IAAO Research Exchange
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Delineating market areas used for mass valuation using geographically weighted regression (GWR) and hierarchical cluster analysis (HCA)
No full textThis paper aimed to develop a straightforward method for government property tax assessment offices to automate baseline market area delineation using geographically weighted regression (GWR) and hierarchical clustering analysis (HCA). We proposed a methodology of feeding local R2 values from a GWR hedonic model/automated valuation model (AVM), as well as the individual latitude coordinate and longitude coordinate of each sale, into an HCA algorithm. To test the useability of the suggested clusters as market areas in a mass valuation context, a hedonic model that considered each property’s physical features, time of sale, and proposed cluster, was constructed. The coefficient for each cluster dummy variable was statistically significant and the model yielded predictions that were in line with accuracy and uniformity thresholds in the IAAO’s Standard on Ratio Studies, both overall (citywide) and for each market area proposed through clustering. Our findings are particularly relevant to government property tax assessors, who, with market areas that are current and well-defined, can improve office efficiencies and yield more accurate and equitable tax assessments. We hope our research will help more assessment offices realize the benefits of regression-based AVMs and reduce typical lag time associated with implementing regression-based valuation models, particularly when existing assessment neighborhood classifications are too granular and numerous to serve as dummy variables (a very common state of most assessment offices) – or are simply outdated – and location is otherwise unable to be directly represented in the model
Analysis of spatiotemporal changes in Seoul apartment prices using the Space-Time Cube Model
No full textWith the help of GIS, it would be easier to identify errors in a public assessment system, finding areas with higher rising rate of assessment prices and ones with lower increasing rate. In addition, GIS helps compare areas of a lot of sales with areas of less sales. Learning Objectives: 1. Recession in the Korean real estate market: As of December, 2022, sales price is lower than the 2022 assessment price. The price of the apartments in Seoul has fallen 30 percent. This presentation shows the changes in the assessment sales price and sales price through GIS map. 2. Uniformity in the Korean property tax system: GIS is the most effective tool to verify an uniformity in a property tax system. This presentation shows the uniformity in the Korean assessment price through GIS map. 3. Tax base in Korea: The Korean tax base is different from the US tax base and its difference comes from the definition of a market value. This presention compares the Korean tax base of land, residential property, and non-residential property with that of the US
Creating value by connecting data silos
No full textThis presentation outlines the development of a comprehensive real estate analysis/data visualization tool created for the City of Philadelphia. By aggregating and integrating data from various city departments and external sources, this platform was created to provide a valuable tool for decision-making across multiple domains. Key features of the platform include: • Data Integration: Consolidation of siloed data from diverse city departments. • External Data Sources: Incorporation of data from APIs to enhance the application. • Neighborhood Life Cycle Index: Development of a metric to measure the vitality and evolution of neighborhoods. • Diverse User Base: Catering to the needs of potential homeowners, affordable housing developers, city planners, and businesses. This tool/application was created to enable transparency, data-driven decision-making, improve resource allocation, and support informed planning for the city\u27s municipal government services. We will discuss the motivation, research, and findings of this undertaking
Multiagency contract collaboration
No full textWhile working with the Alabama Department of Revenue\u27s Property Tax Division, my team and I have worked closely with various state and county agencies to meet tax assessment needs. I will highlight some of our experiences in to procuring products and services such as aerial photography and mapping software. No office operates with an unlimited budget, which is why collaboration can be so impactful. When multiple offices identify similar needs, pooling resources can help secure higher-quality products and services while reducing wasteful spending. Navigating the diverse requirements of different agencies can be challenging, but, if executed well, effective collaborating can yield significant benefits for all parties involved. This topic ties directly into the field of assessment administration, focusing on decision making, the collaboration process, and building strong teams for success. I also plan to address how collaboration can influence both current and future budgets, providing a sustainable path forward
Latest AI trends and their impact on mass appraisal
No full textArtificial Intelligence (AI) is revolutionizing various industries, and the field of mass appraisal is no exception. This presentation will explore the latest AI trends and their profound impact on mass appraisal processes. We will delve into how AI technologies such as machine learning, computer vision, and natural language processing are enhancing accuracy, efficiency, and fairness in property valuation
From Data to Intelligence: How Cotality Marshall & Swift Is Redefining the Cost Approach
No full textDiscover how Cotality Marshall & Swift is transforming the traditional cost approach with intelligent, data-driven innovation. This session explores how enhanced data quality, modern APIs, and user feedback are fuelling a smarter, more streamlined valuation process
Mass appraisal: Experiences in the developed/developing world
No full textArguments have been made that a value based property tax is more equitable and efficient to non-value based approaches, but there are challenges in developing economic contexts
Making Marijuana Personal
No full textA real-world approach to appraising commercial marijuana facilities. We will get into the weeds of each type of facility and break down the valuation
Death Valley to Telescope Peak: Dark Store Case Law Overview
No full textTwo experienced appraisers will provide an in-depth overview of dark store case law from Walgreen v. Madison (208) to Lowes v. Delavan (2023) and everything in between. Topics of discussion will include the bundle of rights, highest and best use analysis, market rent, and selection of comparable sales
Innovate with Purpose
No full textTechnology for technology’s sake is pointless. How can leaders navigate the constantly evolving landscape of technological advancements and stay on the “leading edge” and avoid finding themselves on the “bleeding edge?” Join Gary Daniels, Senior Vice President Tech & Digital - International Parks, Emerging Technology and Design at Disney Experiences to learn how Disney creates the future and determines how to leverage technology to make magic. This session will share recent advances Disney has made with the lessons learned, their approach to evaluating future projects, as well as what they will or will not pursue. Additionally, the session will explore new technology advancements across various industries globally. Attendees will gain an understanding of outcome-driven innovation demonstrated through recent examples from Infinity and Beyond