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One of its kind providers in the valuation and property assessment industry

Overview :

One of its kind providers in the valuation and property assessment industry, Prognose reputation thrives on their ability to innovate and adapt to Assessor’s need to provide an accurate valuation. Their expertise in statistical modeling combined with our experience in software development provided a unique blend for long term success.

Client:
Prognose
Industry:
State and Local Government
Services:
Property valuation, comparative display of properties, a ratio study
Via:
http://thimgan.com

Challenge:

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 of the organization 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.”

Solution:

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.

Results:

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).