CONS08012 2022 Statutory Valuations

General Details

Full Title
Statutory Valuations
Transcript Title
Statutory Valuations
Code
CONS08012
Attendance
N/A %
Subject Area
CONS - Construction
Department
CENG - Civil Eng. and Construction
Level
08 - Level 8
Credit
10 - 10 Credits
Duration
Semester
Fee
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
Trevor McSharry, Aisling Doyle, Ms. Laura ODonnell
Programme Membership
SG_SREAL_K08 202200 Bachelor of Science (Honours) in Real Estate Development and Valuation
Description

This module explores the valuation practices and procedures of statutory valuations including Compulsory Purchase Orders, Commercial Rating and Local Property Tax. This involves interpreting the underlying legislation and applying it to valuations. The module also provides the learner with in depth knowledge and a practical interpretation of various valuation techniques used for statutory valuations. Using scenario based problems, the learner will be able to demonstrate their understanding of the underlying legislations, provide advice and solutions to clients.

Learning Outcomes

On completion of this module the learner will/should be able to;

1.

Interpret the relevant legislation relating to commercial rating in Ireland. 

2.

Outline rating practice and procedures in Ireland. Assess the rateable valuation of commercial property for revaluation and revision purposes. 

3.

Appraise the appeals process in commercial rating, apply this knowledge and provide advice to clients appealing rateable valuations. 

4.

Outline and discuss compulsory purchase procedures and compensation assessment in Ireland.

5.

Apply the appropriate valuation techniques involved in completing and determining the compensation claim for a Compulsory Purchase Order.

6.

Interpret the legislation relating to the Local Property Tax. Apply the appropriate valuation techniques involved in completing the assessment of tax on behalf of a client. 

7.

Evaluate and discuss Ground Rents and Entitlement to Reversionary Leases in Ireland. 

Teaching and Learning Strategies

This module will be delivered through lectures. Moodle is used by lecturers to direct and manage the learning process and facilitates formal learning, posting of lecture notes and continuous assessments, additional resources and supporting documents.

Informal learning: social communication between learners.Moodle will also be further used as a means of assessment, utilising online quizzes, for the uploading of assignments of reports.

Module Assessment Strategies

This is module is 40% continuous assessment and 60% exam. 

Repeat Assessments

Students who fail an element of the module will need to repeat each element (exam and or final exam) as instructed by the module lecturer.

Indicative Syllabus

Interpret the relevant legislation relating to commercial rating in Ireland. 

  • Rating, Compulsory Purchase Orders (Easements). Ground Rents. Local Property Tax. Insurance Valuations. Derelict Site (Levy, Local authorities). 

Outline rating practice and procedures in Ireland. Assess the rateable valuation of commercial property for revaluation and revision purposes. 

  • Rating – Understand rating, knowledge of revaluation process. Revision Process – population revision forms. Understanding Valuation, Measurement Process, exempt properties, Material Change of use, what defines change of use, Valuation Amendment Act 2015, Valuation Act 2000 - 2015

Appraise the appeals process in commercial rating, apply this knowledge and provide advice to clients appealing rateable valuations. 

  • Outline the appeals process per the Valuation Act 2000 and Amendment Act 2015. Understanding of appeals process on behalf of a client. Exempted property. Determination of an MCC. Valuation Tribunal. Going to Tribunal (Fees and documentation)  

Outline and discuss compulsory purchase procedures and compensation assessment in Ireland. 

  • Introduction to CPO in Ireland: legislation and procedure. Determining compensation: the ‘rules’ and principles involved.

  • Relevant statute referred to includes:  Land Clauses (Consolidation) Act 1845. o Acquisition of Land (Assessment of Compensation) Act 1919.  Local Government (Planning and Development) Act 1963.  Housing Act 1966  Local Government Planning and Development Act 1963- 2000 

Apply the appropriate valuation techniques involved in completing and determining the compensation claim for a Compulsory Purchase Order. 

  • Assessment of a compensation claim including; the value of land taken, disturbance, and severance and injurious affection.  Notice to treat (Valuation date), grievances (claims) compensation, regards & disregards, how to make a claim, valuation and hearing.  

Interpret the legislation relating to the Local Property Tax. Apply the appropriate valuation techniques involved in completing the assessment of tax on behalf of a client. 

