This workshop assumes that attendees have participated in/or have a solid understanding of topics covered in MA301 and MA302. Scope will include land model with market derived depreciation (SPSS), land model with residuals (SPSS), model comparison (SPSS), land model with market derived depreciation (R) and land model with residuals (R).
This workshop assumes that attendees have participated in/or have a solid understanding of topics covered in MA 301. Scope to include fair market rent models (SPSS), GIM Model (SPSS), Fair Market Rent Models (R), GIM Models (R).
The objective of this webinar is to provide participants with a general understanding of the fundamentals of the Cost Approach to Value. Discussion will focus on the process involved in developing values using the Cost Approach; the appropriate application of this method and the advantages and challenges associated with its use.
This online workshop will provide hands-on analytical skills by guiding the attendee through the model building
Provides hands-on skills by guiding the participant through the model building process from start to finish. Scope to include mass appraisal model building, ratio studies and model performance review relative to R.
Note: in order to maximize the benefits of this workshop, previous participation in the following IPTI webinars is recommended: MA101, MA102, MA103, MA201, MA202, MA203.These are available from the IPTI website. In addition, familiarity with R would be an asset. An introduction to R is available through various websites including datacamp.com and education.rstudio.com/learn/beginner.
In this second of two panel discussions dealing with the effects of the COVID lockdown our panelists will consider the market realities associated with four particular market sectors. Retail – Office – Hotels - Long-Term Care Properties. As an example, this situation has the potential to have a catastrophic economic impact on hotels in general and especially those geared to tourism. As low as 10% occupancy has already been observed in some cases and there is no knowing what the long term effects will be for this property grouping. Commercial tenants and owners are looking for solutions that are sustainable in the short term and adjustable and viable in the longer term, these could include among other things, rental abatements, rent payment deferrals, lobbying governments for property tax relief. Assessors need to be aware of and incorporate the current market conditions into their ongoing analysis. Broad overarching inferences should be avoided as they don’t serve to describe with precision the elements currently affecting value and therefore cannot appropriately inform any effective action. Data driven sector specific observations provide the basis for productive discussion and serve to inform valuation decisions both now and as the situation evolves.
This online workshop will provide hands-on analytical skills by guiding the attendee through the model building process from start to finish.The scope will include mass appraisal model building, ratio studies and model performance review, relative to SPSS, including:
- A brief overview of the mass appraisal process, highlighting model specification/calibration as well as MRA and a high-level review of SPSS
- Case Study—Residential Homes. A demonstration of the Mass Appraisal process with a sample dataset using additive regression including exploratory data analysis, model specification and calibration
- A review of the quality of the model, application of the equation to the population and identification of properties for further review
PREAMBLE: This first of two panel discussions dealing with the effects of the COVID lockdown will examine how municipalities and assessing authorities are responding to the COVID-19 crisis by making changes to both tax policy and assessment policy. We will also discuss these policy issues from a taxpayer perspective. Property taxes have featured significantly among the many financial support packages that governments have put together to try and assist businesses and individuals to get through the devastating impact that the response to the virus is having on all economies. Some Assessing authorities have delayed their revaluation cycle. There are difficult decisions to be made by those trying to balance the adverse economic impact of the lockdown measures on people and businesses with the need to generate sufficient revenue to continue to provide essential local services, the demand for which has increased in many cases due to the pandemic. Our panel discussion will focus on the position in Canada, but also see how changes being made in various provinces compare with changes being made in selected jurisdictions around the world.
Provides an overview of changes and opportunities in mass appraisal. Topics include what is data scence, spatial and geostatistical analysis, machine learning, skill set required for mass appraisers of tomorrow, open source data.
This webinar provides the attendee with an understanding of how to measure model results and ensure consistent and equitable predictions. Topics include the purpose and role of ratio studies, determining the level of appraisal, horizontal equity vertical equity, international standards, sample vs population - the issues to avoid
Establishing accurate land values in an urbanized area where vacant land sales are scarce is not a straightforward exercise. Sales of improved properties can be used to determine vacant land values using accepted appraisal methods such as Abstraction and/or Allocation. These approaches, while valid, present considerable difficulty in determining the appropriate discounts to sale price especially when the improvements on the sold property are not new. Add to this, factors like a region experiencing rapid growth, gentrification, infusion of foreign investment, ease of zoning variance approvals and the analysis becomes particularly challenging. This webinar will examine current best practice, provide practical analysis techniques and discuss other macro economic factors that are becoming increasingly significant contributors to real property values.
