What is the Cadastral Value of a property?

The value of a property is determined by a variety of factors. Generally, a property's value is determined by the current market conditions and its right to use the property. This right to use follows certain values such as location, amenities, size, and condition of the property. Location is one of the most important factors when determining the value of a property. Generally, property that is located in areas that are experiencing population growth, development, and infrastructure will result in your property becoming more valuable. Areas that have desirable amenities including parks, recreation centers, and shopping areas, are attractive to potential buyers, and can result in the value of the property increasing. The size of a property can also be a factor in its value determination. Generally, larger properties have the potential to be increased in value as they can be used for higher purposes such as multiple dwelling dwellings or larger recreational areas. The condition of a property can also dictate its market value. Property that requires repair or renovation can be a deterrent for buyers and therefore can decrease its value. Potential buyers may use the condition of the property as a negotiation tool to purchase it for a lower price. Individuals qualified in determining the value of property, such as real estate appraisers, are usually consulted to establish the true market value of a property. They are licensed professionals who look at a variety of factors including recent sales in the area, relevant market conditions, age of the property, and the property’s condition. Additionally, they take into account any special features that the property may possess.

The cadastral value of a property is based on the estimated market value of a given property at a given point in time. It is developed by a cadastral expert according to the economic situation in the area, the desirability of the location, and the characteristics of the property's physical features. Is an important indicator used in various tax systems to determine the amount of taxes payable for a given property on an annual basis. A cadastral expert, often a professional appraiser or assessor, will inspect the property in an independent and impartial manner, taking into account factors such as the geographic location, land use, zoning, physical characteristics and condition, improvements, market trends and local market conditions. The resulting estimated market value of the property considered over a certain period is known as the cadastral value of the property. The cadastral value, also sometimes referred to as the cadastral assessed value, provides a measurable standard to help the government determine the amount of property taxes a given property owner would be liable for based on their property value. It's important to note that is not an estimate of a market price for a property, nor is it a reflection of a property's purchase price. The purpose of the cadastral value is to provide a basis to which taxes on the property can be calculated. In addition to this, the cadastral value does not take into account any of the fees, such as mortgage payments, that a property owner would need to pay in order to own a given property. The cadastral value of a property fluctuates year to year due to changes in the local real estate market conditions. When a new assessment is carried out, new cadastral values are established and property taxes are revised accordingly. Therefore, it is important for property owners to be aware of how much taxes they would be liable to pay based on their property’s assessed value.