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THE COMPUTER ASSISTED MASS APPRAISAL PROCESS <br /> FOR RESIDENTIAL PROPERTIES IN RAMSEY COUNTY <br /> In our Computed Aided Mass Appraisal (CAMA)system, residential values are calculated by a statistical <br /> technique called multiple regression analysis which compares recent sales with property characteristics <br /> such as square footage (includes main dwelling, room additions, garage), age, number of baths,etc. This <br /> statistical analysis technique generates a property value for the subject property and five comparable <br /> properties. Each value has a set of terms called coefficients that corresponds to a given property <br /> characteristic. There are coefficients for square footage, age, number of baths, etc. The actual value of a <br /> property is determined by multiplying each coefficient times (X)the property characteristic value, such as <br /> age, and summing the terms. <br /> For example, the following coefficients would generate a value of$83,500: <br /> Attribute Coefficient Property Attribute Value Calculation <br /> (1) (2) (1)X(2) <br /> Bath 3000 2 (#of baths) 6,000 <br /> Age -500 5 -2,500 <br /> Square footage 40 2000 80,000 <br /> Total Value= (6,000-25,00 +80,000)= 83,500 <br /> Historically, the property attributes that contribute most to single family property values are: <br /> 1. Ground level area <br /> 2. Above ground area <br /> 3. Number of baths <br /> 4. Attached garage area <br /> 5. Age <br /> 6. Number of fireplaces <br /> 7. Lakeview <br /> 8. Condition of property <br /> 9. Class of property <br /> As stated earlier, our CAMA system creates one value for the subject property plus five additional values <br /> for five comparable properties. The sequence of calculating an estimated value for the given property or <br /> subject property is as follows: <br /> 1. These six property values are used to adjust actual sale prices of the comparable properties to <br /> the property being appraised. <br /> 2. The five adjusted sales prices are used to create what is called a weighted estimate of value. <br /> 3. The CAMA system determines an initial estimate of market value using a standardized appraisal <br /> process. <br /> 4. An appraiser reviews the CAMA estimate and adjusts the estimate if needed for a final value <br /> estimate. <br /> 13 <br />