瑕疵建物價值減損之估算－觀念與應用

Diminution in Property Values Caused by Structure Defect- Concepts and Calculation

林子欽(Tzu-Chin Lin)；陳志豪(Chih-Hao Chen)

瑕疵建物 ； 污名價損 ； 功能性折舊 ； Defective structure ； stigma effects ； functional obsolescence

物業管理學報

9卷2期（2018 / 09 / 30）

47 - 61

繁體中文

法官面對不動產瑕疵衍生的價損爭訟時，會希望得到估價專業的協助，提供具有科學性質的參考數據。但是在一些法院判決中，法官表示不信任估價方法，甚至直言報告不符合證據能力的要求。本文以瑕疵建物價值減損為例，建構估價過程所依據的觀念以及程序，並且以實際案例呈現觀念的可操作性。評估瑕疵建物時，必須先謹慎地檢驗污名效果的顯著性。一旦存在污名效果的顯著性，建物瑕疵造成的價格減損，就應該包括修復費用以及污名價值減損。使用比較法時，污名是一個殘餘價值的觀念。污名價損的大小，端視瑕疵發生前之不動產價值、與瑕疵發生後修復後之不動產價值的價差而定。折現現金流量法中污名的價損效果，則是表現在提高的折現率。此外，成本法中的功能性退化，可以表示瑕疵造成的整體建物價損，並以重建成本與重置成本的差額代表污名價損。即使是門應用科學，不動產估價還是需要依賴經驗法則和有根據的猜測。但是「沒有什麼比一個好的理論更加實用（Nothing is more practical than a good theory）」這句話，終究是條應該堅守的底線。

Judges often need professional assistance from real estate appraisers in providing written evidence to facilitate a court decision in which the value of a defective building structure is disputed. However, some appraisal reports are distrusted by judges. In defense of the scientific nature of property appraisal, we suggest for a significance test of stigma effects on structure defect prior to undertaking an appraisal. Once the stigma effects are justified, primary appraisal methods can be applied with necessary refinement. When sales comparison method is employed, stigma shall be regarded as a residual of value. In discounted cash flow method, increased risk is deemed as a proxy of stigma represented by a higher discount rate. In the context of cost method, stigma is reasoned as a form of functional obsolescence estimated by the difference between reproduction cost and replacement cost. Real estate appraisal is often argued to be a combination of science and art. We however are opposed to this conventional thinking. Rule of thumb and educated guess are needed in appraisal, but they will not make appraisal an art.

1. 王兆鵬(2009)。法醫鑑定報告書的證據能力與證明力。台灣法醫學誌，1(1)，71-78。
   連結：
2. 林子欽、陳振惟(2009)。受污染工業土地之風險、污名與價值：美國經驗的啟示。住宅學報，18(2)，23-44。
   連結：
3. Alfert, R.,Collison, H. W.,Tate, G. W.(2005).Recovering "stigma" damages in mold-related construction defect cases: making the property owner whole.The Florida Bar Journal,79(6),78-82.
4. Australian Property Institute=API(1999).Australian Property Institute (API) (1999). Guide note 15, professional practice 2000, 183-205.
5. Bell, R.(1998).The impact of detrimental conditions on property values.The Appraisal Journal,66(4),380-391.
6. Bill, M.(1992).Stigma and value.The Appraisal Journal,60(1),1-7.
7. Chalmers, J. A.,Roehr, S. A.(1993).Issues in the valuation of contaminated property.The Appraisal Journal,61(1),28-41.
8. Chan, N.(2001).Stigma and its assessment methods.Pacific Rim Property Research Journal,7(2),126-140.
9. Evans, A. W.(1995).The property market: ninety per cent efficient?.Urban Studies,32(1),5-29.
10. Hartman, O.,Shapiro, M.(1983).Depreciation: incurable functional obsolescence and sequence of deductions.The Appraisal Journal,51(2),408-416.
11. Heaton, H. B.(2005).On valuing negative cash flows related to contamination, asset removal, or functional obsolescence.Journal of Property Tax Assessment and Administration,2(4),33-41.
12. International Association of Assessing Officers(2001).Standard on the valuation of properties affected by environmental contamination.
13. Kummerow, M.(2000).Thinking statistically about valuations.The Appraisal Journal,68(3),318-326.
14. Laronge, J. A.(2000).Solving the functional obsolescence calculation question?.The Appraisal Journal,68(3),327-339.
15. Lusht, K. M.(2001).Real estate valuation -principles and applications.State College, Pa:KML Publishing.
16. Lusvardi, W. C.,Warren, C. B.(2001).Three rules for forensic real estate damage valuation: deductive, adductive, or reductive rule?.Real Estate Issues,26(1),15-22.
17. Mitchell, P. S.(2000).Estimating economic damages to real property due to loss of marketability, rentability, and stigma.The Appraisal Journal,68(2),162-170.
18. Mundy, B.(1992).Stigma and value.The Appraisal Journal,60(1),7-13.
19. Mundy, B.(1992).The impact of hazardous materials on property value.The Appraisal Journal,60(2),155-162.
20. Neustein, R. A.(1992).Estimating value diminution by the income approach.The Appraisal Journal,60(2),283-287.
21. Patchin, P. J.(1988).Valuation of contaminated properties.The Appraisal Journal,56(1),7-16.
22. Patchin, P. J.(1991).Contaminated properties -stigma revisited.The Appraisal Journal,59(2),167-172.
23. Sanders, M. V.(1996).Post-repair diminution in value from geotechnical problems.The Appraisal Journal,64(1),59-66.
24. 向明恩(2011)。物之瑕疵擔保責任之再探─以凶宅為例。月旦裁判時報，12，93-105。
25. 吳從周(2011)。凶宅、物之瑕疵與侵權行為─以兩種法院判決案型之探討為中心。月旦裁判時報，12，106-113。
26. 馬維麟(1996)。我國最高法院歷年來判決之檢討與分析─交易性貶值在我國民法上之再審視。萬國法律，89，49-54。
27. 黃茂榮(2005)。營建損鄰之賠償責任。月旦法學雜誌，122，198-211。
28. 黃茂榮(1985)。民事法判解評釋。台北:植根法學叢書編輯室。
29. 黃淨愉(2009)。日本關於瑕疵住宅被害之救濟與律師之參與。全國律師月刊，10 月號，8-15。
30. 蔡志揚(2009)。律師界應關懷「瑕疵住宅」的預防與救濟！。全國律師月刊，10 月號，2-7。
31. 賴宏嘉(2009)。由結構工程與不動產估價觀點論高氯離子建物之瑕疵與損害賠償。全國律師月刊，10 月號，32-43。