1.Defining System-wide Configuration #

Purpose

Use this procedure to define settings required for PACS to perform essential functions in the comparable sales process.

Procedure

  1. In PACS, choose Tools > Comparable Property > System Wide Configuration.
  2. In the Comparable Property Configuration dialog box, select the Year from the drop-down list.
  3. In the General section of the Comparable Property Configuration window, complete the following fields:
    • Main Area Adjustment Pct

      The percentage of the median price per square foot that PACS uses to adjust comparable properties.

    • Effective Age Adjustment Pct/Year

      The percentage that the system uses to adjust the comparable property for the difference in the effective year built between the subject and the comparables. This has to be set up each year.

    • Business Value Pct

      The percentage of sale attributed to intangible business value included in some commercial sales.

    • Force scores to base 100

      Select to force the subject property to display at 100%.

  4. In the Value Percentages section, complete the following fields and click Calculate:
    • Building Value Percentage

      The percentage of sale attributed to intangible business value included in some commercial sales.

    • Land Value Percentage

      This is for commercial market adjustments.

  5. In the L/B Ratio Range section, complete the following fields:
    • Low End

      Enter the percentage that indicates the lowest L/B ratio to include in the comparable run.

    • High End

      Enter the percentage that indicates the highest L/B ratio to include in the comparable run.

  6. In the Adjustments Options section, complete the Market Leveler, which instructs PACS to make adjustments according to something other than Actual Year.
  7. Select from the following check boxes as required:
    • Use Eff Year Built Adj

      Uses the effective year to make adjustments.

    • Move MA Adj Out of Segments

      Moves the main area adjustment to the bottom of the comp grids.

    • Adj Segments with Mkt Leveler Calc

      This tells PACS to use the Market Leveler designated above. This should be left deselcted for all CADs other than the district for which it was designed.

    • RCN Equalization Class Adj

      Adjusts the base value on the value before depreciation.

    • Multi Imp Adj Uses Detail RCNLD

      Indicates that the multi improvement adjustment should use the sum of imprv_detail.improv_det_adj_val, instead of the improvement level value(imprv.imprv_val).

    • Features Value Adj
    • Use Pct Good Adj

      Instructs PACS to use the Pct Good field from the properties. If left deselected, PACS uses the physical percentage.

    • Multi Imp Adj instead of detail

      Makes adjustments for the second improvement on the detail.

    • Adj High Value Improv

      Makes all of the adjustments to the highest valued improvement.

    • URAR MA Adj

      When selected, the following calculation is carried out: Size Adj = (5000 + 2500)*10.77*main area adjustment percentage on the system configuration screen (65%) 3,500.

    • Multi Imp Adj* Sys MA Adj Factor

      Indicates that the multi improvement adjustment should also multiply by the system-wide main area adjustment factor, for example, not just the simple subtraction comp from subject.

    • Simple MA Adj

      When Simple MA Adjustment is selected, Move MA Adj Out of Segments and URAR MA Adj are automatically deselected. This configuration applies to residential properties only. PACS uses the following calculations to determine the MA adjustment:

      – PACS calculates the MA value of the Subject property and the MA value of the comparables. PACS then calculates the adjustment as: Subject MA minus Comp MA = MA Adjustment

      a. When the Subject value is higher than the comparable value, the MA Adjustment will be positive.

      b. When the Subject value is lower than the comparable value, the MA Adjustment will be negative.

  8. In the Residential Modifier Options section, complete the following options as required:
    • Use Market Modifier

      The Market Modifier is the adjusted sale price of the comparable divided by the market value of the comparable as it is carried on underlying properties.

      In the case of multiple property sales, PACS sums the market values of the properties involved in the sale for this calculation.

      In most cases the subject will not have this modifier, unless the subject is listed as a sale, and only then on the sale column.

      • Use Modifier Weighting

        Available for selection when the Use Market Modifier option is selected.

        When the Use Modifier Weighting option is selected, the Adjusted Indicated Value is calculated by weighting the comparables based on score rather than the indicated value (for residential calculations) or the subject value indication (for land calculations).

        For example:

        (i) PACS returns 3 sales with the following scores: comp #1: 100%; comp#2: 87%; and comp#3: 85%

        (ii) PACS totals the scores: (100+87+85=272).

        (iii) Each score is divided by 272 to get the comparables weight (100/272=36.76%); (87/272=31.99); and (85/272=31.25%).

        (iv) Once the individual percentages are calculated, PACS multiplies the comparable Adjusted Indicated Value by the percentage (32,967*36.76%=12,082), (28,591*31.99%=9,146), and (30,612*31.25%=9,566).

        (v) These percentage-indicated values are then totaled (12,082+9,146+9,566=30,794) for the subject’s indicated value (for residential) or the subject value indication (for land).

        (vi) The Adjusted Indicated Value/SQFT is the Adjusted Indicated Value divided by the main area of the subject properties.

    • Use Scoring Weighting

      If this option is selected, the indicated value (for residential) or the subject value indication (for land) is substituted for the adjusted indicated value in Step (iv) of the Use Modifier Weighting formula.

      If this option is not selected, and the Use Market Modifier is not selected, no subject indicated value is displayed.

  9. In the ARB section, which is required if your office needs to create comp grids at the ARB inquiry or protest level, complete the following fields:
    • Inquiry Grid Name

      This is a text field for the name of the default grid that is to be created at the inquiry level.

    • Protest Grid Name

      This is a text field for the name of the default grid that is to be created at the protest level.

  10. In the Grids that are Static by default section, select from the following optional check boxes:

    Comparable Property Configuration dialog - Grids that are Static by Default section

    • Residential Sales
    • Residential Equity
    • Commercial Sales
    • Commercial Equity

      If you select any of these check boxes, then the static grids freeze and show the grid values at the time the grid is created. If you change the value(s) on the underlying subject or comps and you have static grids checked, you will not see those changes. Each grid type can be selected individually. If left unchecked, the comp grid is updated as the underlying property characteristics change.

  11. In the Comparables for ARB Grids/Search Options section:
    1. Complete the following fields:
      • Residential Sales

        Enter the maximum number of comparables that are returned for the comp grids created at the ARB inquiry/protest level, and at the Market Approach Grid Maintenance level, and at the Market Approach Grid Maintenance level.

      • Commercial Sales

        Enter the maximum number of comparables returned for the comp grids that are returned for the comp grids created at the ARB inquiry/protest level, and at the Market Approach Grid Maintenance level.

