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Recommendation 14: Ratio studies conducted by the Real Property Tax Division <br /> should include procedures for identifying and, possibly, trimming outlier ratios. Such <br /> procedures may be modeled after those found in the IAAO Standard on Ratio Studies. <br /> Recommendation 15: Except when too few sales are available, the Real Property <br /> Tax Division should do ratio study analysis by market area and by each appraisal <br /> area or appraiser. Results should be discussed with all appraisal staff and plans of <br /> action developed to correct deficiencies. Ratio studies should also be considered and <br /> attempted for commercial properties. <br /> Recommendation 16: The Division should add missing statistical and graphical elements, <br /> such as histograms, lists of trimmed sales, and reliability statistics to enable <br /> proper interpretation of results. <br /> Recommendation 17: The Real Property Tax Division should develop a ratio study <br /> procedure and explanatory manual separately from the Appraisal Manual. Staff <br /> should receive training in conducting and understanding ratio studies. <br /> Recommendation 18: The Real Property Tax Division should consider formalizing <br /> supervisory review of some or all appraisals done by staff. They should incorporate <br /> a broader role for valuation analysts, including running queries on a regular basis <br /> to look for sales chasing and building permit chasing. Findings should be reported <br /> as part of an annual ratio study report. <br /> Recommendation 19: The Council should consider ways by which a body independent <br /> from the Real Property Tax Division could be formed to review the quality of <br /> appraisals and the techniques, such as ratio studies, currently employed by the Division <br /> to report on this quality. Code should be changed to reflect this new process. <br /> xvii <br />