Throughout the previous three installments of this series, we have delved into both primary and non-primary elements of the housing market, examined current valuation levels and techniques, and explored how AI-driven machine learning can boost accuracy in property valuations. In this part, we'll discuss how an inefficient manual or a hybrid automated valuation method can impact an assessment roll.
Property Assessment
Author:
Understanding home assessments is crucial during homeownership, as it
determines the property tax bill. However, the current assessment methods –
both manual and automated – are highly subjective. Can AI revolutionize these
approaches without relying on the assessor’s subjective selection of comps or
the modeler’s highly subjective development of automated valuation models
(AVMs)?
ChatGPT: AI can revolutionize the appraisal and assessment process without relying on current manual or automated valuation models (AVMs). AI algorithms can be used to assess properties more accurately by taking into account a wide range of data points. For instance, AI-powered models could analyze past sales prices for similar homes in the area, assess local market conditions, and even use satellite imagery to determine property features such as square footage...
* To fully explore the rest of the chapter, I recommend obtaining a copy of my book on Amazon. Here are the links:
Kindle version: https://www.amazon.com/dp/B0C7N9CW8J
Paperback version: https://www.amazon.com/dp/B0C7J4X64P
Hardcover version: https://www.amazon.com/dp/B0C7J7D6VH
PDF version (non-Amazon): https://payhip.com/b/7nTyK
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