Regulation On The Determination Of The Values Of Collateral Of Land According To § 16 Para 1 And 2 Of The Pfandbrief Act

Original Language Title: Verordnung über die Ermittlung der Beleihungswerte von Grundstücken nach § 16 Abs. 1 und 2 des Pfandbriefgesetzes

Read the untranslated law here: http://www.gesetze-im-internet.de/belwertv/BJNR117500006.html

Regulation on the determination of the values of collateral of land according to § 16 para 1 and 2 of the Pfandbrief Act (collateral valuation regulation - BelWertV) BelWertV Ausfertigung date: 12.05.2006 full quotation: "collateral valuation regulation by May 12, 2006 (BGBl. I p. 1175), by article 1 of the regulation of 16th September 2009 (BGBl. I p. 3041) is changed" stand: amended by art. 1 V v. 16.9.2009 3041 for details on the stand number you find in the menu see remarks footnote (+++ text detection off) : 1.8.2006 +++) input formula on the basis of § 16 para 4 set 1 to 3 of the Pfandbrief Act of May 22, 2005 (BGBl. I S. 1373) in conjunction with § 1 No. 4 of the regulation to the delegation of powers to adopt regulations on the Federal Agency for financial services supervision of 13 December 2002 (BGBl. 2003 I S. 3), § 1 No. 4 last amended by article 7 No. 1 of the law of 22 June 2005 (BGBl. I p. 1698) , the Federal Agency for financial services supervision in agreement with the Federal Ministry of Justice decreed after hearing of the umbrella organisations of the banking industry: part 1 General provisions and principles article 1 are scope in determining the loan values according to § 16 para 1 and 2 of the Pfandbrief Act and in collecting the data required for the evaluation to apply the provisions of this regulation.

§ 2 subject of the valuation is subject to collateral valuation that is land, leasehold rights or comparable law of a foreign legal system, which burdened with liens or should be loaded.

§ 3 principle of collateral valuation (1) the value of the collateral underlying set (loan value), the value of the real estate which experience shows that regardless is expected can be achieved temporary, about economic trends value fluctuations in the relevant land market and elimination of speculative elements during the entire duration of the loan in a sale.
(2) to determine of the collateral value, the future marketability of the property taking into account the long-term, sustainable characteristics of the object is to use the normal regional market conditions, as well as the current and possible other uses in a cautious assessment.

Procedures for the identification of the mortgage lending value (1) to determine of the collateral value are § 4 separately to determine the earned value (sections 8 to 13) and the property (sections 14 to 18) of the loan object. The collateral value is of paragraphs 2 to 6, taking into account these values according to derive. The object to be evaluated is to visit in the context of determining value.
(2) for residential and fractional ownership the reference value procedure is complementary 19 and the comparison value as control value in the determination of the mortgage lending value to take into account pursuant to § perform. Condominiums and individual, independent of commercial units, an investigation of the Sachwerts can be omitted in these cases.
(3) mainly for the determination of the mortgage lending value, the yield value that must not be exceeded is regularly. Of the asset or the comparison value of the loan by more than 20 percent behind the earned value remains in such cases, requires a special review of sustainability of the underlying income and their capitalization. The initially calculated yield values, confirmed this need the result of the verification of a comprehensible justification, otherwise the return value is accordingly to mitigate.
(4) in the case of one - and two-family houses and condominiums, the collateral value can be oriented to the real value and a yield value determination be omitted if the object to be evaluated is suitable after cutting, equipment quality and undoubtedly capable of own use and in ordinary market development according to the circumstances of the individual case may be assumed, that the object is permanently demanded by potential buyers for their own use. In these cases, the collateral value can be oriented to a comparison value determined in accordance with article 19; In addition to calculating earned value, also the determination of asset value can be omitted. In one - and two-family dwellings, an orientation to the comparison value may be only if current comparison prices from at least five objects underlying the determination, sufficiently match also with regard to the size of the living area with the object to be evaluated.
(5) one at the time of the evaluation of recognizable maintenance backlog or other structural expenses, as well as building defects and building damage are to be considered on the basis of the expenses required for its removal on the valuation date or after experience sets as a separate value discount. The collateral value is accordingly.
(6) in the case of under construction objects, the collateral value is the State value. This is the sum of the land value (section 15) and the pro-rata value of the structural system. The pro-rata value of the structural system is calculated from the value of the structural system of the finished object (section 16) and the current state of the building. The buildings stand in approach is by a mortgage bank, to select qualified personnel to determine independent person of construction planning and execution; Section 7, subsection 1, sentence 1 shall apply accordingly. In cases where the income value of the planned finished below its real value, the State may not exceed the prorated earned value percentage corresponding to state-building.
Part 2 opinion and expert article 5 opinion (1) which is by means of an expert opinion to determine collateral value.
(2) the opinion must be created by one or more reviewers in general or from case to case are determined by the mortgage bank. In special cases, in the context of cooperation or for portfolio purchases, created reports may be used for other credit institutions or insurance undertakings, when 1 these reports comply with the provisions of this regulation, an establishment with the credit decision, expert staff of Pfandbriefbank a plausibility check, also with regard to the individual applied valuation parameters, performs 2., and 3. the result of the validation is documented.
Reports, which have been produced or commissioned by the borrower must be applied.
(3) the opinion must give to the object and site quality to the regional real estate market, the legal and actual object properties and the lending ability of the object, its usability and rental potential. The opinion has also to tackle to use, whether for the peer-reviewed real estate a sufficiently large potential home buyer and user group consists and therefore the sustainable profitability of the real estate is guaranteed on the basis of their versatility and their adequate usability by third parties; a loss in value to be expected over time is to represent, and in particular in assessing the risk of modernization to take into account (§ 11 section 7) and the remaining useful life (§ 12 ABS. 2). The essential valuation parameters and assumptions are traceable to explain and justify.
(4) all the circumstances affecting the property or the income, including any usage restrictions, easements, toleration obligations, pre-emption rights, Baulasten and all other restrictions and loads are to name a few, to be observed and if necessary value reduced to take into account.

