Web Based Property Valuation Application

Assessors wanted to have a tool to provide a simple and more accurate valuation of properties, both commercial and residential for their constituents. Currently, most organizations are using either MS Excel or cumbersome Windows-based application with a lot of guesswork. “Accurate and up to date valuation of the property is not only reducing net tax collection for the government agencies but also citizens are not getting a true value of their properties.”

Prognose, a web-based solution utilizing cloud computing and statistical modeling to provide easy to use interface for the assessment communities. Built-in the open architecture of the solution remove complication of using statistical tools like SPSS, SAS, etc. in building a mathematical model to calculate predicted values. Prognose seamlessly integrates with several commercial CAMA providers to build a bi-directional building and sales data flow. Real-time data provide an accurate predicated value of the properties (residential & commercial) using sales & income approach.

Prognose web application has added several values to multiple assessors across the countries.

• Perform Mass appraisal analysis for Vacant Land, Residential and Commercial Properties. Modeling techniques include additive regression analysis, multiplicative regression analysis, hybrid model analysis, non-linear model analysis, and feedback.
• Analyzing the real estate market for determining inflationary or deflationary trends over time. The primary methodologies used are the Sale/Appraisal Ratio Technique; Time as a Regression Variable; Paired Sales & Re-sales Analysis and simple SQFT Rate Analysis. The analysis is also done to determine if seasonality is an issue or if Splining is necessary.
• Ratio Studies that include stratification by property types, physical characteristics and location influences.
• The valuation that encompasses various aspects of appraisal, such as: the development of economic areas, and neighborhoods; the analysis of a jurisdictions data to determine both it’s quality and quantity; a review of a jurisdiction’s current valuation procedures; the analysis of data to determine changes over time (time trend analysis).