House price indices using assessed values statistics

Shi, S

House price indices using assessed values statistics

Shi, S

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Publication Type:: Journal Article
Citation:: International Journal of Strategic Property Management, 2015, 19 (1), pp. 27 - 41
Issue Date:: 2015-01-01

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Field	Value	Language
dc.contributor.author	Shi, S https://orcid.org/0000-0003-4188-5151	en_US
dc.date.issued	2015-01-01	en_US
dc.identifier.citation	International Journal of Strategic Property Management, 2015, 19 (1), pp. 27 - 41	en_US
dc.identifier.issn	1648-715X	en_US
dc.identifier.uri	http://hdl.handle.net/10453/119322
dc.description.abstract	© 2015 Vilnius Gediminas Technical University (VGTU) Press. This paper investigates tax inequities in assessed values and how these inequities in tax assessments affect house price indices using assessed values statistics. Using the unique rating valuation data from the top 10 cities of New Zealand during the period 1994–2009, it finds that house price measurements using the Sale Price Appraisal Ratio (SPAR) method have performed well compared to the repeated sales method suggested by Case and Shiller (1989) and the assessed values (AV) method proposed by Clapp and Giaccotto (1992). The presence of systematic estimated errors (both vertical and horizontal inequities) in assessed values posts a concern for house price measurements using assessed values statistics. In this situation, both the SPAR and AV methods benefit from the law of compensation of errors by using all transaction data. A policy implication is that the SPAR model is a good choice when using assessed values to measure house price movements at frequent time intervals, in particular for small countries.	en_US
dc.relation.ispartof	International Journal of Strategic Property Management	en_US
dc.relation.isbasedon	10.3846/1648715X.2014.973925	en_US
dc.subject.classification	Civil Engineering	en_US
dc.title	House price indices using assessed values statistics	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	19	en_US
utslib.for	1504 Commercial Services	en_US
utslib.for	1205 Urban and Regional Planning	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
utslib.copyright.status	closed_access
pubs.issue	1	en_US
pubs.publication-status	Published	en_US
pubs.volume	19	en_US

Abstract:

© 2015 Vilnius Gediminas Technical University (VGTU) Press. This paper investigates tax inequities in assessed values and how these inequities in tax assessments affect house price indices using assessed values statistics. Using the unique rating valuation data from the top 10 cities of New Zealand during the period 1994–2009, it finds that house price measurements using the Sale Price Appraisal Ratio (SPAR) method have performed well compared to the repeated sales method suggested by Case and Shiller (1989) and the assessed values (AV) method proposed by Clapp and Giaccotto (1992). The presence of systematic estimated errors (both vertical and horizontal inequities) in assessed values posts a concern for house price measurements using assessed values statistics. In this situation, both the SPAR and AV methods benefit from the law of compensation of errors by using all transaction data. A policy implication is that the SPAR model is a good choice when using assessed values to measure house price movements at frequent time intervals, in particular for small countries.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/119322