§ 6 must have after his education and professional activity special expertise and experience in the field of real estate valuation experts of the expert; a corresponding qualification is suspected persons who State-recognized or ordered DIN EN ISO/IEC 17024 accredited authority as an expert or expert for the valuation of real estate, or have been certified by a State. In the selection of the Verifier, the Mortgage Bank has to convince the reviewers in addition to many years of experience in the valuation of real estate specifically has the knowledge necessary for the creation of collateral valuation, particularly with regard to the respective real estate market and the object type.

§ 7 independence of the Verifier (1) which reviewers must be regardless of the credit decision process and Kreditakquisitions - as well as by object placement, sales and rental. He should be in a family, one other legal or an economic relationship to the borrower and may have no private interest in the outcome of the opinion. The reviewer must also set not the collateral value or edit the credit.
(2) opinion of experts hired by the mortgage bank may be based on only the collateral valuation, if in part of the organizational of structure of the Pfandbriefbank which concerned reviewers of only the management are responsible or are only part of an expert unit which is directly subordinate to the Executive Board, or part of a unit summary all relevant reviewers, and in addition to including the level of the Executive Board are not an area of the Pfandbriefbank , in the real estate credit business were either initiated or made the subject of the single vote.
Part 3 valuation methods section 1 income approach § 8 basics of earned value determination (1) for the income approach is the profitability of the structural system to determine separately from land value, according the articles 9 to 12.
(2) the floor value is to determine according to § 15.
(3) land value and profitability of the structural system revealed the earned value of the mortgaged object subject to § 13.

§ 9 discovery of the earned value of structural system (1) in determining the yield value of the structural system is to proceed from the sustainably recoverable annual Reinertrag. The Reinertrag arises from the gross profit (§ 10) management fee (section 11).
(2) the Reinertrag is to reduce the amount resulting from reasonable interest on the value of soil. Which is the interest capitalisation according to § 12 applicable discount rate to use. The plot is much larger when it corresponds to a use appropriate for the structural system and is an additional use or exploitation of a part surface and possible, is the land value of this area when calculating the amount of interest do not apply. The additional use and exploitation of this subplot in general terms is to present comprehensible in determining value.
(3) the Reinertrag reduced pursuant to paragraph 2 is to capitalize in accordance with § 12.

§ 10 gross profit (1) only the income must be taken into account in determining the gross profit, the proper management and permitted use object can sustainably provide each owner. The sustainable rent over the contractually agreed rent, the contractually agreed rent is normally to use. The rental area corresponds to the lettable floor space for residential economic use or the permanently lettable floor space for commercial use. Pro-rata earnings are separately to represent different types of use. Levies, which are payable by the tenant or tenants to cover operating costs, are not to be considered.
(2) the resulting Roherträge are to derive in the case of a hotel, hospital, nursing home or usage similar to paragraph 1 on the basis of carefully adopted, an average recoverable revenue per room or bed.
(3) there are structural or long-term vacancy rates, is to check whether a rental is to expect rental prices at all or to the scheduled any time soon due to the current market situation.

Cut section 11 management costs (1) which determined pursuant to § 10 gross profit is to the management costs usually with the landlord. For yield reduction, obtained from long-term experience in the market single cost approaches to administration costs, maintenance costs, to place the risk of loss of rent and other operating costs covered through allocations, as well as specific object types under paragraph 7 to consider a modernization risk are.
(2) the individual cost approaches have to move, if not the particular circumstances of the case require a higher approach within the ranges permitted under annex 1. A recognizable, acute loss risk, which is above the fixed rate of experience, is as a separate value discount to put in the amount of expected loss. The minimum height for the management expense deduction total is 15 percent of the gross profit. As a result the actual or calculated costs of an object may be reached.
(3) administrative expenses within the meaning of paragraph 1 sentence 2 are 1 the expenses of workers necessary for the administration of the estate and facilities, as well as the supervision, 2. the costs for accounting, auditing, payments and financial statements, and 3. the cost of completion and modification of lease contracts and the processing of insurance claims.
(4) maintenance costs within the meaning of paragraph 1 sentence 2 are costs that must be spent as a result of wear and tear, aging and weather conditions for the preservation of the intended use of the structural system during its useful life. They include the ongoing maintenance and regular maintenance of the structural system, but not their modernisation.
(5) risk of loss of rent set 2 is the risk of a yield reduction caused by bad debt arrears or vacancy of space which is intended for the rental within the meaning of paragraph 1. It is also used to cover the costs of a legal prosecution payment or termination of a lease or eviction.
(6) operating costs within the meaning of paragraph 1 sentence 2 is the cost, through the property on the land or through the intended use of the land as well as its structural and other systems constantly arise.
(7) the costs for necessary adaptation measures that are necessary in addition to the maintenance costs for maintaining the merchantability and the permanent backup of the rental base level form the modernization risk referred to in paragraph 1 sentence 2. You are as a percentage to represent the cost of the new building.

