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A Hedonic Model of Prices and Assessments for Single-Family Homes: Does the Assessor Follow the Market or the Market Follow the Assessor?

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  • Brian J. L. Berry
  • Robert S. Bednarz

Abstract

In this paper, hedonic regressions are used to analyze a seven-year sample of monthly sales of bungalows in Chicago. Even when sales are considered within individual sections of Chicago, the FHA dummy-independent variable and the `points'-independent ...

Suggested Citation

  • Brian J. L. Berry & Robert S. Bednarz, 1975. "A Hedonic Model of Prices and Assessments for Single-Family Homes: Does the Assessor Follow the Market or the Market Follow the Assessor?," Land Economics, University of Wisconsin Press, vol. 51(1), pages 21-40.
    • Handle: RePEc:uwp:landec:v:51:y:1975:i:1:p:21-40
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    Cited by:

    1. Larry V. Ellis & J. Paul Combs & William Weber, 1983. "Administrative Inequity in the Property Tax: Further Evidence," Public Finance Review, , vol. 11(4), pages 491-506, October.
    2. Xiandeng Jiang & Zheng Pan & Ningru Zhao, 2023. "Relative Value vs Absolute Value: Housing Wealth and Labor Supply," The Journal of Real Estate Finance and Economics, Springer, vol. 66(1), pages 41-76, January.
    3. Herath, Shanaka & Maier, Gunther, 2010. "The hedonic price method in real estate and housing market research. A review of the literature," SRE-Discussion Papers 2010/03, WU Vienna University of Economics and Business.
    4. Shi, Song & Young, Martin & Hargreaves, Bob, 2009. "Issues in measuring a monthly house price index in New Zealand," Journal of Housing Economics, Elsevier, vol. 18(4), pages 336-350, December.
    5. William C. Goolsby, 1997. "Assessment Error in the Valuation of Owner-Occupied Housing," Journal of Real Estate Research, American Real Estate Society, vol. 13(1), pages 33-46.
    6. Seth B. Payton, 2012. "The Impact of Property Assessment Standards on Property Tax Burden," Public Finance Review, , vol. 40(5), pages 584-613, September.
    7. Cotteleer, Geerte & Stobbe, Tracy & van Kooten, G. Cornelis, 2008. "Expert Opinion Versus Transaction Evidence: Using The Reilly Index To Measure Open Space Premiums In The Urban-Rural Fringe," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6705, European Association of Agricultural Economists.
    8. Gill Lim, 1982. "Discrimination, time-lag, and assessment inequity in black neighborhoods," The Review of Black Political Economy, Springer;National Economic Association, vol. 12(1), pages 15-28, September.
    9. Hammes, Brian D., 1984. "Hedonic prices for farmland characteristics: an analysis of farm transactions prices for Iowa," ISU General Staff Papers 1984010108000017525, Iowa State University, Department of Economics.
    10. Richard Harris & Michael Lehman, 2001. "Social and Geographic Inequities in the Residential Property Tax: A Review and Case Study," Environment and Planning A, , vol. 33(5), pages 881-900, May.
    11. Christian Janssen & Bo Söderberg, 1999. "Estimating Market Prices and Assessed Values for Income Properties," Urban Studies, Urban Studies Journal Limited, vol. 36(2), pages 359-376, February.
    12. vom Hofe, Rainer & Mihaescu, Oana & Boorn, Mary Lynne, 2017. "Are Homeowners Willing to Pay More for Access to Parks? Evidence from a Spatial Hedonic Study of the Cincinnati, Ohio, USA Park System," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 48(3), November.
    13. James R. Follain JR & Stephen Malpezzi, 1981. "Another Look at Racial Differences in Housing Prices," Urban Studies, Urban Studies Journal Limited, vol. 18(2), pages 195-203, June.
    14. Stephen Malpezzi, "undated". "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
    15. Christian T. L. Janssen, 2003. "Estimating the Effect of Land Leases on Prices of Inner-city Apartment Buildings," Urban Studies, Urban Studies Journal Limited, vol. 40(10), pages 2049-2066, September.
    16. Robert Inman, 1978. "Testing political economy’s ‘as if’ proposition: is the median income voter really decisive?," Public Choice, Springer, vol. 33(4), pages 45-65, December.
    17. Brannman, Lance & Buongiorno, Joseph & Fight, Roger, 1981. "Quality Adjusted Price Indices For Douglas-Fir Timber," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 6(2), pages 1-14, December.
    18. Cotteleer, Geerte & van Kooten, G. Cornelis, 2012. "Expert opinion versus actual transaction evidence in the valuation of non-market amenities," Economic Modelling, Elsevier, vol. 29(1), pages 32-40.
    19. Gary C. Cornia & Barrett A. Slade, 2005. "Property Taxation of Multifamily Housing: An Empirical Analysis of Vertical and Horizontal Equity and Assessment Methods," Journal of Real Estate Research, American Real Estate Society, vol. 27(1), pages 17-46.
    20. Blane David Lewis, 2007. "Revisiting the Price of Residential Land in Jakarta," Urban Studies, Urban Studies Journal Limited, vol. 44(11), pages 2179-2194, October.
    21. R I Palm, 1977. "Homeownership Cost Trends," Environment and Planning A, , vol. 9(7), pages 795-804, July.
    22. Olivier Parent & Rainer Hofe, 2013. "Understanding the impact of trails on residential property values in the presence of spatial dependence," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 51(2), pages 355-375, October.

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