Vanguard Appraisals, Inc Comparable Search 3... · You will choose the # of parcels you will want in the final comparable list. The default is 5 but you may choose up to 100 final

Copyright© 1995-2007 Vanguard Appraisals, Inc. Fall 2007

Vanguard Appraisals, Inc

Comparable Search


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This module provides the assessor, property owner, Board of Review, realtors, appraisers and many others with comparable properties to the subject property in question. The Comparable Search tool is designed to assist assessors in their residential property valuation decisions. Upon selecting a subject parcel, it will search through a user defined PDF and Map Area range to locate parcels similar to the subject. A comparable search may be performed for either Assessment Equity or Market (Sales) Value. Simply enter the subject PIN (parcel number) and let the computer do the work! To access the Comparable Search program: from the Main Menu options click on the Extra Modules button, then Comparable Search. Note: Comparable Search is an extra Module and therefore requires a separate license agreement and maintenance contract.


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There are two types of comparables: Assessment Equity or Market Value (Sale)

The Assessment Equity study, useful for the Board of Review, compares the major parcel characteristics between a subject (ex: the petitioned parcel) and candidate parcels (ex: parcels the petitioner says are comparable or comparable properties per the assessor). A ranked list is then produced showing parcels that are similar to the subject. Users have the option of including (or excluding) depreciation amounts, location influences and even building styles when determining comparability. First you must determine which kind of study you wish to perform. In this case we will do an Assessment Equity study. Choose the Comparison Type: A Property comparison considers all pricing characteristics in finding comparable properties. This is an apple-to-apple comparison and would generally be the most used. The Grade comparison type would generally be used in helping “Grade” a parcel. This comparison type relies completely on Physical characteristics of the property. The “opinion” related settings (Map Factor, Grade, Land Value and Depreciation) are completely ignored in finding comparisons. The Depreciation comparison type similarly would help with Depreciation opinions. The comparisons would be like style, grade, age, and size. You will choose the # of parcels you will want in the final comparable list. The default is 5 but you may choose up to 100 final comparables. Typically, there is little need to find more than 5 comparables to a parcel. Increasing this number also increases the search time required.


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Lastly, users can elect to use Building Style as a major criteria factor when locating comparables. If this option is turned off, Total Living Area (TLA) is used instead.

A subject parcel now needs to be selected by clicking on the Subject button at the top of the screen. Only parcels that meet the following criteria may be used as a subject parcel:

1. A single residential building exists on the parcel not listed as Unique, Salvage or Detached Structures,

2. No agricultural or commercial buildings exist on the parcel, and 3. The parcel is classed residential. Users can select a valid subject from their entire pool of parcels. Any number of PDFs, Map Areas or Sub-divisions may be selected when finding the subject. A Subject Parcel may be selected in any of the usual customary means (search by PIN, house & street, deedholder, etc). Similarly, Previous, Next and Search function the same as it does from the Parcel Search screen.


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Select the subject parcel from the search screen then click the load button. The general parcel information is loaded and is displayed.

Clicking on the different tabs will display all of the property characteristics for you to review before you proceed. You can also view the Sketch by clicking on the triangle with the pencil icon.


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Above you can see how the sketch and photo can be viewed at the same time. After you have selected the Subject property you are now ready to select the Candidates by clicking on the Candidates button in the main menu as seen below.


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Now that the Subject parcel has been selected, clicking on the Candidates button allows for candidate options to be selected. In the case of this study (an Assessment Equity Study) the only options to be selected would be deciding if I want the comparable candidates selected from which PDF, Map Area and/or Sub-divisions. The default is all, but with the Advanced button you can now select individual parcels and have them used in the study. You simply click the Advanced button, then click the Add button and select the parcel that you wish to compare.


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Below is the Advanced screen to pre-select individual parcels that you may want to use in your study.

The next step would be to launch the search by clicking on the Results button. A Process Dialog box will appear on the screen informing the user at what point the search is currently in. The process will select 100 of the most comparable properties first and then re-evaluate those 100 and select the top 5 (what was specified on page 2) most comparables.


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For group reporting, the subject will always be printed; users can select which comparables to print by placing a check in the Reporting column of that parcel. To select (or deselect) all comparables for reports, press the Reporting button on the tool bar. Pressing the Comp Rpts (Comparable reports) button will display a list of available group reports. Check which report(s) you wish and then click the proceed button. See Exhibit 1 for an example of the Comp Search Property Review. (The other 3 reports are Standard Reports available also from within the Parcel.) Notice the Ranking of Comparables to the Subject on the Review report.

Once the search is complete, the Subject will be displayed at the top, with any ranked Comparable parcels listed below. At any time after the search is complete the user can return to the individual criteria selection screens (study type, subject, comparables range) and make changes. Making a change will force a new comparable search to be launched. Notice by clicking on the button to the right of the picture you get a dialog box that allows viewing of the parcels Photos and Sketches. A user can print individual “view” reports by selecting the parcel, either the subject or a comparable. This would be accomplished by simply clicking in that parcels row. You will see a light dotted box appear around the picture after clicking on the row. In the case of selecting a comparable, the arrow in the left column would also move to the selected comparable.


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Reports button on the tool bar and the user will be presented with a Parcel View Reports dialog box that makes available all reports that pertain to a single parcel. (These report options are identical to the options from within a parcel.) You would choose the report(s) you want and then click the Proceed button. Notice the heading of the dialog box also shows the Parcel # of the parcel that has been selected for the report.


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Lastly, by clicking on the Market Influence percentage tab, a Median Ratio Percentage may be entered. The Market Influence percentage is the Median Ratio value as calculated by the current Sales Ratio Analysis.


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The second type of comparable study is the Market Value (Sale) approach. Applying similar search criteria methods used in the Assessment Equity, and adding additional options for sales (sale dates, NUT code ranges, etc.) allows a user to find parcels similar to the Subject that have sold. In addition, based off the values returned in the comparables, it approximates a sales value for the subject. Choose the Subject as discussed on page 3. After clicking on the Candidates button there are many other options that must be selected for the Market Value study. Choose the parcel type you want the comps chosen from, Working or Certified Parcels. What PDF(s) and Map Area(s) you want the comps selected from. Notice the PDF(s) and Map Area(s) chosen are displayed. From the Market Value search criteria tab, choose the Sale Type and Sale Date range the comps would be selected from. Check the box if you want to require the candidates to have a valid sale. Select the allowable NUT Codes. You can choose nut codes individually or click the All button for all codes, None button to deselect them all and Default button to choose the default, 000 Normal Arms-Length Transaction. By clicking on the Sale Price Analysis options tab, an Adjustment Percentage may be entered. This adjustment trends sale prices to reflect market prices at the end of a Sales Study period. The percentage is used to calculate the price difference between the analysis date and the date of sale. Enter the Last Analysis Date and then the adjustment percentage. Click on the Preview button and follow the same steps as previously discussed starting on Page 5. All of the Options, Reports, etc are identical as previously discussed. The Market Value approach Comparison Type may also be changed to Grade and Depreciation as discussed on Page 2. The Subject and Comps would be chosen as just discussed starting on Page 9. The Reporting options are identical to what we have previously discussed.


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When you have any questions on Comparable Search first read the help. It has been complete re-worked with complete detail instructions of the program.


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Vanguard Appraisals, Inc Comparable Search 3... · You will choose the # of parcels you will want in the final comparable list. The default is 5 but you may choose up to 100 final