TY - JOUR
T1 - Accounting for locational, temporal, and physical similarity of residential sales in mass appraisal modeling: the development and application of geographically, temporally, and characteristically weighted regression
AU - Bidanset, Paul
AU - McCord, Michael
AU - Lombard, John A
AU - Davis, Peadar
AU - McCluskey, William
PY - 2018/1/8
Y1 - 2018/1/8
N2 - Geographically weighted regression (GWR) has been recognized in the assessment community as a viable automated valuation model (AVM) to help overcome, at least in part, modeling hurdles associated with location, such as spatial heterogeneity and spatial autocorrelation of error terms. Although previous researchers have adjusted the GWR weights matrix to also weight by time of sale or by structural similarity of properties in AVMs, the research described in this paper is the first that has done so by all three dimensions (i.e., location, structural similarity, and time of sale) simultaneously. Using 24 years of single-family residential sales in Fairfax, Virginia, we created a new locally weighted regression (LWR) AVM called geographically, temporally, and characteristically weighted regression (GTCWR) and compared it with GWR-based models with fewer weighting dimensions.
AB - Geographically weighted regression (GWR) has been recognized in the assessment community as a viable automated valuation model (AVM) to help overcome, at least in part, modeling hurdles associated with location, such as spatial heterogeneity and spatial autocorrelation of error terms. Although previous researchers have adjusted the GWR weights matrix to also weight by time of sale or by structural similarity of properties in AVMs, the research described in this paper is the first that has done so by all three dimensions (i.e., location, structural similarity, and time of sale) simultaneously. Using 24 years of single-family residential sales in Fairfax, Virginia, we created a new locally weighted regression (LWR) AVM called geographically, temporally, and characteristically weighted regression (GTCWR) and compared it with GWR-based models with fewer weighting dimensions.
KW - Property Tax Assessment
KW - Spatial Analysis
KW - Geographically Weighted Regression
KW - AVM
KW - CAMA
UR - https://pure.ulster.ac.uk/en/publications/accounting-for-locational-temporal-and-physical-similarity-of-res
UR - https://www.researchgate.net/publication/323428418_Accounting_for_Locational_Temporal_and_Physical_Similarity_of_Residential_Sales_in_Mass_Appraisal_Modeling_Introducing_the_Development_and_Application_of_Geographically_Temporally_and_Characteristical
M3 - Article
SN - 1357-1419
VL - 14
SP - 5
EP - 13
JO - Journal of Property Tax Assessment and Administration
JF - Journal of Property Tax Assessment and Administration
IS - 2
ER -