      • Land Sales

        Enter the maximum number of comparables returned for the comp grids that are returned for the comp grids created at the ARB inquiry/protest level, and at the Market Approach Grid Maintenance level.

      • Residential Equity

        Enter the maximum number of comparables that are returned for the comp grids created at the ARB inquiry/protest level, and at the Market Approach Grid Maintenance level, and at the Market Approach Grid Maintenance level.

        Note If any of these fields are left blank or populated as 0, no comparables are returned by PACS. If there are fewer sales available than the selected number, then those available are shown in the grid.

    2. Select from the following optional check boxes:
      • Include Parent Properties
      • Include Child Properties
      • Include Deleted Properties

        Select this check box to include deleted properties.

      • Use High Value Improv Area
  12. In the Land Modifier Options section, complete the following options as required:
    • Use Market Modifier

      The Market Modifier is the adjusted sale price of the comparable divided by the market value of the comparable as it is carried on underlying properties.

      In the case of multiple property sales, PACS sums the market values of the properties involved in the sale for this calculation.

      In most cases the subject will not have this modifier, unless the subject is listed as a sale, and only then on the sale column.

      • Use Modifier Weighting

        Available for selection when the Use Market Modifier option is selected.

        When the Use Modifier Weighting option is selected, the Adjusted Indicated Value is calculated by weighting the comparables based on score rather than the indicated value (for residential calculations) or the subject value indication (for land calculations).

        For example:

        (i) PACS returns 3 sales with the following scores: comp #1: 100%; comp#2: 87%; and comp#3: 85%

        (ii) PACS totals the scores: (100+87+85=272).

        (iii) Each score is divided by 272 to get the comparables weight (100/272=36.76%); (87/272=31.99); and (85/272=31.25%).

        (iv) Once the individual percentages are calculated, PACS multiplies the comparable Adjusted Indicated Value by the percentage (32,967*36.76%=12,082), (28,591*31.99%=9,146), and (30,612*31.25%=9,566).

        (v) These percentage-indicated values are then totaled (12,082+9,146+9,566=30,794) for the subject’s indicated value (for residential) or the subject value indication (for land).

        (vi) The Adjusted Indicated Value/SQFT is the Adjusted Indicated Value divided by the main area of the subject properties.

    • Use Scoring Weighting

      If this option is selected, the indicated value (for residential) or the subject value indication (for land) is substituted for the adjusted indicated value in Step (iv) of the Use Modifier Weighting formula.

      If this option is not selected, and the Use Market Modifier is not selected, no subject indicated value is displayed.

  13. In the Comparable Search Limit section, specify the default limit on the number of properties to be returned for a search:
    • Residential Sales
    • Commercial Sales
    • Land Sales
    • Residential Equity
    • Commercial Equity

      Note We recommend that you enter 999,999 in the fields in order to not limit yourself. Leaving these fields blank will result in a maximum return of 200 properties.

  14. In the Miscellaneous section, optionally select the Remove Income Grouping check box and complete the following fields as required:
    • Base Year Year for Sale Months

      This year is used in calculating adjustments when viewing comparable properties. The default is the current assessment year.

    • Residential Time Adj PCT/MO

      This field is not required. The default value is 0%, which results in no time adjustments being made when viewing comparable sales.

    • Commercial Time Adj PCT/MO

      This field is not required. The default value is 0%, which results in no time adjustments being made when viewing comparable sales.

    • Land Time Adj PCT/MO

      This field is not required. The default value is 0%, which results in no time adjustments being made when viewing comparable sales.

    • Market Approach Value

      The value to be displayed in the property’s Values panel. Options include:

      Most Comparable Sale (Adjustment) – The comparable with the lowest sum gross adjustment.

      Most Comparable Sale (Score) – The comparable with the highest assigned score.

      Median Value – The middle value in the ordered set of indicated values for the comparable properties in the grid.

      Weighted Value – The value derived when the Use (Residential) Scoring Weighting and/or the Use (Residential) Market Modifier settings are selected in the System.

    • Market Approach Distribution

      The value of improvements only or of land and improvements combined.

  15. Click OK or Apply to complete the process.
Last updated on December 26, 2018

2.Setting Score Values #

Purpose

Use this procedure to set the score values for residential, commercial, and land comparable.

Procedure

  1. In PACS, choose Tools > Comparable Property > Comparable Property Maintenance.
  2. There are three grid type user may configure: Residential, Land, and Commercial
  3. In the Comparable Property Maintenance dialog box,use one of the following options:
    • To set scoring values for a specific user ID based on the system default values, select the user name. Then in the Scoring section, click Set.
    • To set scoring values to be used as system default values, click Scoring.

NOTE: We recommend to set System Default scoring the the majority of your users.

  1. In the Comparable Property Scoring – System Wide Defaults window, complete the scores for the following:
    • Residential Scoring Points Grid

      Contains all fields and their associated points for residential scoring.

    • Residential Scoring Declining Grid

      Contains all fields and their associated maximum, declining, and per unit declination method for determining scoring adjustments.

    • Commercial Scoring Points Grid

      Contains all fields and their associated points for commercial scoring.

    • Commercial Scoring Declining Grid

      Contains all fields and their associated maximum, declining, and per unit declination method for determining scoring adjustments.

    • Land Scoring Points Grid

      Contains all fields and their associated points for land scoring.

    • Land Scoring Declining

      Contains all fields and their associated maximum, declining, and per unit declination method for determining scoring adjustments.

      Note Points reflect the importance of a characteristic. Characteristics with high point values are given more weight than characteristics with low point values. The total number of points must equal 100.

  2. If you need to restore values in any of the grids to the original PACS system values, click Restore Defaults.
  3. Click OK or Apply.
Last updated on June 8, 2021

3.Setting Values for Market Approach Comparables #

Purpose

Use this procedure to set the score differential threshold and minimum score threshold for the system to consider when selecting comparables, as well as the minimum number of comparables to use.

Procedure

  1. In PACS, choose Tools > Comparable Property > Set Mass Create Market Approach Value Parameters.
  2. In the Mass Create Market Approach Value Parameters dialog box, enter values for the following fields:

    comparable properties, market approach value param, 9032x

    • Set Score Differential Threshold

      When the score differential is calculated, PACS first identifies the highest scoring comparable, then subtracts the other comparables’ scores from the high score. If the difference is greater than the threshold, the comparable is excluded.

