1 / 330

WinGAP Residential Imp / Accessory / Rural Land Schedules & Pricing

WinGAP Residential Imp / Accessory / Rural Land Schedules & Pricing. WinGAP Residential Pricing. Tracy Thomas DOR, Business Analyst. Contact Info. atthomas@wingap.net 404/831-0158. Computers. Tight Quarters Watch Cords They Belong to You (Gap Group Inc.). Cell Phones.

Download Presentation

WinGAP Residential Imp / Accessory / Rural Land Schedules & Pricing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. WinGAP Residential Imp / Accessory / Rural Land Schedules & Pricing

  2. WinGAP Residential Pricing • Tracy Thomas • DOR, Business Analyst

  3. Contact Info • atthomas@wingap.net • 404/831-0158

  4. Computers • Tight Quarters • Watch Cords • They Belong to You (Gap Group Inc.)

  5. Cell Phones • Please set yourphones to vibrate

  6. Schedule • Start at 9:00 am • Morning Break around 10:15 • Lunch from 11:30 to 1:00 • Afternoon Break around 2:45 • Dismiss at 4:00

  7. Successful Completion • Thursday Morning we will complete course evaluations, following evaluations we will begin the exam. • Exam is multiple choice • 25 questions

  8. Login Information • Userid = felix • Password = cat

  9. WinGAP Residential Pricing • Residential Imp Schedules • Residential Imp Calculations • Point Cost Study • Neighborhood Adjustment • Accessory Improvements Schedules • Rural Land Schedules

  10. WinGAP Residential Pricing • Goals: • Provide the appraiser with information regarding access to the various schedules in WinGAP • Acquaint the appraiser with the use of the schedules through the manual calculation process

  11. WinGAP Residential Pricing • Goals (cont): • Provide methodology for deriving a residential improvement point cost • Demonstrate how to fine tune schedules with neighborhood codes and adjustments.

  12. WinGAP Residential Schedules

  13. WinGAP Residential Schedules • Residential Improvement Point Cost • Converts points to dollars • Change impacts all non-overriden res imps • Locally derived and maintained • Converted to multiplier with division by 100 • Pt cost = 100 • Multiplier = 100 / 100 = 1.00

  14. Preferences: Res Imp Depr Year • The Residential Improvement Depreciation Year (RIDY) field contains the base year from which system generated depreciation is calculated. • The age of a Residential Improvement is determined by subtracting the year built or effective year built from the depreciation year. • This locks depreciation in until the county decides to change it. • Any houses with a year built greater than the depreciation year will be determined to have an effective age of one year.

  15. Preferences: RIDY • The RIDY is used, in lieu of the calendar year, to stabilize depreciation and values. • If the calendar year were used to calculate the age of houses, value changes would occur each year because of the increasing amount of depreciation. • With the use of the RIDY, the appraiser has control over the timing of the application of new depreciation. • Normally, this is done when other aspects of the schedules such as Base Cost, Heating, etc., are updated.

  16. Preferences: RIDY • Change affects “calculated” physical depreciation

  17. Exercises 1

  18. Depreciation Year • Appraisal Year = 2004 • Res Dep Yr = 2001 • Imp Yr Blt = 1988 • Age = ? • Age = 2001 – 1988 = 13

  19. Depreciation Year • Appraisal Year = 2004 • Res Dep Yr = 2001 • Yr Blt = 1977 • Eff Yr Blt = 1966 • Age = ? • Age = 2001 – 1966 = 35

  20. Depreciation Year • Appraisal Year = 2004 • Res Dep Yr = 2001 • Yr Blt = 2003 • Age = ? • Age = 2001 – 2003 = -2 • Age will default to 1 year old.

