Nov 22nd – Project updates – Correlations in Property Assessments

In my analysis of the “FY2023 Property Assessment Data,” I’ve uncovered intriguing correlations that shed light on the complex dynamics of property valuation. The data revealed a robust positive correlation between the gross area, living area, and the value metrics, including land and building values. This compelling link underscores a fundamental principle in real estate: larger properties tend to command higher values, reflecting the premium placed on space.

Another interesting observation is the positive correlation between the number of residential and commercial units and the total property value. This suggests that multi-unit properties, which offer more living or business space, naturally carry a higher valuation. Moreover, the strong correlation between gross tax and property values reaffirms the direct impact of valuation on tax obligations, highlighting the fiscal implications of property assessments.

Curiously, the year a building was constructed or remodeled shows little to no correlation with its size or value, pointing to the nuanced ways that age and modern updates intersect with market worth. Meanwhile, features like the number of parking spaces and fireplaces appear to have a varied influence on value, with parking showing a moderate link to property size, while fireplaces bear a negligible relationship, perhaps challenging conventional wisdom about the value these features add to a property.

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