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Land is always an extremely important resource to all countries. In managing this limited natural resource, land valuation for the purpose of determining financial obligation for users of land is a crucial issue for governments. This paper presents a method of land valuation based on a regression model that allows approaching market prices of land in a region or district. | 146 | Nguyễn Quỳnh Hoa | 146 - 160 Mass Appraisal of Land Value Mass Appraisal of Land Value by Regression Model NGUYỄN QUỲNH HOA Doctor of Philosophy, University of Economics HCMC Email: nqhoa@ueh.edu.vn NGUYỄN THẠCH MTV Standard Chartered Bank Email: thachnguyen010190@gmail.com ABSTRACT Land is always an extremely important resource to all countries. In managing this limited natural resource, land valuation for the purpose of determining financial obligation for users of land is a crucial issue for governments. This paper presents a method of land valuation based on a regression model that allows approaching market prices of land in a region or district. The research uses data of a survey of 600 samples in HCMC, comprising 318 street-fronting real properties and 282 ones in alleys. Two regression models are developed to conduct valuation of those two kinds of land (street fronting and alley fronting pieces of land). The research results can be used for managing stocks of land and determining financial obligations of land users in HCMC. Keywords: land price, mass appraisal, land valuation, governmental control, regression model JED No.216 April 2013 | 147 1. PROBLEM STATEMENT Theories of land valuation recognize six methods of land valuation: (1) comparison, (2) abstraction, (3) allocation, (4) income capitalization, (5) capitalization of ground rent, and (6) land residual. Besides traditional methods of land valuation, mass appraisal of land value by regression model is widely applied using data on land prices with support from statistical softwares. In Vietnam, land valuation and publicized list of land prices are required tasks set by 2003 Land Law. Legal normative documents providing guidelines on land valuation are Decree 188/2004/NĐ-CP dated Nov. 16, 2004 and Circular 114/2004/TT-BTC dated Nov. 26, 2004; and Decree 123/2007/NĐ-CP dated July 27, 2007 and Circular 145/2007/TT-BTC dated Dec. 6, 2007. These documents introduce four land valuation methods:
