c
c 
cc



  

Model penilaian massa merupakan kaedah penilaian berasaskan teknik statistik untuk menganggarkan
nilai taksiran secara sistematik pada skala dan skop yang lebih besar berbanding penilaian tunggal
(IAAO,1978).

-Y Verangkan kelemahan penilaian tunggal

-Y Bincangkan keunggulan penilaian massa (mass appraisal)
-Y Buat kajian literatur berkaitan model penilaian massa yang digunakan dalam penilaian kadaran
 @ccc c 
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^eal estate consists of numerous branches of sector and area. Included in such area are the valuation,
property management, real estate agencies, corporate real estate management and so forth.
Specifically, in valuation practice, valuers applied different types of valuation tools in estimating the
market value or price of certain real estate. Vhese methods are identified as comparison method, cost
method, investment method, profit or account method and last but not least the residual approach.
Some of these methods may become obsolete from time to time due to the fast technological
advancement attained in the modern days. Valuation is needed in a variety of statutory valuation
exercises. In Malaysia for instance, some scopes of statutory valuation consist of local authority
assessment (^ating), Stamp Duty, ^eal Property Gains Vax (currently exempted) and land acquisition.
Each of these scopes has its͛ own regulation and act whereby valuation principle should be based on
these as a guideline. However, in this write-up, the valuation exercise for the purpose of rating and
assessment is going to be taken into account.

^espectively, the level of rates currently is set by the Local Government and the law governing
the rating assessment and procedure must be in accordance to the specific act and regulation pertaining
to rating. Vhe revenue collected from rates is allocated for the spending of Local Authorities. ^ating is
basically a local taxation imposed on property whereby the purpose is to finance the local government
in terms of providing services to public people. In Malaysia, the assessment rates are imposed according
to the provision stipulated under the #$ %&   c# '()! Within this provision, the Local
Authorityhas the power to collect assessment rates according to the area of jurisdiction. Vhe purpose of
valuation and appraisal conducted is to determine the amount of levy on that property *cc++
,-. ''/0!As a result from the process of taxation, it is called the assessment rates. Vhere are a
few methods of valuation apply in order to determine the Improved Value or Market value of a
particular property in this circumstance. Vraditionally, the rating valuation utilizes a few approaches
where it involves valuing the subject property one by one. Where the number of properties in certain
district or jurisdiction of local authority expanded from time to time, single valuation seems to be
irrelevant due to several factors or drawbacks. Imperatively, there is a requirement to propose a new
method of valuation where it addresses the limitation of single property valuation. As a result, @ 
!! 

 " is employed to rectify the flaws occurred in single valuation whereas it is founded
from statistical technique to appraise the value of assessment systematically at a bigger and extensive
scope or level * cc
.1""20. In addition, Mass Appraisal is manipulated to test two of the objectives in
property assessment procedures including the A"
 !
!# and ͞ 
 ͟ *  $$3.
 '/'0. Vo expand further, it is basically a systematic appraisal of groups of properties at specified date
using standardized procedures and statistical testing *45 , 6c. 1""/ 7. 1""' cc

8 ''". #9  :;  %$  8 '''. #9  :;0 #   cc
. 1""/0. From the definition
provided it can be inferred that it is an advanced technique of appraisal whereas involving the statistical
approach and testing! 7*1""'0 also highlights about two purposes of mass appraisal, which is to
provide equitable and efficient appraisal of subjected property located in a jurisdiction of local authority
for ad-valorem duty. Vhe principles of equity and efficient appraisal are very imperative to be achieved
in property taxation and appraisal. Within the mass appraisal, statistical approaches are manipulated to
produce the accuracy and consistency in valuation. Vhis write-up will discussed and ventured further
into the £     $!
%
 
& 
@ !! 
 " and finally
@ !! @ $!
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1!" c<c4
= %
cc c

Single property appraisal seems to provide a few drawbacks inside the property taxation context.
Evidently from @#$5 3 , c * '''0 where they established a standpoint on the drawbacks of
single property appraisal;-

Ë£     







 
  

 

 

  
    
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!

!

 
  
 
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  !!

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* *@#$5 3 ,
c. '''.9912>0Y

Vhe above statement specifies in general where it will acts as a foundation to identify the weaknesses of
Single Property Appraisal. It seems to attract a few drawbacks that will influenced the overall context of
property taxation. Based on the literature, reviewed from a few influential real estate researchers, there
are about a few flaws that can be identified including; 1) possibility of systematic valuation error, 2)
inflexibility in terms of time and cost constraint, 3) Many valuation information may be discarded in
single property valuation, and lastly, 4) Utilization of small number comparables may poses theoretical
and empirical questions.