Evaluate and discuss Ground Rents and Entitlement to Reversionary Leases in Ireland. 

Ground Rents Act 

  • Rights of a lessee to acquire the fee simple and determination of Fee Simple purchase price with reference to relevant legislation and case law including the following:  

  • Landlord and Tenant (Reversionary Leases) Act 1958.  

  • Landlord and Tenant (Ground Rents) Act 1967  

  • Landlord and Tenant (Ground Rents) (No.2) Act 1978 

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
40 %
End of Semester / Year Formal Exam
60 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Assignment Coursework Assessment Assignment 40 % End of Semester 1,2,3,4,5,6,7
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Final Exam Closed Book Exam 60 % End of Semester 1,2,3,4,5,6,7
             
             

Online Learning Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Not Specified Lecture 2 Weekly 2.00
Directed Learning Not Specified Directed Learning 1 Weekly 1.00
Independent Learning Not Specified Independent Learning 11 Weekly 11.00
Total Online Learning Average Weekly Learner Contact Time 2.00 Hours

Required & Recommended Book List

Recommended Reading
2017 Rating Valuation
ISBN 1138688894 ISBN-13 9781138688896

Rating Valuation: Principles and Practice has long been the standard go-to guide for both students studying rating valuation and practitioners needing a comprehensive reference book covering rating law, valuation and, importantly, practice. This fourth edition brings the reader up to date with the changes for the 2017 Rating Revaluation, including the new Check, Challenge and Appeal procedures, and developments in case law, as well as highlights the differences between the law in England and Wales. A comprehensive chapter on Northern Ireland rating has been added to this edition. Starting with the basics, the book goes on to provide more in-depth detail for advanced readers, using clear, accessible and engaging analysis and example valuations throughout to break down what many see as a complex subject. Whether you are studying to pass your APC, or just want an overview of the changes taken in by the latest revaluation, Rating Valuation: Principles and Practice will give you all you need to understand rating valuation.

Recommended Reading
2005 Ground Rents
ISBN 1858004241 ISBN-13 9781858004242

Acts as a reference source covering the legislation and case law in the area of ground rents. Starting from the origins and development of the ground rents system of land ownership in Ireland to how that system has impacted on modern land law, this work also clarifies on the unnecessarily complicated system of land ownership.

Recommended Reading
2012-01-11 Property Valuation Principles Red Globe Press
ISBN 9780230355804 ISBN-13 0230355803

A user-friendly introduction to property valuation for students and practitioners who are new to the subject. The text is packed with worked examples and photos and covers the five main methods of valuation, their application in a variety of markets and their relation to the wider economic context.

Recommended Reading
2014 Property Valuation Routledge
ISBN 041571768X ISBN-13 9780415717687

The third edition of Property Valuation: The Five Methods introduces students to the fundamental principles of property valuation theory by means of clear explanation and worked examples. An ideal text for those new to the subject, the book provides 1st year undergraduate students with a working knowledge and understanding of the five methods of valuation and the ways in which they are interlinked. In this fully revised edition, the new author team have: restructured the chapters to ensure a more logical order outlined economic theory of value and the rules and constraints under which a valuer works provided detailed consideration of each of the five recognised approaches placed a larger emphasis on the Discounted Cash Flow approach These revisions are all written in the concise and accessible style which has made previous editions of the book so successful. The new edition of this textbook will be essential reading for undergraduates on all property, real estate, planning and built environment courses.

Recommended Reading
2021-12 Residential Property Appraisal Routledge
ISBN 0367419629 ISBN-13 9780367419622

Residential Property Appraisal, Volumes 1 and 2 are essential handbooks not only for students studying surveying but also for surveyors and others involved in the appraisal of residential property. Volume 1 has been updated and covers the valuation process as it relates to residential properties, particularly when valuation is undertaken for secured lending purposes. It addresses the basic skills required, the risks posed in a valuation, the key drivers of value, emerging issues that impact valuation and the key legal and RICS Regulatory considerations that a valuer needs to understand. Volume 2 of the book goes on to address the inspection and survey of residential properties, covering new technology, modern methods of construction, problem plants and pests, damp in new builds, and modern building services. New challenges for the surveyor to consider include the health and wellbeing of building occupants, the Party Wall etc. Act 1996 and schedules of condition, energy and building performance, and owner occupied and tenanted properties. An essential book for students studying to enter the residential survey and valuation profession and for existing practitioners who wish to improve their knowledge of industry practices.

