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Mass Appraisal Methods

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360 pages
This book takes a cross-disciplinary and cross-cultural look at mass appraisal expertise for property valuation in different market conditions, and offers some cutting- edge approaches.

The editors establish an international platform and present the scientific debate as well as practical feasibility considerations. Heretic and orthodox valuation methods are assessed based on specific criteria, partly technical and partly institutional. Methodological evaluation is approached using two types of criteria: operational concerns about how to determine property value differentials between spatial and functional units of real estate in a valid and reliable way (technical criteria); and the kind of market circumstances being operated in (institutional criteria). While technical criteria are relatively well-researched, there is little theoretically informed work on the connection between country context and selection of property appraisal methods.

The book starts with an examination of current mass property appraisal practices, presenting case studies from widely differing markets - from the American and Dutch, where regression-based methods have been used successfully for some time; to the Eastern European and other emerging economies, where limitations have to be compensated by focusing on the modelling assumptions.

The second part of the book looks at sophisticated modelling approaches, some of which represent combinations of elements from two or more techniques. Whatever the exact modelling approach, the requirements are always high for the quality of the data and suitability of the method. In the final section, methods are evaluated and compared according to technical criteria and against institutional contexts.With its exceptionally wide coverage of valuation issues, Mass Appraisal Methods: an international perspective for property valuers addresses property valuation problems common to different countries and approaches applicable in both developed and emerging economies.

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Introduction: SuitabilityIssues in Mass Appraisal Methodology Tom Kauko and Maurizio d’Amato
MASS APPRAISAL PRACTICE AND RECOMMENDATIONS
Data Issues Involved with the Application of Automated Valuation Methods: A Case Study27 John F. Thompson, Jr
ix xv xxi xxiii
1
Mass Appraisal, Hedonic Price Modelling and Urban Externalities: Understanding PropertyValue Shaping Processes François Des Rosiers and Marius Thériault
The Hierarchical Trend Model Marc K. Francke
Residuals Analysis for Constructing ‘More Real’ Property Value Małgorzata Renigier
Automated Valuation in the Dutch Housing Market: The Web-Application ‘MarktPositie’ Used byNVM-Realtors Dree Op ’t Veld, Emma Bijlsma and Paulien van de Hoef
5
70
25
109
91
164
111
148
3
The Modified Comparable Sales Method as the Basis for a Property Tax Valuations System and its Relationship and Comparison to SpatiallyAutoregressive Valuation Models 49 Richard A. Borst and William J. McCluskey
6
Contents
PART I
2
Using FuzzyNumbers in Mass Appraisal: The Case of the Belarusian PropertyMarket Maurizio d’Amato and Nikolai Siniak
7
CURRENT ADVANCED METHODS
PART II
Contributors Foreword Preface Abbreviations
1
4
8
14 Automated Valuation Methods, Empirical Modelling of Value, and Systems for Market Analysis Tom Kauko Glossary Index
280
PART IV
UtterlyUnorthodox Modelling for the Purposes of Mass Appraisal: An Approach Based on Patterns and Judgments Tom Kauko
COMPARISON OF TOOLS USING A SET OF SPECIFIC CRITERIA
203
259
PropertyMarket Classification and Mass Appraisal Methodology Maurizio d’Amato and Tom Kauko
PART V
CONCLUSION
EMERGING METHODS
Developing Mass Appraisal Models with FuzzySystems Marco Aurélio Stumpf González
12
13
9
viii
Contents
PART III
10
181
183
Technical Comparison of the Methods Including Formal Testing of Accuracyand Other Modelling Performance Using Own Data Sets and Multiple Regression Analysis Richard A. Borst, François Des Rosiers, Małgorzata Renigier, Marco Aurélio Stumpf González, Tom Kauko and Maurizio d’Amato
261
321 325
305
307
11
Rough Set Theoryas PropertyValuation Methodology: The Whole Story220 Maurizio d’Amato