Statutory Valuation And The Use Of Automated Valuation Models
||Statutory Valuation And The Use Of Automated Valuation Models
||22nd Annual European Real Estate Society Conference in Istanbul, Turkey
||The requirements for statutory valuations are that they are fair and equitable so that these characteristics also pertain to the taxes based on the valuations. It is also preferable that statutory valuations are close to market values so that there is a reasonable level of transparency in the valuation process and the general public can have confidence in the statutory valuation outcomes.__It is also important that the statutory valuation process is relatively inexpensive so that the associated taxes are reasonably efficient.__In New South Wales, annual Land Valuations are produced for approximately 2.5 million properties. A very natural question is: What is the place for Automated Valuation Models (AVMs) and Computer Aided Mass Appraisal (CAMA) in the statutory valuation process?.__The paper will examine this basic question and others which follow from it, including:___What is the balance between reduced cost and the consistency and accuracy of valuations?___What should be the complexity of the underlying model(s)?___What are the associated data requirements for different categories of properties (zonings)?___To what properties can an AVM be applied and where should other valuation methods be used?__Examples from the NSW land valuation process will be considered._
||mass appraisal, outliers, quality assurance, modelling
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||Real Estate Valuation
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