§ To capitalize on 12 capitalization of prominence (1) which reduced Reinertrag is in relation to the remaining useful life of the structural system by the interest amount of the floor value pursuant to section 9 para 2 and the capitalization rate with the resulting from it, the pension factor bar value corresponding to financial multiplier according to annex 4.
(2) in calculating the remaining useful life is in contrast to the technical lifetime exclusively on the period, in which the structural system with proper entertainment and management can be operated more economically. The remaining useful life is object-specific based on the question, how long the rental potential of the object to the adopted income seems assured, to assess user requirements changing in increasingly shorter intervals. The experience rates referred to in annex 2 for the service life of physical structures are taken into account.
(3) the capitalization rate is the assumed interest rate with the recoverable in the future sustainable prominence of a plot of land on the period of their accepted payment are discounted usually cautious estimates. It must be inferred from the regional relevant long-term market development. The higher the income and risk of selling the real estate to scale higher, also the capitalization rate must be selected. Different types of use should be considered separately.
(4) in the case of living economic use, the capitalization rate not less than 5 percent for commercial use without prejudice to the set of 3 not below 6 percent in approach must be taken to (minimum). The bandwidth for individual types of use referred to in Appendix 3 are to be based. The lower bound of the bandwidth must be lower than at commercial objects to no more than 0.5 percentage points if it's prime real estate. This is the case, if at least the following criteria are met: 1 a very good location in the compression Chamber, 2. a according to the respective object type preferred location, 3. a good infrastructure, 4. good design, 5th quality amenities, 6 a high-quality construction, 7 a high MERCHANTABILITY, 8 the limitation on types of use commercial, Office and shops, 9 a very good object state and 10 given possible of other uses.
Falls below requires pursuant to sentence 3 in the opinion of establishing special, comprehensible.

§ 13 determination of yield value in special cases (1) remains no percentage for the discovery of the earned value of structural system in reduction of Reinertrags by the interest amount of the base value according to § 9 para 2, only the land value to use is as income of the loan object by way of derogation from article 8, para. 3. The land value is to mitigate, that spend would be to adjust the plot to comparable vacant land in this case to the ordinary costs. Ordinary costs within the meaning of sentence 2 are in particular the demolition costs for the structures.
(2) in the case of a remaining useful life of the structural system of less than 30 years, the proportion of the value of soil on the yield value to the remaining useful life of the structural system is to capitalize on or's the cancellation costs of the structural system must be determined, recorded and deducted from the income.
(3) in cases where the land value accounts for more than half of the earnings, the assumptions applied in determining the value of land to establish and the conditions for a are in the opinion that especially to present replacement buildings and that any necessary expenses.
Section 2 asset procedure § 14 principles of determining real value in the real value of the mortgaged object is composed of the land value and the value to be determined according to section 16 of the structural system together. The grounds also include the structural system.

§ 15 to determine of the value of soil surveys are land value (1) to make about 1 the location, the size and the layout of the property, 2. the kind and dimension of the legally stipulated uses and actual use, 3. the nature and quality of to way points, 4. the main economic and technical ties, 5. the connection possibilities to supply lines and sewer, 6 the still incurred development posts and 7 existing benchmarks and compare prices.
(2) the land value is set to square meters of land area. In determining the floor value no higher usage than allowed may be based.

To be derived from experience sets cost per room or unit area with the number of the corresponding reference unit of the building to be evaluated are section 16 to multiply (production value) value of the structural system (1) to determine of the value of the structural system. The scheduled production cost must be regional and object-specific appropriate. Are in particular in terms of value to take into account 1 the intended and potential use, 2. the scope and the interior layout, 3. the construction and for the building materials, 4 used the facilities and the value-influencing systems, 5. the age and the condition in accordance with article 17, 6 other value-influencing circumstances in accordance with the § 18.
Normally with no more than 5 per cent of the production value, the costs for outdoor installations is allowed.
(2) in order to take into account any construction price reductions and thus sustainable validity of the approaches is to shorten the production value determined according to paragraph 1 by a safety margin of at least 10 percent. All reviews must be shown the output value per room or unit area, the haircut, as well as, where appropriate, the reduction in value due to age.
(3) construction costs, in particular costs for planning, construction, regulatory inspections and permits, can only in normal height and as far as taking into account find as a lasting increase in value corresponds to them. The approach of construction costs is limited to up to 20 per cent of the production value reduced pursuant to paragraph 2.

