Improving Property Valuation Through Geospatial Analysis <br />Of<br />Comparison Neighborhoods<br />
What are we going to talk about?<br /><ul><li>About Jefferson County PVA and Our GIS
What is a Comparison Neighborhood?
Neighborhood Research
Future Research Ideas</li></li></ul><li>Where?<br />Louisville/Jefferson County, Kentucky<br />
Office of the Jefferson CountyProperty Valuation Administrator<br />Appraise ≈286,800 properties at fair market value for ...
LOJIC and GIS<br />Louisville-Jefferson County Information Consortium Members:<br />Metropolitan Sewer District<br />Louis...
GIS/CAMA Integration<br />Change Spatial Attributes in Map Environment<br />Review Updated Data<br />Send Spatial Changes ...
Internal Benefits<br />Visualize Tabular Data with Spatial Context<br />View Spatial Trends in Value<br />Identify Spatial...
External Benefits<br />Informative Website<br />Revenue for Office<br />Transparency<br />
PVA Comparison Neighborhood<br />Homogenous Groups of Real Property<br />Common Land Use<br />Similar Building Type and Ag...
Utilization of PVA Neighborhoods<br />CAMA Report<br />Neighborhood Maps<br />Trends in:<br />Sales<br />Values<br />Forec...
CAMA Neighborhood Report<br />
Neighborhood Maps<br />
Visualization of Assessments and Sales<br />
Focusing Valuation Efforts<br />Low Sales Ratios<br />Highly Dispersed Sales Ratios W/I Neigh’s<br />Conference Parcels<br...
Appealed Parcels<br />
Map of Sales<br />
Rate of Sales<br />
Standard Deviationof Sales Ratio<br />
Foreclosure Research<br />Clusters/Density<br />Investor Owned<br />Impact on Sales<br />
Predicting Land Values<br />
ArcGIS Server<br />
Summary/Review Presentation<br />PVA Comparison Neighborhood<br />Importance of Neighborhoods<br />Integration Leads to Im...
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Improving Property Valuation Through Geospatial Analysis of Comparison Neighborhoods

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A light overview of utilizing GIS to research and analyze trends in comparison neighborhoods to improve the accuracy of property assessment/valuation for local governments.

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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.
  • Any Questions?
  • Improving Property Valuation Through Geospatial Analysis of Comparison Neighborhoods

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

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