IAAO Research Exchange
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Implementing an AVM at a Large Scale on a Banded System in the UK
No full textThis is a session on implementing an AVM for the valuation and banding of circa 1.5 million properties in the UK. We will look at the analytical work carried out to develop and deliver the model valuations, the hurdles we faced during the valuation phase together with the valuation tools we developed
Enhancing Property Valuation Accuracy with Ensemble Modeling Techniques
No full textIn the realm of property valuation for taxation purposes, precision, fairness and equity are paramount. This presentation explores the application of ensemble modeling techniques to enhance the accuracy and robustness of property appraisals. Ensemble models, which combine multiple machine learning algorithms to improve predictive performance, offer a powerful approach to address the inherent challenges in mass appraisal processes. The presentation will delve into various ensemble modeling methods illustrating their effectiveness in refining property value estimates. By leveraging diverse algorithms and datasets, these techniques mitigate individual model biases and enhance overall prediction accuracy, fairness and equity. The presentation will include case studies and empirical results demonstrating the tangible benefits of ensemble modeling in real-world mass appraisal scenarios. Attendees will gain insights into the implementation strategies, potential pitfalls, and best practices for integrating ensemble models into existing appraisal frameworks. This session aims to provide property tax professionals with cutting-edge tools and methodologies to elevate the precision and fairness of property valuations, ultimately contributing to more equitable tax assessments and improved public trust
The Monte Carlo Sampling Technique on Horizontal and Vertical Equity Measures
No full textThis presentation will apply the Monte Carlo Sampling Technique to show how resampling affects the results of the ratio studies when all other variables are held constant. In automated valuation modelling for real estate purposes, it is standard practice to define a hold-out or test sample to prevent model overfitting. This presentation will shed more light on its implications
Revolutionizing Property Assessment with 1-Inch GSD Aerial Imagery
No full textDiscover the transformative power of 1-Inch GSD aerial imagery at our interactive showcase. Experience firsthand how this technology is revolutionizing property assessment in rural and urban areas by helping assessors go from guessing details in imagery to confidently knowing details in imagery. This session will bridge the learnings from our Maui County collaboration to demonstrate practical applications in property assessment, ensuring you leave with a robust understanding of this technology’s potential to enhance accuracy and efficiency in your own assessments
Legislative changes: End of the world or opportunity?
No full textRepresentatives from different states will examine how increases in residential real estate values across the country have resulted in large increases in property taxes in specific sectors that result in shifts in the overall tax burden and discusses possible solutions and legislative redress. Then learn about the legislative changes that required the assessment team in Tippecanoe County to adopt an entirely new business process for valuation of one class of property. Learn about the planning, implementation and public information aspects of the project, and the tools that were developed to accomplish the tasks. What could have been a disruptive event pivoted to an opportunity to deliver better service
Using business intelligence software to guide our oversight into the appeal and objection process
No full textThis session explores how to harness the full potential of GIS for visualizing big data, streamlining business processes, and tranforming oversight using dashboards and business intelligence
A comparative analysis between regression modelling and scheme by scheme valuation of residential sectional title properties in the City of Cape Town
No full textIn the past, the City of Cape Town has been valuing its residential sectional title properties on a scheme by scheme basis. Now, as the data gets more complete and more accurate, the City is now exploring the use of regression modelling as an alternative approach. The purpose of this presentation is to highlight the differences between sectional title regression modelling approach and the scheme by scheme valuation approach. The main difference between the two approaches is in how the sales are utilised in each case. This difference also results in differences in the values that are produced. Our experience has taught us that the most important factors of residential sectional title valuation are accuracy and uniformity within the scheme. A methodology that produces accurate values and at the same time maintaining uniformity within the scheme is most preferred
Quantifying the quality of mass appraisal
No full textThis presentation will engage the audiences in a discussion about why and how to measurethe quality of Mass Appraisal quantitatively. Across Canada, jurisdictions rely on indicators such as the Median Assessment to Sales Ratio (Med ASR) and the Coefficient of Dispersion (COD) to assess the quality of property valuations. In some regions, additional metrics like the Price Related Differential (PRD) and the Price Related Bias (PRB) are employed to address equity concerns in assessments. In the Province of Alberta, a comprehensive approach is adopted, considering all of these indices to evaluate the quality of property assessments. Furthermore, the province has introduced a new web-based system that quantifies the quality of property assessments of each municipality and generates results in the form of percentages
Mass Appraisal in a Changing World (Thought Leader Session)
No full textThis IAAO Thought Leadership Panel will explore how mass appraisal professionals can adjust to the new world and use new technologies. The panel of experts from different regions will talk about the challenges and opportunities of mass appraisal in the fourth industrial revolution. They will cover topics like: • How big data, artificial intelligence, and machine learning affect mass appraisal methods, models, and standards. • How mass appraisal can help smart cities, sustainable development, and social equity. • What skills and competencies mass appraisal professionals need to succeed in the new environment. • What ethical and legal issues arise from using new technologies for mass appraisal.
The session will be lively and interactive, with chances for the audience to ask questions and join the discussion.
(Thought Leader Session. Not eligible for CEUs.