§ 17 impairment due to age (1) the impairment due to age is determined by the ratio of the remaining useful life to the life of the structural asset. It is expressed in a percentage of the production value. In determining the impairment can be assumed depending on the type and use of the structural system of a uniform or a reduction in value with age changing.
(2) the proper use usual life of the structural system has been extended by repairs or improvements, or failure to perform maintenance or other factors led to a shortening of life, the changed life and the life common to the complex should be adopted determining the impairment due to age.

§ Other value affecting 18 taking into account circumstances other according to §§ 16 and 17 still unidentified circumstances affecting the value, in particular an economic obsolescence, an above - or below-average condition and a significant deviation from the actual intended use, must be considered- or discounts or in any other appropriate way.
Section 3 reference value procedure article 19 the comparison value (1) to determine of the comparison value are to be used sustainably recoverable objects comparison prices, adequately match in terms of the characteristics significantly affecting their value, in particular location, facilities and uses the object to be assessed; the comparison rates can be taken from the purchase price or other market data collections. From the initial value so determined is a safety margin amounting to at least 10% will be deducted.
(2) residential or partial ownership of the output value of the object to be assessed results from the multiplication of the comparison price per square metre of residential or commercial area with the total area of housing to be evaluated or part ownership in the case of pitches from the multiplication of the comparison price of a parking space with the number of pitches to be assessed; Paragraph shall apply accordingly 1 sentence 2.
Section 4 specifics of individual objects section 20 is to check its state of development as well as the future demand for building land land in determining value of land. Construction law, development condition and potential contaminated sites position to take is in the opinion. Only secured development rights must be taken into account. The value approach is to derive from appropriate comparison values taking into account the existing plot characteristics. § 15 para 2 shall apply accordingly.

Section 21 is hereditary and other land rights in the collateral of leases to take into account the residual maturity of the ground lease. From the ground lease to take into account is sufficient resulting restrictions through appropriate value discounts. In the opinion, it is to explain whether and how long the ground lease in terms of its duration and the compensation agreed upon its completion for the building appears reasonably usable. The regulation applies accordingly for other land rights and such rights of any foreign jurisdiction, which are comparable with the plot-same rights of German law.

Section 22 agriculturally used land (1) agricultural land are those that the predominant part of the gross profit which is achieved by agricultural or forestry use.
(2) in the case of undeveloped land (arable, grassland, fruit and wine-growing areas, forest) is the value of land taking into account the found property characteristics of suitable comparison prices to derive; section 15 shall apply accordingly. Here are kind, especially appreciating structure and size of the land in terms of regional factors, focusing on the quality of the soil and climatic conditions in the opinion and taken into account in the derivation of the land value.
(3) if constructed plots in the assessment should be included, each of the income and the property are for this finding. A stand-alone value that can be taken into account when determining collateral value, can only be attached to the buildings, if they own and can be used outside of the respective farm. § 4 para 4 shall apply accordingly.

Machinery and equipment machinery and equipment are basically to ignore, as long as they are not essential components of the subject of the collateral valuation in the sense of § 2 in determining the Sachwerts article 23. The value of such essential elements is, when extending the mortgage on it to estimate separately considering a normal depreciation and sufficient deductions for wear and tear and technical validation. If machines due to the technical development of rapid obsolescence is expected, this cannot be of value.