    • Set Minimum Score Threshold

      A comparable’s score must meet the minimum score threshold to be included, regardless of whether or not it meets the score differential threshold.

    • Set Minimum Number of Comparables
  3. After the values are set, click OK to save the settings and close the dialog box.
Last updated on June 8, 2021

4.Designating Main Areas for Sales Comparables #

Purpose

Use this procedure to specify type codes for the sales comparable main areas.

Procedure

  1. In PACS, choose Tools > Code File Maintenance.
  2. Open the Improvements section and double-click Improvement Type Code Maintenance.
  3. In the Code File Details List, either click Add to add a new type code, or select an existing code and click Edit in the Column Details section to modify it. Then complete the following options as required:
    1. Complete the Code and Description fields.
    2. Select from the following options:
      • Allow Details to use Base MA Data
      • Multi Sale Primary
      • Mobile Home
      • Sys Flag
    3. Click Save.
  4. To delete an existing type code, select the code in the Code File Details List and click Delete
Last updated on December 26, 2018

5.Commercial Sales #

Overview

Since the commercial comparable sales grid is an automated grid, the need to select comparable properties that are as similar to the subject property as possible is imperative. In this way, the most similar comparable properties are selected, and in theory, need less of an adjustment than most comparable properties which are most unlike the subject property and need more of an adjustment.

The goal of the automated commercial comp sales grid is to select, through automation, the most similar comparable properties to the subject property.

The commercial comparable grid automates the process of selecting comparable properties. Just as the appraiser in the field selects the most comparable properties to the subject from a pool of sales, so does the automated system. To achieve this, the comparable are given points as to similarity and dissimilarity to the subject property.

Points are given for age, building size, c/v/a (configuration, visibility, and access), land size, location, elapsed time since sale, and quality. Individual points for each of these categories of similarity are assigned through market analysis and/or appraiser knowledge of the market and area.

Point Spread System

The point spread system is used to give the above-mentioned individual categories comparison points based on how similar or dissimilar they are to the subject. The closer a comparable is to the subject for a specific comparison category, the more points the comparable gets from the point spread.

Managing Tables

The point system is also used to select the most similar comparable properties for the commercial comp sales grid. When the subject property is pulled up in PACS and manage comparables is selected to start the search, all calculations are made in the background as if each of the comparable properties were already in the grid.

The point system is calculated and all comparable properties are arrayed in descending order from the highest overall total points to the lowest overall total points. The appraiser decides which comparable properties enter the commercial comp sales grid. In theory, the highest three to five comparables should be entered into the comp grid.

Last updated on December 26, 2018

5.1.Setting Quality Point Spreads #

Purpose

Use this procedure to set quality point differences.

Procedure

  1. In PACS, choose Tools > Comparable Property > Commercial Maintenance > Manage Tables > Quality Point Spreads.
  2. In the Manage Quality Point Differences screen, click Add to add a new quality point difference.
  3. Complete the Difference and Points fields, and click Save to save the new quality point difference.
Last updated on December 26, 2018

5.2.Selecting State Codes for Commercial Property Comparables #

Purpose

Use this procedure to specify the state codes that indicate commercial properties.

After state codes are set up, you can then select them from the State Code field when searching for properties, as shown below:

Comp Grid State Code

Procedure

  1. In PACS, choose Tools > Comparable Property > Commercial Maintenance > Identify Commercial Property
  2. Select the state codes from the list of available state codes in the Selected state codes indicate commercial property window.
Last updated on June 8, 2021

5.3.Loading Commercial Subject Criteria #

Purpose

Use this procedure to specify the criteria that you need to import from commercial subject properties.

Procedure

  1. In PACS, chose Tools > Comparable Property > Comparable Property Maintenance.
  2. In the User Options for Grids drop-down list of the Comparable Property Maintenance dialog box, choose Commercial.

    Choose Commercial from Comparable Property Maintenance window

  3. In the Load section, click Set.
  4. In the Residential section of the Comparable <Equity or Sales> Load Criteria window, select the search criteria to be loaded into the residential grids from subject properties. If required, specify the amount or percentage of permitted deviation from the corresponding subject property values.
  5. In the Land section of the Comparable <Equity or Sales> Load Criteria window, select the search criteria to be loaded into the land comparable grids from subject properties. If required, specify the amount or percentage of permitted deviation from the corresponding subject property values.
  6. In the Commercial section of the Comparable <Equity or Sales> Load Criteria window, select the search criteria to be loaded into the commercial grids from subject properties. If required, specify the amount or percentage of permitted deviation from the corresponding subject property values.
  7. In the Residential Sales, Land Sales and Commercial Sales sections, select the optional Multiple Property Sales check box as required. If selected, then choose between the Include Multiple Property Sales Only and Exclude Multiple Property Sales Only options.
  8. Click OK or Apply to confirm, or Cancel to cancel.
Last updated on June 8, 2021

5.4.Performing a Commercial Comparable Search #

Purpose

Use this procedure to perform the commercial comparable search by specifying search criteria and to review the count, which indicates how each criterion will affect the overall search.

Procedure

  1. In PACS, choose Activities > Comparables > Commercial Comparables.
  2. Select either Sales Comparables or Equity Comparables.
  3. Select the year from the drop-down list.
  4. If you would like to select a previously saved set of search criteria, in the Saved Settings section, select either All Users to review sets of criteria saved by other users, or Current User to review sets of criteria that you saved. Use the Name drop-down list to select a set. Then click Load.

    Comp_Saved_Settings_Use

  5. Do one of the following:
    • Click Select GIS Properties to display the GIS Viewer. You can then use the Select tool to select properties, and the data related to the properties is populated in the search wizard.
    • To retrieve a list of comparable properties, in each of the search grids ( such as Property and Improvement), select values for the search fields as required and enter criteria.
    • To add a subject property with which you can create and save a grid, click Load and enter criteria to select a property.

