zd \u003d 3000 * 0.22 \u003d 660 thousand rubles.

• 1. D land \u003d 700-660 \u003d 40 thousand rubles
• 2. From the earth \u003d 40 / 0.18 \u003d 222 thousand rubles.

Answer: The market value of the land plot is 222 thousand rubles.

I. General provisions These guidelines for determining the market value of land plots were developed by the Ministry of Property of Russia in accordance with the Decree of the Government of the Russian Federation dated July 6, 2001 No. 519 “On Approval of Valuation Standards”. Methodological recommendations can be used to evaluate land plots (objects of appraisal) that are not withdrawn from circulation, which are formed (or can be formed) in accordance with the law. (Hereinafter referred to as "land plots") II. Methodological bases for estimating the market value of land plots Market value has those land plots that are able to meet the needs of the user (potential user) for a certain period of time (utility principle). The market value of a land plot depends on supply and demand in the market and the nature of the competition between sellers and buyers (principle of supply and demand). The market value of a land plot cannot exceed the most probable costs of acquiring an object of equivalent utility (substitution principle). The market value of a land plot depends on the expected value, term and probability of receiving income from the land plot for a certain period of time with its most efficient use, without taking into account income from other factors of production attracted to the land plot for business activities (hereinafter referred to as land rent for the purposes of these recommendations). ) (waiting principle). The market value of a land plot changes over time and is determined on a specific date (principle of change). The market value of a land plot depends on the change in its purpose, permitted use, rights of other persons to the land plot, division of property rights to the land plot. The market value of the land depends on its location and influence external factors(principle of external influence). The market value of a land plot is determined based on its most efficient use, that is, the most probable use of a land plot that is physically possible, economically viable, compliant with legal requirements, financially feasible, and as a result of which the estimated value of the land plot will be maximum (the principle of the most efficient use) . The most efficient use of a land plot is determined taking into account its possible reasonable division into separate parts that differ in forms, type and nature of use. The most efficient use may not be the current use of the land. When determining the most effective use, the following are taken into account: intended purpose and permitted use; prevailing land use methods in the immediate vicinity of the assessed land plot; prospects for the development of the area in which the land is located; expected changes in the land and other real estate market; current use of the land. III. General recommendations for appraisal It is recommended to assess the market value of land plots in accordance with the methodological framework given above. The date of the appraisal of the value of the land plot, as a rule, should not be later than the date of its last inspection by the appraiser. When assessing, the appraiser is obliged to use information that ensures the reliability of the appraisal report as a document containing information of probative value. The amount of information used in the assessment, the choice of sources of information and the procedure for using the information are determined by the appraiser. The results of the assessment must be presented in the form of a written assessment report. The appraisal report may contain annexes, the composition of which is determined by the appraiser, taking into account the requirements, stipulated conditions appraisal agreements. All materials of the appraisal report should be aimed at substantiating the market value of the land plot. The inclusion in the valuation report of materials and information that are not related to the determination of the market value should be avoided. It is recommended to include in the report on the assessment of the market value of the land plot: a description of the land plot, including the intended purpose and permitted use of the land plot, the rights of other persons to the land plot, the division of property rights to the land plot; description of buildings, structures, structures, engineering infrastructure facilities located within the land plot, as well as the results of work and anthropogenic impacts that change the qualitative characteristics of the land plot (hereinafter referred to as improvements to the land plot); photographs of the land and its improvements; characterization of the state of the land and real estate market; establishment of the option of the most efficient use of the land plot. The final value of the market value of a land plot must be expressed in rubles as a single value, unless otherwise provided in the appraisal agreement (for example, the appraisal agreement may state that the final value of the land plot is expressed as a range of values). IV. Appraisal methods The appraiser must use (or justify refusal to use) the cost, comparative and income approaches to valuation when conducting an appraisal. The appraiser has the right to independently determine, within the framework of each of the approaches to valuation, specific valuation methods. At the same time, the volume and reliability of market information available for use of one or another method is taken into account. As a rule, when assessing the market value of land plots, the sales comparison method, the allocation method, the distribution method, the land rent capitalization method, the residual method, and the intended use method are used. The method of comparison of sales, the method of allocation, the method of distribution are based on the comparative approach. The method of capitalization of land rent, the residual method, the method of intended use are based on the income approach. Elements of the