Download - Vanguard sales ratio
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Vanguard Appraisals, Inc. Copyright © 2021
2021 VANGUARD USER GROUP MEETINGSALES RATIO STUDY
RYAN EHLIREGIONAL FIELD SPECIALIST
13 YEARS
MIKE WEEKSSENIOR VCS FIELD MANAGER
16 YEARS
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Sales Ratio - Overview
■What is sales ratio■Importance of sales entry and accurate data on sales■Importance of accurate data and entry■Steps in Sales Ratio■Conducting a sales ratio study including “what if” analysis■Determining and setting final values■Documentation
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Sales Ratio
Accurate Data EntryAccurate Sales EntrySales VerificationSteps in Setting ValueSales AnalysisStratification Documentation
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Sales Ratio
Why do we conduct a sales ratio study?
Assessment Equity Uniformity in our values
Fair and equitable values Consistency
Sales ratio doesn’t mean we are automatically changing values
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Sales Ratio
The ratio of an assessed value to the sale price or adjusted sale price of a property.
Assessed Value ÷ Sale Price
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Sales Ratio – Statistical Measures
We could stop at the median – but we can do better! Median COD – Coefficient of Dispersion PRD – Price Related Differential
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Sales Ratio – Statistical Measures - Median
Median When ratios are sorted in ascending (or descending) order, the median is the middle ratio Or average of the two middle ratios
The median provides a good measure to monitor the level of assessments
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Sales Ratio – Statistical Measures - COD
COD – Coefficient of Dispersion Measures the inequality in assessments 0 – 10 = Excellent 11 – 19 = Acceptable 20+ = Data may need review
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Sales Ratio – Statistical Measures - PRD
PRD – Price Related Differential Measures the degree to which high value properties are over assessed or under assessed in relation to
low value properties Index of 1.00 is desired Index greater than 1.00 indicates high value properties are under assessed in comparison to
low value properties. Index less than 1.00 indicates high value properties are over assessed in comparison to low value properties.
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Sales Ratio – Accurate Data Entry
List, measure, review all property accurately and enter data into VCSNever, never enter inaccurate data to “achieve” a value as you add your annual work
data into VCSThe computer will set the values after all data has been entered & sales entered,
verified, stratifiedThe data drives the value the value DOES NOT drive the data
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Sales Ratio – Accurate Data Entry
Repeat…The data drives the value the value DOES NOT drive the data
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Sales Ratio – Accurate Data Entry
Repeat…The data drives the value the value DOES NOT drive the data
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Sales Ratio – Accurate Data Entry
Repeat…The data drives the value the value DOES NOT drive the data
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Sales Ratio - Accurate Sales Entry – “Heart” of the System
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Sales Ratio – Accurate Sales Entry Sale Date Sale Price Personal Property Value VCS Value – value at the time of sale Sale Type Recording Number Code NUT Code Comments Seller/Buyer
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Sales Ratio – Accurate Sales Entry VCS Value – value at the time of sale
Add with or without certified prior year value
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Sales Ratio – Accurate Sales Entry
VCS Value – value at the time of saleAdd certified prior year valueSetting to turn this option on as
defaultFilePreferencesSales
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Sales Ratio – Accurate Sales Entry VCS Value – value at the time of sale
Add with prior year value
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Sales Ratio – Accurate Sales Entry Sale Type
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Sales Ratio – Accurate Sales Entry Recording
Number
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Sales Ratio – Accurate Sales Entry Code
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Sales Ratio – Accurate Sales Entry NUT Code Choose whether sale will be considered in
sales ratio study
North Dakota BX Sheet
Choose “Normal” when running sales ratio analysis
Only want to analyze Normal Arms Length transactions
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Sales Ratio – Sales Check Apply a sales
check
Compares sale price to VCS value
Comes up depending on system setting for sales tolerance
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Sales Ratio – Sales CheckApply a sales check
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Sales Ratio – Sales Check
Add a sales check if the ratio is out of toleranceFind later in a queryVERIFY SALES!!!
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Sales Ratio – Sales Check - Tolerance
Adjust sales toleranceTablesTable UtilitiesAdjust Sales Tolerance
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Sales Ratio – Sales Check - Tolerance
Adjust tolerance99 will ask to apply a
check to every saleCommon is 10 to 15
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Sales Ratio – Sales Verification
Do not confuse sales verification with sales chasingSales ChasingThe practice of using the sale of a property to trigger a reappraisal of that
property at or near the selling priceCauses invalid uniformity results
Inequities will flush out and may create necessary clean up projects
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Sales Ratio – Sales Verification
What sold may not be reflective of the physical property upon inspectionUpdate records, change sale NUTC if applicableWhat sold may reflect exactly how the physical property is listedThese physical characteristics will be stratified to set values and make
appropriate table adjustments to reflect the market
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Sales Ratio – Sales Verification
Conduct inspectionsSend surveysDrive by review
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Sales Ratio – Sales Verification
Conduct inspectionsSend surveysDrive by reviewExample:Sale: $55,000Value: $35,000
Interior remodeled and better than exterior
New Kitchen and bathroom
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Sales Ratio – Sales Verification
Conduct inspectionsSend surveysDrive by reviewExample:Sale: $35,000Value: $55,000
Exterior remodeled and better than original interior
New siding, windows, and roof
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Sales Ratio – Sales Verification - Complete
Check the “Verified by office” BoxThis can be queried
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Sales Ratio – Steps in Setting Value
Review and set LAND valuesReview and set Replacement Costs - MANUAL LEVELReview and adjust DEPRECIATIONReview and adjust MAP AREA (economic obsolescence)Consider ADDITIONAL OBSOLESCENCEAt the parcel levelFunctional or otherAbove and beyond
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Steps in Setting Value - LAND
Land is the BASEMust have a good Land Value
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Steps in Setting Value - LAND
Too low on land – overinflate replacement costs on improvementsToo high on land – low on actual replacement costs of improvements
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Steps in Setting Value - LAND
Land is the BASEVacant lot sales – always the bestFew and far between in some jurisdictions
Then what?
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Steps in Setting Value - LAND
No sales - The then what part…Allocation MethodAbstraction MethodLand Build UpNot as desirable, but recognized methodology
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Steps in Setting Value - LAND
No sales - The then what part…Allocation Method A percentage of total property value is allocated to the site IAAO recommends 20 percent of sale price Example: $200,000 sale: 200,000 x .20 = $20,000
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Steps in Setting Value - LAND
No sales - The then what part…Abstraction MethodLand value is extracted from the sale priceMust have accurate replacement costs and depreciationNot as desirable or accurateExample: sale price=$230,000/replacement cost=$280,000/depreciation=30 percent 280,000x.70=196,000 230,000-196000 = $34,000
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Steps in Setting Value - LAND
No sales - The then what part…Land Build Up Method May be considered when there is insufficient sales data Purchase price plus improvements Example: 10 acres raw ag land Land purchase: $30,000 Septic: $5,500 Well: $7,500 Landscaping (minimal): $15,000
$58,000
$58,000/10 acres = $5,800 per acre (as a guide only)
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Steps in Setting Value - LAND
I have land sales – GREAT!Vacant lot sales ratio study
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Steps in Setting Value - LAND
Land is the BASELand Ratio study
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Steps in Setting Value - LAND
Land is the BASELand Ratio study - allocation
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Steps in Setting Value - LAND
Land Ratio study - allocation
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Steps in Setting Value - LAND
Land Ratio study - allocation
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Steps in Setting Value - LAND
Land is the BASEHow many land rates/lot basis types should I have?Query out rate/lot basis that are in use by jurisdiction Check for how many Check for consistency
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Steps in Setting Value - LAND
Land is the BASEHow many land rates/lot basis types should I have?Example:“Town A”Population 300Mostly Front footSome Lump sum Rates: $5, $10, $20, $30, $33, $39, $40, $50, $60
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Steps in Setting Value - LAND
Land is the BASEHow many land rates/lot basis types should I have?Example:“Town A”Do we need NINE different front foot rates?Majority are front foot at $30 and $33Could be adjusting rate for deficiencies to land Location, railroad, elevator, topography, etc.
Review area and see if it really needs that many rates
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Steps in Setting Value - LAND
Land is the BASEThere is no exact scienceWant to be able to maintainRemain consistent and equitable
Look at land EVERY yearConsider changing every 2-6 years if needed
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Steps in Setting Value – MANUAL LEVEL
Must achieve accurate replacement costsReview sales of new
construction if possible
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Steps in Setting Value - DEPRECIATION
Review Depreciation according to year built and conditionUpdate base yearReview Price Related
Differential (PRD)
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Steps in Setting Value - DEPRECIATION
Run depreciation analysis
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Steps in Setting Value - DEPRECIATION
Run depreciation analysis
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Steps in Setting Value - DEPRECIATION
Run depreciation analysis
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Steps in Setting Value - DEPRECIATION
Run depreciation analysis
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Steps in Setting Value - DEPRECIATION
Run depreciation analysis
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Steps in Setting Value - DEPRECIATION
Run depreciation analysis
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Steps in Setting Value - DEPRECIATION
Run depreciation analysis
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Steps in Setting Value - DEPRECIATION
Run depreciation analysis
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Steps in Setting Value - DEPRECIATION
Certain properties should not be included in analysisExtremely high or low quality dwellingsProperties with high outbuilding valueProperties with a large amount of surplus land
Set depreciation looking at strongest marketLessens the impact of economic obsolescence
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Steps in Setting Value - DEPRECIATION
Review Normal condition firstDetermine spread from normal to
other condition ratingsOffice discussionWhat does it take in your
jurisdiction to move condition
Condition Change from NormalExcellent
-30%Very Good
-20%Above Normal -10%
NormalBelow Normal +10%
Poor+20%
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Steps in Setting Value – MAP AREA
How are sales according to locationSame house here versus same house over there
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Steps in Setting Value – MAP AREA
Table driven blanket economic obsolescenceA factor is entered in the table“Percent good” Ie: .80 = 20 percent economic obsolescence
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Steps in Setting Value – MAP AREA
Positive Map Area Factors - ??Yes / No - ?Try to use sparinglyThey have a time and place
Consider after the rest of the jurisdiction has been set accordingly
Lake areaRiverfront areaAreas with a viewGolf course area
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Steps in Setting Value – Additional Obsolescence
Above and beyond Land, Manual Level, Depreciation, and Map AreasHave gone through the steps and small handful of parcels need thisPreferably there are sales that support
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Steps in Setting Value – Additional Obsolescence
When to use additional obsolescence Is there something functional beyond condition Additional location factor (railroad tracks) Plumbing HVAC Design/Layout Over improved Over size
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Steps in Setting Value – Additional Obsolescence
Things to remember about additional obsolescenceApplied at the parcel levelApplied parcel by parcelOnce you assign a parcel obsolescence it stays until you changeTry to use sparingly
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Sales Ratio – Sales AnalysisWizard DrivenSet up StudyRun StudyAnalyze resultsTest changesRe analyzeCopy changes to main
tables
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Sales Ratio – Sales Analysis – Set up Study
Remarks – print on stratification reportsStart/End Date for sales
selectionSelect PDFsSelect Map AreasSelect SubdivisionsSelect NUT Codes
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Sales Ratio – Sales Analysis – Set up StudySale TypeSale Code
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Sales Ratio – Sales Analysis – Set up Study Ignore “Exclude from Analysis flag”
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Sales Ratio – Sales Analysis – Set up Study
Include Multi Parcel Sales
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Once you have your selectionClick “Get Sales”
Sales Ratio – Sales Analysis – Set up Study
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Save current StudySave timeCan load at a later date
Sales Ratio – Sales Analysis – Set up Study
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Sales Ratio – Sales Analysis – Set up Study
In this study 104 parcels have been foundClick “Next”Can’t click forward until
you follow the steps
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Value SourceAppraised Value Compares Sale price to
current VCS ValueCurrent Value Compares sale price to
most current value
Sales Ratio – Sales Analysis – Set up Study
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Value SourceAppraised Value Compares Sale price to
current VCS Value
Sales Ratio – Sales Analysis – Set up Study
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Value SourceCurrent Value Compares sale price to
most current value
Sales Ratio – Sales Analysis – Set up Study
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Pricing Table SourceMAINRun on main to start
TESTConduct “What if”
analysisCompare tables
Sales Ratio – Sales Analysis – Set up Study
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Pricing Table SourceCompare tablesScans and shows differences
between main and test
Sales Ratio – Sales Analysis – Set up Study
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Pricing Table SourceCompare tablesScans and shows differences
between main and test Double Click on results to show
differences Top: Main Bottom: Test
Date stamps the changes
Sales Ratio – Sales Analysis – Set up Study
