The heritage property appraisal

The article reveals theoretical bases and actual practices of the heritage property valuation. The authors examine current legislation which defines the type of real estate. Different classifications are included in the article, which are illustrated with examples of the cultural heritage monuments. The implementation practice of various countries on preserving and rebuilding heritage property is analyzed. The article emphasizes specifics of a value estimation procedure for the cultural heritage buildings as well as associated problems and difficulties. There are algorithms of cost estimation and expanded formulas for taxation of the heritage property are introduced in the article. They are applicable for either cost, or comparative, or income approaches of valuation.