International Valuation Standards & property tax valuations
Paul Sanderson FRICS and President of IPTI discusses the application of International Valuation Standards to valuations for property tax purposes.
The International Valuation Standards (IVS) form the key guidance for valuation professionals globally and underpin consistency, transparency and confidence in valuations.
Valuations are widely used and relied upon in financial and other markets, whether for inclusion in financial statements, for regulatory compliance or to support secured lending and transactional activity.
The (IVS) are standards for undertaking valuation assignments using generally recognised concepts and principles that promote transparency and consistency in valuation practice.
The International Valuation Standards Council (IVSC) also promotes leading practice approaches to ensure the conduct and competence of professional valuers.
The latest edition is effective from 31 January 2022.
RICS are in the process of updating the Global Valuation Standards (Red Book) to incorporate the changes to the IVS’s. The proposal is for the updated Red Book to have the same implementation date of 31st January 2022 as the revised IVS’s.
This is the April 2021 release, version 3.2.1, of the RICS Data Standard (RDS). An updated version reflecting ICMS 3 will be available in early 2022. The schema and example data files are available in both XML and JSON formats with html documentation in separate JSON and XML directories. This version replaces all previous RICS Data Standards for IPMS and ICMS which have both been incorporated into this single schema which allows users to capture, share and exchange data on land, property, real estate, and infrastructure assets. Where appropriate, the RDS references and supports a range of RICS and international standards covering property measurement, valuation, due diligence, life-cycle costing, brokerage, leasing, and building surveying.
The RDS is available under the MIT License and RICS can provide technical support on the implementation of the RDS, for further information and support please contact email@example.com