Will AI Replace Appraisers and Assessors of Real Estate?

Compute final estimation of property values, taking into account such factors as depreciation, replacement costs, value comparisons of similar properties, and income potential.

Semi-structured task combining routine and non-routine responsibilities.

Prepare written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.

Semi-structured task combining routine and non-routine responsibilities.

Photograph interiors and exteriors of properties to assist in estimating property value, substantiate findings, and complete appraisal reports.

Semi-structured task combining routine and non-routine responsibilities.

Search public records for transactions such as sales, leases, and assessments.

Routine cognitive or manual task with high vulnerability to automation.

Obtain county land values and sales information about nearby properties to aid in establishment of property values.

Complex problem-solving, strategic leadership, or high-empathy task requiring human judgment.

Maintain familiarity with aspects of local real estate markets.

Semi-structured task combining routine and non-routine responsibilities.

Inspect properties, considering factors such as market value, location, and building or replacement costs to determine appraisal value.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Collect and analyze relevant data to identify real estate market trends.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Review information about transfers of property to ensure its accuracy, checking basic information on buyers, sellers, and sales prices and making corrections as necessary.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Analyze trends in sales prices, construction costs, and rents, to assess property values or determine the accuracy of assessments.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Inspect new construction and major improvements to existing structures to determine values.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Check building codes and zoning bylaws to determine any effects on the properties being appraised.

Semi-structured task combining routine and non-routine responsibilities.

Interview persons familiar with properties and immediate surroundings, such as contractors, home owners, and realtors, to obtain pertinent information.

Semi-structured task combining routine and non-routine responsibilities.

Verify legal descriptions of properties by comparing them to county records.

Routine cognitive or manual task with high vulnerability to automation.

Evaluate land and neighborhoods where properties are situated, considering locations and trends or impending changes that could influence future values.

Complex problem-solving, strategic leadership, or high-empathy task requiring human judgment.

Examine the type and location of nearby services, such as shopping centers, schools, parks, and other neighborhood features, to evaluate their impact on property values.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Examine income records and operating costs of income properties.

Routine cognitive or manual task with high vulnerability to automation.

Estimate building replacement costs, using building valuation manuals and professional cost estimators.

Semi-structured task combining routine and non-routine responsibilities.

Draw land diagrams to be used in appraisal reports to support findings.

Semi-structured task combining routine and non-routine responsibilities.

Conduct regular reviews of property within jurisdictions to determine changes in property due to construction or demolition.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Testify in court as to the value of a piece of real estate property.

Semi-structured task combining routine and non-routine responsibilities.

Identify the ownership of each piece of taxable property.

Semi-structured task combining routine and non-routine responsibilities.

Prepare and maintain current data on each parcel assessed, including maps of boundaries, inventories of land and structures, property characteristics, and any applicable exemptions.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Establish uniform and equitable systems for assessing all classes and kinds of property.

Complex problem-solving, strategic leadership, or high-empathy task requiring human judgment.

Calculate tax bills for properties by multiplying assessed values by jurisdiction tax rates.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Determine taxability of properties, using methods such as field inspection, structural measurement, calculation, sales analysis, market trend studies, and income and expense analysis.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Explain assessed values to property owners and defend appealed assessments at public hearings.

Semi-structured cognitive task involving analysis, inspection, or monitoring.

Explain real and personal property taxes to property owners.

Semi-structured task combining routine and non-routine responsibilities.