The role of cultural heritage object's status at the real estate valuation

Introduction. The transition to the use of cadastral value as a basis for taxation on land and property taxes has generated a lot of questions. One of them is the consideration of public-law restrictions in the process of cadastral and market appraisal. The most frequent of such restrictions is the existence of the status of an object of cultural heritage. Method or methodology. In the general scientific basis, the methods used in this study include the analysis, deduction, comparative analysis, and the logical method. In addition, the following specific scientific methods have been used: the method of analyzing the regulatory framework, paired analysis methods (in the case of pair sales analysis and pairwise income comparison analysis), and loss accounting (in the loss-of-benefit methods and the constraint analysis method). In the process of considering the method of constraint analysis, the authors use the method of calculating the coefficient, taking into account the size of such limitations. Results of the work. The complexity of accounting for such limitations in the evaluation process is due to the fact that this topic has been poorly developed in the evaluation theory and in practice. The authors note that the status of the object of cultural heritage leads to both additional advantages and encumbrances for the owner of real estate, which should be taken into account separately. The main methods of estimating such encumbrances are considered in the article. Of particular value is the authors' methodology for analyzing constraints. The method is based on the analysis of the security obligation and the resulting limitations of the owner's rights related to the status of the cultural heritage site, as well as the methodology for calculating the coefficient reflecting these limitations. Scope of application of the results. The results of this study can be used for further theoretical studies on the valuation of cultural heritage sites, as well as in the practice of valuation activities. Conclusion. The conducted research expands the methodological base for assessing the limitations resulting from the status of the cultural heritage site. The logic of the proposed method of constraint analysis is illustrated by the example given by the authors.