Start Date
5-12-2024 10:15 AM
End Date
5-12-2024 11:15 AM
Description
In 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.
Publication Date
December 2024
Recommended Citation
Jarvis, Will, "Enhancing Property Valuation Accuracy with Ensemble Modeling Techniques" (2024). International Research Symposium. 11.
https://researchexchange.iaao.org/irs/irs24/sessions/11
Enhancing Property Valuation Accuracy with Ensemble Modeling Techniques
In 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.
