System and method for computing a comparative value of real estate

• US 5,414,621 A
• Filed: 03/06/1992
• Issued: 05/09/1995
• Est. Priority Date: 03/06/1992
• Status: Expired due to Fees

• Current Assignee: Hough Company Incorporated
• Original Assignee: John R. Hough
• Inventors: Hough, John R.
• Primary Examiner(s): Hayes, Gail O.
• Assistant Examiner(s): Thomas, Joseph
• Application Number:
  US07/846,932
• Time in Patent Office: 1,159 Days
• Field of Search: 364/400, 364/401, 364/402, 364/408, 364/406
• US Class Current: 705/7.34
• CPC Class Codes: G06Q 30/0205 Location or geographical consideration
• CPC Class Codes: G06Q 30/0206 Price or cost determination based on market factors
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A system and method for determining comparative values of comparable properties based on assessment percentages and sales data of the comparable properties to ultimately determine a value for a subject property. In a first embodiment, the "assessment percentage" is the "base property tax" for the subject property and comparable property. A price/tax factor is computed for each comparable property by dividing the sale (or sold) price of the comparable property by its base tax. The price/tax factor for each comparable property is then multiplied by the base tax of the subject property to generate a net comparative value for each comparable property. To take into account appreciation for recently sold comparable properties, an average appreciation is obtained for the area in which the subject and comparable properties are located. The average appreciation is pro rated to determine the comparative value for each comparable property. On the basis of the comparative values and other pertinent information, the value of the subject property may be set by a real estate agent, bank, appraiser, etc. In second and third embodiments, the "assessment percentage" is the "assessed value" and "phase value", respectively, which are used to compute the comparative values in a manner similar to the first embodiment.

Claims

1. A network for serving multiple user stations and providing data related to the value of a property upon a request being entered at a user station, the network comprising:

a central unit for determining the value of a subject property comprising;

means for receiving via telephone lines requests from a plurality a user stations, said requests including a user specified subject property and comparable properties for which comparative value information is sought;

means for remotely accessing via telephone lines assessment data, sales data and property data of a plurality of properties, including subject property and comparable properties;

storage means for storing the property data and assessment data for the subject property and comparable property and sales data of the comparable properties, whereby property data and assessment percentage data for a particular property may be retrieved from said storage means by selecting an address or tax identification number of said particular property;

computer means connected to the storage means, means for receiving and means for remotely accessing, said computer control means, responsive to a request received by said means for receiving, for retrieving from said storage means an assessment percentage and property data if available for said subject property, selecting comparable properties, and determining a price/assessment percentage factor for each comparable property by dividing the selling price of each comparable property by the assessment percentage for the corresponding comparable property, and determining a net comparative value for each comparable property by multiplying the assessment percentage of the subject property by the corresponding price/assessment percentage factor for each comparable property; and

a plurality of remote computer-controlled user stations and means at each remote user station for communicating with said central unit and exchanging data therebetween, each of said remote user stations comprising input means for specifying as a request to be transmitted at least a subject property for which comparative values are to be determined.

2. The system of claim 1, wherein each of said remote user stations includes printer means for printing out the comparative values for the computations in connection with the particular subject property and particular comparable properties.

3. The network of claim 2, wherein each of said remote user stations comprises display means for displaying property data and assessment data, as well as comparable values stored by the storage means of said central unit.

4. The network of claim 1, wherein each remote user station includes storage means for storing property data and assessment data for properties in table form, indexed to an address or tax identification number of the property.

5. The network of claim 4, wherein remote user stations are assigned for particular geographical areas, and the computer control means of the central unit sorts the property data and assessment data sent to the central unit by said plurality of remote user stations according to the particular geographical areas and transmits said data to the remote user stations for the corresponding geographical area for storage at the remote user station.