Property assessment through an imprecise goal programming model

In this paper, we propose a model to estimate the market value of residential properties where the selling price is an imprecise estimate of the real value, and when the number of observed residential transactions is small. Thus, the price paid for a property may lie between a lower and upper limit. The real estate appraiser's experience, judgement and knowledge will be introduced explicitly in the proposed estimation model through a learning process by using the satisfaction functions concept. This model was utilized to estimate the market value of a number of properties in a residential area of the town of Saint-Etienne-de-Lauzon, situated in the Regional Municipality of Des-Chutes De-La-Chaudiere in the Province of Quebec, for taxation purposes.