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Tapping Into The Value Of The Real Estate Market To Improve Local Government Services: A Case Study In St. Ann’s Bay By Keith Mantel.

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Presentation on theme: "Tapping Into The Value Of The Real Estate Market To Improve Local Government Services: A Case Study In St. Ann’s Bay By Keith Mantel."— Presentation transcript:

1 Tapping Into The Value Of The Real Estate Market To Improve Local Government Services: A Case Study In St. Ann’s Bay By Keith Mantel

2 Backend Database (Newsome 2014, LSAJ)

3 Public interface

4 Research Objective/Questions
Identify CAMA software to replace the LVS with spatial representation, be cost recovering and scalable. Replace the current iMap, and investigate the impact of the new website on: transparency of the land market; its usability by NLA employees and the public; and tax compliance. What land valuation software exists on the market, both proprietary and open source? How much annual revenue must the Land Valuation Division generate to meet its budgetary needs? What benefits can it expect from a new system? What is the value, in terms of potential advertising revenue, of an improved iMap site to a commercial firm?

5 Need for PPP

6 Methodology Case study/pilot project.
First phase - collect the NLA’s parcel data GIS layer, valuation data, historical sales data and property tax information for all parcels in the St. Ann’s Bay collectorate. Use Microsoft Excel to clean the data and QGISTM to create a new integrated shapefile that was more robust. Second phase - conduct random sampling of field sites to determine whether properties’ descriptions in the database match the reality. With the specifications for the prototype software I tested the cost of implementation and compare that with the loss from uncollected taxes. Final analysis - conduct financial forecasting of revenue sharing that meet the budget of the NLA and costs of a new information system and website.

7 Property tax compliance by collectorate 2013
Field Research Site Property tax compliance by collectorate 2013 Median St. Ann’s Bay Number of Parcels 20,000 19,468 Compliance rate 27% 29% Value/parcel $9,210 $17,460

8 Prototype

9 Parcels categorized by existing sales data Red = no sales data Blue = sales data Approx. 15% of parcels have sales data

10 Value discrepancy example

11 Property Tax Comparison to US
Country Jamaica US Market value/parcel $1mil JMD $4.6mil JMD Improvements taxable? No Yes Tax base $377mil JMD $3.5bil JMD Tax rate 1.5% 1% Compliance 50% 95% Property tax collected in Springfield $2.8mil JMD $33mil JMD

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13 Problem: Information Silos
Land Valuation Sales Data Property Tax Parcel Boundaries Multiple Listing Service

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16 Monetization Advertising:


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