On November 10 came into force Royal Decree 1492/2011 for real estate valuations.
This text contains the methods and assessment techniques to apply when such assessments are intended for re-division procedures, expropriation, and liability of the government.
The spirit that inspires the legal text is to develop the concept of land valuation eliminating all types of “urban expectations” apart of those directly linked to the effort of the investing party.
One of the new aspects of the Regulation is the attempt to define the urbanized land, as the wording contained in the revised Act of Land Law has led to numerous problems of interpretation.
It is urbanized land, that one which is integrated in the effective network of services of endowments of the population center. This occurs when endowments and services of the land
1) * Already exist
2) *Could exist with no other works that the connection to the facilities already in operation, or
3) *The land is included in a field that provides an action plan for internal reform and urban renewal.
As regards to valuation of properties criteria, these are linked to market information but also to the performance of urban burdens and duties , detailing the criteria for different situations that may occur, distinguishing between urban land that is not built, built, in the process of building and ground operations subject to internal reform and renewal of the development or staffing actions.
Rural lands are valuated in accordance to its status and activity-or potential : attributable exploitation of land in accordance with the most likely uses and activities in regards to applicable regulations, of exploitation, regardless of any urban expectations, although considering the different activities that could be developed, agricultural, forestry, mining, etc . . . .-
The decree also contains a tool for "economic sustainability” of urban developments : a report on economic sustainability which will weigh the economic impact of the action in Local Treasuries in order to quantify the costs affected by the implementation and maintenance of necessary infrastructure, or the implementation and delivery of public services needed to meet the expected urban growth.
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"DSC00017", Alcalá de los Gazules, Cádiz, Spain, by richy_trip, at flickr.com