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 have updated the Global Valuation Standards (Red Book) to incorporate the changes to the IVS’s. This became effective on 31st January 2022, the same date as the effective date for the revised IVS’s.
The schema and example data files are available in both XML and JSON formats with html documentation in separate JSON and XML directories. The current version supersedes previous RICS Data Standards for IPMS and ICMS which have both been incorporated into this single schema allowing 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, carbon emissions, building operation, 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 firstname.lastname@example.org.