0 7$3+3 #
$

It is observable that the traditional approach of single property appraisal may lead to
the systematic valuation error. As such, single property appraisal largely depends on the
subjective judgment of the appraiser or valuer rather than strong and reliable basis of
estimation. Vhis may as well create erroneous valuation estimation and biased valuation
exercise. (Donnelly, 1989) Highlights the drawbacks of single valuation where it resulting
the appraisal exercises carried out become biases from the work of individual that select
the comparable properties directly from a small number of properties. It has been
examined that;-
 Ë 
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 '*!*5. '((.991'/2"/0#   $$3* '/'0!

Vhe statement above indicates the predicament of subjectivity where it will

creates a systematic valuation error when utilizing the traditional approach. Within the
single property appraisal, individual physical attributes are largely prejudiced due to the
difficulty in creating a measurement scheme to formulate all the attributes inside the
property assessment. For instance, a valuer may employ a wrong judgment when
valuing a property for taxation purpose due to the lack of experience or relevant
knowledge pertaining to the market and valuation methodology. Vhis might as well
producing incorrect rateable value for that particular property. By far, it requires a
highly qualified valuation professional to provide these objective assessments of value.

Vhe weakness of the method of valuation may itself leads to the systematic
error in appraisal. In cost method, there is a possibility of double counting where it is
related to the ͞misleading notion of composition͟ where total is simply from the sum of
all parts (Donnelly, 1989).  $$3* '/'0 further gives an example of fourth and fifth
bedrooms in a house with single bathroom are not as the same value with two or more
bathrooms inside the other house.  ?  * ')'0 cited in  $$3 * '/'0 was
obviously objected the grocery checker approach in real estate appraisal as the real
property component are not divisible. Vhe value of each component relies on the others
which are there. Lessinger (1969) perspective suggest the real estate component is not
always the same; dependant on the other elements where it combined together.

10 +$ @7$3 

Valuation for the purpose of taxation in the context of local government

involves a massive and large quantity of properties inside their jurisdiction. Vhe property
can be divided into various types including residential, commercial, and industrial
property. It could be further segregated into a different sub-type including the terrace,
detached, semi detached, bungalow, and others. Judging from this scenario, single
property appraisal may become inflexible due to the vast number of properties that will
need to value and appraise. & !$*1"" 0 observes;-

A

! 


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  '
   
 ! )
 #!*& !$.
1"" .992:10!

It is uneconomic and time consuming if a traditional method of valuing one by one
property is adopted. Ultimately, single property valuation is subjected to the restriction
 in time and cost. It will take a vast number of workers and high cost of capital to value
all the properties within the stipulated time.

20 @3
$7$  +A$$7  # ?$ 9 3
$!

Using the traditional method, many information gather by the appraiser may
have to be discarded in most cases. Vhis is mostly because, the use of traditional
method does not permit the use of additional information obtain from the property
(Donnelly, 1989).

5 * '((0 further explains that one cannot simply ignore the abundant
evidence within the tax appraisals. For instance, the traditional method does not
address in detail the element of locality and neighborhood when conducting the
estimation of market value. In reality, this element should not be taken lightly as it will
influence the property value itself. Some properties may locate in a different area or
district. Vhe elements encompassing the property value such as neighborhood factor
that varies from one district to another requires the valuers to pay attention on these
additional information. Without consideration of other elements or information in the
traditional approach, the principles of equity and fair market value are hard to
accomplish.

>0 $B + $$ 7  97$  @3     #$  9#$
 !

  Vhe above statement is true based on the perspective of  $$3 * '/'0!
 $$3 * '/'0 emphasized the lackness of comparable properties used in property
taxation exercises may raises the theoretical and empirical question. It is hard actually
to find a set of comparables having a similar characteristics.

In this scenario, the appraiser usually utilized a small number of comparables in

their valuation and further applied it to similar property (under his subjective judgment)
to achieve standardization. However, there is a theoretical and empirical questions that
might occur when employing such technique. Is it fair to give a same assessment when,
one property is located, e.g: within the Johor Bahru city centre(urban) and another one
situated in Vampoi (suburban) where the level of local authority services differs from
each other? Vhis situation may not fulfill the criteria of ͞equity͟ and fair assessment.
2!" 
 