Recommended Reading
2021 Agricultural Valuations
ISBN 1138678058 ISBN-13 9781138678057

"Agricultural Valuations: A Practical Guide has long been the standard text for students and professionals working on agricultural valuations. In this fifth edition, Gwyn Williams' original text is taken on by Jeremy Moody and Nick Millard, renowned experts in the field"--

Recommended Reading
2013-10-31 Compulsory Purchase and Compensation in Ireland A&C Black
ISBN 9781845922306 ISBN-13 1845922301

Compulsory Purchase and Compensation in Ireland comprises a comprehensive inventory of compulsory purchase powers by various State and semi-State bodies in Ireland, together with a detailed and practical analysis of the law of compensation in respect of compulsory purchase. Divided into two highly practical sections, this 2nd edition key title provides the busy practitioner with a comprehensive guide to the complex subject of compulsory purchase and compensation. Drawing on a wealth of learning and experience, the author will unravel the intricacies of the present law and practice, and clearly present the advice and guidance legal practitioners working in this area will require. Part one deals with the voluminous statute law governing compulsory purchase powers and procedures. Part two covers the equally important topic of assessment of compensation. A must-have book for all practitioners specialising in property and land law.

Recommended Reading
2019-01-23 Modern Methods of Valuation Estates Gazette
ISBN 1138503517 ISBN-13 9781138503519

Modern Methods of Valuation covers real estate valuation theory and methods, UK valuation standards compliant with international standards and the application of these methods to the valuation of most types of property for most value purposes. Significant changes in this new edition include: New international Valuation Standards 2013 New RICS Valuation - Professional Standards 2014 Replacement of RICS code of Measuring Practice (6th edition) with RICS property measurement incorporating International Property Measurement standards 2015 Amendments to areas of statutory valuations; in particular those recently introduced specifically for HS2 and those set out in the Localism Act 2011 and The Housing and Planning Act 2016. Budget and regulatory changes affecting taxation and Business Rates Various new and revised RICS guidance notes and emerging areas relating to professional valuations such as International Professional and Ethical Standards, Sustainability and sustainable values. Modern Methods of Valuation is packed with practical examples and presents the most comprehensive study of the subject of Property Valuation available in the UK. It is an essential text for all three years of University and College degree programmes in Real Estate and related postgraduate conversion courses. It also supports RICS student members preparing for their Assessment of Professional Competence (APC).

Recommended Reading
2016-08-08 Introducing Property Valuation
ISBN 1138929956 ISBN-13 9781138929951

This new edition of bestselling textbook Introducing Property Valuationprovides students with a comprehensive introduction to the concepts and methods of valuing real estate, helping them to progress successfully from basic principles to a more sophisticated understanding. Taking a practically oriented rather than purely theoretical approach, the textbook equips readers with the skills to undertake their own valuation calculations. Fully updated to reflect recent developments in regulation and practice, experienced tutor and valuer Michael Blackledge demonstrates how the principles can be applied in professional practice in line with the requirements and guidance provided by the International Valuation Standards Council and the Royal Institution of Chartered Surveyors. Online material accompanies the new edition with Q&As and pre-programmed excel spreadsheets enabling students to prepare their own calculations. The five traditional methods of valuation are outlined and the practical applications of the two main approaches, the comparison and investment methods, are fully explored. The use of discounted cash flow and quarterly in advance calculations, topics which are not always adequately covered elsewhere, are also explained. Accessibly written with a full range of worked examples, case studies, clear chapter summaries and extensive further reading suggestions, this book is essential for any student of real estate and its valuation.

Module Resources

Non ISBN Literary Resources
Journal Resources
URL Resources

www.rics.ie

www.scsi.ie

https://scsi.ie/guide-to-professional-advice-on-revaluations-and-general-rates-assessments/

www.valoff.ie

https://valoff.ie/en/publications/code-of-measuring-practice/

https://valoff.ie/en/revaluation/

https://valoff.ie/en/revision/

https://www.prai.ie/ground-rents/

https://www.citizensinformation.ie/en/money_and_tax/tax/housing_taxes_and_reliefs/local_property_tax.html

Other Resources
Additional Information