This document:
a) builds on the models established in ISO 19152-1 and ISO 19152-2 to cover the valuation aspect of the Land Administration Domain Model (LADM);
b) provides an abstract conceptual model covering:
1) values (assessed values, valuation procedures, mass valuation);
2) transaction prices;
3) sales statistics;
4) valuation units (parcel (legal space parcel), building, condominium unit, valuation unit group).
c) provides terminology for the valuation component of land administration/georegulation, based on various national and international systems, that is as simple as possible in order to be useful in practice. The terminology allows a shared description of different formal or informal practices and procedures in various jurisdictions;
d) specifies a content model independent of encoding that can be employed as a basis for local, national and regional profiles for valuation processes; and
e) enables the combining of valuation information from different sources in a coherent manner.
NOTE This document does not interfere with national property valuation-related regulations with potential legal implications.