cost approach in terms of calculating the cost of reproduction or replacement of land improvements are used in the residual method and the allocation method. The following is the content of the listed methods in relation to the assessment of the market value of land occupied by buildings, structures, structures or intended for their placement, as well as the features of the assessment of the market value of agricultural land. If other methods are used in the assessment report, it is advisable to disclose their content and justify the use. 1. Sales comparison method The method is used to evaluate land plots, both occupied by buildings, structures and (or) structures (hereinafter - built-up land plots), and land plots not occupied by buildings, structures and (or) structures (hereinafter - undeveloped land plots). The condition for applying the method is the availability of information on the prices of transactions with land plots that are analogues of the assessed one. In the absence of information on the prices of transactions with land plots, the use of supply (demand) prices is allowed. The method assumes the following sequence of actions: determination of the elements by which the object of assessment is compared with analogue objects (hereinafter referred to as comparison elements); determination for each of the elements of comparison of the nature and degree of differences of each analogue from the assessed land plot; determination for each of the comparison elements of price adjustments of analogues corresponding to the nature and degree of differences of each analogue from the assessed land plot; adjustment for each of the price comparison elements of each analogue, smoothing out their differences from the assessed land plot; calculation of the market value of the land plot by reasonable generalization of the adjusted prices of analogues. The elements of comparison include the value factors of the appraised object (factors, the change of which affects the market value of the appraised object) and the characteristics of transactions with land plots that have developed on the market. The most important cost drivers tend to be: location and surroundings; intended purpose, permitted use, rights of other persons to the land plot; physical characteristics (relief, area, configuration, etc.); transport accessibility; infrastructure (presence or proximity of engineering networks and conditions for connecting to them, social infrastructure facilities, etc.). The characteristics of transactions with land plots, among other things, include: conditions for financing transactions with land plots (the ratio of own and borrowed money , conditions for granting borrowed funds); terms of payment when making transactions with land plots (payment in cash, settlement with bills of exchange, mutual offsets, barter, etc.); the circumstances of the transaction with land plots (whether the land plot was presented on the open market in the form of a public offer, the affiliation of the buyer and the seller, the sale in bankruptcy, etc.); change in prices for land plots for the period from the date of conclusion of a transaction with an analogue to the date of the assessment. The nature and degree of differences between the analogue and the assessed land plot are established in the context of the comparison elements by direct comparison of each analogue with the object of assessment. At the same time, it is assumed that the transaction with the object of appraisal will be made based on the characteristics of transactions with land plots that have developed on the market. Price adjustments for analogues by comparison elements can be determined both for the price of a unit of measurement of an analogue (for example, a hectare, square meter), and for the price of an analogue as a whole. Price adjustments can be calculated in monetary or percentage terms. The values ​​of price adjustments, as a rule, are determined in the following ways: direct pairwise comparison of the prices of analogues that differ from each other only in one element of comparison, and determining, based on the information obtained in this way, adjustments for this element of comparison; direct pairwise comparison of the income of two analogues that differ from each other only in one element of comparison, and determination by capitalization of the difference in income adjustments for this element of comparison; correlation and regression analysis of the relationship between the change in the element of comparison and the change in the prices of analogues (prices of units of measurement of analogues) and the definition of the equation of the relationship between the value of the element of comparison and the value of the market value of the land; determining the costs associated with changing the characteristics of the element of comparison, in which the analogue differs from the object of assessment; expert substantiation of analogue price adjustments. As a result of determining and making adjustments, the prices of analogues (units of measurement of analogues) should, as a rule, be close to each other. In case of significant differences in the adjusted prices of analogues, it is advisable to choose other analogues; elements to be compared; adjustment values. 