The mass appraisal process is often supported by the use of automated valuation models which makes it more cost-effective than traditional “single property” valuations. Within any jurisdiction there are likely to be some types of specialized properties – for example airports, petro-chemical works, vehicle manufacturing plants, etc. – that cannot be accurately valued by automated valuation models and these are therefore valued by a single property approach. However, whatever approach is used to value properties for property taxation purposes, it is imperative that the valuations produced are accurate and reliable. The valuations provide a “distribution mechanism” for…Read more