This Act sets out the grounds of and procedure for the valuation of land. The results of a valuation are used in taxation, privatisation and land consolidation as well as in compensation for unlawfully expropriated land. The object of a valuation is a plot of land without the buildings, forest, other vegetation or accessories located thereon. In the event of an individual valuation, the object of the valuation may be a plot of land along with its essential parts and accessories. A valuation of land is based on the good practice and internationally recognised principles of valuation of immovables. The purpose of a valuation is to determine the usual value of land. The sales comparison approach, income approach, cost approach and combinations thereof are used upon valuation. The valuation of land is divided into mass valuation, individual valuation and valuation of unlawfully expropriated land.
Эстония · 1994-02-09