Wednesday, April 25, 2007

Albany Assessment 4

I am finding what appear to be discrepancies in SFLA (Square Feet of Living Area) between the Residential Inventory on which I based my computer program Search for Comparable Albany NY Residential Properties and the Comparable SALES Report - RESIDENTIAL that I received on my property at City Hall.

For example, Parcel 76.24-1-71 has

1st Story 903
2nd Story 735
Fin Bsmt 368

which adds up to 2006, but both the SALES Report and the Residential Inventory give the SFLA as 1638.

Similarly, Parcel 76.24-2-37 has

1st Story 765
2nd Story 777
Fin Bsmt 765

which adds up to 2307, but both the SALES Report and the Residential Inventory give the SFLA as 1542.

Likewise, Parcel 76.24-2-38 has

1st Story 680
2nd Story 692
Fin Bsmt 680

which adds up to 2052, but both the SALES Report and the Residential Inventory give the SFLA as 1372.

On the other hand, Parcel 76.24-2-63 has

1st Story 600
2nd Story 616
Fin Bsmt 600

which adds up to a SFLA of 1816 as the SALES Report says, but the Residential Inventory gives gives the SFLA as 1216.

It seems that in the first three cases the "Fin Bsmt/Fin Rec Room" was not added to the SFLA for either the SALES Report or the Residential Inventory, while in the last case, the "Fin Bsmt" was added to the SFLA of the SALES Report but not to the SFLA of the Residenttial Inventory. Will have to go to the Department of Assessment and Taxation and ask about this.

LATER: Looking at the "Stories" numbers in the SALES Report, I see that, except for Parcel 76.24-2-63, if Stories = 2.0, only the 1st and 2nd stories are included in the SFLA -- the "Fin Bsmt" is not, except for Parcel 76.24-2-63, which has two stories, but for which the "Fin Bsmt" is included in the SALES Report SFLA but not in the Residential Inventory SFLA. This also seems to have happened to Parcels 76.24-4-36,76.24-6-9, 76.24.6-1, 76.24-6-20, 76.24-4-27, 76.32-1-23, and 76.24-1-70.

There seems to be an arithmetic error for Parcel 76.24-90 where

1st Story 855
2nd Story 871
Fin Bsmt 877

is made to add up to 2581 whereas the true sum is 2603. But 855*2 + 771 = 2581.

All this is very complicated and shows how difficult it is to come up with "comparable" properties. I'll try to summarize in a chart. (See Albany Assessment  5).

There are probably reasonable explanations for the apparent discrepancies. I hope I understand the explanations.


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