References

CALIBRATION OF MODELS FOR REAL ESTATE EVALUATION

The aim of the project was to set up an information system for calibration of models for real estate evaluation.

In the process of the Real Estate Value Assignment there are models needed that are used to calculate the value of a specific real-estate. Several models have been roughly defined (for apartments, houses, offices, industry, etc.) but certain parameters, defining the impact of  location, area, age, condition and other on the final value of the property, were missing. An application was implemented that allows operators to handle different parameters, simulate the value assignment model with real data, compare it to market values of transactions which happened in last 40 years and create statistics that show how accurate the model is.


REAL ESTATE VALUE ASSIGNMENT PROCESS

The purpose of the project was to set up an information system for adding value to the real estate.

The system covers all aspects of Real Estate Value assignment - value calculation models, notification of owners, handling of value changes, preparation of the data for analyses and property tax calculation. The system is as generic as possible since there are a lot of different aspects that needed to be observed (10 different types of models which are changing a few times over the year). The data in the systems are geolocated units with a complex set of attribute data which go through calculation process, defined by a model described in XML. Afterwards the results of the process are stored in an Oracle database and notification documents are prepared. This process is repeated a few times every year.


PROCESS FOR  MANAGING COMPLAINTS AND REMARKS

The aim of the project is to set up an information system for effective managing process of the complaints and remarks regarding Real Estate Value evaluation by the real estate owners. IS has to allow the GURS officials to re-evaluate whether the Real Estate Value assignment has been within acceptable margins or the complaint and/or remark is justified and evaluation of a Real Estate has to be re-evaluated using and implementing renewed criteria. In case renewed criteria is set every concerned owner has to be included into re-evaluation procedure.

When estimating the  degree of justification GIS Layer of Real Estate with its X,Y coordinates and other measures is included in the IS. This tool allows officials to find the best approach in solving the procedure indicated by the affected owners.