Method to Improve Municipal Real Estate Valuations, Increase Municipal Revenue Generation and Income Loss Reduction Through Enhanced Computer Assisted Mass Appraisal Systems (CAMA) Methodology
Overview
The Computer Assisted Mass Appraisal System (CAMA) is a widely-used system of appraisal found all around the world. As the International Association of Assessing Officers (IAAO, 2014) notes, “mass appraisal (valuation) is required when many properties need to be valued economically and en masse for a purpose such as annual property taxation” (p. 5). CAMA systems are designed to make that appraisal process simple. The Massachusetts Department of Revenue Division of Local Services/Bureau of Assessment (2016) adds that CAMA valuation “involves automated applications of the sales comparison, cost, and income approaches to value. A good system should support all three approaches.” Mass valuation practices are common globally, from North America to Europe to South Africa and to the East. To give the scope of how prevalent mass appraisal systems have become, a study from 2001 found that among countries of the UN ECE Region, the majority (72%) reported having systems of mass valuation of land for taxation purposes, while a further 14% have reported that they are currently developing systems of mass valuation for taxation purposes (Federal Land Cadastre Service of Russia, 2001). Clearly, mass appraisal systems are applied by Municipalities globally as an accepted system of valuation.
How does CAMA work? Simply put, CAMA determines real estate values. The exact method that the CAMA system will use will differ according to the inputs and variables that are used by the system to derive values. Most systems will use a combination of cost trends, land/property values,...
References
Federal Land Cadastre Service of Russia, 2001. Land (Real Estate) Mass Valuation
Systems for Taxation Purposes in Europe [online]. Available at: http://www.isivi.it/vienna2005/mass.valuation.pdf [Accessed 28 Oct 2017].
IAAO, 2014. Guidance on international mass appraisal and related tax policy. Kansas
City, International Association of Assessing Officers.
Massachusetts Department of Revenue Division of Local Services/Bureau of Assessment,
2016. Guidelines on CAMA system acquisitions [online]. Available at: http://www.mass.gov/dor/docs/dls/it/pdfs/cama1.pdf [Accessed 28 Oct 2017].
SAIV, 2015. South african standard on generally recognised valuation practice:
Municipal valuations for property rating [online]. Available at: http://www.saiv.org.za/ [Accessed 28 Oct 2017].
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