ABSTRACT
This chapter deals with the valuation of residential condominium properties and the development and application of computer assisted mass appraisal (CAMA) systems which will speed and enhance the assessors job in of achieving uniform current value estimates. It addresses mass appraisal v. single property appraisal issues as they relate to condominium properties, and discusses the history and concept of condominium ownership, laws governing development, the advantages and disadvantages of condominium ownership, and valuation considerations. A brief look at the steps of mass appraisal will identify major functions; and the chapter addresses key system components and development matters as they relate to condominium valuation. It considers database development and model specifications and describes comparable sales reports and listings. The chapter also considers system archival in regard to current computer technology. It utilizes system development and implementation in Worcester County, Maryland as part of a statewide CAMA implementation to demonstrate condominium valuation in a mass appraisal system.
