IAAO Webinar Series - Depreciation models are a function of age that reflects the condition of a property and highlights the decline in asset over time. Whenever properties are remodeled, the change in condition dictates recapturing the appreciation in the asset. This webinar introduces a new theory on effective age and outlines a clear procedure that captures asset appreciation. Using residential sales data in Harris County, Texas, effective age models are developed for different levels of remodeled residential properties. The results of the models are tested against sales and the appraised values of unsold remodeled residential properties, and yield all acceptable levels of estimates as outlined by the IAAO. 2-Hours of CEU
Presented by Errol Williams, Ph.D.