AI Property Tax Machine

What about having an AI Property Tax Machine in charge? Benjamin Franklin once said: “Nothing can be said to be certain, except death and taxes.”

Interestingly, Wake County, North Carolina has embraced artificial intelligence and machine learning algorithms to reinvent the property valuation process.

Properties need to be assessed fairly so owners are paying their fair share – not over-assessed, not under-assessed. Government agencies do not have the resources or expertise to rebut property tax appeals fairly. Few possess the intellectual mindset of a property tax appraiser who is mainly accountable to mortgage companies for accuracy.

If Wake County can build a report using AI to significantly assess market value that would be greatly appreciated. With machine learning algorithms providing critical information requested by property appraisal agencies, homeowners and tax assessors, establishing valuations would be easier and more reliable.

Few tax assessors, property tax board of appeals members or judges have adequate training when it comes to establishing market valuations as trained real estate appraiser professionals would.  A factual artificial intelligence model could relieve a lot of stress. It could, if accurately programmed, act in a timely manner and improve transparency.

It might take a while before artificial intelligence plays a more crucial role in the arena of public welfare. Not to be a nay-sayer, but the term “government efficiency” is an oxymoron of sorts (a figure of speech in which apparently contradictory terms appear in conjunction (e.g. clearly confused, definitely maybe, original copy, true myth, weirdly normal)).  If only we could really drain the swamp.

With a 40 to 60 percent chance of having an erroneous assessment, the likelihood of an over-assessment for your home, business or for a client is real. This is a real business. And yes, you can make a boatload of money now and in the future helping others.

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