§ 24 used Wohnwirtschaftlich objects in assignment of small loans (1) for the loan of a residential used object in the domestic may be waived deliver an opinion under section 5, if the security on the object to loan amount with the involvement of all preloads does not exceed the amount of EUR 400,000. In a partly commercial use of the object the fact revenue share must not exceed one-third of the gross profit. Instead of the opinion is to create a simplified valuation or create to let, which must meet the other requirements of this regulation.
(2) the person who makes the determination of value and created, in the case of paragraph 1 must be for collateral valuation of the listed objects is sufficiently trained and qualified. She may not be identical with the person who makes the final credit decision or shall determine the collateral value; Section 7, subsection 1, sentence 2 shall apply accordingly. The Pfandbriefbank has to ensure the regularity of valuations by means of a sufficiently large number of representative samples to be taken at regular intervals by expert review; the articles 6 and 7 shall apply accordingly.
(3) Byway of derogation from article 4, paragraph 1, sentence 3 may cease in cases of paragraph 1 a tour of the object to be evaluated then, if 1.
the object of Pfandbriefbank or the credit institution cooperating with the mortgage bank or insurance company is already known where notoriety only then can be assumed, if the object is been visited in the last two years by an employee of the Mortgage Bank and the cooperating credit institution or insurance company or on behalf of the Mortgage Bank and the cooperating credit institution or insurance company, 2. it is the loan of a condo , which is located in a building, in which the Pfandbriefbank already at least a similar apartment has visited within the last two years, 3rd at lending a detached house located in a village of similar houses that within the last two years has visited at least a similar object in this settlement of mortgage bank or 4th at lending a newly-built prefab home of mortgage bank or the cooperating credit institution or insurance company the construction site is known and the prefabricated house according to type and type on the basis of the catalogue the manufacturer can be clearly determined.
The reasons for the failure of the visit are in a predictable way to document.
(3a) Byway of derogation from article 4, paragraph 1, sentence 3 can in the cases of paragraph 1 on an interior inspection of the object to be assessed be omitted, if the person who makes the determination of value, the essential valuation parameters are sufficiently known, and 1 the real estate within the last ten years is completed, and to document the reasons for the waiver of the indoor tour in a comprehensible manner , or 2. a reduction in the amount of at least 10 percent on the result of the mortgage lending value determination is made.
(4) in the case of purchase of a wide variety of loans in the sense of paragraph 1 from other credit institutions or insurance undertakings created simplified valuations may be used by them or for them, when 1 these valuations set 3 and of paragraph 2 sentence 1 and 2 correspond to the provisions of paragraph 1, an establishment with the credit decision, expert staff of Pfandbriefbank a 2. plausibility checks , performs in terms of the individual applied valuation parameters, and 3. the result of the validation is documented.
The 1 No. 2 required validation may be limited pursuant to sentence to a representative, and regionally and in terms of object from the acquired portfolio number of reviews. Is paragraph 1 sentences 1 and 2 carry Pack 3 in connection with paragraph 2 is here, that the values at the time determined the collateral objects not only in exceptional cases have been set too high or arise other doubts about the appropriateness which values determined, is appropriately expand the sample depending on the outcome of the review or a single check of all reviews for certain regions or object types, or a full re-evaluation certain or all loan objects. The valuations are pursuant to sentence 1 which according to paragraph 2 to review to include in set 3.
Section 5 abroad located objects § 25 of the mortgage lending value of objects located outside the Federal Republic of Germany is mortgaging abroad (1) to the sections 1 to 23, making 26, as far as in paragraphs 2 to 5 otherwise destined.
(2) in determining the value of the collateral material information, data and estimates from a country-specific opinions on the object evaluated can be used, if this opinion is based on transparent and recognised by experts evaluation methods and contains the essential information to determine of the collateral value. The country-specific opinions must not older than two years at the time of the mortgage lending value determination and must comply with section 4 subsection 1 sentence 3, of § 5 para 2 sentence 1 and 3 and paragraph 3 and of articles 6 and 7 accordingly have been created. The data taken from the country-specific opinions and parameters are marked in the collateral valuation reports to be created according to § 5 para 1. A renewed survey of the object in the context of collateral valuation can be omitted if the country-specific opinions sufficiently describes the findings obtained during the current visit and contains all necessary information about location, facilities and State of the object.
(3) in the case of the derivation of the capitalisation interest rate to be applied according to § 12 para 3, the peak values reached in the market not only in the short term are reasonable to weight.
(4) If a consideration of the remaining economic useful life within the meaning of section 12 paragraph 2 in country-specific valuations is unusual or not stated, a remaining useful life can be based to the discovery of the Vervielfältigers pursuant to § 12 para 1 of 100 years, unless the lower actual remaining useful life is compensated by additional building depreciation in relation to the deductions for management costs.
(5) the respective country-specific assessment methodology typically provides a deduction of costs not or only in a greatly reduced form, the minimum withdrawal prescribed in article 11, paragraph 2, sentence 3 also in the form of a result same equivalent can be done by approach of increased capitalization rate.
Review of the mortgage lending value determination section 26 review the basics of the mortgage lending value determination (1) that the fundamentals of the mortgage lending value determination is not a negligible worsened, check these are section 6 clues. This is particularly true when the general price level on the regional real estate market on a scale which threatens the security of mortgage lending has dropped. If it is not intrinsically used residential real estate, is to undertake a review even if the debt secured on the loan object has a significant performance gap of at least 90 days. The collateral value is to reduce as needed.
(2) where there is a further commitment to the review of the mortgage lending value under other provisions, these remain unaffected.
Part 4 final provisions § 27 supply source of the DIN standard which is 1 called DIN 6 set in § the Beuth Verlag GmbH, Berlin published and archive terms secured laid down in the German patent and trade mark Office in Munich.

Article 28 entry into force this regulation enters into force on 1 August 2006.

