PENENTUAN UNSUR KETIDAKPASTIAN DALAM PENGHITUNGAN ESTIMASI NILAI PASAR PROPERTI DENGAN MENGGUNAKAN PENDEKATAN PENDAPATAN: CATATAN PRAKTISI

Abstract

In valuing a property, valuers are often faced with limitations in formulating property market condition in the valuation model that they use, such as the capitalisation rate or income estimates that they use in the valuation. This introduces a certain degree of uncertainty in the valuation process. Nevertheless, value estimation is often presented as a single figure in the final report. This single value estimation is also evident in the valuation process as practiced at the Directorate General of Taxes. If it is accepted that there is a degree of uncertainty in the value estimation, the report should present a range of possible values as opposed a single value estimation. This paper is aimed to illustrate how uncertainty is quantified and reported in a property valuation report using the concept of probability.