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Assessment Matters by Valuebase.ai
By Will JarvisTechnology
Assessment Matters by Valuebase.ai episodes
- 34: Pat Alesandrini – Small Jurisdictions, Dark Store Theory, and Technology in Assessment
In this episode, we're joined by Pat Alesandrini, Past-President of IAAO and Chief Deputy Property Appraiser in Hillsborough County, Florida. We talk about the growth and usage of artificial intelligence and machine learning, small jurisdictions and “dark store theory”, as well as other new trends in the assessment industry.
We cover:
Introduction to Assessment Matters podcast 00:00
Pat’s bio and big ideas 00:35
Pat’s experience in the building and valuation, economics, and mass appraisal, and more
Combining Artificial Intelligence (AI) and Machine Learning (ML) with geospatial analytics, expansion of IAAO internationally, and difficulties of smaller assessment offices
AI and ML, Chat GPT, LLM — what are the big opportunities, especially in assessment, in the next 5-10 years? 3:52
“The sky's the limit” — automating mundane and repetitive work
Being cognizant of data quality and effect on software
Important for people who don’t use it to see that it’s not magic, but rather a tool
Pushing IAAO to set up standards for AI usage
Struggles of smaller jurisdictions 12:18
Tend to be understaffed and underpaid
Lack good training and good data
Low market activity and small catchment areas
“Dark store” theory 18:53
How deed restrictions are used by commercial property owners to lower commercial property assessments across the board
Factors assessors must be cognizant of when determining market value
How it started, established legal precedent, and relevant legislation
Advice for newcomers 25:18
Education — classes, training programs
Experience — learn on the job
Exposure — finding out more about various other different industries, property uses, etc.
How to contact Pat 31:04
Phone: +1 (309) 453-6684
Email: [email protected]
33 min - 33: Alex Alsup – Land Parcel Data with Regrid
In this episode, we're joined by Alex Alsup, Vice President of Research & Development at Regrid. We talk about the Detroit foreclosure crisis, Regrid’s work in collecting land parcel data, as well as transparency and accessibility in assessment.
We cover:
Introduction to Assessment Matters podcast 00:00
Alex’s bio and big ideas 00:35
Alex’s experience in parcel mapping, data collection, and tackling the Detroit property tax foreclosure crisis
How does land use and land taxation make housing so unaffordable in the US?
What caused the Detroit property tax foreclosure crisis? 5:13
Lack of consistent reassessment
Difficult to navigate bureaucratic poverty relief programs
Differences in homeowner vs renter experiences
Perverse incentives featuring speculative and delinquent landlords
What does the process look like to collect parcel data? 8:44
Maximizing freshness, coverage, and depth of parcel data
Incremental progress over a decade with regular updates
Data sources
What Regrid did differently from past parcel data collection 12:01
Specific focus on parcel boundaries and shapes
Broadening access to historically obscure and idiosyncratic knowledge
Current R&D projects and interests: the Detroit Assessment Gauge 13:31
comparing assessed values to US Census tract
Helping improve transparency and public trust
Providing the public with the technical language for assessments
How to see more of Regrid 17:42
Regrid's website
Promoting data access via Data With Purpose:
20 min - 32: Daryl Fairweather – Property Taxes, Housing Affordability, and the American Housing Market
In this episode, we're joined by Daryl Fairweather, Chief Economist at Redfin. We talk about the importance of property/land taxation, the current state of the American housing market, as well as necessary reforms for housing abundance and affordability.
We cover:
Introduction to Assessment Matters podcast 00:00
Daryl’s bio and big ideas 00:35
Daryl’s experience in behavioral and housing/land economics
How does land use and land taxation make housing so unaffordable in the US?
How does property tax policy affect housing? 1:52
Taxes matter a lot, especially in states such as California
Restrictive zoning and Prop 13 (property tax caps) make housing less affordable
Development is penalized by property taxation that includes improvements
Same flaws with zoning and property tax regimes observed all over the US
The state of the US housing market 5:24
Housing shortage and affordability crisis started well before the COVID-19 pandemic
Interest (and mortgage) rates plus pandemic migration patterns
Regional variations in the US
Is it a good time to buy a home?
What are the changes needed to make housing more affordable? 10:36
Eliminate single-unit and other restrictive zoning
Land value tax policy
Get ahead of the issue in states that are not as far gone as places like California
How to contact Daryl 12:12
Substack: https://hatethegame.substack.com/
Twitter: https://twitter.com/FairweatherPhD
14 min - 31: Marco Kuijper - Overseeing Property Assessment in the Netherlands
In this episode, we're joined by Marco Kuijper, Strategy Developer at The Netherlands Council for Real Estate Assessment. We talk about the role of oversight agencies in Netherlands property taxation, the growth of AI, as well as new trends in the assessment field.
We cover:
Introduction to Assessment Matters podcast 00:00
Marco’s bio and big ideas 00:35
Marco’s background in auditing and assessment oversight
What will AI do to the assessment industry?