2. Selection method The method is used to evaluate built-up land plots. Conditions for applying the method: availability of information on the prices of transactions with single real estate objects, similar to a single real estate object, including the assessed land plot. In the absence of information on transaction prices, it is allowed to use offer (demand) prices; conformity of improvements to the land plot to its most efficient use. The method assumes the following sequence of actions: determination of the elements by which a single real estate object, including the assessed land plot, is compared with analogue objects; determination for each of the comparison elements of the nature and degree of differences of each analogue from a single real estate object, including the assessed land plot; determination for each of the comparison elements of price adjustments of analogues corresponding to the nature and degree of differences of each analogue from a single real estate object, including the assessed land plot; adjustment for each of the price comparison elements of each analogue, smoothing out their differences from a single real estate object, which includes the assessed land plot; calculation of the market value of a single real estate object, including the assessed land plot, by reasonable generalization of the adjusted prices of analogues; calculation of the cost of replacement or the cost of reproduction of improvements to the assessed land plot; calculation of the market value of the assessed land plot by subtracting from the market value of a single real estate object, including the assessed land plot, the cost of replacement or the cost of reproduction of improvements to the land plot. The amount of costs for the creation of improvements to the land plot can be determined using aggregated and (or) elemental cost indicators. Aggregated cost indicators include both indicators characterizing the parameters of the object as a whole - square, cubic, linear meter, and indicators for complexes and types of work. Elemental cost indicators include elemental prices and rates used in determining the amount of costs for the creation of improvements. Aggregated and elemental cost indicators calculated at the price level fixed on a specific date (basic price level) can be recalculated into the price level at the valuation date using a system of current and forecast construction cost change indices. The calculation of the amount of costs for the creation of improvements using elemental cost indicators can also be carried out using the resource and resource-index methods. The resource (resource-index) method consists in calculating in current (forecast) prices and tariffs all resources (cost elements) necessary to create improvements. When determining the amount of costs for the creation of land improvements, the investor's profit should be taken into account - the amount of the most probable reward for investing capital in the creation of improvements. The investor's profit can be calculated as the difference between the sale price and the cost of creating similar objects. The investor's profit can also be calculated as a return on capital for his most likely investment of the same level of risk. When determining the cost of replacement or the cost of reproduction, the amount of accumulated depreciation of improvements is taken into account. Accumulated depreciation of improvements can be defined as a whole or in monetary terms as the sum of physical, functional and part of the economic depreciation related to improvements. Physical depreciation is the loss of value of improvements due to the deterioration of their physical properties. Functional depreciation is the loss of the cost of improvements, due to the inconsistency of the space-planning solution, building materials and engineering equipment improvements, quality produced construction works or other characteristics of improvements to the current market requirements for this type of improvement. Economic depreciation is the loss of the value of a single real estate object, due to the negative impact of external factors in relation to it. Physical and functional wear can be removable and irreparable. Economic depreciation, as a rule, is unrecoverable. At the same time, depreciation is removable if the cost of its elimination is less than the increase in the value of the property as a result of its elimination. 3. Allocation method The method is used to evaluate built-up land. Conditions for applying the method: availability of information on the prices of transactions with single real estate objects, similar to a single real estate object, including the assessed land plot. In the absence of information on transaction prices, it is allowed to use offer (demand) prices; availability of information on the most probable share of the land plot in the market value of a single real estate object; conformity of improvements to the land plot to its most efficient use. The method assumes the following sequence of actions: determination of the elements by which a single real estate object, including the assessed land plot, is compared with analogue objects; determination for each of the comparison elements of the nature and degree of differences of each analogue from a single real estate object, including the assessed land plot; determination for each of the comparison elements of price adjustments of analogues corresponding to the nature and degree of differences of each analogue from a single real estate object, including the assessed land plot; adjustment for each of the price comparison elements of each analogue, smoothing out their differences from a single real estate object, which includes the assessed land plot; calculation of the market value of a single real estate object, including the assessed land plot, by reasonable generalization of the adjusted prices of analogues; calculation of the market value of the land plot under appraisal by multiplying the market value of a single real estate object, including the land plot being appraised, by the most probable value of the share of the land plot in the market value of a single real estate property. 