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A Feedback Model for Automated Real Estate Assessment

Author

Listed:
  • Robert Carbone

    (Ohio State University)

  • Richard L. Longini

    (Carnegie-Mellon University)

Abstract

Pressing changes are needed in the administration of real estate taxation that will not only ensure that all properties be assessed accurately and equitably, but will enable taxpayers to perceive that they are being treated fairly. In this paper, we examine what properties an automated mass appraisal system should exhibit so as to meet efficacy, equity and public acceptability criteria. A new automated system designed on the basis of these properties which utilizes feedback control and pattern recognition concepts is presented. Results of an empirical study using Pittsburgh data supports the feasibility of the proposed system.

Suggested Citation

  • Robert Carbone & Richard L. Longini, 1977. "A Feedback Model for Automated Real Estate Assessment," Management Science, INFORMS, vol. 24(3), pages 241-248, November.
    • Handle: RePEc:inm:ormnsc:v:24:y:1977:i:3:p:241-248
    DOI: 10.1287/mnsc.24.3.241
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    Cited by:

    1. Rosenfield, Donald B., 1947-, 1985. "Framework for predicting frequencies of events," Working papers 1662-85., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    2. R. Kelley Pace & Raffaella Calabrese, 2022. "Ignoring Spatial and Spatiotemporal Dependence in the Disturbances Can Make Black Swans Appear Grey," The Journal of Real Estate Finance and Economics, Springer, vol. 65(1), pages 1-21, July.
    3. GLUMAC Brano & DES ROSIERS François, 2018. "Real estate and land property automated valuation systems: A taxonomy and conceptual model," LISER Working Paper Series 2018-09, Luxembourg Institute of Socio-Economic Research (LISER).
    4. Timothy P. Cronan & Donald R. Epley & Larry G. Perry, 1986. "The Use of Rank Transformation and Multiple Regression Analysis in Estimating Residential Property Values With A Small Sample," Journal of Real Estate Research, American Real Estate Society, vol. 1(1), pages 19-31.

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