IAAO Research Exchange
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Aerial Imagery in Disaster Assessment and Recovery: Lessons from the Field
No full textNatural disasters wreak havoc on properties and tax rolls. Learn how using high-resolution aerial imagery along with historical imagery can benefit assessors in post-disaster valuation, compliance, and recovery through case studies from recent disasters
Enhancing Property Valuation with AI: Shapley-Based Comparables and Predictive Adjustments
No full textGain key insights into appraising special-use properties by exploring property, market, and industry-specific factors essential for accurate valuation. This session uses real-world case studies to illustrate critical appraisal steps, methodologies, and challenges, equipping attendees with best practices for determining market
The effects of Monte Carlo sampling on automated valuation model performance in real estate assessment
No full textPurpose: The aim of this research is to examine the effects of Monte Carlo sampling methods on the accuracy, precision, and consistency of automated valuation models (AVMs). Currently, compliance to international ratio standards has been measured against one single configuration of an AVM. However, the application of Monte Carlo sampling within AVMs has the potential to improve on model performance indicators concerning accuracy, precision, and consistency and provide more flexibility for the assessment community. Methodology: This paper examines the process of both in-sample and hold-out sample selection. It applies 750 Monte Carlo simulations and calibrates three AVMs using multi-linear regression, gradient boosting machine regression, and geographically weighted regression approaches. Each of the model iterations are evaluated for accuracy, precision and consistency based on the IAAO (2013) Standard on Ratio Studies. Findings: The findings show that applying Monte Carlo techniques to the sampling process in automated valuation model calibration allows for the emergence of normal distributions in the frequency distributions of the model performance indicator results. These normal distributions can subsequently be used to calculate inferential statistics to estimate the probability of non-compliance of an AVM. Originality: While the Monte Carlo method has been applied to real estate studies previously, this technique has not been used to estimate non-compliance against international standards. This paper solely addresses the outcomes of the model performance indicators rather than the coefficients in the AVMs. For scenarios where there is limited sales evidence, the analysis indicates that the application of different sample selection configurations can provide support for performance analysis
Challenging the conventional practice: The use of value banding in the assesssment of residential properties for a recurrent property tax
No full textCountries and jurisdictions that have a value-based recurrent property tax typically estimate an individual taxable value for each property. In contrast to discrete values there is the alternative of value banding. Internationally, it is an approach that is not widely used with only two countries having adopted this valuation basis for the recurrent property tax on residential property (namely Great Britain with the Council Tax and in Ireland with the Local Property Tax (LPT)). The paper examines the underlying reasons as to why banding rather than discrete values was implemented in both jurisdictions. Interestingly, both jurisdictions have designed quite different banding structures, different approaches to the tax assessment and a different strategy to the valuation issue. The Council Tax was introduced some 33 years ago with only minimal or no changes made to the design of the tax across the three jurisdictions. The paper highlights the main criticisms that have been levied against the Council Tax since its introduction and the steps being taken to address them. The level of criticism to the banded LPT in Ireland has been much more subdued and in this regard the paper identifies several key policies that were critical to the successful implementation of the Local Property Tax
Search Fast. Automate Deeds. Elevate Your Homepage with BIS.
No full textDiscover how appraisal districts are saving time, reducing errors, and improving taxpayer satisfaction with BIS’s modern solutions: DeedAi, Property Search, and Homepage. This session will show you how intuitive, integrated tools and unmatched customer service can streamline your workflows and elevate your public-facing technology. See what’s possible when innovation meets real-world appraisal needs
Mass appraisal of energy and utility property
No full textMass appraisal techniques have traditionally been limited in scope to residential and general commercial properties within a taxing district. Now appraisers are conducting mass appraisals on entire categories of special purpose properties around the country, such as solar farms, gas-fired power plant, ethanol plants, nuclear power plants and others. The mass appraisal technique affords the usual benefits to the appraisal user, namely lower cost, and higher reliability. The difference is that the mass of appraisals is conducted over a category of asset types, nationally. This presentation will explain how this type of mass appraisal is done, by whom, and how the service is administered between taxing jurisdictions
Golf courses: Not just another swing
No full textThis session will highlight the challenges and opportunities of leveraging mass appraisal analysis for golf course properties. It will cover topics such as data limitations, market segmentation, accuracy/equity requirements and efficiency
Not “Despicable Me” leadership
No full textTechniques and attitudes for effective leadership in the modern age
Telling the stories of property in Ontario, Canada – From traditional media to digital innovation
No full textMunicipal Property Assessment Corporation (MPAC) is committed to exploring new ways of fulfilling its mandate to bring value-added services and property insights to all Ontarians, including property owners and prospective property owners, businesses, and government stakeholders. The Research, Insights and Engagement branch was created in 2023 to leverage and highlight the wealth of property information created and held by MPAC, along with curated third-party data sources, through timely research, media campaigns and public education on emerging issues relevant to Ontarians. Since then, it has explored a range of communications methods to reach a range of partners and stakeholders, from homeowners to businesses to politicians at all levels of government. This session will highlight some of the methods by which MPAC is disseminating its research and insights work, including news releases and engagement with traditional media, the development of dashboards and visualizations, and releasing information in multiple formats such as PDF and web-based reports. It will touch upon the risks and opportunities of exploring new communications methods, resource needs, and successes and challenges to date. It will also discuss relationships with various audiences including property owners and political actors, and how that informs MPAC’s approach to communication
Faster, More Efficient Assessments with AI-Driven Property Insights
No full textDiscover how Vexcel’s AI-derived Property Attributes are revolutionizing remote assessment for tax assessors—offering more than 40 detailed attributes on over 133 million properties across urban and rural areas of the contiguous U.S. This rich, up-to-date data set reduces time spent in the field, enabling assessors to work more efficiently and consistently from the office with greater confidence in their valuations. Plus, it supports property assessments following disasters with detailed disaster imagery and AI damage assessments