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A matching method for land valuation

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  • Zabel, Jeffrey

Abstract

One approach to land valuation, particularly used by accessors, is to base price estimates of target properties on comparable properties that recently sold. These properties are chosen to be close matches of the target unit and their transaction prices are used to predict the market price of the target unit. But the choice of comparables is typically not consistent and transparent. In this study, a systematic analytical procedure for choosing comparables that is easy to implement is developed. A hedonic regression using these comparables is then run and the predicted value of the target unit is the assessed value. One of the advantages of this procedure is that it should be straightforward for assessors and public finance officials to use and understand and easy to explain to residents.

Suggested Citation

  • Zabel, Jeffrey, 2022. "A matching method for land valuation," Journal of Housing Economics, Elsevier, vol. 58(PA).
    • Handle: RePEc:eee:jhouse:v:58:y:2022:i:pa:s105113772200050x
    DOI: 10.1016/j.jhe.2022.101878
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    References listed on IDEAS

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    1. Bidanset, Paul & Elkins, Aleksandrs & Rakow, Ron & Rearich, Jennifer & Quintos, Carmela, 2022. "Practitioner's panel paper on land valuation guidance," Journal of Housing Economics, Elsevier, vol. 58(PA).
    2. W.J. McCluskey & M. McCord & P.T. Davis & M. Haran & D. McIlhatton, 2013. "Prediction accuracy in mass appraisal: a comparison of modern approaches," Journal of Property Research, Taylor & Francis Journals, vol. 30(4), pages 239-265, December.
    3. Kerry D. Vandell, 1991. "Optimal Comparable Selection and Weighting in Real Property Valuation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(2), pages 213-239, June.
    4. Zabel, Jeffrey, 2015. "The hedonic model and the housing cycle," Regional Science and Urban Economics, Elsevier, vol. 54(C), pages 74-86.
    5. Imbens,Guido W. & Rubin,Donald B., 2015. "Causal Inference for Statistics, Social, and Biomedical Sciences," Cambridge Books, Cambridge University Press, number 9780521885881, November.
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    1. repec:bea:wpaper:0209 is not listed on IDEAS
    2. McMillen, Daniel & Zabel, Jeffrey, 2022. "Special issue on land valuation: Introduction," Journal of Housing Economics, Elsevier, vol. 58(PB).

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