The purpose of land valuation is to determine the value of land.
Land value serves as basis for land related transactions and investments, land taxation, compensation and planning procedures in land consolidation.
The aims of land valuation are:
- availability of objective real property transaction data for the whole Estonia for land and property administration
- creation of an optimum land (property) assessment system and its further development in order to make the assessment a continuous process and ensure a better availability of assessment results to the public.
In cooperation with other agencies the Land Board has created a land tax information system (LTIS) through which local governments can assess data that are required for tax calculation from different national databases.
Statistics on real property transactions can be viewed in the query environment of price statistics Query of real property price statistics », which is based on the transactions database. The database contains information starting from 1996 – more than 700 000 transactions have been completed in Estonia since then.
The Land Board:
- performs land assessments and manages assessment results;
- maintains the land quality and assessment map;
- helps to raise qualifications of land valuers (and develops a control system for assessment results);
- manages and develops the real property transactions database;
- informs the public of the state of real estate market;
- consults other state agencies on real estate related matters.
The above tasks are performed by the Department of Real Estate Valuation.