=@ccc c

Previously, this piece of paper has underlined the drawbacks and disadvantages of single property
appraisal. Vhese drawbacks have attracted and ignite the interest of real estate researchers to come up
with an alternative method to rectify the drawbacks exist. Mass Appraisal tends to provide a solutions
and very beneficial when conducting assessment exercises. In general, based on (Mcluskey & Anand,
1999)standpoint

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#
*@#$5 3,c. '''.9911 0

 Judging from this, the statement above will be formulated into a framework when identifying
the benefits of mass appraisal. According to literature review conducted from various research papers,
there are several benefits and superiority of Mass Appraisal as to compare with Single Property
Appraisal. It can be divided into; 1) Provide accuracy and consistency, 2) More Valuable information can
be considered within the Mass Appraisal model, 3) Increase efficiency and technical capabilities of the
valuer͛s office, 4) improvements in equity, fairness.

0Y & c###3 #3

Mass appraisal provides a precise and consistent result that can be used continuously and
tested to produce a reliable appraisal model. 7 *1""'0 objectively stated the mass
appraisal as a tool and approach that able to fabricate an accurate and equitable valuation. Vhe
perspective further supported by  $$3* '/'0 where he observes;-

A!!

      



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( 
 

 




    

 !  
 
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,#
*  $$3. '/'.99 0

Vhe used of statistical approach and computerized system reduced the substantial reliance on
valuation officer͛s subjective judgment and experience that might leads to systematic errors.
Using an extensive statistical procedures with high degree of precaution to model and test the
result, any errors and misguided elements might be minimized. Vhe application of modern
technology such as computer program e.g; Computer Mass Appraisal Systems (CAMA) made it
possible to produce a consistent result applied in the local authority assessment.
 10Y ?  $?A @c99$

One of the superiority of mass appraisal is in regards to the number of information that could be
formulated inside the appraisal for taxation (Donnelly, 1989)! Vhe use of more advance and
highly reliable computer make it possible for the valuers to conduct the assessment using large
scale and extensive data. Within this scope, @#$5 3,c*1""/0 assert;-

A£
 
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Based on this perspective, it demonstrates the mass appraisal able to handle a hundred
thousand of properties and establishing a database encompassing a thousand transactions.
Single property appraisal normally disregards many information that would become imperative
in determining the assessment value. As a result, the mass appraisal technique is the best
approach that capable of handling large data set to allow fuller usage of the information
(Donnelly, 1989)! Due to large data handling, Mass Appraisal is also able to replicating the forces
of supply and demand over a bigger and wider area and the appraisal judgment would
expanded into a group of properties rather than single properties (Ibrahim, 2009)!

20Y #   ++# #3 ##$#97$ + &$ 6++# 

Vhe statement above agreed by 7*1""'0. Mass Appraisal provides a substantial benefits
towards increasing the efficiency and technical capabilities of the valuer͛s office. By using the
Mass Appraisal when assessing a large number of properties that covers a broad jurisdiction, it
will reduced the total number of profesional valuers needed to cover that area and
subsequently reduce the cost such as transportation and other operating expenses. Vhe labor
force can be allocated at the other crucial tasks in the process of property taxation. Additionally,
the results produced are quicker than the single property appraisal as the assessment subjected
to a cluster of properties, not single property * 7.1""'0. Mass appraisal also enhancing the
technical capabilities of the valuer͛s office through the usage of highly sophisticated and faster
computer programme in the taxation exercises.


 >0Y 9&    C3= 

Vhe utilization of large number comparables manage to generate a result that cater the *"
*
and ͚
* principles (Donnelly, 1989). In single property appraisal, the comparable
properties adopted in the assessment process are in a small number usually four properties
according to  $$3 * '/'0. Judging from this situation, the assessment posed an issue of
equity and fair market value because the assessment do not reflect the overall population of
properties within the jurisdiction. Mass appraisal on the other hand, utilized a large number of
properties as comparable and used it to produce a result that would reflect the overall market
or population. As a result, the intended goals of property taxation; equity and fairness possibly
will be achieved using the Mass Appraisal technique.

