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Conflicting Reports/Articles

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mikegoff

Sophomore Member
Joined
Jan 28, 2002
Professional Status
Certified General Appraiser
State
Florida
Pamela,
I'll bet the software is a AVM disguised as an authoritative appraisal expert. Kinda like tax assessments @ 85% of market value. The sale ratios range from 5% to 500%, but overall is statisically corrected to 85% county wide. I wonder if AVM's (Mass Appraisal Modeling) will ever have to comply with USPAP? The mass appraisal standards are ignored by code writers as they try to compare it to the market place and make it fit. The County Property Appraisers have exempted themselves from USPAP. This is where AVM's developed. It's a injustice to compare individual estimates of value to AVM's with AVM's as the authoritative answer. When was the last time your tax assessment was even close to market value?
Sorry, just venting.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Yer right about assessment ratios. I served on a Board of Equalization in 1997. As an aside I began tracking arms length sales vs appraised values and found a range of 50% to 240-300% but on average, the appraised values by the assessor were 102% of the sales prices over about a 1 year period, roughly 80-90 sales from my files.

Only 25% of the sales were within 10% up or down of the assessed value, meaning 75% of taxpayers were either screwed or being under taxed. Can you imagine going into Walmart and having a clerk "guess" what your sales tax will be?
 
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