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    题名: 瑕疵不動產價值減損之評估
    The Value Diminution of Defective Properties
    作者: 陳志豪
    Chen, Chih Hao
    贡献者: 林子欽
    Lin, Tzu Chin
    陳志豪
    Chen, Chih Hao
    关键词: 交易性貶值
    技術性貶值
    污名
    瑕疵
    價值減損
    修復成本
    diminution
    defective properties
    stigma
    the cost to cure
    litigation
    日期: 2012
    上传时间: 2014-01-02 14:36:52 (UTC+8)
    摘要: 瑕疵不動產價值減損之評估,是不動產估價師在接受訴訟價值參考案件委託時,經常必須面對的難題。不動產估價師擔任鑑定人所出具的估價報告書,經常因為估價方法不受法院信賴,導致估價意見不被採信。法律先行,估價在後,估價師必須透過對估價理論的專業,解釋法律對價格的概念。因此,本研究將先確立法律對價值減損的概念,而後從估價理論分析瑕疵損害對價值的影響,並試圖建立一套評估瑕疵不動產價值減損的估價方法。
    瑕疵不動產的價值減損,主要分為修復成本及污名價損;前者為技術性貶值,後者為交易性貶值。在估價理論中,亦有修復原則與價損原則;前者僅以修復成本為基準,後者則不僅包含修復成本,更包含污名價損。污名價損主要是因為勘估標的未來的收益性及市場性,受到瑕疵問題影響,導致風險及不確定增加,而承受的價值減損。不論是我國法院實務判決或是美國通用專業估價實施標準(USPAP),都傾向肯認修復成本及污名價損,皆為瑕疵價損的一部分。換言之,估價師在評估瑕疵價損時,具有理論上的基礎。
    更進一步地,我們可以透過比較法、收益法及成本法,評估瑕疵價損的金額。在比較法中,透過個別因素調整的操作,反應瑕疵問題對價值的影響。在收益法中,透過租金收益損失、修復成本及折現率,反應直接成本及污名價損。在成本法中,透過功能性退化的概念,反應瑕疵價損,並可以扣除修復成本後,拆分污名價損。因此,估價師在評估瑕疵價損時,具有方法上的基礎。總之,瑕疵不動產價值爭議,從法律過渡到估價,可以達成一套完整的體系。
    Determining the value diminution of defective properties poses problems for appraisers to undertake an assignment for litigation. Though appraisers act as an expert witness in litigation, their appraisal opinions are often rejected by the court, because the valuation methods are not reliable. Appraisers must value the defective properties is comply with the laws. Appraisers as a professional should be able to explain how to value the properties that fit the laws. Therefore, this study set out to explain the legal concepts of value diminution in defective properties, then analyze the impact of defect on value through the valuation theory, and finally attempt to develop valuation methods to determining the value diminution of defective properties.
    The value diminution is mainly divided into “the cost to cure” and “the value diminution resulting from stigma”. In valuation theory, there are two relevant rules of “restoration rule” and “diminution in value rule”. The former contains only “the cost to sure”, but the latter contains both “the cost to cure” and “the value diminution resulting from stigma”. Stigma refers to an intangible psychological impact on value or marketability because of an increased risk or future uncertainty. Both the court decisions in Taiwan and Uniform Standards of Professional Appraisal Practice (USPAP) in US tend to admit that the diminution of defective properties contains both “cost to cure” and “value diminution resulting from stigma”. Thus, when valuing defective properties, appraisers could refer to stigma-related valuation theories.
    Furthermore, all of sales comparison approach, income approach and cost approach can be applied in valuing defective properties. In sales comparison approach, the impact of defect on price can be found through the process of individual factor adjustments. In income approach, the “cost to cure” and “value diminution resulting from stigma” are estimated through decreased of rent income, remediation cost and risk-adjusted discount rate. In cost approach, the concept of functional obsolescence can assist in reaching the value diminution, and in separating “the value diminution resulting from stigma” from “the cost to cure”. Therefore, the value diminution of defective properties can be estimated by traditional approaches. In conclusion, this study has proposed a systematic way to valuing the defective properties, which are in compliance with legal principles and appraisal methods.
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    描述: 碩士
    國立政治大學
    地政研究所
    100257019
    101
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0100257019
    数据类型: thesis
    显示于类别:[地政學系] 學位論文

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