IAAO Research Exchange
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From Data to Value: AI in Serbia\u27s Mass Valuation Landscape
No full textThis presentation will explore the latest innovations and results in mass valuation in Serbia, with a particular focus on the development of AI models. It will highlight the results of testing AI approaches for data collection and input from real estate transaction contracts, leveraging the Real Estate Sales Register at the Republic Geodetic Authority of Serbia (RGA). The session will showcase how these advancements streamline the valuation process, improve data collection process and accuracy, and enable more efficient mass valuation real estate market reporting, offering a glimpse into the future of new system for estate mass valuation in Serbia
One Size Fits All? Different Applications of AVMs
No full textAutomated valuation models (AVMs) are used in practice for several reasons. For example, valuations of individual properties are needed by local governments for levying property taxes, for mortgage applications by banks, or for commercial real estate investment decisions. Valuations of portfolios of properties are used by banks and investors for risk management or for the construction of constant quality price indices by national statistical offices. AVMs use a variety of methods, ranging from traditional methods such as automated comparable sales methods, more statistical approaches such as hedonic pricing models, to fully data-driven machine-learning approaches. This presentation examines how the valuation goal affects the choice of methods for an AVM, with a special focus on machine learning algorithms. This involves the following properties: underlying model assumptions, noise versus lag trade-off, consistency of valuations, ease of implementation, flexibility in adding extra variables and dealing with missing values, explainability and prediction intervals
Assessment Tools and Techniques to Measure and Diagnose Issues with Vertical Equity
No full textThis session will explore the concept of equity in property tax assessments, providing an overview of its historical development and the methodologies used to define and measure it within industry and academic contexts. The discussion will emphasize the challenges of achieving uniform and equitable property valuations, which are fundamental to fair taxation and public trust. Unfair and inaccurate assessments can lead to significant costs for governments, including legal challenges, revenue losses, and public dissatisfaction. Ensuring equitable assessments is thus not only a matter of fairness but also of fiscal responsibility. The session will introduce two free web applications developed by the Lincoln Institute of Land Policy to support assessors and policymakers. The first tool, the Vertical Equity App, facilitates the evaluation of assessment uniformity by applying IAAO ratio study standards. It enables users to perform quality control analyses efficiently. The second application, which is still in development, uses Geographically Weighted Regression (GWR) to identify spatial patterns of inequity in assessments. By highlighting areas where discrepancies may exist, this tool provides insights that can guide targeted interventions. These applications enhance the accuracy and fairness of property valuations while helping governments conduct mass valuations more efficiently and cost-effectively. By automating complex analyses and providing clear, actionable results, these tools reduce the time and resources required for thorough assessment reviews, enabling jurisdictions to allocate resources more effectively and avoid the costly consequences of inequitable assessments
AI Generated Property Change Detection for County Assessors with Satellite Imagery
No full textPlanetView brings county assessors powerful new tools to detect property changes on a regular basis through Planet’s Monthly Road & Building Change Detection analytic feeds and SkySat Tasking. The generated Areas of Interest (AOIs) are then spatially linked to the specific account using the assessor\u27s parcel shapefile. This powerful tool can also access Planet Labs archived data to allow for a retrospective change detection as well
Advancing Property Assessment: Harnessing AI and Machine Learning for Change Detection Workflows (Thought Leader Session)
No full textArtificial Intelligence (AI) has transformed property assessment by revolutionizing change detection. With AI-powered tools and current imagery, you can develop solutions that save time, money, and resources, enabling your team to identify and manage changes efficiently. Implementing change detection facilitates the creation of repeatable processes and workflows that enhance your department\u27s capabilities. Discover how you can leverage your GIS tool to: • Serve as a source for taxable changes, thereby increasing taxable revenue. • Monitor changes in the built environment through standardized processes. • Simplify the digitization of building footprints and streamline the identification of city-wide changes parcel by parcel.
(Thought Leader Session. Not eligible for CEUs.
Ideas to level up your assessment game: Leveraging technology and ideas for better outcomes
No full textExplore the forefront of property assessment with presentations that delve into cutting-edge analytics, technological advancements, and the critical issue of energy efficiency. These sessions offer valuable insights showcasing a comprehensive tool for swift income analytics, emphasizing the need to adapt to technology in a data-centric world, and addressing the challenges of assessing energy efficiency amidst limited high-quality data
How to be a good leader AND a good manager
No full textBeing a good leader and a good manager are different skills that are rarely accomplished by one person. Learn the difference with approaches for becoming good at both
Appeal bias
No full textAppeal bias is an important topic for many jurisdictions. Mecklenburg county presents a recent study of appeal rates viewed from a demographic perspective and the resulting plans to address bias
The application of mass appraisal standards on valuation models in South Africa
No full textThe Local Government: Municipal Property Rates Act, 6 of 2004, (hereafter “MPRA”) regulates the levying of recurrent property taxation in South Africa. The basis for the determination of value is market value on the date of valuation. The date of valuation must be within 12 months of the effective date of the valuation roll. The legislation requires municipal valuers to conduct the assessments in accordance with generally recognised valuation practices, methods, and standards. The advancement of computational software and the permission to use mass appraisal techniques enables the application of mass appraisal methodologies by the valuation and computer-assisted mass appraisal community. Such techniques are used extensively for the preparation of values for recurrent property taxation with varying degrees of success. Despite the endorsement of the MPRA Standards by the South African Council for Property Valuers Profession no benchmarking is conducted on valuation models nor valuation rolls used for recurrent property taxation. The South African MPRA Standards are modelled on the IAAO Standards. (EXPAND) This paper aims to provide a comparative analysis of the performance of valuation models within small, predominately rural, and high capacity, urban municipalities. The application of the recommended model diagnostics and valuation performance measures outlined in the MPRA Standards are addressed and appraised for their relevance and appropriateness. These include both measures of value and value uniformity. The key challenges within smaller rural municipalities are the lack of valid and relevant sales information especially in areas owned by traditional authorities. The study addresses to potential alternatives to registered sales. Revaluation Impact Analysis or comparing proposed new roll values to old valuation roll values has limitations. Previous roll values are questioned in terms of quality and integrity and are infrequently supported by comprehensive market reports or sales evidence. Data standards and data interoperability are key issues. Various indicators and observations are researched from both documented, and conclusions made about the appropriateness and application of different valuation models within different sized municipalities in South Africa