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Pricing Table SourceHistorical Analysis Value at date of sale Most current prior year Choose prior year
Sales Ratio – Sales Analysis – Set up Study
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Sales Ratio – Sales Analysis – Run StudyOnce you have chosen value
source and pricing table optionClick “Prepare”Click Next
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Sales Ratio – Sales Analysis – Run StudyHow do we want to analyze
data?Select Stratification reports
to viewNot necessarily in the order
of this list or the order in this presentation
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Sales Ratio – Sales Analysis – Run StudySelecting salesQuick SelectWill include all sales in
studyClick “Report”
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Sales Ratio – Sales Analysis – Run StudySelecting SalesQueryBuild Query to stratify
certain sets of parcelsSelect specific sets of
parcelsClick “Report”
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Sales Ratio – Sales Analysis – Run StudyQueryThere are sales ratio queriesStart with these and edit as
needed
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Sales Ratio – Sales Analysis – Run StudyQuery Example: Ratios Trimming low and high Review full set of results
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Sales Ratio – Sales Analysis – Run StudyQuery Example: Ratios Trimming low and high Review full set of results Filter off low and high ratios
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Sales Ratio – Sales Analysis – Run StudyQueryWe trimmed off low and
high ratiosLess influence when
making decisions
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Sales Ratio – Sales Analysis – Analyze ResultsOverall Group Stats
StratificationMedianCoefficient of DispersionPrice Related DifferentialHigh Ratio Low Ratio
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Sales Ratio – Sales Analysis – Analyze ResultsMEDIANThe middle ratio when
the ratios are arrayed in order of magnitude
North Dakota tolerance90 to 100 percent
IAAO Tolerance90 to 105 percent
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Sales Ratio – Sales Analysis – Analyze ResultsCoefficient of Dispersion (COD)The measure of variability is the
coefficient of dispersion The COD measures the average
percentage deviation of the ratios from the median ratio
Goal Under 25Under 20 is greatUnder 10 is even better!
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Sales Ratio – Sales Analysis – Analyze ResultsPrice Related Differential
(PRD) Indicates bias between higher
valued properties and lower valued properties Price-related differentials above
1.00 tend to indicate assessment regressivity Price-related differentials below
1.00 tend to indicate assessment progressivity
Tolerance .98 to 1.03
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Sales Ratio – Sales Analysis – Analyze ResultsSales ListCheck to make sure you
haveLand value Improvement valueTotalSale priceRatio
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Sales Ratio – Sales Analysis – Analyze ResultsSales ListUse list to review salesCheck ratios under 50 Check ratios over 150Not always the case
depending on number of sales
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Sales Ratio – Sales Analysis – Analyze ResultsYear Built StrataReview ratios on newer year-
built salesWill help establish and set
manual level
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Sales Ratio – Sales Analysis – Analyze ResultsYear Built StrataReview for consistency in ratiosWill also help review and set
depreciation tableDon’t “hang your hat” on a small
number of sales or chase outliers
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Sales Ratio – Sales Analysis – Analyze ResultsStrata by ConditionUse to review spacing
between condition rates in depreciation table
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Sales Ratio – Sales Analysis – Analyze ResultsStrata by ConditionHow much does it take to
move condition in your jurisdictionLook at the spread in
condition
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Sales Ratio – Sales Analysis – Analyze ResultsStrata by ConditionMay show a need
for data reviewDon’t “hang your
hat” on a small number of sales or chase outliers
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Sales Ratio – Sales Analysis – Analyze ResultsMap Area StrataReview sales by areaApply blanket
obsolescence by area
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Sales Ratio – Sales Analysis – Analyze ResultsMap Area StrataLast step before
applying parcel by parcel obsolescenceDon’t “hang your hat” on
a small number of sales or chase outliers
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Sales Ratio – Sales Analysis – Analyze ResultsStrata by GradeReview ratios by gradeShould be a nice spread
from top to bottomDo not want to see all in
one grade or grade category
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Sales Ratio – Sales Analysis – Analyze Results Strata by Grade Is there anything going on
within a certain category Low ratios? High ratios? Low or high PRD High COD May show a need for data
review Don’t “hang your hat” on a
small number of sales or chase outliers
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Sales Ratio – Sales Analysis – Analyze ResultsStyle StrataRun towards the endReview ratios between
different stylesMay show a need for
possible additional obsolescence to a certain style
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Sales Ratio – Sales Analysis – Analyze ResultsSale Price StrataIs there anything going
on within a certain sale price rangeLow ratios?High ratios?Low or high PRD High COD
May need further review
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Sales Ratio – Sales Analysis – Analyze ResultsStrata by SizeReview ratios by sizeIs there anything going on
within a certain square foot rangeLow ratios?High ratios?Low or high PRD High CODPossible additional parcel by
parcel obsolescence
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Sales Ratio – Sales Analysis – Test Changes “What If”Run through StepsLandManual LevelDepreciationMap Area
Analyze “Strongest and Best” market first
