NYC Dept of Finance Evaluating AI Platform for Condo Appraisals

Intended to improve transparency and fairness, New York City’s Department of Finance (DOF) has launched a pilot program to test AI for appraising residential condominiums. The city record notice describes the pilot as a “demonstration project,” which lets companies show the city the merits of their product on a short-term basis. The DOF selected the company C3 AI for its evaluation of information and software. Launched in 2009 the C3 platform’s appraisals come with “an evidence package and sales comparables that explain how the AI property value was generated” according to reported information in a promotional video on the company’s website. Longtime highly criticized and “notoriously byzantine,” the city’s property tax system continually leads to a discord between the city and property owners. Although officials believe it is their tendency to undervalue buildings, owners believe they are assessed higher than true market value, leading organizations such as the Tax Equity Now New York to continue its “length legal battle seeking to upend New York’s overall property tax system.”

Source:    https://www.crainsnewyork.com/real-estate/c3-ai-help-city-calculate-value-residential-condos