Revaluation Update

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Revaluation Update

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Current Main Revaluation Tasks

• Progress outstanding 2005 list valuations
• Quality Assure and Validate 2005 list valuations
• Maintain both the 2000 and 2005 list valuations

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Reval Progress in Newcastle Group
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Validation of Valuation Schemes

• The VOA is required to quality assure valuations.
• The rate of quality assurance is based on
  statistical analysis and will be approximately
  20 of all bulk valuations.

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Validation of Valuation Schemes

• The primary purpose of the QC/QA checks is to
  verify
• That valuation schemes are structured correctly.
• That the system is effectively delivering
  acceptable valuations.

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Batch Validation Process

• Process
• Batches of valuations are selected based on
  valuation schemes
• When the selected valuations have passed by a
  nominated quality controller the batches will be
  go into a pool.
• The GRPM will then quality assure selected
  batches
• Any batches that fail at either stage will start
  the process again
• Once this is done all properties within the
  relevant batches which have passed QA will be
  validated

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Batch Validation Process

• How does the quality assurance process work
• We look at
• High Value Properties
• Properties where deviations are beyond the norm
• Individual properties with unique characteristics
• Statistical Sample of remaining properties

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Batch Validation Process

• What are we looking at
• Survey date
• Valuation scheme
• Valuation itself
• Summary Valuation

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Dual List Maintenance

• We now have to maintain both the 2000 Rating List
  and 2005 Rating List.
• What does this involve?
• Maintain assessment in both lists in respect of
• New properties / Deletions
• Reconstitutions - Mergers / Splits
• Maintain Property Details
• Survey details
• Valuation details