This paper expands on the research reported by Case et al. in 2004 by constructing another model from a different perspective. The paper describes the data provided, our approach to the problem, final model, and estimated performance for the holdout sales. Although the data were less complete than typical assessor’s data, the project was a fascinating challenge with particular emphasis on the important issues of time trend analysis and location adjustments.
Data processing in assessment, Mass appraisal techniques
Gloudemans, R. J., & Montgomery, E. (2008). Automated valuation models by model-building practitioners: Specifying the model to skin the cat. Journal of Property Tax Assessment & Administration, 5(2), 25-30. Retrieved from https://researchexchange.iaao.org/jptaa/vol5/iss2/2