Start Date
31-10-2017 1:00 PM
End Date
31-10-2017 2:45 PM
Description
Iowa recently passed legislation requiring the Dept of Revenue to separately study and, if necessary, equalize multi-residential values in each of the State's 107 assessment jurisdictions. Because of the scarcity of market data in all but the largest jurisdictions, the Department embarked on an ambitious project to build a statewide valuation model employing multiple years of sales, property type, available property characteristics, and various economic and location variables. Economic variables include median income and population size, growth, and density. Location variables include jurisdiction binaries, neighborhood status, and distance to colleges and employment centers. A steering committee of stakeholders has been formed to provide direction and feedback to the project. The presentation will describe the project background, efforts to assemble the data, preliminary model and performance results, and lessons learned. The project is scheduled to go live for the State's 2017 revaluation.
Publication Date
October 2017
Recommended Citation
Roisen, Julie MA, CAE and Gloudemans, Robert, "Statewide mass appraisal of multi-family properties" (2017). International Research Symposium. 15.
https://researchexchange.iaao.org/irs/irs17/sessions/15
Statewide mass appraisal of multi-family properties
Iowa recently passed legislation requiring the Dept of Revenue to separately study and, if necessary, equalize multi-residential values in each of the State's 107 assessment jurisdictions. Because of the scarcity of market data in all but the largest jurisdictions, the Department embarked on an ambitious project to build a statewide valuation model employing multiple years of sales, property type, available property characteristics, and various economic and location variables. Economic variables include median income and population size, growth, and density. Location variables include jurisdiction binaries, neighborhood status, and distance to colleges and employment centers. A steering committee of stakeholders has been formed to provide direction and feedback to the project. The presentation will describe the project background, efforts to assemble the data, preliminary model and performance results, and lessons learned. The project is scheduled to go live for the State's 2017 revaluation.