PREAMBLE: Whether it is the gradual depletion of the asset in or on the land, as with the minerals contained in mines or the aggregate held in gravel pits, or the decrease of available land as a landfill site progressively reaches its capacity, the viability of these sites as going concerns in their present state may be affected. This Webinar will examine the effect if any that these diminishing assets have on the property’s value. How machinery and storage areas are treated in the valuation process will also be discussed. Site reclamation and remediation at the end of the productive cycle is another phase in the valuation of these properties and requires careful consideration of the market’s potential acceptance of these reclaimed sites as viable and part of the group of similar properties available for use and exchange. This Webinar will provide in-depth information on the relevant inputs associated with the valuation of these properties as well as practical steps to follow in developing their market values.
The attendee will obtain a better understanding of how multiple regression analysis is used in the mass appraisal process focusing on model calibration. Topics include types of model calibration, model calibration additive, key regression statistics, model calibration multiplicative, model calibration non-linear, and other options for model calibration beyond MRA.
PREAMBLE: Ports, Airports and Railyards present unique valuation challenges for assessors and fee appraisers alike. These major transportation hubs provide a vital public service and are important economic drivers for the regions they are located in. They often have some level of government regulation and control to ensure uninterrupted and safe passage for both people and goods. Grant agreements between airport authorities and municipalities based partly on typical passenger loads - port authority container ship activity and the port’s ability to accommodate the much larger New Panamax ships introduced recently into service, provide a glimpse of the complexity associated with valuing these properties. This webinar will explore the analysis techniques, market considerations, regulatory directives and the economic climate (both micro and macro) affecting the value of the properties. The focus will be on the practical application of these inputs to determine a final value.
This webinar provides the attendee with an understanding of how Multiple Regression Analysis is used in the mass appraisal process, focusing on model specification, data transformations and tracking price changes over time. Topics include what is a model, overview of the multiple regression analysis (MRA), data transformations, tracking price change over time, model specification.
The valuation of Entertainment Properties is not a straight-forward proposition. Sports arenas/stadiums, racetracks, theatre/performing arts centres, are just a few examples of the diverse nature of this property group. Attendance and concession revenue, design trends and competition are examples of factors contributing in some way to the value of these properties. This Webinar will provide participants with in-depth review of typical valuation methodology associated with these properties. It will also discuss practical steps in the analysis required to identify and quantify the complex and varied factors that affect the value of these properties. As with other unique property groups, the viability and popularity of the activity taking place at the property is intrinsically tied to the real value of the property itself.
Preamble: This Webinar provides for an open discussion of the recently announced ARB rule changes and the practical impact that these revisions to the current process will have on stakeholders. This will be an online webinar panel discussion. Panelists will provide a brief synopsis of the rule changes as a preamble to the open discussion. Participants will then be able to direct questions/comments to the panel and receive instant feedback from panel members. The session will focus on clarification of the changes stemming from the ARB announcements - impact on stakeholders including lawyers, experts, MPAC representatives and municipalities.
PREAMBLE: The valuation of property that is subject to some form of contamination is particularly difficult. Much depends on the nature of the contamination/impairment and the type, and cost, of necessary remediation works. This webinar will look at the background to environmental impairment, the valuation standards that apply to contaminated properties, and how valuation methodology needs to be adapted to meet the demanding requirements for this type of work. It will look at issues concerning the highest and best use of the property as impaired and consider how the three main valuation methods - sales comparison, cost and income approaches - need to be adapted to reflect the contamination. In addition to looking at the cost of necessary remediation works, they will also consider the liability impacts, use limitations, and possible stigma attaching to contaminated properties. The webinar will also cover how to deal with such properties within a mass appraisal environment.
This webinar provides the attendee with an understanding of the key steps for exploratory data analysis as part of the mass appraisal process. Some topics to be covered are measures of central tendency, measures of dispersion, graphical analysis, data errors and anomalies, outlier identification.
The webinar will provide the attendee with a better understanding of the valuation principles pertaining to leisure properties. Categories and types of leisure properties will be discussed including resort hotels, golf facilities, marinas and casinos. Various valuation approaches will be considered, with emphasis on the application of the income approach. Property valuation procedure overview will be provided. Data collection, identification of non-assessable components, analysis of revenue sources and expenditures will be covered. Appropriate analysis of capitalization rates and derivation of value for leisure properties will be discussed.
This 90 minute webinar will provide the attendee with a thorough understanding of the data requirements essential to support a successful mass appraisal. Topics include the importance of accurate data, different types of data, sample vs population data, data requirements for the three approaches to value, data sources and alternative data collection tools.
The first in a series
of seven interactive webinars, this 90 minute webinar will provide online
practical skills and provide the participant with a general introduction to
mass appraisal to include topics such as mass appraisal vs single property
appraisal, computer assisted mass appraisal (CAMA), mass appraisal and 3
approaches to value, the steps in the process, measuring mass appraisal
performance and the skills and technology required.
