• Economic/Market Areas and Neighborhoods

     

    Property types are generally self-explanatory, but economic/market areas and neighborhoods, when used for mass appraisal valuation, are not always clear. An economic/market area is a grouping of neighborhoods that have similar economic/market forces or geographic location.

    Economic/Market forces are identified as physical and man-made features common to the area. Rivers, mountain passes, shopping centers, employment and entertainment centers can be uniting features for different residential neighborhoods.

    For example, the Golden vicinity is an economic/market area due to similar physical and man-made features (South Table Mountain, Coors, downtown Golden, the foothills). The Golden economic/market area consists of 11 neighborhoods. A neighborhood consists of similarly valued properties in similar areas. Neighborhoods will typically contain homes of several filings of the same or similar subdivision.

    Economic/Market forces are identified as physical and man-made features that are common to the area. Rivers, mountain passes, shopping centers, employment and entertainment centers are features that can be an uniting feature for different residential neighborhoods. For example, the Golden vicinity is an economic area due to similar physical and man-made features (South Table Mountain, Coors, downtown Golden, the foothills).

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    Last Updated: 5-9-2017