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Sales Ratio – Sales Analysis – Test Changes “What If”LANDVacant lot sales are bestLand values should be approximately 15 to 20 percent of sale priceLow land value will result in overinflating manual levelHigh land value will result in low manual levelRather be on the high side than lowReview every year Not necessarily updated or changed every year
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Sales Ratio – Sales Analysis – Test Changes “What If”LAND
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Sales Ratio – Sales Analysis – Test Changes “What If”MANUAL LEVELReview new
construction salesPush ratios as close to
100 as possibleThis is All 105 sales
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Sales Ratio – Sales Analysis – Test Changes “What If”MANUAL LEVELReview new
construction salesPush ratios as close to
100 as possibleUse query
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Sales Ratio – Sales Analysis – Test Changes “What If”MANUAL LEVELReview new
construction salesAnalyze 2015 and newerFilter out those sales
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Sales Ratio – Sales Analysis – Test Changes “What If”MANUAL LEVELReview new
construction salesPush ratios as close to
100 as possible
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Sales Ratio – Sales Analysis – Test Changes “What If”MANUAL LEVELReview new
construction salesPush ratios as close to
100 as possible
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Sales Ratio – Sales Analysis – Test Changes “What If”Manual LevelEdit TablesTest Manual LevelGeneral Table
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Sales Ratio – Sales Analysis – Test Changes “What If”
MAIN
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Sales Ratio – Sales Analysis – Test Changes “What If”
TEST
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Pricing Table Source ChangeSelect TestRe-PrepareClick Next
Sales Ratio – Sales Analysis – Test Changes “What If”
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MAIN
Sales Ratio – Sales Analysis – Test Changes “What If”
TEST
MANUAL LEVEL - Test change 130 to 135
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Sales Ratio – Sales Analysis – Test Changes “What If”MANUAL LEVELTest change 130 to 135
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Depreciation
Sales Ratio – Sales Analysis – Test Changes “What If”
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Depreciation – base year - 2019
Sales Ratio – Sales Analysis – Test Changes “What If”
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Depreciation –base year update
Sales Ratio – Sales Analysis – Test Changes “What If”
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Depreciation – base year update - 2021
Sales Ratio – Sales Analysis – Test Changes “What If”
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MAIN
Sales Ratio – Sales Analysis – Test Changes “What If”
TEST
Manual Level with Base Year Update – 2019 to 2021
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Sales Ratio – Sales Analysis – Test Changes “What If”DepreciationBase Year update2019 to 2021
Includes Manual level update (130 to 135)
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MAIN
Sales Ratio – Sales Analysis – Test Changes “What If”
Test: Manual level and Base Year Update – 2019 to 2021Test: Manual Level 130 to 135
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DepreciationRan analysis, re-
worked the tableOnly as good as the
data entered
Sales Ratio – Sales Analysis – Test Changes “What If”
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DepreciationRan analysis, re-
worked the tableOnly as good as the
data entered
Sales Ratio – Sales Analysis – Test Changes “What If”
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Map Area Changes
Sales Ratio – Sales Analysis – Test Changes “What If”
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Sales Ratio – Sales Analysis – Test Changes “What If”Map AreaGeneral
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Sales Ratio – Sales Analysis – Test Changes “What If”
Map Area Changes
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Prepare on new test table changesClick Next
Sales Ratio – Sales Analysis – Test Changes “What If”
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Map Area Changes
Sales Ratio – Sales Analysis – Test Changes “What If”
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Map Area Changes
Sales Ratio – Sales Analysis – Test Changes “What If”
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Review Test Table ChangesManual level updateDepreciation updateMap area updates
Sales Ratio – Sales Analysis – Test Changes “What If”
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MAIN
Sales Ratio – Sales Analysis – Test Changes “What If”
Test: Manual Level, Depreciation, Map Areas
Test: Manual Level 130 to 135
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Manual Level table back to 130
Sales Ratio – Sales Analysis – Test Changes “What If”
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Manual Level table back to 130
Sales Ratio – Sales Analysis – Test Changes “What If”
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Run a reval on the test tables
Sales Ratio – Sales Analysis – Test Changes “What If”
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Review Revaluation Logs – Remember, this is only Test – Will only show parcels that Changed
Sales Ratio – Sales Analysis – Test Changes “What If”
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Review Revaluation Logs – Remember, this is only Test – Report by Parcel
Sales Ratio – Sales Analysis – Test Changes “What If”
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Review Revaluation Logs – Remember, this is only Test – Report by Map Area
Sales Ratio – Sales Analysis – Test Changes “What If”
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Review Revaluation Logs – Remember, this is only Test – Report by PDF
Sales Ratio – Sales Analysis – Test Changes “What If”
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Review Revaluation Logs – Remember, this is only Test – Report by Class
Sales Ratio – Sales Analysis – Test Changes “What If”
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Sales Ratio – Sales Analysis – Now What?
