Predictions and Trends to Watch
By Jim McCathern, VP of Sales & Business Development, Catalis Tax & CAMA
Computer-Assisted Mass Appraisal (CAMA) has transformed the field of property valuation, allowing assessors and appraisers to leverage technology for accurate and efficient ad-valorem property taxation. As technology continues to advance, several predictions and trends are emerging in the CAMA industry that will shape the way properties are valued. In this blog post, we will explore these predictions and trends, theorizing on their potential implications for the industry.
Machine Learning and Artificial Intelligence:
The emergence and integration of machine learning and artificial intelligence (AI) technologies will revolutionize CAMA systems. These technologies can analyze vast amounts of data, identify patterns, and make predictions with greater accuracy than traditional methods. AI algorithms can leverage historical valuation data, incorporating various factors such as location, property characteristics, market trends, and comparable sales to generate more precise and consistent valuations.
Big Data and Data Integration:
The availability of big data will play an increasingly significant role in CAMA. Assessors and property valuation analysts will have access to an extensive range of property-related information, including public records, GIS data, aerial imagery, and social media data. Amalgamating these diverse data sources into CAMA systems will enable the system users to consider a broader set of factors that affect property valuations, leading to more accurate and precise indicated property values.
Automated Valuation Models (AVMs):
AVMs have gained prominence in recent years, and their inclusion in CAMA systems will increase in the future. AVMs use statistical models and algorithms to estimate property values. These models can process large volumes of data quickly and produce valuations without manual intervention. As AVMs become more sophisticated and accurate, they will streamline the mass appraisal process, saving time and reducing costs and inconsistencies for assessors and property appraisers.
Enhanced Geographic Information Systems (GIS):
GIS technology will continue to enhance CAMA systems, providing assessors with powerful tools for spatial analysis. By overlaying property data onto maps, assessors can identify data inconsistencies and spatial patterns, assess the impact of geographical features on property values, and even predict future trends. GIS integration will enable assessors to make more informed decisions based on the spatial context, resulting in an improved valuation process.
Blockchain Technology:
Blockchain, a decentralized and immutable digital ledger, has the potential to augment CAMA systems by enhancing data security and transparency. Property transactions, ownership records, and historical valuations can be securely stored on the blockchain, reducing the risk of fraud and ensuring the integrity of property data. Smart contracts based on blockchain technology can automate property assessment and tax calculations, streamlining the entire valuation process.
Mobile Technology and Field Data Collection:
Mobile technology will play a crucial role in CAMA, enabling assessors to collect data efficiently in the field. Mobile apps and devices equipped with GPS, cameras, laser measuring, and data connectivity will facilitate the capture of property attributes, photographs, and other relevant information. Real-time data synchronization with CAMA systems will eliminate the need for manual data entry, reducing errors and improving data accuracy.
Enhanced Visualization and Reporting:
The future of CAMA will include advancements in data visualization and reporting capabilities. CAMA users will have access to interactive dashboards, 3D modeling, and augmented reality (AR) tools that enable them to visualize property data more effectively. These tools will enhance communication with taxpayers and facilitate the understanding of complex valuation concepts.
Conclusion:
The future of CAMA holds immense potential, with technology driving significant advancements in ad-valorem property taxation. Machine learning, big data integration, AVMs, GIS, blockchain, mobile technology, and enhanced visualization tools will revolutionize the mass appraisal process. As these predictions and trends become reality, assessors and appraisers can expect more accurate valuations, streamlined workflows, and improved decision-making capabilities. Embracing these advancements will be crucial for professionals in the field of CAMA to stay at the forefront of the industry and deliver value to their stakeholders.
Catalis offers a comprehensive suite of CAMA tools leveraging technology to streamline workflows for accurate and efficient ad-valorem property taxation.
Visit catalisgov.com/solutions for a comprehensive list of our government/public sector solutions.