Will taxpayers trust the results of AI valuation models?
What effect will AI have on the industry in the short term? 3:00
The Dutch property tax, assessment, and appeals system
More AI model usage for evaluations
AI used both by taxpayers for appeals, as well as by municipalities in response
Collecting geographic data with AI 4:39
Detecting houses and maintenance level from imagery
LLM: useful for back office tasks
Modeling in the Netherlands 5:59
Some use AVM, others use clustering techniques (comparatively old-fashioned)
Gradual move towards machine models is expected — AI already exists in other parts of daily life
Tolerance studies of the oversight agency 8:02
Same ranges used as the IAAO Standard on Ratio Studies (COD/PRD 10-15%)
Agency practice — not a part of legal standard
Comply/explain principle
Decentralized system — more education needed from the top
Netherland property taxation in the next ten years 10:31
Shifting more towards municipal taxation
Land Value Tax proposed — good in theory, but must overcome various practical challenges and constraints
Advice to newcomers 13:04
Be adaptable to change
Learn best practices from other countries and jurisdictions
How to contact Marco 14:50
16 min - 30: Paul Sanderson - Optimal Property Taxation and the Land Value Tax
In this episode, we're joined by Paul Sanderson, President of the International Property Tax Institute (IPTI). We talk about optimal property taxation and best practices, theoretical vs practical challenges in taxation and assessment, as well as the famous Land Value Tax.
We cover:
Introduction to Assessment Matters podcast 00:00
Paul’s bio and big ideas 00:35
Paul’s background in assessment and valuation
What is IPTI? 2:05
Not-for-profit organization providing of advice, guidance, and training for everything property tax
Completely and strictly impartial
Meeting the education and advisory needs of a wide variety of stakeholders
Fundamental characteristics of a good property tax system 4:12
Key principles: Simplicity, Fairness, Consistency, Transparency
Most property tax systems are unnecessarily complicated
Second-order effects on compliance, media coverage, etc.
Ideal systems vs real-world challenges 10:45
Ideal world: getting rid of exemptions, abatements, appeals
Reality: various constituencies and special interests with exemptions and other favored tax treatments opposing ending said subsidies
Systems become more complex, opaque, and unfair
More on optimal property taxation: the Land Value Tax 16:53
Relevant literature: “Progress & Poverty” by Henry George
Economic case: minimizes distortions and development biases
Principle case: the value is generated not by the landowner but rather by society
“(Straightforward) land value tax” versus “land value capture”
Practical issues of valuation and assessment — determining “unimproved” land value in already highly improved/developed areas
Example: the strengths and limits of Australia’s state land tax
Property tax systems around the world 25:58
IPTI-COST Scorecard
Many different relevant metrics for comparison, based on key principles
https://www.ipti.org/press-release-ipti-cost-scorecard
Finding more about IPTI 28:51
https://www.ipti.org
31 min - 29: Kevin Prine - Recruiting the Next Generation of Assessors in Suffolk, Virginia
In this episode, we're joined by Kevin Prine, Deputy City Assessor in Suffolk, Virginia. We talk about valuation methodology in Suffolk, recruiting new talent, as well as other new trends in the assessment field.
We cover:
Introduction to Assessment Matters podcast 00:00
Kevin’s background and big ideas 00:35
Matt’s experience in fee appraisal and assessment
Recruiting a new wave of appraisers and assessors
Transitioning from the private to the public sector 2:05
Drastic similarities vs drastic differences
Be open-minded, flexible, and willing to learn
IAAO courses are useful
Valuation methodology in Suffolk 4:23
Adjustments based on sales, including using regional data
Residential vs commercial
Kevin’s career progression 5:55
Getting more people interested in assessment 7:19
The current wave of widespread retiring, and the potential loss of knowledge
Being more involved in recruitment at colleges/universities
Better job of promotion and advertisement — best done by actual assessors
Beyond the retirement wave — big trends in the field 9:57
Rapid evolution of technology
The fee appraisal industry vs the rise of AVM
Advice for newcomers 12:12
Be willing to step out of your comfort zone
Network as much as possible
How to reach Kevin 13:42
Office line: +1 (757) 514-7498
15 min - 28: Matt Woolford - Data Standardization and Assessment Practices in Michigan
In this episode, we're joined by Matt Woolford, Equalization Director at the Allegan County Government in Michigan. We talk about data standardization and assessment practices in Michigan, “Zillowification”, and new trends in the assessment field.
