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As valuation is the process and the result of determination of values as the market value , decision value, market value or value of individual assets or collections of objects by appropriate estimation method .


Value and price are in the vernacular often used as synonyms, in the economy but they differ from each other. While the price represents the exchange value of a specific exchange between market participants , measured in monetary units , the value is understood to be the aggregated asking price of a group of market participants or a decision value (see company value ). The price is an objective variable that can be observed on the market, while the value is initially subjective and an objective value can only be derived through a so-called "typification" (see company valuation ). The value of an asset is particularly dependent on the expected amount, time and risk of the future payments generated by it. Deviations between price and value are possible and common, because “the price of a thing does not have to correspond to its value”. The element of estimation plays an essential role. A value is not a mathematically precisely determinable quantity. Different experts will usually come to different conclusions. In the case law z. For example, a range of ± 20% is assumed when determining the market value of land. For the most part, however, an accuracy of around ± 10% can be assumed.

Movable items , land and leasehold rights , rights and encumbrances thereto and intangible goods come into question as assets to be valued , insofar as they do not have a generally recognized and frequently determined price , market price or stock exchange price . In the case of most bonds , currencies , types , precious metals and commodities, there is no need for a further valuation due to the informative stock exchange price. A valuation is necessary for companies and company shares ( shares ) because price and value regularly differ from each other due to capital market imperfections ( capital market anomalies ) (see company valuation ). As a rule, the value of newly acquired commodities does not have to be determined because their current purchase price can be used. A valuation is therefore required for all assets held in the portfolio without a current market value.


The most complex of all appraisals is that for real estate as part of a property appraisal . Since real estate often represents the most valuable assets and these are often associated with external financing , the legislature put the Real Estate Valuation Ordinance (ImmoWertV) into force in July 2010 for the purpose of standardization and objectification , which is intended to ensure sustainable real estate values. Its forerunner was the Valuation Ordinance (WertV) of September 1961, both also deal with the interpretation of the market value definition of § 194 BauGB . The valuation of all other assets, on the other hand, is relatively straightforward and therefore does not require any special legal regulation.

Appraisal of real estate

The starting point is the legal definition of § 194 Building Code, according to which the market value (or market value) is determined by the price of the valuation date in the ordinary course of business in accordance with the legal situation and actual characteristics of the other attributes and the location of the property or of any other subject of valuation could be achieved regardless of unusual or personal circumstances. For this purpose, the ImmoWertV prescribes certain types and methods of value ( comparative value method according to § 15 ImmoWertV, land value / material value / material value method § 16 ImmoWertV and income value / income value method according to § 17 ImmoWertV) and thereby ensures uniform calculation methods. The properties (excluding heritable building rights) with buildings including accessories and essential components are to be assessed .

The appraisal guidelines provide a basis for determining property values ​​by the appraisal committees . They are also responsible for determining the standard land values .

From the market value or market value determined by an expert, credit institutions may derive the bank-internal lending value and from this the lending limit and the lending period . This value conventions play in lending to real estate as part of the real estate financing the decisive role in determining the maximum amount of credit. The mortgage lending value is the value of a loan security (e.g. a property) that is likely to be achieved in the long term. Due to the long-term perspective, this is subject to significantly lower fluctuations than other common forms of property valuation methods.

Appraisal of movable property

Movable property such as machinery or equipment (for companies ), collections of objects (the company purchase ), household goods , luxury goods or vintage ( households ) and parts of state assets can be based on independent measures of value, such as market value , metal value , collectors value , intrinsic value , insurance value or replacement value rate. For used cars there is the Schwacke list , but there are also other evaluation methods.

For the tax valuation of gifts and inheritances , the time at which the tax arises is decisive according to § 11 ErbStG , whereby according to § 12 Abs. 1 ErbStG the valuation is based on the provisions of the Valuation Act.

Appraisal of rights

For the determination of the value of contributions , in the case of a contribution in kind, the current value of the item at the time of registration in the commercial register , in the case of a takeover of the item, the current value of the item at the time of its transfer to the company . Receivables are valued at their nominal value , licenses or similar property rights at their book value .

Tax valuation

The Valuation Act (BewG) regulates the tax valuation of assets in Germany . It knows four evaluation criteria:

However, the valuation rules of any individual tax laws (e.g. § 6 EStG ) have priority over the valuation rules of the BewG.

The unit value is also a tax base for real estate and for certain types of tax.

