Purpose The complexity of property valuation, coupled with valuers’ cognitive limitations, makes some degree of error inevitable in valuations. However, given the crucial role that valuations play in ...the efficient functioning of the economy, there is a need for continuous improvement in the reliability of reported values by enhancing the quality of the decision-making process. The purpose of this paper is to review previous research on valuation decision-making, with particular interest in examining the approaches to improving the quality of valuation decisions and identifying potential areas for further research. Design/methodology/approach The paper adopts a narrative approach to review 42 research articles that were obtained from Scopus and Web of Science databases and through author citation searches. Findings Our findings show that existing literature is skewed towards examining the use of technology in the form of decision support systems (DSS), with limited research attention on non-technological (i.e. behavioural) approaches to improving the quality of valuation decisions. We summarise the non-technological approaches and note that much of the discussions on these approaches often appear as recommendations arising from other studies rather than original investigations in their own rights. Practical implications We conclude that studies investigating the effectiveness of the non-technological approaches to improving valuation decision-making are lacking, providing various avenues for further research. Originality/value This paper presents the first attempt to provide a comprehensive overview of non-technological approaches to improving the quality of valuation decisions.
Context and background: Real Property Valuation is the most essential activity in administering land and other real properties. Undertaking valuation is also important to enhance revenue of the ...country. Different types of property valuation methods applied on the basis of property type and purpose of valuation. Conducting systematic valuation is the base for levying tax. Lack of policy in land, depending on one type of valuation method, shortage of skilled man power and widespread tradeoffs around land sector are the major problems resulted in maladministration of valuation in Dire Dawa City. Goal and Objectives: Thus, this study was intended to assess the practice of real property valuation and tax liability in the study area. Methodology: The researcher employed a descriptive research design and applied mixed research approaches. The findings reveal that, the study area employs only replacement cost approach. Due to knowledge gap on how to estimate tax exempt property and shortage of skilled experts, revenue from property were lagging behind in supporting the economy. Tax amount was determined by traditional approaches with high discrepancies’ with International Valuation Standards. Results: Thus, taking measures like formulating land policy, applying different valuation approaches, applying systematic tax base are suggested to tackle the problem.
PurposeGiven the significant role played by valuers and the evidence of a lack of independence in some property valuation industries, particularly in emerging markets, this study analyses the issue ...of client influence in property valuation by providing a valuer-client perspective and measuring the interrelationships between the clients' influence factors to identify causal factors of prominence, which can assist in developing solutions to address the clients' influence issue.Design/methodology/approachThe study used a mixed-method approach. Firstly, interviews were conducted with ten property valuers and five financial institution staff in Nigeria, and the data were subject to thematic analysis using Nvivo 12 software. A matrix questionnaire survey was administered to the valuers, and the responses were analysed using the fuzzy Decision-Making Trial and Evaluation Laboratory (DEMATEL) method.FindingsThe results indicate that institutional clients, loan-seeking customers, property valuers and the perception of corruption within the Nigerian environment fuelled the issue of clients' influence. Based on the measurement of the interrelationship between the 14 identified client influence factors, the type of company, perception the public has of the industry, size of the firm, relationship with the client, type of client and regulatory framework were the factors of prominence.Practical implicationsThe findings of this study bear huge implications for Nigeria and other similar structured property markets facing the issue of clients' influence in property valuation. With the prominent factors bearing root in a mix of client, valuer and environmental factors such as the valuation structure, process and public perception, there is a need for solutions that level the playing field between institutional clients and valuers, reinforce transparency and establish excellent regulatory standards to address the issue of clients' influence.Originality/valueThis study is the first to measure the interrelationships between the clients' influence factors to identify the prominent causal factors. Accordingly, considering the multi-factors, the research is novel as it focusses on those factors that would likely lead to other factors, thereby providing opportunities to develop solutions that focus on those factors of prominence. Secondly, the study deviates from the narrative on clients' influence in property valuation, which pits it as solely a client or valuer factor, by showing how the interplay of the stakeholders' interests and the environment promotes the issue in a non-transparent property market.