4. Land rent capitalization method The method is used to evaluate built-up and non-built-up land plots. The condition for applying the method is the possibility of obtaining land rent from the assessed land plot. The method assumes the following sequence of actions: calculation of land rent created by a land plot; determination of the value of the corresponding coefficient of capitalization of land rent; calculation of the market value of a land plot by capitalizing land rent. The capitalization of land rent is understood as the determination on the date of the assessment of the value of all future values ​​of land rent equal to each other or changing at the same rate for equal periods of time. The calculation is made by dividing the amount of land rent for the first period after the date of the appraisal by the appropriate capitalization coefficient determined by the appraiser. Within the framework of this method, the amount of land rent can be calculated as income from the lease of a land plot under the conditions prevailing on the land market. The main methods for determining the capitalization coefficient are: dividing the amount of land rent for similar land plots by the price of their sale; an increase in the risk-free rate of return on capital by the value of the premium for the risk associated with investing capital in the assessed land plot. At the same time, the risk-free rate of return on capital is understood as the rate of return for the least risky investment of capital (for example, the rate of return on bank deposits of the highest reliability category or the rate of return to maturity on government securities). 5. Residual method The method is used to evaluate built-up and non-built-up land plots. The condition for applying the method is the possibility of building up the assessed land plot with income-generating improvements. The method involves the following sequence of actions: calculation of the cost of reproduction or replacement of improvements corresponding to the most efficient use of the assessed land; calculation of net operating income from a single property for a certain period of time based on market rental rates; calculation of net operating income attributable to improvements for a certain period of time as the product of the cost of reproduction or replacement of improvements by the corresponding capitalization ratio of income from improvements; calculation of the amount of land rent as the difference between the net operating income from a single real estate object for a certain period of time and the net operating income attributable to improvements for the corresponding period of time; calculation of the market value of a land plot by capitalizing land rent. The method also allows the following sequence of actions: calculation of the cost of reproduction or replacement of improvements corresponding to the most efficient use of the assessed land; calculation of net operating income from a single property for a certain period of time based on market rental rates; calculation of the market value of a single property by capitalizing net operating income for a certain period of time; calculation of the market value of a land plot by subtracting the cost of reproduction or replacement of improvements from the market value of a single property. Net operating income is equal to the difference between actual gross income and operating expenses. In this case, only those operating expenses that are usually borne by the lessor are deducted from the actual gross income. The actual gross income is equal to the difference between the potential gross income and the losses from the downtime of the premises and the losses from non-payment of rent. Potential gross income is equal to the income that can be received from the delivery of the entire area of ​​a single property for rent in the absence of losses from non-payment of rent. When evaluating a land plot, rental rates for the use of a single real estate object are calculated on the basis of market rental rates (the most probable rental rates at which the object of appraisal can be leased out for open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and any extraordinary circumstances are not reflected in the value of the rental rate). For vacant and owner-occupied premises, market rental rates are also used. Income potential includes other income derived from non-separable property improvements, but not included in the rent. The amount of operating expenses is determined on the basis of market conditions for leasing single real estate objects. Operating expenses are divided into: fixed - not dependent on the level of occupancy of a single property, variable - depending on the level of occupancy of a single property and expenses for the replacement of elements of improvements with a period of use less than the period of use of improvements as a whole (hereinafter - elements with a short period of use) . Operating expenses do not include depreciation charges on real estate and expenses on servicing debt obligations on real estate. The calculation of the cost of replacing elements of improvements with a short period of use is made by dividing the sum of the costs of creating these elements of improvements by the period of their use. In the process of performing these calculations, it is advisable to take into account the possibility of a percentage increase Money to replace elements with a short lifespan. Management expenses are included in operating expenses, regardless of who manages the property - the owner or manager. When calculating the capitalization ratio for land improvements, the most likely rate of change in income from improvements and the most likely change in the cost of improvements should be taken into account (for example, if the cost of improvements decreases, take into account the return on capital invested in improvements). 6. Intended use method The method is applied to the valuation of built-up and non-built-up land. The condition for applying the method is the possibility of using the land plot in a way that generates income. The method involves the following sequence of actions: determining the amount and time structure of the costs necessary to use the land plot in accordance with the option of its most efficient use (for example, the cost of creating improvements to the land plot or the cost of dividing the land plot into separate parts that differ in shape, type and nature of use); determination of the amount and time structure of income from the most efficient use of the land; determination of the amount and time structure of operating expenses necessary to obtain income from the most efficient use of the land; determination of the value of the discount rate corresponding to the level of risk of investing capital in the assessed land; calculation of the value of the land plot by discounting all income and expenses associated with the use of the land plot. In this