Appendix 1 (to § 11 subsection 2) bandwidth of single cost approaches for the calculation of management costs site of the original text: BGBl. I 2006, 1182 administrative costs a) housing bandwidth of costs, calculated on the basis of the units:-apartments: 200.00 275.00 euro - garage: 25.00 to 50.00 euro b) commercial objects bandwidth: 1% to 3% of the annual gross profit in each case is to ensure that the designated absolute amount is undoubtedly adequate for proper management.
Maintenance cost of calculation: cost per sqm living room or space (excluding construction costs and grounds). The lower bound of the bandwidth is appropriate for new, the upper limit for older objects. Object state, extent and age are taken into account in the calculation of maintenance costs.
a) such as warehouse and production hall with a production cost of 250.00 up to 500.00 euro / sqm: 0.8% to 1.2%, absolute lower limit: 2,50 euro / sqm b) such as commercial objects of simple standards and SB consumer markets with manufacturing costs by more than 500,00 euros per sqm: 0.8% to 1.2%, absolute lower limit: 5,00 euro / m² c) such as residential and commercial buildings with medium standard and manufacturing costs by more than 1.000,00 euro / sqm : 0.5% to 1%, absolute lower limit: 7,50 euro / qm d) such as high-quality Office and trade and other commercial objects with a production cost of over €2.000,00 per m²: 0.4% to 1%, absolute lower limit: 9,00 EUR / sq. m e) garages and underground parking: 30.00 to 80.00 euros per pitch loss risk a) housing: 2% or more) commercial objects: 4% or more modernization risk of calculation base are the production costs (excluding construction costs and grounds) a) no modernization risk (such as normal residences , smaller residential and commercial buildings, small and medium-sized office building, warehouse and production halls): 0% to 0.3% b) low risk of modernisation (E.g. larger office buildings, residential, Office and commercial buildings with specific facilities, retail with easy standard): 0.2% to 1.2% c) higher risk of modernization (such as inner-city hotels, retail sale of higher standard, leisure real estate with simple standard): 0.5% to 2% d) modernization risk (for example, sanatoriums, clinics , Leisure real estate with higher standard, hotels and retail properties with a particularly high standard): 0.75% to 3% Appendix 2 (to section 12 paragraph 2) experience sets for the life of works site of the original text: BGBl. I 2006, 1183 A) Wohnwirtschaftliche use (objects situated in Germany): houses: 25 to 80 years B) commercial use (objects situated in Germany): a) business and office buildings: 30 to 60 years b) department stores , Shopping malls: 15-50 years c) hotels and restaurants: 15 to 40 years d)
Agricultural objects: 15 to 40 years e) clinics, rehabilitation facilities, retirement and nursing homes: 15 to 40 years f) warehouses, production building: 15 to 40 years g) leisure real estate (E.g. sports equipment): 15 to 30 years h) car parks: 15 to 40 years i) SB - and specialist markets, consumer markets: 10 to 30 years j) filling stations: 10 to 30 years Appendix 3 (to section 12 paragraph 4) bandwidth for capitalization rate site of the original text : BGBl. I, 2006, 1184 A) Wohnwirtschaftliche use (objects situated in Germany): houses: 5.0% to 8.0% B) commercial use (objects situated in Germany): a) commercial buildings: 6.0% to 7.5% b) office buildings: 6.0% to 7.5% c) department stores: 6.5% to 8.0% d) SB - and specialist markets: 6.5% to 8,5% e) hotels and restaurants: 6.5% to 8.5% f) clinics, rehabilitation