Anticipating the Biggest Changes in the Future for the Property Assessment Industry (Thought Leader Session)
Presentation Category
THOUGHT LEADER
General Session Description
The 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.)
Location
Room 102
Start Date
8-26-2024 1:30 PM
End Date
8-26-2024 2:30 PM
Anticipating the Biggest Changes in the Future for the Property Assessment Industry (Thought Leader Session)
Room 102
The 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.)