    Notes

    • To review how many properties will be retrieved with the value entered for a search field, click Count and review the Count column.
    • If you decide that you no longer want to use a search field that you selected, because a row cannot be deleted, in the field’s Selection Criteria cell, enter a zero.
  6. If you would like to save the set of criteria you entered for future use,do the following in the Saved Settings section:
    1. In the Name field, type a name describing the criteria you selected.
    2. If you would like your set of criteria to be displayed in the Name field the next time you use this window, select Set As Default.
    3. Either select All Users so that other users can use your set of criteria, or click Current Use so that the criteria is available only to you. Then click Save.
  7. Click Next.
  8. Review the list of comparable properties.

    comp_list_props

  9. Use the following options as required:
    • If you need to export comparable property data, select the required properties and click Export Results.
    • To review the compatibility of the comparable properties compared to the subject, review the Score column.
    • To print a grid, select the properties to be included in the grid and choose Commands > Print Grid.
    • To review the grid online, do the following:
    1. Select the properties to be included in the grid.
    2. Click Add to Grid. Then, in the window with the comparable property columns, use the following options as required:

      comp_grid_window

      • To save the grid for future use, in the Name field, type a name for the grid. Then click Save.
      • To open the property record associated with a column, click in the column. Then click Open Property
      • To make changes to the adjustment values, choose Commands > Edit.
      • To review the format of the grid and change it if required, choose Commands > Settings.

        Note If you need to save the grid and make it static (that is, read-only), use the Commands > Settings option to select the Static check box.

      • To quickly add another comparable property to the grid with either the sale ID or property ID, choose Commands > Fast Add.
      • To enter a comment up to 500 characters in length, use the Comments field. If you need to print the comment, select Print Comments, which places the comment below the comp grid data.
      • To allow the indicated value from this grid to be the property’s valuation, select Used as Market Valuation.

        Note When Used as Market Valuation is selected, the grid value specified in the Comparable Property Configuration (PACS.ADMIN) is pushed to the Market Approach field in the property’s Values panel. From there, Market Approach can be selected as the property’s valuation method. Selecting Used as Market Valuation also sets the grid to static.

      • To add additional subject properties to the grid, click Add Subject.
      • To review data that will be printed on the appraisal cards, click Card View. comp_card_view
      • To customize the Card View, click _Customize and use the following options as required:

      –Either leave the check mark selected to retain the row in the grid, or click the check mark to clear it and remove the row from the grid.

      Comp_checkmark

      –To sort the grids by a row, either click Sort to display an upright trianglecomp_sort_up and display the property columns in ascending order (lowest value to highest value) according to the value in the row, or click Sort to display an upside-down triangle comp_sort_down and display the property columns in descending order (highest value to lowest value) according to the value in the row.

      –To limit the columns displayed only to those that match specific values for a row, click Filter and enter criteria as required.

Last updated on June 8, 2021

6.Land Sales #

Last updated on December 26, 2018

7.Residential Sales #

Last updated on December 26, 2018

7.1.Setting Residential Feature Adjustments #

Purpose

Use this procedure to adjust features on a comparable property based on whether the property being appraised has the same features. The objective is to add or remove features on the comparable property to make it as similar as possible to the property being appraised.

Note If your office uses features to value properties at the improvement level, using the same features here will result in accounting for this difference multiple times.

Procedure

  1. In PACS, choose Tools > Comparable Property > Residential Maintenance > Feature Adjustment Scheduler.
  2. In the Feature Adjustments Schedule dialog box, complete the following fields:
    • Year
    • Subject Quality

      The class (specified by your CAD) used for added feature adjustments.

  3. Click Add . Then complete the following fields:
    • Feature
    • Range

      A number, height, or area, depending on the type of feature to be added.

    • Adj amount

      The dollar amount to be added to the comparable property.

      For example, if 10+ is entered in the Subject Quality field, Fireplace in the Feature field, and 1 in the Range field, then any property with a class of 10+ that has one fireplace receives a value of $1,200 for the fireplace. If the subject has the feature and a comparable does not, the value of $1,200 is added to the comparable, and vice versa.

      Important  Remember to account for all ranges, positive and negative. So, for example, if you have a feature whose Range value = 1 with an Adj Amount = $1200, you also need a Range = -1 with an Adj Amount = -$1200.

  4. Click OK.
Last updated on December 26, 2018

7.2.Setting Residential Quality Adjustments #

Purpose

If you use Range schedules, run this annually, and each time improvement schedules are changed, to adjust comparables to the subject if there is a class difference.

Note If you are using Matrix schedules and need to show Quality Adjustments, contact TA Support.

Procedure

  1. In .ADMIN, choose Tools > Comparable Property > Residential Maintenance > Quality Adjustment Schedules.

    Note The Quality Adjustments dialog box is empty until you run the process for the first time.

  2. In the Quality Adjustments dialog box, click Mass Create in order for PACS to create the necessary adjustments based on the difference in quality. This must be done every time the improvement schedules are changed.

    Mass Create in Quality Adjustments Schedules dialog

  3. In the mass create message, either click Yes to replace any existing items, or click No to not replace existing items.
  4. In the next mass create message, either click Yes if you want to leave user defined values, or click No to not leave user defined values.
  5. To view and edit the values of a quality adjustment, click Details
  6. The following read-only fields are displayed in the Quality Adjustment Details section:
    • Comparable

      The improvement class to which the quality adjustment is applied.

    • Calculation Method

      The formula used to calculate the difference between the class of the subject property and the class of the comparable property.

  7. Choose one of the following options:
    • System Value

      The difference between the median square foot price of the class of the subject property, and the median square foot price of the class of the comparable property.

      This is calculated if standard tables are used, and not matrix tables.

    • User Defined Value

      An amount that you or another user specifies to make quality adjustments between classes.

  8. Click Save to save any changes made and Cancel to cancel any changes.
Last updated on June 8, 2021

7.3.Setting Residential Segment Type Schedules #

Purpose

If you are using Range schedules, use this procedure to set up segment type schedules, which adjust comparables to the subject.

This procedure should be performed annually.

Note If you are using Matrix schedules, the calculations are automatic.

Procedure

  1. In PACS, choose Tools > Comparable Property > Residential Maintenance > Segment Type Schedules.
  2. Click Mass Create Comparables Ranges to view the Mass Create Comparable Property Schedule window, and complete the following options as required:

    Click Mass Create Comparable Ranges

    1. Type or select the Year from the drop-down list.
    2. Choose one of the following options:
      • Use all of the ranges in the improvement schedule

        Adjusts the per square foot costs based upon each range in the improvement schedule.

      • Use the midpoint of the ranges in the improvement schedule

        Adjusts the per square foot costs based upon the midpoint of the ranges of the improvement schedule.