case, discounting is understood as the process of bringing all future income and expenses to the date of the valuation at a discount rate determined by the appraiser. To bring all future income and expenses to the date of the assessment, discount rates are used that are based on an analysis of the rates of return on capital of investments of similar risk levels. The source of income may be the lease, economic use of a land plot or a single real estate object, or the sale of a land plot or a single real estate object as soon as possible at market value. The calculation of income in the option of renting real estate should include accounting for income from the sale of a single property at the end of the forecast period. V. Peculiarities of assessing the market value of agricultural land The assessment of agricultural land plots is based on their permitted, sustainable and most efficient use, taking into account the characteristics of the agricultural zoning of the territory. For the assessment within the boundaries of an agricultural land plot, in accordance with its explication, the following are allocated: agricultural land (arable land, hayfields, pastures, fallows and perennial plantations); land occupied by buildings, structures, structures used for the production, storage and primary processing of agricultural products; lands occupied by on-farm roads, communications, trees and shrubs designed to protect lands from the impact of negative (harmful) natural, anthropogenic and man-made phenomena, closed reservoirs. The market value of an agricultural land plot is determined on the basis of an assessment of its agricultural land and land occupied by buildings, structures, structures used for the production, storage and primary processing of agricultural products. At the same time, the market value of the assessed land plot is determined taking into account the characteristics of its constituent lands, occupied by on-farm roads, communications, trees and shrubs, designed to protect land from the effects of adverse natural, anthropogenic and man-made phenomena, closed water bodies that cannot be used for business activities. Agricultural land and enclosed waters that can be used for business activities (for example, fish farming) are usually valued using the sales comparison method or the rent capitalization method. The lands occupied by buildings, structures, structures used for the production, storage and primary processing of agricultural products are evaluated by methods of assessing built-up or intended for development land plots. Land under outbuildings(sheds and other non-permanent structures) located on agricultural land are assessed as agricultural land. When evaluating the market value of agricultural land using the method of comparing sales and the method of capitalization of land rent, the fertility of the land plot, as well as the influence of environmental factors, should be taken into account as part of the cost factors. Among the main factors that determine the fertility of a land plot, in particular, are: qualitative characteristics of the soil layer of a land plot (nutrient content, moisture supply, aeration, mechanical composition, structural composition, acidity, etc.), relief, microclimate. When assessing the market value of agricultural land by the method of capitalization of land rent, there are features of calculating land rent associated with the accepted system for accounting for the fertility of a land plot. Land rent is calculated as the difference between gross income and the cost of agricultural production, taking into account the profit of the entrepreneur. Gross income is calculated for a unit area of ​​a land plot as the product of the normative yield of an agricultural crop by its market price. The normative yield of an agricultural crop is determined by the fertility of the land plot, measured in bonitet points. The choice of the main and accompanying agricultural crops, for which the land rent is calculated, is carried out from a set of crops typical or traditionally cultivated at the location of the land plot. At the same time, the criteria for choosing crops and their alternation are to ensure the highest income and preserve soil fertility. Material costs for the production of agricultural products are determined on the basis of technological maps that establish the standard costs of seeds, fuels and lubricants, fertilizers, etc. in in kind. The calculation of costs in monetary terms is carried out on the basis of market prices prevailing in the area where the land plot is located. When calculating the costs, the level of engineering arrangement of the land plot is taken into account, including the density of the road network, the class of roads, proximity to highways, points for processing agricultural raw materials and logistics centers. When calculating the gross income from arable land, the possibility of obtaining several crops during one season for vegetable products and products can be taken into account. medicinal plants. The deposit is evaluated using the method of intended use, taking into account the economic feasibility of its transfer to another type (types) of agricultural land. When calculating the gross income of hayfields and pastures, one should proceed from their standard yield. The normative yield of hayfields and pastures is determined by its conversion into centners of fodder units (1 centner of fodder units equals 1 centner of oats). At the same time, the value of gross income is determined on the basis of the market price of oats. When calculating the gross income of perennial plantations, it is recommended to proceed from the frequency of their fruiting and the standard yield of fruit and berry products. This takes into account: the age of perennial plantations; species and varietal composition of perennial plantations; features of the spatial distribution of perennial plantations within the boundaries of the land; the possibility of obtaining income from additional products obtained from the aisles of orchards and vineyards. APPROVED by Order of the Ministry of Property of Russia dated 02.09.2002 No. 3062