英文摘要 |
The cost approach is one of the primary approaches to valuing real property, and the accuracy of which depends on satisfactory estimates of land value, replacement or reproduction costs and building depreciation. The lack of scientific data on building depreciation in Taiwan has led to heavy reliance on rule-of-thumb. This investigation, using data on recent transacted condominiums in Taipei City, finds that depreciation follows a convex path. Condominium building value decreases faster during the early part of the life of a building than during the late part. Furthermore, depreciation rate varies among condominiums in different neighborhoods. Condominiums in neighborhoods with superior amenities depreciate slower than those in neighborhoods with inferior amenities. Additionally, the market-indicated depreciation rate significantly exceeds the legally-specified rate. Assuming the replacement cost is correct, the housing tax base is over-estimated. For example, the accumulated tax base for a condominium aged 41 years old is over-assessed by 0.7 to 1.2 times. |