  21. WinGAP Residential Schedules • Appraisal Year • Among other things, used to determine the default year built of new structures • Default Yr Built = Appraisal Year – 1 • Incremented by 1 during yearend cleanup

  22. WinGAP Residential Schedules • Truncate Values • Not rounding • If calc value > 1000, drops the 100’s digits and replaces with 00 • If calc value >10 and < 1000, drops the 10’s digit and replace with 0 • Truncated value of 98,877 = 98,800

  23. Exercises 2

  24. Truncation • Imp Calc Value = 44,567 • Trunc FMV = 44,500 • Imp Cal Value = 259,988 • Trunc FMV = 259,900 • Imp Calc Value = 567 • Trunc FMV = 560

  25. Classroom Exercise • Truncate the following improvement values. DEPR shown is the value loss

  26. WinGAP Residential Schedules • Rnd Area Mult to 6 dec • Used to determine rounding of area multiplier • If not checked, area multiplier is rnded to 2 decimal places • “2 decimal places” has been only option until release of 3.6 • 2 decimal rounding generates size adj anomaly

  27. Area Multiplier Rounding

  28. WinGAP Residential Schedules • Attic: Use Max/Min Area • Used to specify of Max/Min Area restrictions are imposed in attic calculations • If not checked, area multiplier continues to change beyond the Max/Min Area

  29. WinGAP Residential Schedules • Bsmt: Use Max/Min Area • Used to specify of Max/Min Area restrictions are imposed in attic calculations • If not checked, area multiplier continues to change beyond the Max/Min Area

  30. Tools >> Schedules/Tables >> Residential Improvements Residential Imp Submenu

  31. WinGAP Residential Schedules • Base Points (Area Multiplier) Parameters • Base Area • Minimum Area • Maximum Area • Increment Base • Increment Factor

  32. WinGAP Residential Schedules

  33. WinGAP Residential Schedules • Base Area • Median size of sold homes • Area multiplier is 1.00 • Area mult above Base Area < 1.00 • Area mult below Base Area > 1.00

  34. WinGAP Residential Schedules

  35. WinGAP Residential Schedules • Minimum Area • Square foot level where $/SF ceases to change • All areas below Minimum Area will be priced at the same $/SF calculated for Minimum Area • $/Sq Ft @ 500 SF = 65.00 • 500 SF * 65.00 SF = 32,500 • 400 SF * 65.00/SF = 26,000

  36. WinGAP Residential Schedules

  37. WinGAP Residential Schedules • Maximum Area • Square foot level where $/SF ceases to change • All areas above Maximum Area will be priced at the same $/SF calculated for Maximum Area • $/Sq Ft @ 3000 SF = 60.00 • 3000 SF * 60.00 SF = 180,000 • 4000 SF * 60.00/SF = 240,000

  38. WinGAP Residential Schedules

  39. WinGAP Residential Schedules • Increment Base • Area increment where cost per SF changes • Higher increment results in less changes • @ Min Area values are less (area mult is lower) • @ Max Area values are higher (area mult is higher)

  40. WinGAP Residential Schedules (Inc Base w/ Inc Factor @.005) $ / SF

  41. WinGAP Residential Schedules

  42. WinGAP Residential Schedules • Increment Factor • Determines rate @ which cost/SF changes at each Increment Base • Not a dollar per square foot adjustment • Factor applied in the calculation of the area multiplier • Lower factor slows down rate of change

  43. WinGAP Residential Schedules (Inc Factor w/ Inc Base @ 50) $ / SF

  44. Residential Improvements • Increment Base vs Increment Factor • Impact Value inversely. • Inc Base Increases, Value changes less • Inc Factor Increases, Value changes more

  45. Correction Notice • I gave the example that $/SF didn’t change between increment base • 1500 = 40 • 1480 = no change • 1450 = incremental adjustment • Wrongo! 1480 will be adjusted also, wingap interpolates to adjust an area not equal to the base area.

  46. WinGAP Residential Schedules • Base Area, Inc Base & Inc Factor are used in the determination of Area Multiplier • (((Base Area – TBA) / Inc Base) * Inc Fact) + 1.00 {6} • See chart – page 13

  47. WinGAP Residential Schedules

  48. WinGAP Residential Schedules • Base Dollars • Represents Base Cost for Res Imps • Should exclude all items that will be added via other schedules (heat, plumbing, etc) • Function of the Res Imp Point Cost • Formula for calculating actual dollars • base d/s/f * (point cost / 100) • 40 * (200 / 100) = 80.00

More Related