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E. ANALYSIS <br /> This phase of the operation involves the analysis of data <br /> compiled during the data inventory phase and the processing <br /> of that data to an indication of value. <br /> After establishing the appropriate standards and norms, it <br /> remains to analyze the specific data compiled for each <br /> property by giving due consideration to the factors <br /> influencing the value of that particular property as <br /> compared to another, and then to process the data into an <br /> indication of value by employing the techniques described in <br /> the section of the manual dealing with the application of <br /> the traditional approaches to value. <br /> Although each approach may serve as an independent guide to <br /> value, whenever possible, all three approaches should be <br /> used as a check on the final estimate of value. The process <br /> of reconciliation is more complicated than simply taking the <br /> average of the three value estimates. An average implies <br /> that the data and logic applied in each of the approaches are <br /> equally valid and reliable and should therefore be given <br /> equal weight. In fact, however, certain approaches are more <br /> valid and reliable with some kinds of properties than with <br /> others. For example, in appraising a home, the income <br /> approach is rarely used, and the cost approach is of limited <br /> value unless the home is relatively new; therefore, the <br /> market data approach is usually given the greatest weight. <br /> In the appraisal of churches, libraries, museums, schools, <br /> and other special-use properties where there is seldom an <br /> income and few sales, if any, the cost approach would <br /> usually be assigned the greatest weight. From this analysis <br /> or reconciliation, a single estimate of market value is <br /> produced. <br /> Once the final values have been established for each <br /> property, it still remains to evaluate the entire program in <br /> terms of its primary objectives...do the values approximate a <br /> satisfactory level of market value, and what's more <br /> important, are the values equalized? Satisfactory answers <br /> to these questions can best be obtained through a <br /> statistical analysis of recent sales in an appraisal-to-sale <br /> ratio study. <br /> To perform the study it is necessary to take a <br /> representative sampling of recent valid sales from each <br /> individual taxing jurisdiction and to compute the appraisal- <br /> to-sale ratio for each of the sales. If the sample is <br /> • representative, the computed mean appraisal-to-sale ratio <br />