facilities: 6.5% to 8.5% g) elderly and nursing homes : 6.5% to 8.5% h) agricultural shared objects: 6.5% to 8.5% i) hypermarkets, shopping malls: 6.5% to 9.0% j) leisure real estate (E.g. sports equipment): 6.5% to 9.0% k) car parks, petrol stations: 6.5% to 9.0% l) warehouses: 6.5% to 9.0% m) production facility: 7.0% to 9.0% Appendix 4 (to section 12 paragraph 1) multiplier table (site of the original text: BGBl. I 2006, 1185 - 1186) with a remaining useful life of... Years at a discount rate in the amount of... Percent 5-5.5 6 6.5 7 7.5 8 8.5 9 9.5 10 1 0.95 0.95 0.94 0.94 0.93 0.93 0.93 0.92 0.92 0.91 0.91 2 1.86 1.85 1.83 1.82 1.81 1.80 1.78 1.77 1.76 1.75 1.74 3 2.72 2.70 2.67 2.65 2.62 2.60 2.58 2.55 2.53 2.51 2.49 4 3.55 3.51 3,47 3.43 3.39 3.35 3.31 3.28 3.24 3.20 3.17 5 4.33 4.27 4.21 4.16 4.10 4.05 3.99 3.94 3.89 3.84 3,79 6 5.08 5.00 4.92 4.84 4.77 4.69 4.62
4.55 4.49 4.42 4.36 7 5,79 5,68 5.58 5,48 5.39 5.30 5,21 5.12 5.03 4.95 4.87 8 6.46 6.33 6.21 6,09 only 5,97 EUR 5,86 5.75 5.64 5.53 5.43 5,33 9 7,11 6.95 6.80 6.66 6.52 6,38 6.25 6.12 6.00 5.88 5.76 10 7.72 7,54 7.36 7.19 7,02 6.86 6.71 6.56 6,42 6.28 6.14 11 8.31 8.09 7,89 7.69 7.50 7,32 7.14 6.97 6.81 6.65 6.50 12 8.86 8.62 8.38 8.16 7,94 7,74 7,54 7.34 7,16 6,98 6.81 13 9.39 9,12 8,85
8.60 8.36 8,13 7.90 7.69 7.49 7.29 7.10 14 9.90 9,59 9,29 9.01 8.75 8.49 8.24 8.01 7,79 7,57 7.37 15 10.38 10.04 9,71 9.40 9,11 8.83 8.56 8.30 8.06 7,83 7.61 16 10.84 10.46 10,11 9,77 9.45 9.14 8,85 8,58 8.31 8.06 7.82 17 11.27 10.86 10.48 10,11 9,76 9.43 9,12 8.83 8.54 8,28 8,02 18 11.69 11.25 10.83 10,43 10,06 9,71 9,37 9,06 8,76 8,47 8,20 19 12.09 11.61 11.16 10,73 10,34 9,96 9.60 9.27 8.95 8.65 8.36
20 12.46 11.95 11,47 11.02 10,59 10.19 9.82 9,46 9,13 8.81 8,51 21 12,82 12,28 11,76 11,28 10.84 10.41 10,02 9.64 9,29 8,96 8.65 22 13,16 12,58 12.04 11.54 11.06 10.62 10,20 9.81 9,44 9.10 8,77 23 13.49 12,88 12.30 11,77 11,27 10,81 10.37 9,96 9,58 9.22 8.88 24 13.80 13,15 12,55 11.99 11,47 10,98 10,53 10.10 9,71 9.33 8,98 25 14,09 13,41 12,78 12,20 11.65 11,15 10,67 10.23 9.82 9,44 9.08 26 EUR14.38 13,66 13,00 12.39 11.83 11,30 10,81
10.35 9,93 9.53 9,16 27 14,64 13,90 13,21 12.57 11.99 11.44 10.94 10.46 10.03 9.62 9.24 28 14.90 14.12 13,41 12.75 12.14 11,57 11.05 10,57 10.12 9.70 9.31 29 15.14 14,33 13,59 12,91 12,28 11.70 11.16 10,66 10,20 9,77 9,37 30 15,37 14.53 13,76 13.06 12.41 11.81 11.26 10.75 10,27 9,83 9.43 31 15.59 14,72 13,93 13,20 12,53 11,92 11.35 10.83 10,34 9.89 9.48 32 15.80 14.90 14,08 13,33 m 12.65 12,02 11,43 10.90 10.41 9.95 9.53 33 16.00 15,08 14.23
13,46 12.75 12,11 11,51 10.97 10.46 10,00 9,57 34 16,19 15.24 14.37 13,58 12.85 12,19 11.59 11,03 10,52 10,05 9,61 35 16,37 15.39 14,50 13,69 12.95 12.27 11.65 11,09 10,57 10.09 9.64 36 16.55 15,54 14,62 13.79 13.04 12,35 11,72 11.14 10,61 10,13 9,68 37 16.71 15,67 14,74 13.89 13.12 12.42 11,78 11.19 10,65 10.16 9,71 38 16,87 15,80 14.85 13.98 13,19 12.48 11.83 11.23 10.69 10.19 9,73 39 17,02 15,93 14.95 14.06 13.26 12,54 11,88 11,28 10,73 10.22 9,76
40 17,16 16,05 15.05 14,15 13,33 12,59 11,92 11.31 10,76 10.25 9,78 41 17.29 16,16 15,14 14,22 13,39 m 12.65 EUR11.97 11.35 10,79 10,27 9.80 42 17.42 16.26 15,22 14,29 13.45 12,69 12.01 11.38 10,81 10,29 9.82 43 17.55 16,36 15,31 14,36 13,51 12,74 12.04 11.41 10.84 10,31 9,83 44 17.66 16,46 15.38 14.42 13.56 12,78 12.08 11.44 10.86 10,33 9.85 45 17.77 16,55 15,46 14,48 13,61 12,82 12,11 11,47 10,88 10.35 9.86 46 17.88 16,63 15,52 14,54 13.65 12.85 12.14
