Material value

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Under property value means the value of movable property and land or land rights , in particular in finance as part of the valuation is important.

General

The value of particularly valuable assets ( jewelry , vehicles , machines , aircraft , ships , real estate ) must be assessable when they are purchased so that the buyer pays a reasonable price. Since the current value changes during the inventory, an update of the material value is also necessary in many cases. The determination of the current material value is left to knowledgeable experts , the appraisers or expert committees . The determination of the material value was so important for the legislature that it enacted a specific law for real estate with the Real Estate Valuation Ordinance (ImmoWertV). The Valuation Act (BewG), which is used for tax assessment, also includes essential aspects of property valuation . In addition, general laws such as the Federal Building Act (BBauG) deal with aspects of property valuation. The real value also plays a role in the valuation of assets in companies , whereby the accounting law falls back on the value conventions of acquisition or production costs .

detection

According to § 83 BewG, the property value consists of the land value ( § 179 BewG), building value (§ § 85 to § 88 , § 190 BewG) and the value of the outdoor facilities ( § 89 BewG). In the case of real estate, the material value is derived from the sum of the land value and the material values ​​of the usable buildings and outdoor facilities on the property and, if applicable, the effects of the property-specific property features existing on the valuation date. Furthermore, Section 21 ImmoWertV requires that the material value of a property or the right to land is determined from the material value of the usable structural and other facilities and the land value ( Section 16 ImmoWertV), whereby the general value relationships on the property market are determined in particular through the application of material value factors ( Section 14 Paragraph 2 No. 1 ImmoWertV) must be taken into account. The material value of the structures (excluding outdoor facilities) is to be determined using the material value method based on the production costs ( Section 22 ImmoWertV), taking into account the reduction in age ( Section 23 ImmoWertV). The real value of the external structures and the other systems is determined, unless they are included in the land value, on the basis of experience or the normal production costs.

The real value is then calculated as follows: 

    Bodenwert
    + Gebäudewert
    + Wert der Außenanlagen
    - Abzug für Baumängel und Bauschäden
    = vorläufiger Sachwert
    +/- Wertverhältnisse auf dem Grundstücksmarkt
    +/- objektspezifische Grundstücksmerkmale
    = vorläufiger Sachwert
    × Sachwertfaktor
    = Sachwert

The valuation guidelines (WertR) in March 2006 in addition to the ImmoWertV evidence for determining the market value of developed and undeveloped land as well as rights to land. Their application is intended to ensure an objective determination of the market value of land according to uniform and market-driven principles and procedures. According to this, the material value method and thus the material value are in the foreground, if in normal business the embodied material value and not the achievement of income is decisive for the price formation, especially for owner-occupied single and two-family houses . As a rule, the real value method is to be used for properties where the value assessment on the market is not primarily about the income, but rather the production costs in normal business dealings. The averaging of the asset value and income value is generally not a suitable method for deriving the market value. The average value method is also incompatible with Section 8 (1) sentence 3 ImmoWertV. According to this regulation, the meaningfulness of the various results is important. Material and income values ​​should generally be approximately identical and are then used for plausibility checks. The guideline for determining the material value of September 5, 2012 was published in the Federal Gazette on October 18, 2012 and replaces the corresponding notes and annexes on the material value procedure in the WertR 2006. It has no material effects on the material value. The determined material value (market-adjusted material value taking into account special property-specific property features) generally corresponds to the market value.

Material value and loan

In the lending of real estate by credit institutions which are financed properties because of their function as collateral a first-time and permanent security rating subjected. For the determination of the mortgage lending value , the credit institutions orientate themselves on the Vereihungswertermittlungsverordnung (BelWertV), which actually only applies to real estate credit institutions ( Pfandbrief banks and mortgage banks ). In § 4 BelWertV it stipulates that, in order to determine the lending value, the earnings value (§ 8 to § 13 BelWertV) and the material value ( § 14 to § 18 BelWertV) must be determined separately for an object to be lent. In the case of owner-occupied single and two-family houses and condominiums ( residential properties ), they can be based on the real value according to Section 4 (4) BelWertV, otherwise on the capitalized value of commercial properties . The acquisition or production costs (purchase price) can be used as the basis for the material value, of which - depending on marketability - a discount of at least 10% is made, which is considered the lending value. According to Section 5 (1) BelWertV, the mortgage lending value must be determined by means of an expert opinion.

Individual evidence

  1. ↑ WertR section 1.5.5, p. 4
  2. ↑ WertR section 3.1.3, p. 22
  3. ↑ WertR Section 3.7, p. 37
  4. ↑ Wolfgang Kleiber, Determination of the market value of properties: Commentary and manual for the determination of market values ​​(market values), insurance and mortgage lending values ​​taking into account the ImmoWertV , 6th edition 2010, pp. 985–987
  5. ↑ Wolfgang Kuckertz / Daniel Ziska / Frank Rottenbacher / Ronald Perschke, specialist for real estate loan brokerage IHK , 2016, p. 274