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Human-Machine Synergy in Real Estate Similarity Concept
No full textIn the evolving field of real estate analysis and valuation, the synergy between human expertise and machine intelligence is reshaping how we define, analyze, and apply similarity in property valuation. Our presentation, Human-Machine Synergy in Real Estate Similarity Concept, delves into the potential of advanced AI models—specifically leveraging the HELIOS system (Homogeneity Estate Linguistic Intelligence Omniscient Support)—to transform real estate market analysis. By bridging linguistic intelligence with machine learning, we explore the creation of “real estate fingerprints,” unique identifiers derived from the synergistic analysis of property features. This method goes beyond traditional metrics to unlock deeper insights into property similarity, offering more accurate, context-aware market assessments. Our study emphasizes AI’s role in enhancing mass appraisals, ensuring more reliable, homogenous grouping of properties in dynamic market environments. This is particularly crucial in the context of property taxation, where accurate and fair assessments directly impact taxpayers. The application of AI in mass appraisal processes ensures that valuations are not only equitable but also transparent, reducing the potential for disputes and enhancing taxpayer trust in the system. In doing so, we highlight the critical interplay between human judgment and machine precision, fostering innovation in property valuation through a blend of automated and expert-driven decision-making. This presentation aligns with the symposium\u27s focus on AI’s transformative potential, showcasing how human-machine collaboration can lead to anti-fragile valuation systems that not only adapt but improve in the face of uncertainty
Valuation issues assessing subsidized affordable housing communities
No full textIn “Valuation Issues Assessing Subsidized Affordable Housing Communities”, Attorney Jerry Brown will discuss how subsidized affordable properties are assessed, and what considerations are weighed in assessment appeals of subsidized affordable properties. Attorney Brown will also discuss the available programs and subsidies, and how they impact assessments and appeals. Program participants will learn the definition of “Subsidized Affordable Housing”; how assessment offices determine initial proposed assessments and evaluate appeals of subsidized affordable properties; what are the available subsidies and incentive programs for subsidized affordable housing; and how the subsidies and incentives impact assessed values
Cases of note in your jurisdictions 2024
No full textOutline, summary, and discussion of twenty-three recent and significant decisions in real property taxation cases. They have been collected from nine state trial and reviewing courts, specialized tax courts or tribunals, and boards of tax appeals or equalization. The cases are divided into the following four categories: Procedural, Procedural and Substantive, Substantive, Exemptions and Preferential Status. The decisions come from Arizona, Illinois, Michigan, Minnesota, New Jersey, Oregon, Texas, Tennessee, and Washingto
Evolution of regional malls: Repurposing of anchor department stores and malls
No full textThe history of regional malls and anchor department stores began with the opening of the two-level, fully enclosed Southdale Mall in Edina, Minnesota in1956. The subsequent long-term growth of the mall concept was driven by post-World War II suburban developments that drew population from the inner cities. Eventually, the mall and department store markets became overbuilt. In the 1990s, mall and department stores struggled due to competition from the emergence of on-line sales. Competition also came from single-tenant, big-box discount stores, like Walmart, Kohl’s, and Target, among others, and neighborhood and community open-air strip centers. As the number of malls and traditional anchor department stores declined, redevelopment scenarios grew in numbers and include total or partial demolition of the mall’s improvements, reuse of the land for other uses, and/or reuse of vacant anchor space. Pricing methodology research for obsolete malls and anchors reveals varied techniques but mostly rely on double-digit capitalization rates. Often assessors avoid the concept of double-digit cap rates and over assess malls. The solution covered in the presentation is detailed comparable sale identification and verification of the important characteristics of the comparables to effectively compare to the subject property to arrive at a fair market-based assessment. I. History of Mall Development • The birth of the mall – 1950s • Post-World War II suburbia • Expansion and popularity – 1960s • Diversification and specialization – 1970s • The Golden Age – 1980s • Saturation and decline – 1990s • Struggle and adaptation – 2000s II. Redevelopment scenarios • Total demolition of inline mall stores and department store anchors and new development types • Partial demolition and new development types • Demolition and/or reuse of vacant anchor department stores only III. Examples of varied new uses for obsolete department stores and malls IV. Pricing methodology for obsolete department stores and malls • Including interview comments from market buyers and redevelopers regarding zoning issues, government/community reception(s), other issues • Summary of market cap rates • Potential disconnects in ignoring structural changes in reuse construction in the estimate of market values and assessed values V. Future expectation
Anticipating the Biggest Changes in the Future for the Property Assessment Industry (Thought Leader Session)
No full textThe property assessment industry plays a vital role in determining the value of real estate, providing crucial information for various stakeholders, including homeowners, investors, and local governments & taxing authorities. It is evident that the industry will continue to undergo significant transformations due to technological advancements & evolving stakeholder expectations. Technological advancements are and will continue to revolutionize the property assessment industry, enhancing accuracy, efficiency, and transparency. Artificial intelligence (AI), machine learning (ML), use of Geographic Information Systems (GIS) analysis, and big data will enable assessors to process quickly, and precisely update, vast amounts of information. Advanced algorithms will automate the assessment process, and emerging technologies like virtual reality (VR) and augmented reality (AR) could enable assessors to conduct property inspections remotely, saving time and resources. As industry leaders, we need to explore and embrace the potential of using less but more accurate data, enabling a more just and equitable approach to valuations. Using less data in a productive (fair & equitable) way, can be more advantageous to using a lot of data in an unproductive (unfair & inequitable) way.
There’s a shift towards automated valuation models (AVMs) and dynamic valuation.
The rise of technology has greatly facilitated the adoption of dynamic valuation in property assessment. Big data analytics, machine learning, and artificial intelligence algorithms play a crucial role in processing vast amounts of real-time data, extracting valuable insights, and generating accurate property valuations.
(Thought Leader Session. Not eligible for CEUs.
Racial and social equity in assessments
No full textThis session presents common problems in the assessment bias discussion and decribes how to correctly define bias, conduct truly meaningful analysis to determine the nature and extent of bias and take corrective action to remediate any bias that is uncovered
The NC seamless parcels program: Creating a statewide layer
No full textExperts discuss the urgent need for standardized national parcel numbering and standardizing jurisdictional assessment data across an entire state
Use of geospatial data and data analytics to overcome mass appraisal challenges in a fast-changing world – Hong Kong experience
No full textThroughout the years, the Rating and Valuation Department (“RVD”) has proactively developed advanced information technology systems for managing and analysing property and rental information, and adopted mass appraisal of properties extensively for ensuring the successful completion of the annual revaluation exercise covering over 2.9 million rating assessments in Hong Kong, China. The presentation highlights the latest developments of the integrated property data management system with GIS application in RVD and the use of enriched datasets from various sources, for providing robust spatial analysis capability and map-based visual outputs to enhance the quality of mass appraisal and facilitate timely completion of the annual revaluation within a very tight time frame
Assessment organizations as property experts: Research, insights and engagement at Ontario’s MPAC
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. It is MPAC’s view that the data that assessment organizations work with every day has relevance for areas including housing, land use, growth management, environmental issues, rural planning, demographics, employment, and more, and could significantly contribute to public education, policymaking and business planning, with the appropriate resources in place. This presentation will provide an overview of how MPAC identified an opportunity for organizational growth, the vision and approach to the creation of the Research, Insights and Engagement division, initial research findings, and the work to come