Land for sale in the suburbs of Hanoi (illustrative photo): DANH KHANG
Accordingly, Decree No. 71 takes effect from the effective date of the Land Law 2024.
Land valuation methods include:
The comparison method is implemented by adjusting the price of land plots with the same land use purpose, certain similarities in factors affecting the price of land transferred on the market, winning the auction of land use rights where the auction winner has fulfilled the financial obligations according to the auction winning decision through analyzing and comparing the factors affecting the land price after excluding the value of assets attached to the land (if any) to determine the price of the land plot to be appraised.
The income method is implemented by taking the average annual net income per land area divided by the average savings interest rate of 12-month term deposits in Vietnamese Dong at commercial banks in which the State holds more than 50% of charter capital or total voting shares in the provincial area for 3 consecutive years up to the end of the most recent quarter with data before the time of land valuation .
The surplus method is implemented by taking the total estimated development revenue minus the total estimated development cost of the land plot or land area on the basis of the most efficient land use (land use coefficient, construction density, maximum number of floors of the building) according to the land use planning and detailed construction planning approved by the competent authority.
The land price adjustment coefficient method is implemented by multiplying the land price in the land price table by the land price adjustment coefficient. The land price adjustment coefficient is determined by comparing the land price in the land price table with the market land price.
Clarifying the procedure and content of land price determination
Decree 71 also specifically regulates the application of land valuation methods in the cases specified in Point c, Clause 2, Article 257 of the Land Law. Factors affecting land prices, accordingly, factors affecting land prices for non-agricultural land and agricultural land.
The Decree clearly states: Based on the actual situation in the locality, the organization implementing the proposed land valuation shall have the Department of Natural Resources and Environment preside over and coordinate with relevant departments and branches to advise and submit to the Provincial People's Committee to specify the factors affecting land prices, the maximum difference of each factor affecting land prices to determine a certain level of similarity, and the method of adjustment for each difference of each factor affecting land prices.
In addition, the decree clearly states that information for land valuation must be provided within 5 working days from the date of receipt of the request.
When does the 2024 Land Law take effect?
According to the program, on the morning of June 29, the National Assembly is expected to vote to pass the draft Law amending and supplementing a number of articles of the Land Law, Housing Law, Real Estate Business Law and Credit Institutions Law. If passed by the National Assembly, these laws will be allowed to take effect early from August 1, 2024 instead of January 1, 2025.
Source: https://tuoitre.vn/dinh-gia-dat-theo-4-phuong-phap-20240628152157363.htm
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