Property Data

Overview

Verisk’s Property Data is developed through diverse sources and analyzed and validated to provide easy-to-understand insights. The data provides detailed information about the property location, ownership, year built, building size, materials used, and condition attributes. Verisk’s property data also includes information about the property value, including the total assessed value (land and improvements), market value, assessed value, and last assessment date.

Schema

Create a Dewey Data login and navigate to the Table Structure view in the product for a description of each variable. Total Consumer Insights - Property Data Table Structure.

Key Concepts

Extracting insights across datasets

• This dataset can be joined to the Consumer Profiles dataset using the address ID (ADDRID) attribute to include hundreds of demographic characteristics about the owners and tenants.
• This dataset can be joined to the Consumer Address History dataset using the address ID (ADDRID) attribute to join property characteristics with consumer address changes.

Attribute descriptions

Assessed Value is typically determined by the most recent evaluation conducted by the local county or municipal assessor. In most cases, this assessment is performed annually, although there are notable exceptions:

• Biennial Assessments: Some counties reassess properties every two years.
• Phased Assessments: Others divide the county into regions, reassessing half the properties one year and the other half the following year.
• Triennial Cycles: A few jurisdictions break the assessment process into three segments over a three-year period.

These valuations are generally based on recent property sales. Increasingly, jurisdictions are adopting interactive adjustment models, wherein the assessed value may reflect property sales from the past 3 to 6 months, rather than relying on annual data alone.

In counties that support such interactive systems, assessed values are updated and posted regularly, providing more dynamic and responsive property data. However, as with most property data fields, there are exceptions, and methodologies can vary significantly by location.

Market Value is typically derived from the property's Assessed Value, which is assigned by the relevant county or municipal authority. While the assessed value provides a baseline, market value may be adjusted to reflect significant shifts in local sales activity during a given period. These adjustments account for notable discrepancies between recent sale prices and the assessed valuations, ensuring the market value more accurately represents current market conditions.

Property Tax Year is the year that the governing body established/assigned a specific tax rate. This tax rate is used to calculate total Tax payments per that property (Tax Valuations). The tax rate more often remains fixed, unless proposals by the County/State are put forth to raise the rate so that the County or State can receive increased dollars collected on each property. Why you see some that are very current in terms of Tax Year is often due to their need to increase tax dollars, loss of some subsidies, or they feel as though it requires adjustments based on recent property trends, etc. Some hold to what was established, given strong opposition to changing it. You will find in some counties that there are multiple TAX YR listed, even up to 20+ within a specific county. This is due to localities contained within certain counties and their level of opposition/favor and the steps taken by those in authority. Also, note that Homestead properties may have more fixed past years, or the year they obtained such distinction. Lastly, some properties become tax exempt as well for various reasons.

Therefore, the standard formula is: Assessed/market valuations ( in some cases, whichever is higher) X tax rate = Property Tax paid by the owner.

Prop/Mkt Valuations are primarily based on the most recent tax assessment determined by the County Assessor for each individual property. These assessments serve as the foundation for valuation and are submitted according to a schedule set by the local governing authority.Assessment frequency varies by jurisdiction and may follow one of several models:

• Annual or Biannual Assessments: Common in many counties.
• Phased or Rotational Assessments: Some counties split the region into portions reassessed in alternating years.
• Interactive/Monthly Updates: In certain areas, especially those using modern digital systems, assessed values may be updated more frequently in response to recent market activity.

Assessors typically rely on recent comparable sales ("comps") within the area to establish values—similar to the approach taken by real estate agents during property transactions. In regions with high transaction volume, valuations tend to follow current market trends closely. In lower-activity areas, broader trends or longer-term sales data may be used to inform assessments.

TAX YR Rates impact Tax Valuations and the total taxes paid by a property owner. The general formula is as noted earlier. The TAX rate is the year the specific TAX Rate was established. Some maintain that rate for many years, some change it per need for additional dollars or trends in their county/area. Many have been changed recently, most likely due to the need for additional revenue on the part of the county, and where they can get the needed support and justification is accepted. There is no standard; each governing body acts differently (or per actions of the State in general), and within some Counties, certain towns/Cities may establish/maintain, or modify their TAX Rate, hence multiple numbers of different tax rates for the same Year or Tax Year may be found in one county.