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Assessment Error in the Valuation of Owner-Occupied Housing

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Abstract

Assessed values of owner-occupied housing have been analyzed in this study to determine whether there is systematic error in the property valuation process by assessors. Sources of systematic error are identified for three countries in the Puget Sound area of Washington State. A method is developed to correct assessed values for systematic error to provide better estimates of market values. The results of the study may be useful for using assessed values as predictors of market values.

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  • 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.
    • Handle: RePEc:jre:issued:v:13:n:1:1997:p:33-46
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    1. Joseph G. Kowalski & Peter F. Colwell, 1986. "Market Versus Assessed Values of Industrial Land," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 361-373, June.
    2. 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.
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    Cited by:

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    2. Mayor, Karen & Lyons, Seán & Tol, Richard S. J., 2010. "Designing a property tax without property values: Analysis in the case of Ireland," Papers WP352, Economic and Social Research Institute (ESRI).
    3. Einiö, Mikko & Kaustia, Markku & Puttonen, Vesa, 2008. "Price setting and the reluctance to realize losses in apartment markets," Journal of Economic Psychology, Elsevier, vol. 29(1), pages 19-34, February.
    4. Marcus T. Allen & Judith Swisher, 2000. "An Analysis of the Price Formation Process at a HUD Auction," Journal of Real Estate Research, American Real Estate Society, vol. 20(3), pages 279-298.
    5. 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.
    6. Mary Beal & Mary O. Borg & Harriet Stranahan, 2017. "The Equity Effects of Property Tax Caps: Evidence from Florida," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 6, July.
    7. Seth B. Payton, 2012. "The Impact of Property Assessment Standards on Property Tax Burden," Public Finance Review, , vol. 40(5), pages 584-613, September.
    8. 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.
    9. Rachel N. Weber & Daniel P. McMillen, 2010. "Ask and Ye Shall Receive? Predicting the Successful Appeal of Property Tax Assessments," Public Finance Review, , vol. 38(1), pages 74-101, January.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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