This document:

a)       builds on the models established in ISO 19152-1 and ISO 19152-2 to cover the valuation aspect of the Land Administration Domain Model (LADM);

b)       provides an abstract conceptual model covering:

1)       values (assessed values, valuation procedures, mass valuation);

2)       transaction prices;

3)       sales statistics;

4)       valuation units (parcel (legal space parcel), building, condominium unit, valuation unit group).

c)        provides terminology for the valuation component of land administration/georegulation, based on various national and international systems, that is as simple as possible in order to be useful in practice. The terminology allows a shared description of different formal or informal practices and procedures in various jurisdictions;

d)       specifies a content model independent of encoding that can be employed as a basis for local, national and regional profiles for valuation processes; and

e)       enables the combining of valuation information from different sources in a coherent manner.

NOTE            This document does not interfere with national property valuation-related regulations with potential legal implications.