    3. Select from the following check boxes as required:
      • Replace any schedules that already exist

        Replaces any schedules that were previously created with new schedules.

      • Do not replace schedules with the user-defined values

        Does not replace any schedules that were previously created but only adds all the new schedules that did not exist.

    4. Click Create to create the new schedules, or Cancel to cancel.
  3. To set or change the segment type on an existing schedule, open the existing schedule. Then, in the Comparable Property panel, click Add and enter the adjustment.
Last updated on June 8, 2021

7.4.Adding Ranges to an Improvement Schedule #

Purpose

Use this procedure to add ranges to improvement schedules.

Prerequisites

  • Improvement codes have been set up in Code File Maintenance. To set up the codes, in PACS, choose Tools > Code File Maintenance. Then expand the Improvements category and select each of the code types.
  • If you are going to apply an improvement matrix, the matrix has already been set up in PACS (Tools > Matrix Maintenance > Improvement).

Procedure

  1. In PACS, choose Tools > Comparable Property > Residential Maintenance > Segment Type Schedules.
  2. In the Improvement Schedule Maintenance window, click Add Add to create new schedules.
  3. In the General section, complete the following fields:
    • Year

      Can only be the current year.

    • Method

      Typically used to classify an improvement as a residential, commercial, mobile home, or miscellaneous improvement.

    • Type

      The type of improvement detail that the schedule would apply to; for example, MA for main area, or OP for open porch.

      Note The Area Type field is disabled when a Type with the Permanent Crop attribute is selected.

    • Class

      Properties assigned to the classes specified will be recalculated.

      The class represents a way of grouping properties in order to compare like properties, for example: Class A – Office, Class B – Office, Class A – Retail, Class A – In-House Properties, and so on.

    • Sub Class

      Further classifies the improvement. It can be used in conjunction with class, but is not required.

    • Area Type – Choose from the following options:
      • S – Segment area

        This will take just the segment of that particular detail.

      • ST – Total area of segment

        This will take the area of all the detail segments.

      • STMA – Total area of MA segment

        This will take the total area of the detail segment that is classified as a main area.

      • STMAC – Total area of all segments that are the same class as MA

        This will take the area of all the improvement details that have the same class as the improvement detail that is classified as the main area.

      Note Area Type is disabled when the Type has the Permanent Crop attribute.

  4. In the Values section, choose one of the following options:
    • Percentage Base

      If you want to price the schedule from a percentage of the main area, enter a percentage in this field. For example, an open porch price per square foot is 20% of the main area’s price per square foot.

      Note The unit cost and value of this segment will be zero if none of the MA improvements are designated as This is the base UP.

    • Ranges

      Can be used to set a spread of prices by size.

    • Matrix

      If you select this option, then click Add/Remove to select an improvement schedule matrix. A matrix is created in a procedure separate from regular schedule creation. A Matrix establishes a relationship between a property’s characteristics, and can be applied to schedules to calculate appraised values for the property.

      Note Use the Move Up and Move Down buttons to arrange the order of matrices. The order can affect calculations. To view or modify matrix schedules, click Matrices. For more information on Matrices, see Setting Up an Improvement Matrix.

  5. Select the Interpolate option in the Values section if you want to create values between two known values once the schedule is created.

    Calculates the value from one value range to the next.

    That is, when there are ranges of value for a piece of property based on numbers of acres, theinterpolate feature (1) calculates the percentage of acres within the next value range based on the number of acres in the first value range, and (2) applies the percentage to the difference in the value ranges.

    For example, if an owner has 12.5 acres, and acres 1-10 are valued at $9,000 while acres 10.1-20 are valued at $8,000, the interpolate feature determines the percentage of acres within the next value range based on the number of acres in the first value range. In this example, 25% of 10 acres, or 2.5 acres, are within the value range of 10.1-20 at $8,000.

    The interpolate feature then applies 25% to $1,000 (which is the difference between the $9,000 value range and the $8,000 value range) for a total of $250.

    The value of the 12.5 acres is then determined to be $9,250 ($9,000 + $250).

  6. Select the Use Multipliers option and the Type value if a schedule needs to be adjusted for the market. There are local and cost modifiers either based on frame or masonry building construction or for quality, cost, and section (Commercial).
  7. In the Depreciation section, choose one of the following options:
    • Standard

      If you click this option, then the drop-down list will automatically be populated with the available depreciation tables. You can view these tables by clicking Deprec. Table.

      Note One of the options is MAD, which stands for main area depreciation. It means that you use the same depreciation that the main area is using. You would not use this on an improvement detail where it is classified as a MA.

    • Slope/Intercept

      If this is selected, then the slope/intercept analysis needs to have been done and the slope intercept depreciation schedules created in PACS.ADMIN by choosing Tools> Slope Intercept Schedule.

      Note Determining the slope (m) and the intercept (b) is a prerequisite to applying a slope intercept formula and is calculated in a spreadsheet which will identify the relationship between two variables, sales price and land size. Linear regression attempts to explain this relationship with a straight line fit to the data which best predicts Y from X and distributes a unit price that can be calculated against different sizes of acreage or square foot within market values.

  8. If you choose Range as the value method, use the following options as required:
    • In the Range panel, click Add to add a range. In the Range Details dialog box, complete the following fields:
      • Stories

        The number of stories.

      • Range Max

        The maximum square feet.

      • Range Price

        Price per square foot.

      • Adjustment Factor (%)

        The percentage factor by which to adjust the range price.

      • Local and Cost Multipliers

        These are populated if the local/cost multipliers have been set up in PACS.ADMIN under Tools > Modifier Maintenance.

      • Adjusted price

        The final price after all the factors/multipliers are calculated.

  9. To add features for the main area (such as a fireplace or plumbing), open the Feature panel and click Add . Then select the features and click OK. To add values to the feature, do the following:
    1. Click Set Value.
    2. To add the unit price to the base unit price of the main area, select the Unit price should be added to the base unit price check box.
    3. Enter the following values as required and click OK:
      • Unit Price

        Used to multiply the unit cost by the number of units.

        For example, if the unit price is set at 1.50 and there are 100 units, there is a feature adjustment of 150.00.

      • Flat Value

        A flat value for a feature, such as 1,500.00 for a fireplace.

      • Pct Base

        Applies the percentage to the unit price of the improvement.

        For example, if the percentage is 75% and the unit price of the improvement is 20.00, the system adjusts the unit price of the improvement to 15.00.

