Improving Property Valuation Through Geospatial Analysis of Comparison Neighborhoods

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The PVA is part of a local GIS consortium called LOJIC:Store and Serve Geographic DataServe Desktop GIS through CitrixProvide GIS GuidanceHelp Research New TechnologiesProvide Online Interactive Maps for Public

How our GIS and CAMA interact begins withChange Spatial Attributes in Map EnvironmentReview Updated DataSend Spatial Changes to CAMA through APIValuation CAMA Data Updated by StaffValuation DataContaining:House Size, Type, AgeLand AreaImprovement/Land/Total ValuePVA NeighborhoodsSent Once per Week to LOJIC

So why is GIS/CAMA Integration Important to our office?It allows us to visualize Tabular Data with Spatial ContextTo View Spatial Trends in Value and AssessmentIdentify spatial outliers that are not seen in a tabular reportWith fewer datasets to maintain, we can focus on other ways to improve our assessments and analysesWith Increased Knowledge comes opportunity for Increased Productivity

Outside of our office, GIS/CAMA integration allows us toprovide data online to the publicBring in revenue from full access subscriptionsProvide homeowner with assessment data creating transparency in governmentHere is an example of our website and the extensive assessment data provided

So, what is a PVA Comparison Neighborhood?Homogenous Groups of Real Property CAMA uses to appraise properties similar to ones that have sold.Common Land UseSimilar Building Type and AgeAnalogous Access and LocationComparable Socioeconomic and Governmental CharacteristicsFor the purposes of this presentation, I will simply refer to these PVA Comparison Neighborhoods as, Neighborhoods… not to be confused with subdivisions, or historic neighborhoods.

How do we make use of these neighborhoods?Initially, neighborhoods were only used by our CAMA to give important summary statistics to our research staff.Now, with our GIS and CAMA integrated, we canCreate Neighborhood MapsVisualizing Spatial Trends in Sales, Values, Foreclosures, and more.

This is a CAMA Neighborhood Report, very informative, butNo spatial information is seen.But when tied with GIS [CLICK]

Our research staff can easily pinpoint any properties in question on the CAMA Report.Identify outliers that may need to be associated with a different neighborhood.

We can create maps that show[CLICK]:Sales within a Neighborhood[CLICK] Or even see what proposed assessments will look like.If there areas with high volumes of sales, it may be pertinent to reassess a neighborhood if sales show a large increase in value.

By studying and analyzing these neighborhoods, we can focus our efforts onAreas with low sales ratiosNeighborhoods with highly variable sales ratiosRegions with high rates of appealsOr neighborhoods with many recent sales

Here we can see locations of properties that owners had conferences on.It seems that there are clusters of these properties in the West End,But when we use the neighborhoods to show Percent Parcels Appealed [CLICK],we can see that areas of actual interest are in the northeast part of the county.

And when researching Sales,we can create maps that display total sales per neighborhood.This could lead us to areas where we may be able to reassess given enough sales information.

Or we can explore the rate of sales per neighborhood.This too could be an indicator of areas that can be immediately reassessed.

Calculating the standard deviation of sales ratios can show us which neighborhoods have high variability.This lets us know that sales are either rapidly going up or down or that the neighborhood is not homogeneous.

Ongoing and Future Research include Of course, Improving on Current Methods, but alsoQuantifying the effects that investor foreclosures have on sale prices, and, ultimately, our assessment.

We have already used GIS to predict land values within our central business district. Using this process in neighborhoods with enough data, could also be a future option.

One endeavor that we are currently implementing is empowering our research staff with the ability to go beyond paper maps by using ArcGIS Server.This allows them to:Interact with spatial dataCreate “What-If” scenariosAnd even Edit CAMA data from a spatial environment.

We’ve discussed what a neighborhood is,The importance of creating and maintaining neighborhoods,How integration of CAMA and GIS allow us to research their spatial characteristics and ensure an accurate assessment,And future research opportunities available due to our CAMA/GIS integrationI hope that we can continue to use GIS as a way to excel at improving and validating our assessments. As we all may know, maintaining a cadastre is important, but visualizing where values are and why, is essential.

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Improving Property Valuation Through Geospatial Analysis of Comparison Neighborhoods - Presentation Transcript

Improving Property Valuation Through Geospatial Analysis
Of
Comparison Neighborhoods
What are we going to talk about?
- About Jefferson County PVA and Our GIS
- What is a Comparison Neighborhood?
- Neighborhood Research
- Future Research Ideas
Where?
Louisville/Jefferson County, Kentucky
Office of the Jefferson CountyProperty Valuation Administrator
Appraise ≈286,800 properties at fair market value for taxation purposes.
Over 300 Square Miles
Total Value:
$51,950,394,385
LOJIC and GIS
Louisville-Jefferson County Information Consortium Members:
Metropolitan Sewer District
Louisville Metro Government
Louisville Water Company
Jefferson County PVA
GIS/CAMA Integration
Change Spatial Attributes in Map Environment
Review Updated Data
Send Spatial Changes to CAMA through API
Valuation CAMA Data Updated by Staff
Valuation CAMA Data Sent to LOJIC
Internal Benefits
Visualize Tabular Data with Spatial Context
View Spatial Trends in Value
Identify Spatial Outliers
Fewer Dataset to Maintain
Increased Knowledge = Increased Productivity
External Benefits
Informative Website
Revenue for Office
Transparency
PVA Comparison Neighborhood
Homogenous Groups of Real Property
Common Land Use
Similar Building Type and Age
Analogous Access and Location
Comparable Socioeconomic and Governmental Characteristics
Utilization of PVA Neighborhoods
CAMA Report
Neighborhood Maps
Trends in:
Sales
Values
Foreclosures
CAMA Neighborhood Report
Neighborhood Maps
Visualization of Assessments and Sales
Focusing Valuation Efforts
Low Sales Ratios
Highly Dispersed Sales Ratios W/I Neigh’s
Conference Parcels
Rate of Sales W/I Neigh’s
Appealed Parcels
Map of Sales
Rate of Sales
Standard Deviationof Sales Ratio
Foreclosure Research
Clusters/Density
Investor Owned
Impact on Sales
Predicting Land Values
ArcGIS Server
Summary/Review Presentation
PVA Comparison Neighborhood
Importance of Neighborhoods
Integration Leads to Improvement
Future Research
Questions?
Contact or Visit Us!
Jefferson County PVA
Benjamin Hughes – bhughes@pvalouky.net
Jay Mickle (Dir. GIS) – jmickle@pvalouky.net
www.pvalouky.net
502.574.6380