@c99$ #C  ? 5  

Previous study conducted by a few researchers cited in @#$5 3 , c * '''0 highlighted
the strengths and weaknesses of a few mass appraisal techniques being employed in the
property taxation. Vhis will provide some understanding on the subject matter. ^efer to Vable
1.0;-

Vable 1.0: Analysis of Mass Appraisal Vechnique


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Earlier, this review has identified the weaknesses of single property appraisal and further stressing out
the superiority of Mass Appraisal over single appraisal. Vhe explanations provided hopefully will give
some understanding to the reader vis-à-vis the reason for the application of Mass Appraisal approach in
property taxation. Subsequently, there is an important aspect that should be emphasized when
conducting a literature review on Mass Appraisal whereas in regards to the Mass Appraisal Model
existed and manipulated by researchers and property experts. In general, Mass appraisal models
attempt to represent the market for a specific type of property in a specified area. Vhere are a few steps
transpire when selecting Mass Appraisal technique as an appraisal tools. It is apparent in cc
*1""/0;-

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Based on the regulation and guideline above, there are about a few processes identifiable in Mass
Appraisal exercises. However, there is a requirement to provide a meticulous and extensive market
analysis for both specification and calibration of a model that estimates values accurately. In regards to
the statistical procedures, the %#    ! 2 +
 * !
!!!. 1"":0 !( asserts that Ë
!
  @  !!  
   !!

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   ( 
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   * Vhis guidance gives details on important aspect of modeling
technique in property taxation where it should adhered to a known scientific standards without
prejudicing the correct statistical applications.

Models that have been used in Mass Appraisal are numerous and relatively new techniques grow
tremendously in line with the technological advancement. General models as highlighted by 7
*1""'0 identified three types; Additive, Multiplicative and Hybrid. Successfully, the writer was able to
identify more models that have been used by studying the literatures. Some of the models or techniques
being used *45,6c.1""/0n one of the most influential Mass Appraisal paper;-

1) Orthodox Approaches to Mass Appraisal; M^A- model driven hedonic and data driven statistical
approach, M^A combines with advance spatial techniques i.e Kriging.

2) Flexible (i.e., model free) regression method ; -

@ (GAM) by @,?$ 3
* '')0, $A $$ , @ 5  *1""20 proposed ͚!
(  !)
 
!       *
(PPM^A),!
(
  (GW^, Fotheringham) by D B#$$ ? *1""10!Y





3) Heresy / other technique beside M^A; 

  
( (ANN), Vhe  




4) Qualitative technique of computerized data processing; /)  '!

 
 0 /) 
   --
 

(^SV).

5) Methods based on interviews and surveys;


 
 
  method (CV),  
/

)


(MAVV).

Moreover, the models that exist in the Mass Appraisal are theoretically grouped into five areas as
articulated by 45,6c*1""/0;-

rY Strict quantitative method based on parametric hedonic regression (or more generally,
economic equilibrium) models ʹ either with or without an explicitly spatial extension.

rY Flexible (non-/semi-parametric) quantitative methods; these are still formally accommodated

within mainstream economic modelling.

rY Flexible quantitative method based on machine learning; these are ͚intelligent͛ (i.e., machine
learning) methods from the computer science discipline.

rY ^ule-based expert systems of valuation, using either transaction price or expert interviews data;
may be based on machine learning.

rY Methods, where interviews and surveys such as multi-criteria decision methods replace market
data calculation; usually both quantitative in the sense that they are mathematical, and
qualitative in the sense that they use judgmental data. Vhese stated choice/preferences
methods serve a purpose in certain well- specified problem settings.
>! @ccc c@
<E 
-  





Discoveries made when reviewing the various models in Mass Appraisal provide a brief and
concise perspective to general reader. Vo address these models one by one would requires a
substantial efforts and in-depth knowledge. Nevertheless, the time frame limitation resulted the
writer to opt for only one Mass Appraisal Model as a study case. Vo instigate with, the
framework for selecting the model is ultimately supported by the three models of Mass
Appraisal; Additive, Multiplicative and Hybrid (Ibrahim, 2009). Hybrid Model is selected as a
subject study due to the fact that it possesses certain advantages as to against other model, i.e.
they may offer a suitable solution to the valuation of land for site value purposes in situations
where the number of sales is low, generally called a "thin market" * , 4 A. 1"")0!
Additionally,  , 4 A *1"")0 have declared that this model may produces superior
results to simpler AVM's and may be particularly useful in a situations where improved
properties need to be used to estimate site value.

-< @


As far as concern, there are a few research paper outlining the definition, model specification,
and the usage of Hybrid Model. Before venturing further into these aspects, it is imperative to
understand the meaning of AVM. Vhe IAAO standards define an automated valuation model
(AVM) as;-

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!
 
( !

 !
    

  

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.
1""299 >/0# ,4 A*1"")0!

Vhe AVM can be segregated further as Additive, Multiplicative and Hybrid. In Section 3 of the
Standard Valuation Model, it emphasizes that ͚·)        
) 
 

 
!

