Ways to Improve The Methodological Foundations of Mass Real Estate Appraisal
DOI:
https://doi.org/10.51699/cajitmf.v7i2.1193Keywords:
Real estate valuation, real estate taxation, mass real estate appraisal, value modeling, regressionAbstract
This article is devoted to researching the development of real estate valuation methodology in Uzbekistan, highlighting the significant financial losses experienced by local government authorities due to the absence of an updated, relevant, and transparent tax assessment system. The primary hypothesis of the study is that improving the methodological and institutional framework for mass appraisal will lead to the gradual development of real estate market relations in Uzbekistan, as well as the sustainable formation of an effective and fair tax system. The research identifies current issues within the national mass appraisal system and proposes corresponding solutions. The majority of these problems are related to the lack of market data and the use of outdated methodologies. The obtained results support the idea of creating, implementing, and sustainably maintaining a mass appraisal system as a fundamental element in establishing an equitable real estate tax system. This, in turn, stimulates regional development and supports economic activities related to the real estate market.
References
Decree of the President of the Republic of Uzbekistan, “On Further Improvement of Resource Taxes and Property Taxes,” Decree No. DP–6121, Dec. 3, 2020.
Decree of the President of the Republic of Uzbekistan, “On the Implementation of a Mass Real Estate Valuation System,” Decree No. DP–43, Mar. 5, 2025.
Minister of Economy and Finance of the Republic of Uzbekistan, “The Methodology for Public Valuation of Real Estate,” Appendix to Order No. 269, Jul. 7, 2025.
R. Grover, M. P. Törhönen, P. Munro-Faure, and A. Anand, “Property evaluation and taxation for fiscal sustainability and local governance in the Europe and Central Asia region,” Land Tenure Journal, no. 2, pp. 7–27, 2015.
W. J. McCluskey and C. D. Riel Franzsen, Land Value Taxation: A Case Study Approach. Lincoln, USA: Lincoln Institute of Land Policy, 2001, pp. 5–6.
R. Bird and R. Bahl, “Subnational taxes in developing countries: The way forward,” Working Paper 16, Rotman School of Management, University of Toronto, Canada, 2008, pp. 3–6.
R. Grover, M. Walacik, O. Buzu, T. Gunes, M. Raskovic, and U. Yildiz, “Barriers to the use of property taxation in municipal finance,” Journal of Financial Management of Property and Construction, vol. 24, no. 2, pp. 166–183, 2019.
J. H. Malme and J. M. Youngman, The Development of Property Taxation in Economies in Transition: Case Studies from Central and Eastern Europe. Washington, DC, USA: World Bank Institute, 2001, pp. 30–34.
R. Bahl, “Land taxes versus property taxes in developing and transition countries,” in Land Value Taxation: Can It and Will It Work Today?, D. Netzer, Ed. USA: Puritan Press, Lincoln Institute of Land Policy, 1998, pp. 141–171.
C. K. Zorn, J. Tesche, and G. Cornia, “Diversifying local government revenue in Bosnia-Herzegovina through an area-based property tax,” Public Budgeting and Finance, vol. 20, no. 4, pp. 78–83, 2000.
O. Buzu and A. Matcov, Evaluarea bunurilor imobiliare: teorie şi practică. Chişinău: Tipografia Centrală, 2003.
L. Anselin, “Lagrange multiplier test diagnostics for spatial dependence and spatial heterogeneity,” Geographical Analysis, vol. 20, no. 1, pp. 1–17, 1988.
K. Benoit, “Linear Regression Models with Logarithmic Transformations,” Available: online resource (accessed Apr. 25, 2024).
T. Bajura and S. Popescu, “Piața funciară autohtonă: starea actuală și perspectivele dezvoltării,” Economie și Sociologie, no. 3, pp. 37–42, 2010.
A. Smith, An Inquiry into the Nature and Causes of the Wealth of Nations. London, U.K.: W. Strahan and T. Cadell, 1776.
N. I. Turgenev, Opyt teorii nalogov. St. Petersburg, Russia, 1818.
A. Wagner, Finanzwissenschaft, vol. 2. Leipzig, Germany: Winter, 1890.
M. Friedman, Capitalism and Freedom. Chicago, IL, USA: University of Chicago Press, 1962.
International Monetary Fund, How to Design and Implement Property Tax Reforms. Washington, DC, USA: IMF, 2024.
Organisation for Economic Co-operation and Development, Tax Policy Reforms 2024. Paris, France: OECD Publishing, 2024.
World Bank, Property Taxation and Local Government Finance. Washington, DC, USA: World Bank, 2025.
International Association of Assessing Officers, Guidance on Developing Mass Appraisal and Related Tax Policy. Kansas City, MO, USA: IAAO, 2023.
A. V. Vahobov, Soliqlar va soliqqa tortish. Toshkent: Sharq, 2009.
A. Jo‘rayev, Mahalliy byudjetlar va ularning daromad bazasini mustahkamlash. Toshkent: Moliya, 2018.
A. Altiyev, Soliq siyosati va iqtisodiy rivojlanish. Toshkent: Fan va texnologiya, 2019.
I. Niyazmetov, “Mulkiy soliqlarni ma’muriylashtirish muammolari,” Iqtisodiyot va innovatsion texnologiyalar, no. 4, pp. 45–52, 2020.
M. To‘ychiyev, “Soliq bazasini shakllantirishda mulkiy soliqlarning roli,” Moliya va bank ishi, no. 2, pp. 33–40, 2021.
A. Mirxoshimov, “Soliq siyosatining investitsion muhitga ta’siri,” Iqtisodiy tahlil, no. 3, pp. 21–28, 2019.
U. Pardayev, “Soliq yukining iqtisodiy faollikka ta’siri,” O‘zbekiston iqtisodiy axborotnomasi, no. 5, pp. 17–24, 2020.
U. T. To‘lakov, Ko‘chmas mulkni soliqqa tortish metodologiyasini takomillashtirish. Tashkent: Publishing High Future OK, 2025.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Khushvaktov Jasur Shukhrat ugli
This work is licensed under a Creative Commons Attribution 4.0 International License.
In submitting the manuscript to the Central Asian Journal of Innovations on Tourism Management and Finance, the authors certify that:
- They are authorized by their co-authors to enter into these arrangements.
- The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
- That it is not under consideration for publication elsewhere,
- The publication has been approved by the author(s) and by responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
- They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
- They agree to the following license and copyright agreement.
License and Copyright Agreement
Authors who publish with Central Asian Journal of Innovations on Tourism Management and Finance agree to the following terms:
- Authors retain copyright and grant the Central Asian Journal of Innovations on Tourism Management and Finance right of first publication with the work simultaneously licensed under Creative Commons Attribution License (CC BY 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the Central Asian Journal of Innovations on Tourism Management and Finance published version of the work (e.g., post it to an institutional repository or edit it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
