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P&A contractually provides a wide array of
professional appraisal services for residential and commercial real estate
parcels. All of our Real Estate appraisers are designated Registered
Professional Appraisers by the Board of Tax Professional Examiners. The
primary responsibility to our clients is to develop fair and uniform market
values so that the assessing authority is in full compliance with all Property
Tax code rules and regulations, while assuring the local taxpayers
representative and equitable treatment. |
Area-wide data involving economic forces such as demographic patterns,
employment and income patterns, trends in real estate prices and rents,
interest rates, availability of property, and economic and climatic factors
that may affect production of rural lands are collected from various
sources. Common data characteristics within each county are collected in
the field and entered into each respective district’s computer database. This
property data drives the computer-assisted mass appraisal (CAMA) approach to
valuation. The network-based systems are augmented by databases that
reside as various applications on personal computers (PC). In mass appraisal
applications this information can be useful for comparing or combining
neighborhoods or for developing neighborhood ratings which are introduced as
adjustments in mass appraisal models.
Neighborhood analysis involves the examination of how physical,
economic, governmental and social forces, as well as all other influences
affecting property value. Each neighborhood may be characterized as being
in a stage of growth, stability, or decline. The growth period is a time of
development and construction. In the period of stability, the forces of
supply and demand are about equal. The period of decline reflects diminishing
demand or desirability. The growth and decline stages present the real
estate appraiser the most challenges, as general property use can change
considerably and sometimes unexpectedly. For example, while most
declining neighborhoods will further deteriorate with time, they may also
become economically desirable again and experience renewal, reorganization,
rebuilding, or restoration marked by modernization and increased demand.
P&A real estate appraisers analyze whether a particular neighborhood is in
a period of growth, stability, or decline, and then predict changes that will
affect future use and value.
Site analysis provides a basis for allocating values to land and
improvements, for analyzing highest and best use, and for estimating locational
obsolescence. A description of the subject building and other improvements
provides a basis for analysis of comparable sales and rents, for the
development of capitalization rates or multipliers, for highest and best use
analysis of the site as improved, and for estimation of reproduction or
replacement cost new and physical and functional depreciation. This analysis
should show how the factors relate to the utility, and marketability of the
subject property and, ultimately, its market value.
Improvement analysis describes relationships among items and
compares them to competing properties and to neighborhood standards. The
physical condition of the building components is particularly important because
it provides the basis for estimates of effective age and remaining economic
life, essential components of functional obsolescence calculations.
For new real estate clients, P&A real estate appraisers
generally adopt existing cost schedules. These schedules are then updated and
maintained by P&A to reflect current market value conditions. Sales are
generally collected by the Appraisal District staff and provided to P&A for
sales ratio analysis. Appraisal statistics, central tendency. Mean and median
ratios, standard deviation, and coefficient of dispersion are available for
each class of property to determine both the level and uniformity of the
appraised values involved in the study.
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