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8 <br /> Kirk Boone said that between revaluations, appraisers must keep up with developments <br /> and changes that might affect values. <br /> Slide #12 <br /> Reappraisal <br /> Kirk Boone described the images in slide #12 and said that appraisers consider similar <br /> characteristics when comparing homes and creating appraisals. He said that they focus on <br /> location, square footage, topography, and any updates to the properties to create a mass <br /> appraisal. <br /> Slide #13 <br /> Reappraisal <br /> Mass appraisal models <br /> Model Specification— structure, approach, <br /> and characteristics important to value. <br /> Model Calibration— the amount each <br /> characteristic impacts value. <br /> — Calibrated with cost, sales, and income data <br /> Residential properties — arms-length sales <br /> and market cost data are used to appraise <br /> all comparable properties (sold and not <br /> sold). <br />