Automatic application of valuation methodologies

There is an option Factoring / valuing panel: Enable the automatic valuation methodology process. If you tick this box and update your options, the following changes will be made to the system.

1. The requirement that you select a relevant benchmark when factoring from the Property search results window goes away.
2. You can forget about what the valuation methodology says on the Property detail page or in the Property search results, because it can be set in bulk according to the rules outlined below.
3. You get a new Apply valuation methodology button on your Component report page. When you click this button, the system will (after confirmation) run through the properties in that component and apply the rules below.

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Definitions

1. The applied factor is the factor that is given to a property value when applying the component factor from the Component report or from the Property search results, or when you apply an "other factor" from the Property search results.
2. The calculated factor is the future value divided by the LT value.
3. A suitable reference benchmark is a reference benchmark that is on the same side of the median value as the subject property value.

The rules

1. If the property value already has a valuation methodology of ATTRMATX, it is not included in this process.
2. If the property's applied factor is equal to the component factor to 3 decimal places, the value receives the COMPFACT methodology.
3. If the property's applied factor is equal to a suitable reference benchmark's calculated factor to 3 decimal places, the value receives the OTHRFACT methodology, and the suitable benchmark becomes the related BM for the property.
4. If the property's calculated factor is equal to the component factor to 2 decimal places, the value receives the COMPFACT methodology.
5. If the property's calculated factor is equal to a suitable reference benchmark's calculated factor to 2 decimal places, the value receives the OTHRFACT methodology, and the suitable benchmark becomes the related BM for the property.
6. As nothing else has matched, the property value receives the REGRADED methodology, and the benchmark (primary or reference) whose land value is closest to the property's value becomes the related benchmark.
7. Regardless of what happens above, a property that has been verified on or after November 1 of the current LT year in either the LT or future base year will have a valuation methodology of VERIFIED or INSPECTD in the annual value export file. Verification trumps other methodologies at the time of annual value file creation.