Patent ID: 7676428
Filing Date: 2010-03-09
Classification: G06Q

Abstract:
1. An apparatus for calculating an income value for assessment of an income-producing real property comprising: a device encoded with logic; a display; and one or more processors configured to execute the logic to: provide to a user a list of income-producing property types on the display; receive input from an input device operated by the user to select from the list of income-producing property types a property type for a particular income-producing real property; provide to the user on the display a set of ranking criteria associated with the selected property type; receive input from the user to select a ranking score for the real property for each of the associated ranking criteria, the ranking score being selected from a predefined set of ranking scores ranging from low to high for each ranking criterion; receive input from the user that includes basic information regarding the real property; calculate an income value for assessment of the real property using the ranking score for each of the ranking criteria, at least a portion of the basic information, and information retrieved from a database of market data; and provide the income value to the user, prompt the user to answer a plurality of questions relating to obsolescence of the particular real property; and determine whether there is obsolescence of the property based on the user's answers to the plurality of questions, and if obsolescence is determined to exist, provide instructions to the user on how to apply an obsolescence factor to the income value of the property.