The gap between the officially assessed land prices and appraisal values has rarely been close, and the gap is being corrected by practical other factors. The effects of other factors on the calculation of appraisal values are increasing but there are few analyses on the other factors.
Based on the circumstances, the purpose of this study is to theoretically examine the other factors, select appraisal cases in some areas, analyze the effects of the other factors on calculation of appraisal values, and present object database on the other factors in appraisal of individual lands.
For doing this, 677 of the appraisal cases of the Seoul Metropolis in 2008 out of the Land Information of the Korea Association of Property Appraisers (Kapa DB) were selected to be statistically analyzed.
Regression analysis was performed between the other factors and appraisal values, and moderating effect analysis was performed to identify the effects of specific use areas, land categories, appraisal purposes, and districts on the relation between the other factors and appraisal values. The results of those analyses are as follows.
According to the results of the regression analysis, appraisal values were affected by officially assessed referenced land price, the other factors, individual factors, and time adjustment, in order, and the other factors have the greatest influence among the value determination factors. Based on the results, the author in this study conducted moderating effect analysis to identify whether the effects of the other factors on appraisal values were different according to land characteristics and appraisal purposes. According to the results, green zone and residential zone out of specific use areas, forest and field out of land categories, auction appraisal, compensation appraisal, and mortgage appraisal out of appraisal purposes, and the northwest and the southeast out of districts were shown to have control on the effects on appraisal values.
Despite the regional, temporal, substantial limitations of this study, there are some profitable suggestions as follows. In calculation of appraisal values, the other factors when compared to the others are proved to have greater influence on and have significant weight in appraisal values. Also, in the relation between the other factors and appraisal values, differentiated effects are positively shown according to land characteristics. Therefore, the results present that the use of the other factors should be careful according to specific use areas, land categories, and districts.