PREAMBLE: In most jurisdictions including Ontario, assessment of land (property) is based on its current value. However, having made a value determination, the principle of equity must be considered. The assessment of land has to be equitable with that of similar lands in the vicinity. This requirement may lead to a determination that the assessed value is lower than the current value of the property. Although this requirement seems to be straight forward, assessors, taxpayers and their representatives struggle with this concept. In this webinar, two experienced presenters will discuss how to deal with these issues.
The cost approach relies for its justification upon the “principle of substitution’ which states that the purchaser of a property will not pay more for it than it would cost to provide an alternative property of similar functional utility. An assessor ‘s valuation needs to address the following question: How much would it cost to replace the existing property with an equally desirable and functional alternative? This requires an understanding of the cost to replace the functionality and utility of the property. In this webinar, the presenters will discuss this important issue, share their experiences in dealing with properties and the identification and analysis of function and utility of the cost approach
PREAMBLE: Any interest in real estate capable of generating income can be valued using the Direct Capitalization Approach. This approach is commonly applied by most assessment valuation agencies. It requires an appropriate determination of net operating income which creates the necessity for an appropriate estimate of fair market rents, vacancy and operating expenses. Depending on the quantity and quality of available data there are various techniques to be used. This webinar will cover the challenges assessors and valuators face in deriving net operating income in the application of the valuation methodology. Data requirements and practical application of the methodology will be discussed.
The correct method of property assessment valuation of Big Box stores has been challenging and controversial. There is a tremendous amount of discussion taking place regarding an appropriate valuation methodology. Appeal tribunals and courts have made significant rulings based upon what has been labeled the “Dark Store” approach, causing significant challenges for taxing jurisdictions who were caught off-guard and must issue large refunds after the fact. The presenters will share their experiences on the landmark changes in the assessments without the use of typical adversarial process. A valuation methodology including practical examples will be discussed.
Any interest in real estate that is capable of generating income can be valued using the direct capitalization approach. This requires an appropriate derivation of the capitalization rate. Depending on the quantity and quality of available data, there are various techniques used.
This webinar will cover the challenges assessors and valuators face in deriving capitalization rates in the application of the direct capitalization methodology. Emphasis will be given to derivation of the rates from comparable sales. As well, data requirements and practical application of the methodology will be discussed.
The use of mediation to settle disputes is on the rise and has become an accepted process for resolving valuation and property tax conflicts. All parties involved in the mediation and negotiation process are expected to actively participate in the process, however, the role of the assessor and the expert is not always clear . The questions that commonly arise are: Is the issue sufficiently complex to retain an expert? Why obtain an expert and what would that expert’s duties be? What is the appropriate behaviour? What preparations are required? What is the role of the expert? This webinar will attempt to answer these questions and clarify the role and responsibilities of the assessor and the expert .
Any interest in real estate capable of generating income is typically valued by direct capitalization. Although capitalization rates can be estimated using various methods, the technique used will depend on the quantity and quality of the data available. Deriving capitalization rates from comparable sales is the preferred technique when sufficient sales data of similar comparable properties is available. The Direct Capitalization Method requires an appropriate estimate of net operating income which requires an appropriate estimate of operating expenses. The presenters will focus on the estimate of expenses and deriving an appropriate capitalization rate using the Direct Capitalization methodology. Practical examples will be covered.
The valuation of land for assessment purposes is always a challenging and difficult process. The issue of highest and best use of the land as if vacant and as if improved will be discussed. Focus will be given to the methodology of derivation of value for the land, as vacant, with the primary application of the sales comparison approach.
Practical examples of the valuation of a typical parcel of land will be included.
Derivation of Fair Market Rents for Valuation of Multi-Residential Properties, Office Buildings and Shopping Centres - Webinar
The determination of assessed values utilizing the income approach requires determination of fair market rents. This webinar will provide the attendee with a better understanding of the definition of the fair market rents, and will focus on various methodologies of derivation of market rents from the perspective of capturing all interests in the property to be valued. Residential properties, offices buildings and shopping centres will be discussed.
Litigation and property taxation disputes require the participation of an expert witness and advocate, typically legal counsel. An understanding of the respective roles, interactions and communications between the expert and legal counsel is necessary. Experts who are responsible for preparation of a report, and providing evidence at a hearing, may be concerned about interaction with legal counsel and their valuation being questioned by opposing legal counsel at a hearing. This webinar will cover the “ins and outs” of preparing for a hearing, including the role of the expert witness and the advocate, how they should co-operate and work as a team without jeopardizing the independence of the expert witness, and the expert's ability to provide appropriate evidence. The rules governing the use of experts, preparation of the expert's report, and recommendations as to what to include in the report, will be discussed. Communications and discussions between the expert witness and the legal team, including analysis of the strengths and weaknesses in the valuations of both sides, will also be considered.
