Document Type
Article
Publication Date
2017
Publication Title
Journal of Property Tax Assessment & Administration
Volume
14
Issue
2
Pages
4-12
Conference Name
21st GIS/CAMA Technologies Conference, March 6-9, 2017, Chattanooga, Tennessee
Abstract
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.
ORCID
0000-0002-5014-5748 (Lombard)
Original Publication Citation
Bidanset, P. E., McCord, M., Lombard, J. R., Davis, P., & McCluskey, W. J. (2017). 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. Journal of Property Tax Assessment & Administration, 14(2), 4-12. https://researchexchange.iaao.org/jptaa/vol14/iss2/1/
Repository Citation
Bidanset, Paul E.; Mccord, Michael; Lombard, John R.; Davis, Peadar; and Mccluskey, William J., "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" (2017). School of Public Service Faculty Publications. 45.
https://digitalcommons.odu.edu/publicservice_pubs/45
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