LAW OF UKRAINE

of December 11, 2003 No. 1378-IV

About assessment of lands

This Law determines the legal basis of evaluating lands, professional estimative activity in the field of assessment of lands in Ukraine and is directed to regulation of the relations connected with process of assessment of lands, ensuring evaluating lands for the purpose of protection of legitimate interests of the state and other subjects of legal relationship in questions of assessment of lands, information support of the taxation and the market of lands.

Section I. General provisions

Article 1. Main terms and their determination

In this Law the stated below main terms are used in the following value:

appraisal of quality of soils - comparative quality evaluation of soils on their main natural properties which have permanent nature and significantly influence productivity of the crops which are grown up in specific climatic conditions;

gross income - the cumulative cash receipts expected from realization of the rights to the parcel of land;

the cost of the parcel of land - the equivalent of value of the parcel of land expressed in probable amount of money which the seller can receive;

date of assessment of the parcel of land - date (number, month and year) for which assessment of the parcel of land is carried out and its cost is determined. For normative money value of the parcel of land - the date specified in technical documentation;

the paragraph of the sixth is excluded according to the Law of Ukraine of 28.04.2021 No. 1423-IX

expert money value of the parcels of land - result of cost determination of the parcel of land and the related rights by the appraiser (the expert in assessment of the parcel of land) using set of the approaches, methods and estimative procedures providing collection and data analysis, carrying out calculations and registration of results in report type;

the parcel of land - part of the land surface with the established borders, certain location, with determined concerning its rights;

land improvements - change of quality characteristics of the parcel of land as a result of arrangement in its limits of houses, buildings, constructions, objects of engineering infrastructure, meliorative systems, long-term plantings, forest and other vegetation, and also as a result of economic activity or carrying out certain work type (change of relief, improvement of soils, etc.);

capitalization - cost determination of object of assessment based on net operating or investment income from its use;

evaluation method - method of cost determination of object of assessment which sequence of estimative procedures gives the chance to implement certain methodical approach;

nonprofessional assessment of lands - assessment which is carried out with violation of the qualification requirements determined by this Law;

normative money value of the parcels of land - the capitalized investment income from the parcel of land determined on the established and approved standard rates;

estimative procedures - actions (stages) which accomplishment in certain sequence gives the chance to carry out assessment of the parcel of land;

investment income (land rent) - the income which can be received from the earth as production factor depending on quality and the location of the parcel of land;

the price of the parcel of land - the actual amount of money paid for transition of the rights to the parcel of land or to similar to it the parcel of land from the seller to the buyer;

net operating income - difference between the predicted amount of receipts from use of the parcel of land and operating expenses connected with receipt of gross income.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info