Abstract
In this paper, I defend the view that self-deception is a moral failure. Instead of saying that self-deception is bad because it undermines our moral character or leads to morally ...deleterious consequences, as has been argued by Butler, Kant, Smith, and others, I argue the distinctive badness of self-deception lies in the tragic relationship that it bears to our own values. On one hand, self-deception is motivated by what we value. On the other hand, it prevents us from valuing those things properly. I argue that we owe it ourselves to take seriously our own values, by striving to properly value them. This gives us both prudential and moral reasons to avoid self-deception.
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DOBA, IZUM, KILJ, NUK, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
In terms of the Local Government: Municipal Property Rates Act 6 of 2004 (MPRA), metropolitan and local municipalities in South Africa may levy property rates on property. The MPRA provides for only ...one tax base, namely "market value". Given the paucity of skills and capacity to prepare credible valuation rolls and given the costs of doing so, especially B3 and B4 local municipalities situated in rural areas are struggling to comply with the valuation-related provisions of the MPRA. A brief review of property tax base options utilised globally indicates that some countries allow for different tax bases (or even different taxes) on the basis of the location and/or use of property and some jurisdictions apply simplified methodologies (such as value banding, points-based assessment or even self-assessment) to assess properties for property tax purposes. In the light of there being viable alternatives to market value and of the challenges faced by many rural local municipalities, the South African government should revisit the policy decision to have only market value as the tax base across vastly different types of municipalities.
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Concerns over valuation accuracy and variance cannot be over-flogged, given the somewhat fluid nature of these concepts. It is however, more apt to dig into their fundamental causative factors. This ...paper realizes that specialist valuer or appraiser has a chain of sequential tasks anchored on his distinguishing competencies. At the heart of this is sufficient knowledge of the attributes of his subject of valuation. Twenty-two (22) Nigerian valuers based within Lagos Metropolis were made to carry out valuation assessment of selected landed and non-landed property assets and were also examined on their perception of the adequacy of their acquired Body of Knowledge (BOK) relevant to each asset category. The variation/dispersion in their valuations is revealed by the Standard Deviation of the distribution, for Landed Property, being 7.77 while that of Non-Landed Property is 32.24; By employing the 10% maximum variation rule of Glover (1985), 9% of the valuers fall outside the limit in respect of Landed Property whereas, the figure rose to 64% for Non-Landed Property assets. This is indicative of remarkably higher internal inconsistencies among respondent valuers on Non-Landed Property Assets. Multiple regression analysis of the results indicated that all the adaptive knowledge variables exert positive influence on valuer’s competence in valuation of both Landed Property and Non-Landed Property Assets. In view of these findings, there is urgent need to review and expand underlying curriculum for training prospective valuers towards aligning theory with practice and enhance their competence across property types.
PurposeThe property valuation process involves the property valuer expressing expertise in reaction to a client' instruction. However, there are instances where clients, driven by self-interest, ...impose their will to influence valuers into returning property valuation figures that are not the true reflection of the valuer's assessment. This paper set out to revisit the issue of client influence in property valuation by conducting a scoping review to establish key findings, gaps, implications and solutions.Design/methodology/approachIn total, 21 articles on client influence published from 1997 till date were systematically obtained from Scopus, Web of Science, Google Scholar and through citation searching and reviewed through a “Patterns, Advances, Gaps, Evidence for practice and Research recommendations (PAGER)” framework. Further analysis and visualisation were performed using VOSviewer software.FindingsThis study found that based on the number of studies, the issue of client influence has received empirical attention, which is few and far between, with financial institutions identified as the major culprits in most of those studies. One core reason for this is the stakes involved in the finance sector, which relies on property valuation for loan disbursement and performance measurement. Furthermore, previous studies have focused on identifying the issue through the lens of the property valuer without giving recourse to the client's perspective on what may drive the issue.Research limitations/implicationsThis study provides evidence that the issue of client influence persists, with some elements of bias in the methodology. Furthermore, the solutions proffered have focused on the valuer and have not been tested to ascertain their effectiveness. Future studies can consider examining the issue from the perspective of financial institutions.Originality/valueThis study is one of the first review studies on client influence on property valuation. It is also the first to identify a pattern in client influence studies that points to the issue being perpetuated by financial institutions. Furthermore, it is the first in recent time to reveal how limited study has been conducted in the area as well as the solutions which have neither been tested nor implemented.
