A global model with location adjustments is aimed at what?

A global model with location adjustments is designed to enhance the accuracy of property valuations by applying general characteristics to properties while also allowing for specific location-based adjustments. This means that the model can take into account broader market trends and characteristics applicable to a larger area, but it also has the flexibility to modify those values based on unique attributes of the specific location—such as local amenities, accessibility, and neighborhood desirability.

Using this approach helps appraisers understand how different locations can influence property values, allowing for a more tailored valuation that reflects the nuances of each property's location. This is crucial in mass appraisal contexts, where the goal is to create equitable and accurate assessments for a wide variety of properties within a jurisdiction. Thus, the intent of the model is to incorporate both general market trends and specific site-related factors that affect property values.

In contrast, obtaining land values without separate assessments, analyzing properties only in urban areas, and requiring extensive sales data for accurate results do not capture the fundamental purpose of a global model with location adjustments, which emphasizes adaptability and specificity in property valuation.