• Now What – Decision Time• The joys of sales ratio• Do we make a change• Are we confident in our data
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Sales Ratio - Review
■What is sales ratio■Importance of sales entry and accurate data on sales■Importance of accurate data and entry■Steps in Sales Ratio■Conducting a sales ratio study including “what if” analysis■Determining and setting final values■Documentation
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Sales Ratio - Review
■ Ideally – Ideally… Data is good going into sales ratio analysis You will find out if it is not May be pockets you need to review
Good and consistent data = fair and equitable values The data drives the value the value DOES NOT drive the data
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North Dakota Sales Ratio Export
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Select PDFChoose DirectoryChoose sale datesResidentialCommercialOther
North Dakota Sales Ratio Export
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Select PDFChoose DirectoryChoose sale datesResidentialCommercialOther
EXPORT
North Dakota Sales Ratio Export
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Exported as a CSV FileReady to upload to TAP
North Dakota Sales Ratio Export
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Exported as a CSV FileWant to review before sending – convert to excel spreadsheetOpen blank excel document and go to DATA tab
North Dakota Sales Ratio Export
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Exported as a CSV FileWant to review before sending – convert to excel spreadsheetClick “From Text/CSV”
North Dakota Sales Ratio Export
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Exported as a CSV FileWant to review before sending –
convert to excel spreadsheet
Select the CSV File you want to convert and select open
North Dakota Sales Ratio Export
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Exported as a CSV FileWant to review before sending –
convert to excel spreadsheetNow it is in Excel formatDO NOT reconvert this to CSV and
try to re-uploadNeed to re-export from CAMA
North Dakota Sales Ratio Export
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TablesMake sure Cities Table is
PopulatedCities will be first and
have feature ID’s greater than threeTownships will be at the
end and feature ID’s less than four characters
North Dakota Sales Ratio Export
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TablesPopulate Subdivisions
North Dakota Sales Ratio Export
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TablesNUT CodeTransaction
Verified as useableSet in NUT Code
table
North Dakota Sales Ratio Export
Checking “Exclude from Analysis” on the sales entry screen can override this
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County Number – assigned from the stateAlternate Jurisdiction ID – blank
for counties
North Dakota Sales Ratio Export
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Populate the correct Fields
North Dakota Sales Ratio Export
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Populate the correct FieldsSectionTownshipRangeBlockLot
North Dakota Sales Ratio Export
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Populate the correct Fields Sale Date Sale Price PP Value Points Adj VCS Value Sale Type Recording Code NUT Code Comments Verified by office Multi Parcel Sale
North Dakota Sales Ratio Export
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Populate the correct FieldsManufactured Homes Year Built Width TLA Other Info
North Dakota Sales Ratio Export
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Vanguard Appraisals, Inc. Copyright © 2021
?? – QUESTIONS - ??RYAN EHLI
REGIONAL FIELD SPECIALIST 13 YEARS
MIKE WEEKSSENIOR VCS FIELD MANAGER
16 YEARS
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TWITTER.COM/CAMAVISION
INSTAGRAM.COM/CAMAVISION
LINKEDIN.COM/COMPANY/VANGUARD-APPRAISALS
FACEBOOK.COM/CAMAVISION
CAMAVISION.COM