      • Local
      • Cost
      • Adj Price
  10. To add a comparable property range, in the Comparable Property panel, click Add.  In the Comparable Property Range Properties dialog box, complete the Max SQFT field. Then choose between System Value and User Value and click OK.
  11. Click OK or Apply to save changes.
Last updated on June 8, 2021

7.5.Including Residential Improvement Types #

Purpose

Use this procedure to select the residential improvement types to be included on grids.

Procedure

  1. In PACS, choose Tools > Comparable Property > Residential Maintenance > Improvement Type Inclusion.
  2. Select the improvement types to be included on grids and click OK.
Last updated on December 26, 2018

7.6.Excluding Residential Improvement Detail #

Purpose

Use this procedure to select the residential improvement detail classes to be excluded from grids.

Procedure

  1. In PACS, choose Tools > Comparable Property > Residential Maintenance > Improvement Detail Class Exclusion.
  2. Select the improvement types to be excluded from grids and click OK.
Last updated on December 26, 2018

7.7.Loading Residential Subject Criteria #

Purpose

Use this procedure to specify criteria that PACS must match when searching for properties to be considered and scored as potential comparables. The criteria will default at the system level, but can be changed as required.

Procedure

  1. In PACS, choose Tools > Comparable Property > Comparable Property Maintenance.
  2. In the User Options for Grids drop-down list of the Comparable Property Maintenance dialog box, choose Residential.

    Comparable Property Maintenance - Choose Residential

  3. In the Load section, click Set and choose either Equity or Sales from the drop-down list. If you choose Equity, then all properties that meet the criteria selected are used to generate a comparable grid, and if you choose Sales, then only sold properties that meet the criteria are selected and used to generate a comparable grid.

    Compable Property Maintenance - Load section - click Set

  4. In the Residential section of the Comparable <Equity or Sales> Load Criteria window, select the search criteria to be loaded into the residential grids from subject properties. If required, specify the amount or percentage of permitted deviation from the corresponding subject property values.
  5. In the Land section of the Comparable <Equity or Sales> Load Criteria window, select the search criteria to be loaded into the land comparable grids from subject properties. If required, specify the amount or percentage of permitted deviation from the corresponding subject property values.
  6. In the Commercial section of the Comparable <Equity or Sales> Load Criteria window, select the search criteria to be loaded into the commercial grids from subject properties. If required, specify the amount or percentage of permitted deviation from the corresponding subject property values.
  7. In the Residential Sales, Land Sales and Commercial Sales sections, select the optional Multiple Property Sales check box as required. If selected, then choose between the Include Multiple Property Sales Only and Exclude Multiple Property Sales Only options.
  8. Click OK or Apply to confirm, or Cancel to cancel.
Last updated on June 8, 2021

8.Creating Multiple Grids #

Purpose

Use this procedure to create multiple grids at the same time.

Prerequisites

  • In order to change a grid to static or dynamic within this procedure, the following user right is required:
    • Property > Comparable > Comparables – Change Grid to Static/Dynamic

Procedure

  1. In PACS, choose Tools > Comparable Property > Mass Create New Grids.
  2. In the Mass Create Grids window, select Query and enter a SQL statement which to retrieve data for creating the grid
  3. If required, select the check box to use inclusion and exclusion configuration to further refine properties for creating grids.
  4. Select from the following check boxes as required:
    • Generate Sales Grid

      Create grids based on sold properties.

    • Generate Equity Grid

      Create grids based on all properties, whether sold or unsold.

  5. If you choose either or both of the above options, then choose one of the following options:
    • Create New Grid – Choose a value from the drop-down list. If a grid exists then choose one of the following options:

      Adds the new grid without deleting or modifying the existing sales grid.

      • Create New Grid

        Adds the new grid without deleting or modifying the existing sales grid.

      • Replace Grid

        Replaces the existing grid with the new grid created.

      • Do Nothing

        Does nothing where a grid exists. The new grid will not be added, and the existing grid will not be deleted or modified.

    • Convert Existing Grid to Static

      Makes the grid read-only.

  6. Click Generate.
Last updated on December 26, 2018

9.Printing Multiple Grids #

Purpose

Use this procedure to print multiple grids.

Procedure

  1. In PACS, choose Tools > Comparable Property > Mass Print Grids.
  2. In the Print Comparable Grids dialog box, enter a SQL statement to return a list of property grid IDs. Then click Verify Query to check the syntax of the query.
  3. To print the grids in landscape format, select the Landscape check box.
  4. Click Print to print the grids.

 

Last updated on December 26, 2018

10.Setting Fields to Display in Grids #

Purpose

Use this procedure to select the fields to display in comparable sales grids.

Procedure

  1. In PACS, choose Tools > Comparable Property > Comparable Property Maintenance.
  2. Click Display, select a grid name, and click Details. Or, click Add  to create a new grid.
  3. In the Manage Comparable Grids dialog box, complete the Grid Name.
  4. Use the following options to select and arrange the fields for the comparable sales grids from the Available Fields to Display grid:
    • Add
    • Remove
    • Move Up
    • Move Down
    • Add Blank Line
  5. Click OK or Apply.

Selected Field Descriptions

Below are descriptions for many of the fields available in the grids.

  • % Complete

    Percentage complete of a structure that was entered at the Improvement level.

  • % Equity Position

    Percent of value that each comparable is contributing to the indicated subject value based on the score received by the comparable.

  • Abs/Subdv Adj

    Lists Abs/Sub codes for the property and for the comparables also lists any adjustment amount included to make it similar to the subject. Code descriptions will also display in the grids.

  • Actual Year Built

    Year the improvement was constructed.

  • Adj Sale Price

    Sale price as after any adjustments in the Adjust Sale section.

  • Adjusted Indicated Value

    The indicated value multiplied by the market modifier. This value applies only to residential comparable properties.