Commercial properties such as retail, shopping centres, office buildings and other similar properties are typically bought and sold on the basis of the income they generate. As they are typically considered investment properties that can generate a return on capital in the form of rents, traditionally these properties have been valued on the income approach. It is always challenging to determine fair market rent, expenses and appropriate capitalization rates. For many smaller retail properties, there may be sufficient evidence of market sales transactions. In those situations, consideration needs to be given to the market sales approach. This webinar will discuss the appropriate valuation approaches with emphasis on income and market sales comparisons in order to accurately determine the value of commercial properties.
This webinar will focus on the application of the cost approach and whether the cost approach, if appropriately applied, can determine an accurate current value. Emphasis will be on the derivation of value for single and special purpose properties. The presenters will discuss whether the cost valuation methodology, as it is typically applied, is capable of providing a realistic estimate of value. The application of the market sales and income approaches will be discussed. The challenges dealing with the ability to estimate a replacement cost new and depreciation allowances will be discussed.
The emphasis of this webinar will be on the challenges presented by applying the income approach when dealing with ad valorem assessments. The differences in valuations of properties for property taxation and valuations for other purposes will be identified. Income approach valuation methodologies will be covered, including the appropriate application of the Direct Capitalization Method, derivation of gross lease areas, fair market rents, expenses and capitalization rates be covered.
This webinar will familiarize attendees with property tax policy considerations and options that are typically confronted by Provincial and Municipal policy makers. Both international and local perspective and practice will be discussed. The webinar participants will be exposed to a conceptual framework that assists structure policy choices referring to lessons learned from other jurisdictions.
The guidelines in terms of simplified DO’s and DONT’s will be provided.
The webinar will cover the application of the income approach. Emphasis will be given to the determination of GLA, estimating fair market rent and expense allowances and the derivation of cap rates from the market. The application of the direct capitalization approach to value for property tax purposes will be also be discussed.
The basic principles and concepts of municipal assessment and taxation will be discussed including introduction to property tax policy, tax rates and bills, the assessment valuation, stakeholder role, interaction and appeals.
In this webinar the fundamentals and principles in valuing multi-residential properties will be discussed. The direct capitalization method and gross income multipliers will be covered. Emphasis will be placed on single property valuation methodologies, although the mass appraisal perspective will also be touched upon.
This webinar will cover fundamental concepts and applications of mass appraisal processes relative to the valuation of residential and selected commercial properties. Mass appraisal concepts and the differences between single property appraisal processes will be discussed. Analysis of highest and best use, data collection and fundamental market analysis will also be covered. Building valuation models and calibration of models applicable to the cost approach as well as market sales comparison approach will be discussed. Multiple regression analysis, the direct sales comparison approach and applicable model calibrations will also be addressed
This course is focused on teaching the essential statistics for professionals in the field of property valuation. It introduces the concepts of descriptive and inferential statistics using examples from the assessment field, to teach statistics without the use of software. The course concentrates on the theory and concepts of statistics relevant to mass appraisal in a series of six online lessons.
This course is designed to provide an introduction to office building valuation for assessment purposes, using the direct capitalization method. This course will provide a practical valuation guide for office building valuation specific to collecting data, analyzing the information, developing valuation parameters, completing the valuation process, estimating market value, and ensuring quality of assessment values.
This course is designed to provide an introduction to Multi-Residential property valuation for assessment purposes and provides a practical valuation guide for Multi-Residential Property.The Mass Appraisal 102 course considers the following:
- Collecting data
- Analyzing the information
- Developing valuation parameters
- Valuation process
- Estimating market value
- Ensuring quality of assessment values
This course is focused on the fundamental concepts and applications of mass appraisal processes relative to the valuation of residential properties. In a series of online lessons, this course will focus on the differences between mass appraisal and single property appraisal concepts, highest and best use, data collection, fundamental market analysis, measuring mass appraisal performance, the appeal process, and the use of technology. Valuation model building and calibration of models will be discussed, in addition to a model testing the quality control process.
This course is designed to cover property tax policy principles and issues from an international perspective. It provides a relevant conceptual framework containing essential elements of tax policy considerations and options, and presents internationally grounded guidelines for making policy choices regarding the role property tax can play in financing local governments. This includes tax base, tax liability, tax rates, tax relief, and tax politics. Also included are selected issues relative to property tax administration.
The course will provide assessors, municipal representatives and taxpayers with an understanding of the basic principles and concepts of municipal assessment and taxation