Developing an efficient property valuation system using the LADM valuation information model: A Croatian case study

Abstract

Property valuation is an important part of an efficient Land Administration System (LAS). To conduct fair and correct assessments, accessing accurate and up-to-date information for each property unit is vital. A collaborative research initiative has proposed an international Valuation Information Model Package that extends the ISO 19152:2012 Land Administration Domain Model (LADM) for specifying the semantics of valuation registries maintained by public authorities. The aim of this paper is to assess the possibility of using existing authoritative land and other public registries data as a basis of mass property valuation for public purposes. The results indicate that some of the required data already exists but is divided across different key registers. As a step towards implementation, identified attributes and parties were modelled using UML use case and class diagrams to explore possible data integration. By applying the proposed real property classification and valuation indicators, the Croatian property valuation system prototype for public purposes can be developed.