    If the Use Residential Modifier Weighting check box is selected in System Wide Configuration in PACS.ADMIN (Tools > Comparable Property), then this value is calculatd by weighting the comparables by score rather than the indicated value. For example:

    Property ID

    Score

    Adj. Indicated Value

    11111

    100%

    32,967

    22222

    87%

    28,591

    33333

    85%

    30,612

    • Step 1: Sum the scores: 100 + 87 + 85 = 272
    • Step 2: Figure out the score percentage by taking the individual property score and dividing it by the total:

      Property 11111 would be 100 / 272 = 36.76%

      Property 22222 would be 87 / 272 = 31.99%

      Property 33333 would be 85 / 272 = 31.25%

    • Step 3: Apply the percentages determined in Step 2 to the Adjusted Indicated Values of the properties:

      Property 11111 would be 32,967 * 0.3676 = 12,119

      Property 22222 would be 28,591 * 0.3199 = 9,146

      Property 33333 would be 30,612 * 0.3125 = 9,566

    • Step 4: The values generated in Step 3 should be summed to obtain the aubject’s Adjusted Indicated Value: 12,119 + 9,146 + 9,566 = 30,831

    If the Use Residential Modifier Weighting is not selected for the appropriate property type, instead of the calculations using the score, the indicated value is calculated using Steps 1 and 2.

  • Adjusted Indicated Value/SQFT

    The Adjusted Indicated Value divided by the square footage of the main area.

  • Average Appraised Value

    Average appraised value of the selected comparables in a grid.

  • Average Appraised Value/Sq. Ft

    Indicated market value of the property divided by the main area square footage.

  • Average Living Area

    Average living area of the selected comparables in a grid.

  • Average Year Built

    Average year built of the selected comparables in a grid.

  • Class

    Main area (MA) class of the property. Code descriptions will also display in the grids.

  • Class Adj

    Lists the MA class of the property and for the comparables, also lists any adjustments needed to make it similar to the subject.

  • Condition Code

    Lists the indicated MA condition code for the underlying property. Code descriptions will also display in the grids.

  • Effective Land Price

    Indicated price per unit of the market value of the land, divided by the appropriate number of units.

  • Equity Value

    Indicated equity value of the subject property from the properties selected in the equity grid.

  • Feature Adj

    The individual feature adjustments for a comparable property.

  • Feature Adj Subtotal

    Total value of the individual feature adjustments for a comparable property.

  • Financing Code

    Financing code entered on the property’s Sale Price panel.

  • Improvement Count

    Indicates the number of improvements on the property.

  • Improvement Value

    Value of the improvements carried on the underlying property.

  • Indicated Value

    Sales price minus any differences from the subject property.

  • Indicated Value / SQFT

    Indicated Value divided by the MA square footage.

  • Land Table

    The land table used to price the land on the property.

  • Land Value Adj

    The difference between the subject’s land value and the comparables land value.

  • Living Area

    Square footage of the MA of the property.

  • Main Land Total Adj

    Total of adjustments made for differences in the “main” land segments. The main land segment is the land segment where the most land value is carried.

  • Main Land UP

    Unit price carried on the “main” land segment. The main land segment is the land segment where the most land value is carried.

  • Market Modifier

    The adjusted sales price divided by the market value of the property. If the property is part of multiple-property sale, then this the calculation for this values is the adjusted sales price divided by the total market value.

    Note This value usually applies to comparable properties. It will only apply to a subject property if the subject proeprty is involved in the sale.

  • Map ID

    Map ID number as listed on the property’s Identification panel.

  • Mapsco

    Mapsco number as listed on the property’s Identification panel.

  • Market Price / SQFT

    Market value of the underlying property divided by the MA square footage.

  • Mean Value

    Average values for the selected comparables or the search results.

  • Mean Value / SQFT

    Average values for the selected comparables or the search results, divided by the MA square footage.

  • Median Appraised Value

    Mid-point value of the selected comparables or the search results.

  • Median Appraised Value / SqFt

    Mid-point value of the selected comparables or the search results, divided by the MA square footage.

  • Median Equity Value

    Mid-point value of the selected comparables or the search results.

  • Median Equity Value / SqFt

    Mid-point value of the selected comparables or the search results, divided by the MA square footage.

  • Median Living Area

    Mid-point value of the selected comparables or the search results.

  • Median Value

    Mid-point value of the selected comparables or the search results.

  • Median Value / SQFT

    Mid-point value of the selected comparables or the search results, divided by the MA square footage.

  • Median Year Built

    Mid-point value of the selected comparables or the search results.

  • Misc Codes Adjustment

    PACS determines the net Land Miscellaneous Code Value of all land segments for the subject property and each comparable. The net Land Miscellaneous Code value of each comparable adjusts to equal that of the subject property’s value.

  • Net Adjustment

    Total net adjustment from all sources is listed here.

  • Sale Adj Amount

    Sale adjustment amount from the property’s Sale Price panel.

  • Sale Adj Pct

    Sale adjustment percent from the property, found on the Sale Price panel.

  • Sale Adj Reason

    Sale adjustment reason from the underlying property, found on the Sale Price panel.

  • Sale Date

    Sale date entered on the Sale Price panel.

  • Sale ID

    The number assigned by PACS to the deed transfer entered in the Deeds & Sales panel.

  • Sale Price

    Sale price carried on the property on the Sale Price panel.

  • Sale Price / SQFT

    Sale price divided by the MA square footage of the property.

  • Score

    The points received by the property based on the similarity of the property to the subject, and based on the scoring system assigned for the comparable sales module.

  • Segment Adj Subtotal

    If this option is selected you would not select the previous Segments & Adj option. This Subtotal does not list all segments and associated adjustments in the grid. It makes all computations, but only shows the total adjustment for each comparable for the segments.

  • Segments & Adj

    PACS adjusts each comparable for differences in the segments on each comparable as compared to the subject. For example, if the subject has a garage valued at $4,000 and comp 1 has a garage with a value of $6,000, the garage segment adjustment would be minus $2,000 for the amount needed to bring the comp in line with the subject. If in the same scenario, comp 1 had no garage, the adjustment for garage would be plus $4000 on the comparable. This option lists a line for all segments (including details of improvements) with a description and the adjustment amount for this segment.

  • Size Adjustment

    Adjustment required to account for differences in MA square footage.

  • Sum Gross Adj

    The sum of the absolute value of adjustments on the property calculated for the grid.

    For example, if there were adjustments for -35,000 and 15,000, the sum gross adjustment would be 35,000 + 15,000 = 50,000.

  • Time Adjustment

    PACS uses January 1 of the Base Assessment Year field to determine the number of months used in the in the calculation of the time adjustment for each comparable sale. Then, the Base Assessment Year is subtracted from from the Sale Date to determine the number of months difference; partial months will be counted as whole. The number of months is then multiplied by the number in the Residential, Commercial, or Land Time Adj Pct/Mo field to determine the positive or negative adjustment percentage, then that percentage is applied to the sale price of the comparables.