Valuation problems, such as valuation inaccuracies/variations, client influence, and the use of heuristics, are common problems in property valuation practice globally. These problems have generated ...debate in recent times under the rubric of “behavioural issues in valuation”. This paper examines valuation problems in developing countries, as well as the current efforts that are undertaken to address these problems, with a view of determining the best approach to explain and/or address them. This stems from the persistence of valuation problems despite efforts undertaken to improve the practice of valuation. The study involves a survey of registered and practising valuers in Kenya. Respondents were asked to indicate valuation problems in practice, adopted strategies, and recommendations to address the said problems. It emerged from the study that valuation problems not only result from valuer misconduct but also market-related problems/the valuation environment in developing countries. The study further found that efforts to address these problems are mainly focused on improving valuer conduct while neglecting market-related problems (problems related to the nature of the valuation environment in developing countries). Based on these findings, the study concludes that valuation problems in practice are better understood in the context of both categories, i.e., valuer conduct and market-related problems, and recommends a holistic approach to address these problems by categorising them appropriately.
In numerous tissue engineering and dental applications, bioactive glasses are utilized. These glasses have unique characteristics that make them attractive candidates for a variety of applications. A ...new bioactive glass system with the structure of 45P2O5 − 20CaO − 15CaCL2 − 8KF − (10 − x) Li2O − (x) TiO2 was developed in this study, with x = 2, 6, and 8 mol%. For usage in radiation protective applications, it was evaluated. By using an ultraviolet–visible spectrophotometer, we were able to measure the absorbance (Abs) and transmittance (T %) in the range of wavelengths 190–2500 nm. Furthermore, the optical energy gap of the produced glasses was determined. Using the MIKE software, the mass attenuation coefficients (MAC) of the bioactive glasses under investigation were calculated for energies ranging from 15 to 200 keV. The , , , , , (Linear attenuation coefficient, effective atomic number, effective electron density, half value layer, tenth value layer, and mean free path) of the bioactive glasses were calculated. According to the findings, the addition of titanium dioxide (TiO2) as well as the metal oxide such as Li2O to bioactive glasses generates significant differences in the attenuation characteristics of bioactive glasses. The results indicate that the PCKLT3( 2= 8mol%) bioactive-glass sample had the best attenuation among other samples.
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Professional ethics is one of the two pillars of the valuer’s business practice, alongside expert knowledge. Ethical principles are usually formulated within a code of professional ethics which ...valuers are obliged to follow. The approach to professional ethics is a complex problem and it is conditioned by several factors. In our study, we pose the question whether higher professional satisfaction of real estate valuers translates into more ethical attitudes regarding work-related dilemmas. We conducted research on property valuation services in two European markets: Austria and Poland. Data for the analysis was drawn from 176 surveys in which valuers were asked to respond to hypothetical work situations corresponding to the principles of the real estate valuer’s code. The results obtained using the ordinary least squares (OLS) and two-stage last squares (2SLS) regression methods allow us to conclude that higher job satisfaction positively impacts valuers’ ethical attitudes. The segment of the market served is also an important driver. Valuers who mainly work for property developers show a significantly lower level of ethical attitudes. The influence of the country on professional ethics is ambiguous.
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