Since the beginning of 2023, against the background of the new Carbon Dioxide Cost Allocation Act (CO2KostAufG; Link), the CO2 levy on rented properties has to be split between the tenant and the landlord.
Depending on the energy quality of the building, the proportion remaining at the landlord is higher or lower. Older, unrenovated buildings in particular result in a higher energy levy. New buildings that meet current energy requirements are not the focus of the examination.
There are a number of special features to be observed when determining the CO2 emission.
These include, among other things, the step model for residential rentals, the half-way distribution of the CO2 levy for commercial rentals, the use of district heating radiators or special features for rentals of listed properties.
How does the property appraiser deal with the CO2 levy in the valuation process?
As the levy reduces the cash flow of the property, the valuer usually applies it as part of the management cost approach of market and mortgage lending value determination.
It is advantageous if the assessor has an energy certificate for determining the amount of the reduction, on the basis of which he can calculate the CO2 levy. The energy performance certificate is of great help to the evaluator, especially for non-residential buildings, as the data situation regarding the energy characteristic values of individual types of use in the market is currently still very weak.
If no energy certificate is available, the appraiser can use different tools (e.g. the energy certificate tool of HypZert GmbH). The final energy value estimated with the help of the tool in a short time and with little effort is completely sufficient to determine the CO2 emission.
What other parameters are used to determine the CO2 emission?
Taking into account the parameters emission factor acc. The emissions reporting regulation, the CO2 costs and the respective lessor share are then calculated by the appraiser, which is then applied within the framework of the non-allocable operating costs.
As a principle, the CO2 emission for newer buildings is usually very low. It only becomes noticeable in older, unrenovated buildings with poor energy quality.
Contrary to the tools based on energy values, tools are also found for residential buildings that show the amount of CO2 emissions based on the year of construction of the building. However, it is in the nature of the matter that these values can only be very rough estimates.
Finally, it should be noted that, in the context of determining market and mortgage lending values, the CO2 levy is a very good example of how the valuation of the energy quality of rented properties is becoming part of everyday valuations.
In addition, the data on the actual amount of the levy will gradually improve with future heating bills and increase the accuracy in the approach.
Author: Ralf Michel, KENSTONE GmbH