    If the Sale Date predates the Base Assessment Year January 1 date, the percentage in the Time Adjustment field is multiplied by the number of months to determine a gross adjustment amount.

    The Adj Sale Price field adjusts automatically.

Last updated on December 26, 2018

11.Maintaining Market Approach Grids #

Purpose

Use this procedure to create, maintain, and process Market Approach grids for multiple properties. From here you can:

  • Create and maintain Market Approach Grid runs
  • Generate comparable grids for properties included in the run
  • Set Market Approach as the designated valuation method for all properties in a run

    Note After subject values have been calculated in the grids, the value is automatically pushed to the Market Approach field displayed in each properties’ Values panel.

Prerequisite

  • Parameters for Market Approach grids have been set in PACS.ADMIN. For more information, see Setting Values for Market Approach Comparables.

Procedure

  1. In PACS, choose Activities > Comparables > Market Approach Grid Maintenance.
  2. In the Market Approach Grid Maintenance dialog box, choose from the following options as needed:

    Comparable_Sales Market, Approach Grid Maint window, 9032x

    • To add a new run, click Add and select properties using one of the following options in the Mass Create Market Approach Grids dialog box:

      comparable_sales_mass_create_market_approach_grids_9032x

      • Query
      • Property ID
      • Selection Criteria Select Neighborhoods or Cycles from which to choose comparables.

      After selecting properties, click OK.

    • To see a previous run’s selection criteria, highlight the run and click Details.
    • To remove a run, highlight the run and click Delete.
    • To create a comparable grid for all properties included in a run, highlight the run and click Process.

      Note Subject values calculated in the grids are automatically pushed to the Market Approach field displayed in each properties’ Values panel, but Market Approach is not yet set as the properties’ designated valuation method.

      If a grid has not previously been generated for a property, the grid created here becomes the property’s default grid.

    • To set Market Approach as the designated valuation method for all properties in a run, highlight the run and click Set as Method.
    • To edit the list properties included in a run, highlight the run and click List Properties. Then do the following as needed:

      Comparable Sales, Market Approach Grid Maint, Run Prop Listing, 9032x

      • Use the drop-down list in the Market Approach Run Property Listing dialog box to display the desired properties. Select either All Properties, Selected Properties, or Outliers.
      • To remove a property, choose Selected Properties from the drop-down list, highlight the property and click Outlier.
      • To view a list of properties removed from a run, select Outliers from the drop-down list.
      • To add a previously removed property back to the listing, select Outliers from the Market Approach Run Property Listing drop-down list, highlight the property and click Remove Outlier Status.
      • To generate a list of properties as an export file, select one or more properties and click Export; then choose the Output Type, Output Range, and machine Location where you want to store the file. Finally, click Save.
    • To generate a report listing properties that have been included in a run, but were not eligible to have grid created because they were outside the Mass Create Market Approach Value Parameters, highlight the run and click Grids Not Created Report; then select the Sort Order, Output Settings, and click Preview or Post.
Last updated on June 8, 2021

12.Generating the Market Approach Ratio Report #

Purpose

Use this procedure to generate a report featuring the outcome of market approach grid creation.

Procedure

  1. In PACS, choose Reports > Market Approach Ratio Report.
  2. In the Market Approach Ratio Report dialog box, select one of the following:

    comparable sales, report, market approach ratio, 9032x

    • Year

      The year in which the market value grids were created.

    • Neighborhood Code
  3. Next, use the Sale Date Range drop-down lists to enter the beginning and ending dates for sales data to be included in the report.
  4. To set adjustments for time, choose the Use Time Adjustments check box and complete the following fields:
    • Base Mo/Year

      The baseline month and year used for comparing each month’s sales.

    • Pct Adjustment

      The time adjustment per month to be applied to the Adjusted Sales Price.

  5. In the Output Settings section, choose the format from the drop-down list and complete the Filename and Description fields.
  6. Click Preview to preview the report or Post to generate the report.
Last updated on June 8, 2021

13.Generating a Sales Ratio Report #

Purpose

Use this report to compare the land value to the market value, and the land value to the sales price ratios for selected properties.

Procedure

  1. In PACS, choose Reports > Sales Ratio Report to open the Sales Ratio Report Wizard.
  2. In the Report Type section, choose one of the following options:

    Comparable Sales, Sales Ratio Report Wizard 1, Report Type section, 9032x

    • Standard Report – If you choose this option, then you can also choose the optional Print with Property ID Bar Code check box.
    • One Line Residential Sales Report
    • One Line Commercial Sales Report
    • Statistics Only
  3. In the Saved Reports section, you can choose an existing report from the drop-down list according to the Current User or All Users options.
  4. In the Property Type section, choose between the Improved Property and Vacant Land Property options.
  5. In the Select Properties section, choose between the Search Criteria, Sale Query and Property IDs options. If you choose Search Criteria, then choose the criteria from the Search Field drop-down lists.

    Comparable Sales, Sales Ratio Report Wizard 1, Select Props section, 9032x

  6. Click Next.
  7. In the Sort Order section, select the Fields from the drop-down lists.

    Comparable Sales, Sales Ratio Report Wizard 1, Sort section, 9032x

  8. In the Save Settings section, type in the Report Name and click the Make Global check box if required.
  9. In the Report Settings section, choose the values that you want to use from one of the following options:
    • Appraised values from the Assessment Year from which values are selected.
      • Value Method Cost, Market, or Income valuation method. Only sales for properties using the selected valuation method are included in the report.
    • Sales Values that were captured in the sale file.

    comp sales, report, sales ratio, settings, 9032x

  10. Then, in the Report Settings section, choose the following options as needed to further define the sales selection criteria:
    • Include Sales with “0” sales price
    • Include suppressed sales
    • Exclude only vacant land sales
    • Totals only
    • Include deleted properties
  11. To adjust sales data for time, choose the Use Time Adjustments check box and complete the following options in the Time Adjustments section:
    • Month
    • Year
    • Percent/ month
    • Comparison Sale Date

      Includes an additional range of sales against which to compare sales data.

  12. In the Output Settings section, choose the format from the drop-down list and complete the Filename and Description fields.
  13. Click Preview to preview the report, Print to print the report, and Post to generate the report.
Last updated on June 8, 2021
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