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9 <br /> Slide #14 <br /> Reappraisal <br /> al <br /> Sales/Income/Cost File <br /> Sales in Neighborhood 0901 and cost data <br /> from builders and developers indicate: <br /> MMMMMM <br /> q#k 2000 2500 3000 1500 $120 <br /> $240,000 $300,000 $360,000 $180,000 <br /> Bath 1F1H 2F1H 2F2H 1F1H 2FOH <br /> _$1,000 +S1,000 +$1,500 -$1,000 bass <br /> Fireplace Y+4.000 N Y+4.000 N $4,000 <br /> Grave C D-20% B +20% C C Avg <br /> Value $243.000 $240.800 $438.600 $181,000 <br /> Kirk Boone said that data from properties would be used to create a mass appraisal. He <br /> showed that some characteristics add or decrease value based on the neighborhood market. <br /> Commissioner Hamilton asked if it is one equation for all of the property in a county and <br /> then the different variables and coefficients have to capture the different variables for each <br /> neighborhood. <br /> Kirk Boone said no. <br /> Commissioner Hamilton asked if it is an equation by neighborhood or for the whole <br /> county. <br /> Kirk Boone said that typically, several neighborhoods make up a larger market area. He <br /> said that there could be one model for market area that takes the neighborhood into <br /> consideration. He said that there is not one equation or coefficient for the whole county, but <br /> there could be for a neighborhood. He said that all of the equations then come together with <br /> the use of the software. He said they need to be able to explain the models instead of saying <br /> that a computer did it. He said that many times the model structures and coefficients are done <br /> by multi-linear regressions and other statistical processes that are not completed by hand. <br /> Commissioner Hamilton asked how often someone examines the neighborhood and <br /> how it might be changing to update the model. <br /> Kirk Boone said all that work must be done before the next reappraisal. He said this is <br /> all done years in advance. <br /> Commissioner Fowler asked about the "grade" of a home, listed on slide #14. <br /> Kirk Boone said that some of the characteristics consider types of standards that are set <br /> in a data collection manual. He said that some of the characteristics considered are quality of <br /> construction and the condition. He said that these are two subjective areas. <br />