Land plots for sale in the outskirts of Hanoi (illustrative image): DANH KHANG
Accordingly, Decree No. 71 takes effect from the date the Land Law 2024 comes into effect.
Methods for valuing land include:
The comparative method is implemented by adjusting the prices of land parcels with the same land use purpose and certain similarities in factors affecting land prices that have been transferred on the market, and which have been auctioned for land use rights and whose winning bidders have fulfilled their financial obligations according to the auction decision. This is done through analyzing and comparing factors affecting land prices after excluding the value of assets attached to the land (if any) to determine the price of the land parcel to be appraised.
The income method is implemented by dividing the average annual net income per land area by the average interest rate on 12-month Vietnamese Dong savings deposits at commercial banks where the State holds more than 50% of the charter capital or total voting shares in the province for the three consecutive years up to the end of the most recent quarter with data available before the land valuation date .
The surplus method is implemented by subtracting the total estimated development costs of the land plot or area from the total estimated development revenue, based on the most efficient land use (land use coefficient, building density, maximum number of floors of the building) according to the land use plan and detailed construction plan 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.
Clarify the procedures and content for determining land prices.
Decree 71 also specifies the application of land valuation methods for cases stipulated in point c, clause 2, Article 257 of the Land Law. It outlines factors affecting land prices, specifically those affecting non -agricultural land and agricultural land.
The Decree states: Based on the actual situation in the locality, the organization implementing land valuation shall propose to the Department of Natural Resources and Environment, in coordination with relevant departments and agencies, to advise and submit to the Provincial People's Committee specific regulations on 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.
Furthermore, the decree stipulates that information for land valuation purposes must be provided within 5 working days of receiving the request.
When will the 2024 Land Law come into effect?
According to the program, the National Assembly is expected to vote on the morning of June 29th to approve the draft Law amending and supplementing a number of articles of the Land Law, the Housing Law, the Real Estate Business Law, and the Law on Credit Institutions. If approved by the National Assembly, these laws will be allowed to take effect early from August 1st, 2024, instead of January 1st, 2025.
Source: https://tuoitre.vn/dinh-gia-dat-theo-4-phuong-phap-20240628152157363.htm
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