 *%$5 ,4 77$* '':0 cited in *@#$5 3,c.
'''0 attempted to provide detail justification on hybrid system where they defined it as a
system where two or more techniques are combined in a manner that overcomes the limitation
of individual techniques. Hybrid Model also known as Nonlinear model are seldom used due to
limited software availability, but these models more accurately reflect the combination of
additive and multiplicative relationships in the real estate market (IAAO, AVM Standard, 2003).
Within the scope of Hybrid, %$5  , 4 77$ * '':0 cited in (Mcluskey & Anand, 1999)
classify the hybrid systems into three forms; °

  !
  
 1 2

0 

  
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In Mass Appraisal, the hybrid model specification takes into the form of non-linear regression as
specified in cc
 * ''"0 %$  * '''0 #   *
F. 1""10 and thus permit the
development of non linear computer programme. ͞Vhe hybrid model specification is: -

@
Gʋ %H8*ʋ <Hɇ <c0I*ʋ Hɇ c0Iɇ

c;

Where;-

MV is the estimate market value

ʋ GQ is the product of general qualitative variables
ʋ BQ is the product of building qualitative variables
ɇ BA is the sum of building additive variables
ʋ LQ is the product of land qualitative variables
ɇ LA is the sum of land additive variables
ɇ OA is the sum of other additive variables.

Example of Hybrid Specification, produced by @#. E   Y

 *1""20 cited in  ,
4 A*1"")0 where they used some 40,000 arm͛s length transactions to develop a two stage
hybrid model. Vhe neighbourhood variable was then combined with land area, liveable area and
building condition in a non-linear regression.

As a result, @#.E  Y

*1""20 Hybrid Model is specified as follow

















>!1 

c-c %-< @


Vhe writer managed to analyze a few research papers formulating the hybrid model in their
analysis. One of the prominent researchers in Mass Appraisal, @#.E   $!*1""20cited
in ,4 A*1"")0 where their study involved developing a two-stage hybrid model.
Vhe first stage concerned on estimating a neighbourhood index for each property which was
then used as input to a hybrid regression model. Vhe neighbourhood index was estimated from
the residuals of a simple hedonic model (using building and site characteristics) and then used a
Kriging process to smooth out the variation. Vhis neighbourhood variable was then combined
with land area, liveable area and building condition in a non-linear regression. As affirmed by
,4 A*1"")0, Ë
 !
)

 (
  

!

) *

Another research paper by  , 4 A *1"")0 has established a Hybrid
Automation Valuation Model in their analysis whereby the study was aimed to investigate the
usefulness of hybrid AVM͛s to estimate both capital and site values and establish if such a model
could outperform more conventional methods of assessment. Vhe result from the analysis
recommend the hybrid model as a functional and reliable due to better predictive accuracy than
more simple models for capital values. Additionally, Hybrid model was far more better when
assessing the site value and actual assessed value conducted by valuers in this research paper. 
Y
@#$5 3,c* '''0 on the other hand, endeavored the intelligent hybrid model
within the application of property taxation. Vheir study focusing on investigating the reliability
of hybrid artificial intelligent system developed and applied to the mass appraisal of residential
property. In detail, the research paper concentrating towards investigating the hybrid structures
using artificial neural networks with genetic algorithms. Mcluskey & Anand (1999) adopted four-
stage process; 1) data mining, 2) calculate weights for each variable, 3) employing nearest
neighbor algorithm with derived weights, 4) used comparable to predict the value of subject
property.
>!2   
c --< @

Y
Y
Hybrid model seems to serve a quite substantial benefits and advantages as to compare with
other modeling techniques in Mass Appraisal. Vhis Model is able to address the weaknesses of
individual Model such as the shortcomings in terms of performance, reliability or missing
functionality through using another technique or combination of techniques *@#$5 3 ,
c. '''0. Beside the previously mentioned benefit of higher predictive capability, it is
theoretically more acceptable to some analysts and better for assessing the value ͚component͛
which are normally used when revising valuations after minor renovations *,4 A.
1"")0. Next, it is a useful model as it incorporate a broad range of market transaction when
assessing site values and the most suitably applied when legislation or legal precedent requires
valuers to consider the use of improved properties when assessing site values.