11.49 10.90 10,36 9.88 47 17.98 16,71 15,59 14,59 13,69 12,89 12.16 11,51 10,92 10,38 9.89 48 18.08 16.79 15.65 14.64 13,73 12,92 12,19 11,53 10,93 10,39 9.90 49 18,17 16,86 15,71 14.68 13.77 12.95 12,21 11,55 10.95 10.40 9,91 50 18,26 16,93 15,76 14,72 13.80 12,97 12,23 11,57 10,96 10.41 9,91 51 18.34 17,00 15,81 14,76 13.83 13,00 12.25 11,58 10.97 10,42 9,92 52 18.42 17,06 15,86 14,80 13.86 13.02 12.27 11,60 10.99 10,43 9,93 53 18.49 17,12 15,91
14,84 13.89 13.04 12,29 11.61 11,00 10,44 9.94 54 18.57 17,17 15.95 14.87 13.92 13.06 12.30 11,62 11.01 10,45 9.94 55 18.63 17,23 15.99 14.90 13,94 13,08 12,32 11.63 11.01 10,45 9.95 56 18,70 17.28 16.03 14.93 13,96 13,10 12.33 11,64 11.02 10.46 9.95 57 18.76 17,32 16.06 14.96 13.98 13.12 12.34 11.65 11,03 10,47 9,96 58 18,82 17,37 16,10 14.99 14,00 13,13 12,36 11,66 11.04 10,47 9,96 59 18,88 17.41 16,13 15.01 14,02 13,15 12,37 11,67 11.04 10.48 9,96
60 18.93 17,45 16,16 15,03 14.04 13,16 12,38 11,68 11.05 10.48 9.97 61 18.98 17,49 16,19 15.05 14.06 13,17 12.39 11,68 11.05 10.48 9.97 62 19.03 17,52 16,22 15,07 14,07 13,18 12.39 11,69 11.06 10.49 9.97 63 19,08 17,56 16,24 15,09 14,08 13,19 12,40 11.70 11.06 10.49 9.98 64 19.12 17,59 16,27 15,11 14.10 13,20 12.41 11.70 11,07 10.49 9.98 65 19.16 17,62 16,29 15,13 14,11 13,21 12.42 11.71 11,07 10.50 9.98 66 19,20 17.65 16,31 15,14 14.12 13,22 12.42
11.71 11,07 10.50 9.98 67 19,24 17,68 16,33 15,16 14,13 13,23 12,43 11.71 11.08 10.50 9.98 68 19,28 17.70 16.35 15.17 14,14 13,24 12,43 11,72 11.08 10.50 9.98 69 19.31 17,73 16.37 15,19 14,15 13,24 12,44 11,72 11.08 10.51 9.99 70 19,34 17,75 16,38 15,20 14,16 13.25 12,44 11,73 11.08 10.51 9.99 71 19,37 17,78 16.40 15,21 14,17 13.25 12.45 11,73 11,09 10.51 9.99 72 19.40 17,80 16,42 15,22 14.18 13.26 12.45 11,73 11,09 10.51 9.99 73 19.43 17,82 16,43
15,23 14.18 13,27 12.45 11,73 11,09 10.51 9.99 74 19,46 17,84 16,44 15.24 14,19 13,27 12,46 11,74 11,09 10.51 9.99 75 19,48 17.85 16,46 15,25 14.20 13,27 12,46 11,74 11,09 10.51 9.99 76 19,51 17,87 16,47 15,26 14.20 13,28 12,46 11,74 11.10 10,52 9.99 77 19,53 17,89 16,48 15,26 14,21 13,28 12.47 11,74 11.10 10,52 9.99 78 19.56 17,90 16.49 15.27 14,21 13,29 12.47 11,74 11.10 10,52 9.99 79 19.58 17,92 16,50 15,28 14,22 13,29 12.47 11.75 11.10 10,52 9.99
80 19.60 17,93 16.51 d 15,28 14,22 13,29 12.47 11.75 11.10 10,52 10,00 81 19,62 17,94 16,52 15,29 14.23 13.30 12.48 11.75 11.10 10,52 10,00 82 19,63 17,96 16.53 15.30 14.23 13.30 12.48 11.75 11.10 10,52 10,00 83 19,65 17.97 16.53 15.30 14.23 13.30 12.48 11.75 11.10 10,52 10,00 84 19,67 17,98 16,54 15,31 14,24 13.30 12.48 11.75 11.10 10,52 10,00 85 19,68 17.99 16,55 15,31 14,24 13.30 12.48 11.75 11.10 10,52 10,00 86 19.70 18,00 16.56 15,32 14,24 13,31 12.48
11.75 11.10 10,52 10,00 87 19,71 18.01 16.56 15,32 14,25 13,31 12.48 11.75 11.10 10,52 10.00 88 19,73 18,02 16,57 15,32 14,25 13,31 12,49 11,76 11.11 10,52 10,00 89 19.74 18.03 16,57 15,33 14,25 13,31 12,49 11,76 11.11 10,52 10.00 90 19,75 18.03 16,58 15,33 14,25 13,31 12,49 11,76 11.11 10,52 10,00 91 19.76 18,04 16,58 15,33 14,26 13,31 12,49 11,76 11.11 10,52 10,00 92 19,78 18.05 16,59 15.34 14,26 13,32 12,49 11,76 11.11 10,52 10,00 93 19.79 18.06 16,59
15.34 14,26 13,32 12,49 11,76 11.11 10,52 10.00 94 19.80 18.06 16.60 15.34 14,26 13,32 12,49 11,76 11.11 10,52 10,00 95 19.81 18,07 16.60 15.35 14,26 13,32 12,49 11,76 11.11 10,52 10,00 96 19.82 18,08 16.60 15.35 14,26 13,32 12,49 11,76 11.11 10,52 10,00 97 19.82 18,08 16,61 15.35 14,27 13,32 12,49 11,76 11.11 10,52 10,00 98 19.83 18,09 16,61 15.35 14,27 13,32 12,49 11,76 11.11 10,52 10,00 99 19.84 18,09 16,61 15.35 14,27 13,32 12,49 11,76 11.11 10,52 10,00
100 19.85 18,10 16,62 15,36 14,27 13,32 12,49 11,76 11.11 10,53 10,00