Book Preface
As a professional in the field of mass appraisal, I have spent
years analyzing data, building models, and refining techniques to determine
property values accurately. Throughout my career, I have encountered various challenges
and obstacles that have shaped my approach to mass appraisal modeling. These
experiences and insights have inspired me to write this book, " Mastering
Mass Appraisal Modeling: A Hands-On Guide with Real-World Data."
The idea for this book was born out of a desire to provide a
comprehensive resource for analysts and researchers in the mass appraisal
industry seeking to enhance their skills and create more accurate valuation
models. Drawing upon my years of experience and expertise in the field, I have
carefully structured this book to guide readers through the essential steps of
building a regression-based mass appraisal model.
Each of the twelve chapters in this book is designed to cover a
specific aspect of mass appraisal modeling in detail. From understanding the
different types of variables to fine-tuning the model and conducting detailed
analyses of sales ratios, each chapter delves into a critical component of the
modeling process. I have drawn on actual sales data from various counties to provide
practical examples and case studies that bring the concepts to life and
illustrate their application in real-world scenarios.
One key challenge in mass appraisal modeling is handling binary
and categorical variables effectively. In this book, I discuss techniques such
as one-hot and effect coding that can be used to encode these variables and
ensure that they are appropriately incorporated into the model. I also address
the importance of deriving a representative sales sample, adjusting sale prices
for time, and dealing with fixed and location surfaces to improve the accuracy
of the valuation model.
Throughout the book, I emphasize the importance of data analysis
and interpretation. From regression modeling and residual analysis to
identifying and removing outliers using Z-scores, each step in the modeling
process is accompanied by detailed explanations, data tables, statistical
outputs, summaries, charts, and graphs that facilitate a deeper understanding
of the concepts and techniques.
In addition to discussing the technical aspects of mass appraisal
modeling, I have included practical guidance on applying the model to holdout
samples and the population, conducting horizontal and vertical assessment
equity analysis, and meeting the International Association of Assessing
Officers (IAAO) guidelines tests for Mean Absolute Deviation (MAD), Coefficient
of Dispersion (COD), and Price-related Differential (PRD). These guidelines are
essential for ensuring the accuracy and reliability of the valuation model.
To further assist readers in implementing the techniques and
concepts discussed in this book, I have included Excel steps and SAS codes at
the end of each chapter. These practical tools can be used to apply the
methodologies to real-world data and enhance the learning experience.
In writing this book, I aim to provide a comprehensive and
practical guide that equips readers with the knowledge and skills needed to
excel in mass appraisal modeling. Whether you are an experienced analyst
looking to refine your techniques or a researcher seeking to build accurate
valuation models, this book will be valuable in advancing your
understanding of mass appraisal modeling.
I am thrilled to share my insights and experiences with you
through this book, and I hope it will inspire you to explore new approaches and
techniques in your work. I invite you to dive into the chapters, engage with
the material, and embark on a journey toward mastering mass appraisal modeling.
-Sid
Sid's Bookshelf: Elevate Your Personal and Business Potential
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