Also, ,4 A*1"")0 viewed the hybrid model, as a model that can be used
to estimate both capital and site values with good accuracy and is particularly useful for
estimating site values in situations where there is a scarcity of vacant land transactions.
@#$5 3 , c * '''0 stressed about three benefits of hybrid model as; 1) using a
combining techniques, the model can be build on the particular strengths of each paradigm, 2)
due the weaknesses in model explainability of neural networks and genetic algorithms, hybrid
model provides the ability to objectively select and retrieve comparables based on an integrated
neighbor algorithm where it leads to a development of a solid foundation and transparent mass
appraisal system, 3) avoid complete reliance towards subjective knowledge to determine the
property attributes through information inherent within the data.

As observed before, there are a lot of advantages and superiority of Hybrid Model as to
compare with other model. However, the lack of statistical programme and analysis pretty much
becomes an hindrance to the development of advance hybrid model in property taxation.














:!" 



Vhis review intended to embarks on a brief an concise analysis towards Mass Appraisal
particularly on the topics such as the weaknesses in single property appraisal, superiority of
mass appraisal and modeling technique in Mass Appraisal. In general, this study able to discover
the weaknesses of single property appraisal whereas it consists of possibility of systematic
valuation error, inflexibility in terms of time and cost constraint, Many valuation information
may be discarded in single property valuation, and lastly, utilization of small number
comparables may poses theoretical and empirical questions. Vhese findings further leads to the
rationale of Mass Appraisal introduction in property taxation. 

Mass Appraisal is by far the most superior than Single Property Appraisal judging from
the benefits it serves to property taxation field. Vhe benefits such as providing accuracy and
consistency, more valuable information can be considered within the mass appraisal model,
increase efficiency and technical capabilities of the valuer͛s office, and improvements in equity,
fairness makes it more preferable in most of the Local Authority in all part of the world including
in Malaysia.

In respect to the Models in Mass Appraisal, the findings really satisfied the writer͛s
hunger for a knowledge in this particular area. Vhe explanation was made on a brief context but
substantially extensive in term of opening up the research possibilities in the near futures. Vhe
potentiality of Mass Appraisal Model is quite promising i.e. one of the models, Hybrid appears to
provide an imminent potential that has yet to be explored in Malaysia property taxation. In
Malaysia͛s context, even the application of Mass Appraisal is still at the introductory and initial
level as to compare with the US and European counterpart. However, like some saying, Ë)




  *

Vhe beginning of Mass Appraisal in Malaysia eventually reflecting an excellent gesture

towards achieving an efficient, equitable and fair property taxation so as to rectify the long and
unsettled issues raised currently on local authority unfair and inequitable assessment within
their jurisdiction scattered across nation. Vo wrap up this study, the writer cited the statement
by *@#$5 3 , c. '''0. where they highlighted some points to ponder on Mass
Appraisal. Vhe application of computer assisted mass appraisal systems is becoming more
imperative than ever, subsequently needed further research into the development of more
robust techniques. Vhis is true as to assist in achieving a more cost-effective approach, at the
same time maintaining the accuracy standards.





Bibliography
Ahmad Ariffian, B., & Hasmah, A. Z. (1998). $   4!$  


 Skudai: Universiti
Veknologi Malaysia.

Ahmad Ariffian, B., & Hasmah, A. Z. (2001). $ !$  



 Skudai: Universiti Veknologi
Malaysia (UVM).

Donnelly, W. A. (1989). Vhe Methodology of Housing Value Assessment; An Analysis. 



 
 , 1-12.

IAAO. (2003). %@

  Chicago: International Association of Assessing Officers.

IAAO. (2008).
 5 @ !! $!
 Missouri: International Association of
Assessing Officers.

Ibrahim, S. (2009, October). Lecture Note on "Single Property Appraisal" for MSc ^eal Estate Student.
Skudai, Johor, Malaysia.

Kauko, V., & d͛Amato, M. (2008). Introduction: Suitability Issues in Mass Appraisal Methodology. 1-24.

Lawton, P. (1975). '

 $!
 London: Vhe Institute for Fiscal Studies.

Mcluskey, W., & Anand, S. (1999). Vhe Application of the intelligent Hybrid technique for the mass
appraisal of residential properties.  $!
2 

  
 , 218-238.

O'Connor, P. M. (2002). V^ICKS VO USING ^EG^ESSION; ADDIVIVE, MULVIPLICAVIVE & NON-LINEA^.

&  6·- .2

 2 70@18830 
 (pp. 1-20). Vexas: International
Association of Assessing Officers.

^ossini, P., & Kershaw, P. (2006). Can a Hybrid Automated Valuation Model Outperform Individually
Assessed Capital and Site Values. (
 $

/

 

0 

 
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