We cover:
Introduction to Assessment Matters podcast 00:00
Matt’s background and big ideas 00:23
Matt’s experience in government, equalization and assessment
Allegan County: a growing agricultural community
Proposition A (1995) in Michigan 2:53
Standardizing data in CAMA systems across Michigan county governments 5:15
“Zillow Talk” and Zestimates: how AI and other data-driven innovations are changing the industry
Ensuring methods of data collection and analysis are authoritative and credible
State has recommended standards — needs more adoption
Valuation methodology in Michigan 8:31
Establishing “true cash value”
Cost, income (best-use), and sales-comparison approaches all used
Cost approach challenges: lack of comprehensive data
Land valuation: vacant land sales vs abstraction methods
Michigan’s requirements and metrics for equalization assessment 12:41
COD and PRD, vertical and horizontal equity
State audit process once every 5 years
Equity becoming more important in the future with growing geospatial and statistical proficiency among assessors
Advice for newcomers 15:36
Understand the importance of good data
Be aware of emerging technologies
Better data, better models, better skills in the age of “Zillowification”
How to reach Matt 17:27
19 min - 27: Christie Wright & Cy Bailey - Assessment and Reappraisal in Vermont
In this episode, we're joined by Field Director Christie Wright and Senior Property Assessor Cy Bailey at the Property Valuation and Review division in the State of Vermont. We talk about Vermont’s assessment and reappraisal processes, getting caught up on best practices, as well as other new trends in the assessment field:
We cover:
Introduction to Assessment Matters podcast 00:00
Background and big ideas 00:23
Christie and Cy’s backgrounds in property evaluation and assessment, data collection, and fee appraisal
Core duties of the oversight agency in Vermont 2:01
Administering split tax codes
Guiding and overseeing elected listors (assessors)
Setting parameters and ensuring compliance
Equalization tolerance
Getting newcomers up to speed 5:34
Not a quick fix — three years minimum for proficiency
Evaluation methodology 7:06
Sales vs market-adjusted costs
What is the most difficult thing to teach? 8:15
Technology and equity metrics
Market swings since COVID-19 10:22
Technology and assessment in Vermont 11:04
Labor-saving inspection technology (e.g. EagleView, Pictometry)
Landscape-specific challenges (e.g. foliage)
Getting caught up on GIS and mapping
Education and training opportunities for assessors in Vermont 14:55
Advisors for direct contact
Grant money to pay tuition and expenses for classes and certification (e.g. from IAAO)
What does Vermont do well? 17:21
User-friendly appeals process
New trends and changes in Vermont 20:12
Legislative changes: Act 68
More consistent assessment and reappraisal
Advice for newcomers 22:48
Learning by doing: being involved in the beginning to the end of a full reappraisal process
How to reach Christie and Cy
26 min - 26: James Aros Jr. - Careers and Assessments in Philadelphia
In this episode, we're joined by Chief Assessment Officer James Aros Jr. from the Philadelphia Office of Property Assessment to talk about Philadelphia’s valuation methodology, technological advancements, as well as making one’s career in the assessment industry.
We cover:
Introduction to Assessment Matters podcast 00:00
James’ background in real estate and assessment 00:35
How has the industry changed over the past two decades? 1:38
Modernization via technology
Assessment becoming less of an “accidental profession”
Selecting talent 4:34
The right candidate can be molded and trained
COVID-era real estate values and market movements 6:33
Post-COVID normalization
Philadelphia’s valuation methodology 8:44
Sales vs income vs cost
Residential vs commercial models
Determining land values for cost approaches 10:12
Difficulties in areas with sporadic and irregular sales (and therefore data)
The industry’s direction in the next ten years 11:19
Uncertainties regarding Machine Learning and AI
Leveraging the power of technological advancement
More frequent assessments
Advice for newcomers 12:58
Take—or make—every chance to learn as much as possible
16 min - 25: Daniel Anderson - Mobile Assessor and the Power of Technology
In this episode, we're joined by Daniel Anderson, Founder and Principal Owner of Data Cloud Solutions, a Woolpert Company. We talk about flagship product Mobile Assessor, the power of productivity-enhancing technology, as well as other new trends in the assessment field.
We cover:
Introduction to Assessment Matters podcast 00:00
Daniel’s background in assessment and computer science 00:35
The invention of Mobile Assessor and its later wider adoption
How technology such as the iPad changed the industry
Traveling a lot for work while growing a software company
Flagship product: Mobile Assessor 6:25
A synchronization service that can attach to any database
Increasing productivity by increasing efficiency of data entry
Route optimization — solving the “traveling salesman problem”
Being able to adjust to dynamic conditions and changing priorities
Machine Learning (ML) and AI — the next step? 13:04
Extracting information from imagery to better utilize assessor time
Recent growth in research and technology in ML and AI
Error recognition vs change detection
Advice to newcomers 17:04
Being open to change in both technology and operating procedure
Supporting open data standards to support innovation and competition
How to reach Daniel 19:55
https://woolpert.com/products/dcs-a-woolpert-company/
22 min
About Assessment Matters by Valuebase.ai
From the publisher's feed
Assessment Matters presented by Valuebase is a weekly show that delves into the world of real estate valuation and property assessment. Our expert guests share their insights on the latest trends and…
techniques in the field, and offer practical advice for professionals in the industry. Whether you're a seasoned appraiser or new to the field, you'll find valuable information and inspiration. From understanding mass appraisal methodologies to staying up-to-date on the latest technology, our podcast is a must-listen for anyone interested in the world of real estate valuation.