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Residential Real Estate Valuation Model Contest

Real estate valuation modeling (specification and calibration) has evolved significantly in the past 40 years. To demonstrate the current statistical quality and variety of valuation model structures, the GIS/CAMA Technologies Conference organizers, International Association of Assessing Officers (IAAO) and Urban and Regional Information Systems Association (URISA) and sponsor, NCSS, LLC, are supporting the Residential Valuation Model Contest.

IPTI, the International Property Tax Institute, a member of the EACCNY is asking beginner-to-expert volunteer modelers to provide their talents for the competition. International participation is strongly encouraged.

You will be provided with a database developed from a teaching residential database. The database will be provided in NCSS and Microsoft Excel formats in a zipped file. The database may be converted for use in your CAMA system or other statistical software. Volunteer modelers, who do not wish to use their company- or assessment-jurisdiction software, can use NCSS statistical software. NCSS, LLC, has agreed to provide participants with a 90-day temporary software license that expires October 1, 2015. Final model files should be returned to the project manager in NCSS or Excel format.

Volunteer modelers should provide final model specifications, model calibration, database with final estimates of value, description of the valuation process, and a justification of the model specification and calibration used. Volunteers are encouraged (not required) to provide separate presentation abstracts to the GIS/CAMA Conference Planning Committee for consideration and scheduling at the 2016 Conference. Volunteers can also submit separate research papers to IAAO for journal publication. Patrick M. O’Connor, ASA, is the project manager. He will provide a project summary presentation at the 2016 GIS/CAMA Technologies Conference in Savannah, Georgia. An overall project paper will be submitted to IAAO for journal publication.Pat O’Connor’s e-mail address is: patmoc[at]swbell.net.

Volunteers are requested to provide a 50-word descriptive narrative about themselves and their modeling background, which will be included in the addendum of the publication. Participant names will be used unless a modeler wishes to remain anonymous. A number will be substituted for anonymous participants in the conference presentation and addendum of the summary paper.

Volunteer modelers can access the research data files in June. Final research must be submitted to the project manager by September 21. This will allow the GIS /CAMA Conference Planning Committee to schedule conference presentations and give the project manager time to prepare the summary presentation.

To participate, in the contest click here to download the form

Compliments of the International Property Tax Institute – a member of the EACC