IAAO Research Exchange
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Addressing Appraisal Myths and Market Realities in Appeals
No full textShining the light on appraisal myths and how to refute them through market behavior including the proper definitions and interpretation. This session will review real life examples supporting appropriate legal definitions and market behaviour methodology
Trepp REAL ID: Connecting Multiple Data Sources for More Accurate Mass Appraisal Valuations
No full textAssessors must aggregate data from multiple sources to create accurate mass appraisal models and property assessments. Is there a process that allows assessors to connect unstructured data, create enhanced analytics and produce more comprehensive modeling outputs at scale? Yes, Trepp has created a seamless process that allows assessors to connect all of their data sets allowing them to increase efficiency and produce best-in-class commercial real estate analytics for use during their reassessment cycles
Small Commercial vs Large Commercial Methodologies – the Realities of Assessment
No full textWhile the income approach is most appropriate for income-generating properties, even owner-occupied properties have the potential to be leased, and can generate notional rentals for the businesses that occupy them. However, the realities of the industry illustrate challenges with collection and validation of the data as well as a need for clear policies and procedures to ensure equity in valuation amongst similar properties. While all approaches should lead you to a reasonable indication of market value, what questions should the assessor be asking? How do we validate the results? Where are the opportunities for improvement? This would be a more theoretical discussion of common challenges that everyone is experiencing and suggestions for a way forward, rather than a discussion of how things are done internally
Addressing Market Trends and Market Volatility in Uncertain Times
No full textTwo jurisdictions, one domestic and one international are used to illustrate how to identify varying trends within a jurisdiction and how the covid-19 pandemic creates volatility that needs to be addressed in a valuation model
The State of the Commercial and Residential Real Estate Markets
No full textDr. Henry will discuss the current state of both the commercial and residential real estate market
Maximum Efficiency - Mass Appraisal Tools in Fast-Growing County
No full textIdaho leads the nation in population growth and market appreciation. How does the CEAA-awarded Ada County Assessor’s Office manage the increasing workloads rapid growth brings? Join us for a review of the powerful tools we’ve developed to get the job done, maintain standards and staff size, and save taxpayer money
The impact of the 2021 civil unrest on the recurrent property tax in South Africa’s KwaZulu-Natal Province
No full textThe devastating civil unrest experienced in July 2021 in especially KwaZulu-Natal, South Africa, not only affected more than 40,000 businesses, but also had a direct impact on the collection and administration of the recurrent property tax (called “property rates”). This paper considers policy recommendations for supplementary valuations and rates relief for affected property owners and debates the implementation options available to municipalities
A review of vertical equity measures in property assessments
No full textThis paper compares the performance of different measures of vertical equity using simulated data. The goal of the paper is to detect the basic tendency of a test to correctly or falsely reject the null hypothesis. To accomplish this, simulated data was constructed so that the true relationships are controlled. In scenarios where there are measurement errors in the use of prices, distortions are of the basic form, i.e., variance distortions, to capture the tendency of the tests toward regressivity or progressivity. While more simulation studies that allow for other types of distortions such as outlier effects, nonlinearities, small samples, etc. could produce additional observations and possibly affect our conclusions, the results that would hold true regardless would be that (1) ASR and PRB have at least some endogeneity bias by construction with the ASR likely having more bias than the PRB, and (2) the methods belong to two classes: those with no measurement error assumption (non-EIV models) and those which assume measurement errors exist (the EIV models). Because these tests are constructed under different assumptions and operate under a different null (model conditions under the null are different), their behaviors are different. We do not recommend one particular test over another but rather that a suite of tests be reported to support the existence or absence of vertical equity. The tests of Paglin-Fogarty and Cheng, as well as Gini-based (distributional) tests, the Spearman Rank test, and the Clapp test are good candidates. It is important to note that Paglin-Fogarty and Cheng methods are subject to regressivity bias when assessed values are estimated from a regression
Building an operational plan for modernizing your assessment practice
No full textIAAO recommends that residential properties should be valued using the sales approach, yet the vast majority of counties and municipalities do not use sales regression models for mass appraisal. Many would like to modernize their mass appraisal practice, and have a strategic vision for doing so. If we had a CAMA system... or If we had regression models... are common refrains. No mistake, these are necessary elements, yet modernizing your operation takes much much more. Operational planning addresses all of the elements and activities that are needed to advance your practice in detail. What is needed?; Who will do it?; What will it cost?; How will it be paid for?; and What is a reasonable time frame to accomplish the goal? Using lecture, small group discussion and a series of exercises, participants will work through building an operational plan for a fictional municipality. We will examine organization; staffing; the valuation process;data; budgeting; requirements documents controlling the story and building a project timetable