Commercial valuation

The commercial and accounting law knows of valuation for the purpose of accounting . The general valuation principle of § 252 HGB requires in particular the individual valuation of assets and debts , whereby these must be valued carefully and all foreseeable risks and losses must be taken into account. Pursuant to Section 252 (1) of the German Commercial Code (HGB), assets are valued at their acquisition or production cost less the depreciation . The lowest value principle must be observed (Section 252 Paragraphs 2 and 3 HGB). Liabilities are to be recognized at their settlement amount and provisions in the amount of the settlement amount necessary according to a reasonable commercial assessment .

The valuation of assets and liabilities has a direct effect on the amount of equity .


Expert experts or appraisers can be used for the valuation . Most real estate agents also offer a prior valuation as part of a sale. applicable ImmoWertV. They receive an order that must contain the exact scope of the investigation. The valuation is preceded by an information gathering, to the property in the Land Register insight , cadastral map , land contract , specifications and other collateral documents are. For the other appraisal objects, purchase contracts , inventories , building instructions , existing expert reports or certificates of origin must be submitted. In the case of real estate in particular, it is advisable to make an appointment with the appraiser . The data obtained from the documents are condensed to the market value during the valuation and summarized in an expert report ( valuation report ). The appraisal fee is the remuneration for the expertise.

The obligation to appoint an expert can result from the law. Thus, according to § 2314 para. 1 BGB the heritage against the compulsory portion committed to the value of individual estate objects to Estimate by an independent expert. According to Art. 229 (1) Capital Adequacy Ordinance (English abbreviation CRR), credit institutions are also obliged to have the object to be lent valued by an independent expert for the purpose of collateral assessment.


The main purpose of evaluation is that all in the context of valuation to be considered assets and liabilities in monetary amounts are to be converted. Valuations are used to determine the asset for the purpose of accounting , taxation , sale , lending , settlement of claims ( new value ), in legal disputes ( value in dispute ), in foreclosures and in disputes ( inheritance disputes , divorce ). The individual assets such as securities , real estate , vehicles , antiques , works of art , furniture , collections or jewelry are subject to an increase or decrease in value , so that the valuation of initial and final assets is important for all economic subjects .

See also


  • Wolfgang Ballwieser, Dirk Hachmeister: Company valuation. 4th edition. 2013.
  • Wolfgang Kleiber : Determination of the market value of properties. 7th edition. Bundesanzeiger Verlag, Cologne 2014, ISBN 978-3-8462-0218-0 .
  • Wolfgang Kleiber: Market value determination according to ImmoWertV. 7th edition. Bundesanzeiger Verlag, Cologne 2012, ISBN 978-3-89817-690-3 .
  • Thomas H. Garthe: The valuation reform New legal situation after the adoption of the new ImmoWertV. 2nd Edition. Haufe-Lexware, 2010, ISBN 978-3-648-00852-2 .
  • Bernard Metzger: Appraisal of real estate and land. (= Haufe practical guide ). 4th edition, Haufe Verlag, Freiburg 2010, ISBN 978-3-448-10055-6 .

Individual evidence

  1. ^ Matthias Thomas, Karl Werner Schulte: Handbook real estate portfolio management. 2007, p. 11.
  2. Wolfgang Ballwieser, Dirk Hachmeister: Company Valuation . 2013, pp. 1–5 and Werner Gleißner: Uncertainty, Risk and Company Value. In: K. Petersen, C. Zwirner (Ed.): Handbook of company valuation. Cologne 2017, pp. 917–948.
  3. ^ BGH, judgment of October 25, 1967, Az .: VIII ZR 215/66
  4. BFH, decision of May 22, 2002, Az .: II R 61/99
  5. ^ Bernhard Metzger: Appraisal of real estate and land. 2013, p. 15.
  6. Nicolas Gerth: Mortgage lending value vs. Market value. Accessed September 2, 2019 (German).
  7. ^ Nicolas Gerth: Mortgage lending value. Accessed September 2, 2019 (German).
  8. ^ Paul Nechvatal, Bernhard Wielke: Definitions of the value of a motor vehicle. (PDF; 222 kB). In: experts. 2/2011, p. 86.
  9. ^ Florian Becker, Tobias Bürgers: Heidelberg Commentary on the Stock Corporation Act. 2008, p. 194.
  10. Appraisal of your property. Accessed September 2, 2019 (German).
  11. ^ Bernhard Metzger: Appraisal of real estate and land. 2013, p. 17.