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Does assessed value influence market value judgments?

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  • Matthew Cypher
  • J. Andrew Hansz

Abstract

Assessed values are widely reported in US property markets and are often used by the public as a proxy for a property's value. The results of this study indicated that an assessed value treatment did influence market value judgments by nonappraisers. However, despite the nonappraiser findings and the strong anchoring tendencies found in prior studies, expert US appraisers did not depart from normative theory and training and did not exhibit anchoring behaviours on an assessed value reference point. These results seem to indicate that expert appraisers need some content validity before using a reference point as a valuation anchor and make distinctions among unsanctioned anchors that are plausibly informative (such as a pending sale price or expert valuation opinion of another) and unsanctioned anchors that are fundamentally inappropriate. Although the usual caveats of clinical studies apply, this present study extends understanding of reference point usage on valuation judgment.

Suggested Citation

  • Matthew Cypher & J. Andrew Hansz, 2003. "Does assessed value influence market value judgments?," Journal of Property Research, Taylor & Francis Journals, vol. 20(4), pages 305-318, December.
    • Handle: RePEc:taf:jpropr:v:20:y:2003:i:4:p:305-318
    DOI: 10.1080/0959991042000182001
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    Cited by:

    1. Louis Lategan & Juaneé Cilliers & Zinea Huston & Nadia Blaauw & Sarel Cilliers, 2021. "Economic Assessment of South African Urban Green Spaces Using the Proximity Principle: Municipal Valuation vs. Market Value," Urban Planning, Cogitatio Press, vol. 6(4), pages 54-66.
    2. Rennert, Lindiwe, 2022. "A meta-analysis of the impact of rail stations on property values: Applying a transit planning lens," Transportation Research Part A: Policy and Practice, Elsevier, vol. 163(C), pages 165-180.
    3. Patrick Krieger & Carsten Lausberg, 2021. "Entscheidungen, Entscheidungsfindung und Entscheidungsunterstützung in der Immobilienwirtschaft: Eine systematische Literaturübersicht [Decisions, decision-making and decisions support systems in r," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 7(1), pages 1-33, April.
    4. Deborah Levy & Zhi Dong & James Young, 2016. "Unintended consequences: the use of property tax valuations as guide prices in Wellington, New Zealand," Housing Studies, Taylor & Francis Journals, vol. 31(5), pages 578-597, July.
    5. J. Andrew Hansz, 2005. "Prior transaction price induced smoothing: testing and calibrating the Quan--Quigley model at the disaggregate level," Journal of Property Research, Taylor & Francis Journals, vol. 21(4), pages 321-336, April.
    6. Geoffrey Propheter, 2021. "Sports facilities and the local property tax base in recovery," Regional Science Policy & Practice, Wiley Blackwell, vol. 13(5), pages 1687-1701, October.
    7. Deborah S. Levy & Catherine Frethey‐Bentham, 2010. "The effect of context and the level of decision maker training on the perception of a property's probable sale price," Journal of Property Research, Taylor & Francis Journals, vol. 27(3), pages 247-267, July.

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