Counties and county assessors are typically charged with valuing property for local taxation. They are responsible for your property tax assessments and utility levies.
The information assessors track, and the way they store this data, has changed over the years. Today, there is a host of public information available through local assessors. This county assessor data is beneficial for real estate organizations. It provides a more complete understanding of your properties and markets. Here’s what it is and how you should be using it:
What Is Open Source County Assessor Data?
Open source is a movement promoting accessible data. Government organizations are beginning to make all their information accessible to the general public. The movement to be “open” means better data and a focus on transparency.
Many aspects of property data are now available online. This includes city infrastructure, zoning, building permit activity and property value. This information is available in various forms, not just basic spreadsheets. Spatial formats such as geographic information system (GIS) data are one example. Another is online map-based query methods.
County assessor data will affect the cost of real estate. The appeal of the building—Class A, B, or C—will have an impact on the investment required by the building owner. This will affect the grading of the building.
For groups with expertise in a local market, open source data can be a competitive advantage. It’s especially valuable when interpreted by an in-house spatial analysis expert.
Land Use Changes
What would you do if someone asked you to identity where the next “hot spot” for development is in a market? You would probably refer to recent building and land sale activity. You would look for pockets of concentrated activity, indicating interest in the area. This would result in an educated guess.
With county assessor data, you can pinpoint areas where land values and improvement values are changing rapidly. This helps you plot the path of growth for future development. It’s a more forward-looking and analytical approach to tracking movements in the market.
For example, look for areas where land values are rising much faster than improvement values. This may indicate that market pressures and speculation are driving price inflation. This usually precedes development.
Infrastructure Capacity
County assessor data can also help understand the impact of infrastructure and utilities. These critical components affect a property’s operations over time.
For instance, does the infrastructure support increased capacity for water efficiency? This will impact your TCO (Total Cost of Ownership). If the outside plumbing limits what you’re able to use the building for, that may affect its value. Other building component data available through assessors includes sewer, district energy, and stormwater collection.
Density and Permitting
Assessors provide a wealth of local building and construction data. This can have an impact on building operations and upgrades. For instance, what does local permitting allow you to do from a building use perspective? What are the setbacks? You may want to make green upgrades to work towards LEED certification. Can you put solar panels on the roof?
Zoning and density are also key factors. How are zoning and density changing within your immediate area? Are there any development or design implications to your property as a result? County assessment data is typically available to help you answer these questions.
Open source data is helping real estate managers and investors understand their local market better. Progressive firms are making the most of this data, and using it to drive better operating performance.
For more information on assessment data and open source platforms, here are some helpful resources:
Feature Photo: Richard Cavalleri / Shutterstock.com