THE GUARDIAN received a post from a reader that has posed a very interesting slant on how our properties get valued by the County Assessor.
The reader has pointed out that the valuations in the Assessor's data base more than likely have very low confidence levels. The confidence in the accuracy of those valuations is directly proportional to the size of the data base. Or in layman's terms, just because a few dummies bought real estate that was way over-priced last year does not mean that the sane people amongst us need to take a huge hit (reads increased valuation) due to the actions of a select few.
It would be interesting if the TV and print media would put the question of the data base size as well as the confidence levels in the data to the good people at 115 Albany. There are huge cracks in the logic and reason used for the valuations we received this year on our properties but no serious challenges have been issued by the media at large.
Editor note: Readers are encouraged to check out S&P's Case-Shiller Index. This statistical methodology has reliability and confidence in the numbers for property values. Wikipedia can explain it all very well to the average person without the mathematical mumbo-jumbo.
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