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166 <br /> accurate valuations are achieved with comparing various parcels considering <br /> size, open/wooded, etc.... <br /> What I find most interesting is the non-use of the neighborhood factor, when <br /> valuing properties County Wide. We discussed this in a section above but <br /> wanted to expand the conversation in order to fully address why I believe the <br /> neighborhood factor should be implemented within the next reappraisal. A <br /> standard model for neighborhoods would be to assign a reasonable land rate <br /> for the neighborhood, the base rate for the use/model would dictate the <br /> improved rate after considering grade, depreciation, size adjustments, etc.... <br /> Then, depending on whether the model is under-valuing or over-valuing <br /> properties uniformly, an adjustment to the neighborhood factor would be <br /> required. This model is preferred because no other value dependents are <br /> required to be inaccurately applied to achieve market value, the <br /> neighborhood factor adjusts the base rates on improvements to arrive at <br /> market value. With this method, regardless of whether the base rate <br /> assigned for the Schedule of Values is low or high, this neighborhood factor <br /> allows a correction if needed. Most important, especially since the Schedule <br /> of Values must be considered and approved before an effective date of <br /> appraisal, so this rate must have a method for adjustments. Without this <br /> neighborhood factor in use, land values are adjusted and most always will be <br /> incorrectly elevated when the stated base rate is lower than what market <br /> value would indicate. <br /> In closing, there are many other items to consider when planning for the next <br /> reappraisal, but these are topics that I would definitely recommend <br /> considering. Reappraisals require various plans depending on the needs and <br /> those needs change over time. It is very important to start planning early, <br /> discussing the needs and goals for the reappraisal project, and make sure the <br /> project can be completed as accurately as possible considering staff and <br /> funding. <br />