We sat down with Ashley W. O’Donald, the Executive Director of the Georgia Association of Assessing Officials, to uncover the hidden intricacies of property tax assessments. With over a decade of experience, Ashley shares invaluable insights that every property owner and assessor should know.
ATTENTION: The New Ratio Study Standard Draft That’s About to Change Property Tax
We’ve got a new ratio study standard coming. Meet Luc Hermans – the data scientist from the Netherlands who’s been working to improve ratio study standards.
This isn’t just academic research. Luc sits on the Netherlands Council of Real Estate Valuation AND is spearheading cutting-edge research at Ulster University. When he speaks, forward-thinking assessors pay attention.
Here's what you'll discover in this essential episode:
• Why the traditional PRD and PRB measures have significant limitations (and the new Vertical Equity Index that addresses them)
• The "regression to the mean" challenge that affects accuracy in high-end and low-end assessments
• How to identify vertical equity issues BEFORE they become costly problems
• The proven approach of "independent value estimates" that leading assessment offices are adopting
This is your opportunity to understand these changes before they become industry standard – and while you can still provide input on the final version.
Your next step is clear:
Listen to Episode 56 TODAY. Get the insights you need while there's still time to stay ahead of these important industry developments.
Because when these new standards roll out, you'll want to be prepared, not playing catch-up.
We cover:
Introduction and Guest Background 0:01
Importance of Ratio Study Standards 1:47
Changes in the New Ratio Study Standard 5:28
Mechanics of the Vertical Equity Index (VEI) 11:25
Challenges and Importance of Vertical Equity 21:09
Market Value Proxy and Independent Value Estimates 22:15
Public Review and Future of the Standard 29:30
Conclusion and Contact Information 31:37
In this conversation, Ken Lane discusses his background in AI and software development, particularly focusing on the launch of Valpal Lite, a new tool designed to assist property tax assessors. The discussion covers the evolution of AI in software, the capabilities and limitations of AI tools, and the importance of context in their application. Ken emphasizes the supportive role of AI in the industry and highlights the features of Valpal Lite, which aims to enhance efficiency in property tax assessment.takeaways
Sound BitesChapters00:00Introduction to Ken Lane and Valpal02:59The Evolution of AI in Software Development06:02Valpal Lite: A New Tool for Property Tax Assessment08:53Understanding AI Capabilities and Limitations12:01The Importance of Context in AI Applications14:57Features of Valpal Lite and Future Developments
In this episode, Peadar Davis, a geographer and chartered surveyor, discusses the pros and cons of point value systems versus banded systems in property taxation. He emphasizes the importance of strong administrative capabilities and modern technology in developing countries to implement effective property tax systems. Davis highlighted the need for clear communication and enforcement to build public trust and ensure revenue collection. He also noted the challenges of aging expertise and the role of data science in bridging the gap. Davis suggested resources like the Lincoln Institute and the World Bank for further learning on property tax policies.
We cover:
Introduction and Background of Peadar Davis 0:01
Point Value System vs. Banded System 4:14
Challenges in Developing Countries 14:02
Competence Crisis and Technological Advancements 14:57
Policy Guidance for Property Taxes 18:37
Infrastructure and Property Taxes 24:05
Enforcement and Communication 31:07
Resources and Recommendations 35:11
Conclusion and Final Thoughts 36:53
The podcast explores the world of mass appraisal, offering insights and expert perspectives on the latest trends and developments in the field. Will Jarvis discusses the role of AI-powered automated valuation models in transforming property assessments. The episode delves into the benefits and challenges of large language models (LLMs), highlighting their potential to enhance efficiency in knowledge work. Will emphasizes the importance of prompt engineering and the need for context when interacting with LLMs. The episode also introduces ValPal, a tool developed by ValueBase to assist in property assessments using AI.
In this episode, Bobby Upchurch, with 22 years of experience as PVA of Wayne County, discusses the county's real estate market, driven by lake properties and attracting buyers from various states. He highlights the challenges of rising real estate values and the impact of social media on public behavior. Bobby explains the property tax system, including assessments, appeals, and tax bill issuance. He notes the increase in median sale prices from $60,000 to $130,000 over five years and advises new PVAs to stay positive amid market fluctuations.
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In this episode, Ron Dean, Muscogee County Assessor, discusses his role and responsibilities, including overseeing the valuation of 49,000 real properties and all business personal property in a county of 69,000 residents. His team of 14 conducts visual inspections every four years on 13,000 parcels annually, with additional inspections for changes or deed transfers. They aim to reflect market values by February and mail notices to property owners. Dean emphasizes the importance of accurate valuation methods, such as sales data for residential properties and cost approaches for commercial properties. He also highlights the challenges of business personal property reporting and the benefits of early tax statement mailing, which Muscogee County has achieved for the past six years.
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In this episode, Joe McClour, the assessor of Atoka County since 2018, discusses his transition from GIS mapping to the assessor's office, highlighting challenges like retraining a new staff and adapting to software changes. He emphasizes the importance of hiring smart, team-oriented individuals and the necessity of careful hiring to minimize retraining and firing. McClour detailed the evolution of digital mapping in his office, noting a significant increase in public demand for accessible property data. He also addressed the impact of new developments, such as a $35 million crypto mining facility, on local tax rolls. Additionally, McClour expressed a passion for helping disabled veterans and the need for more affordable housing.
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In this episode, Mike Twitty, a former commercial appraiser, discusses his transition to becoming a Property Appraiser in Florida, emphasizing the importance of leveraging technology for efficiency. His county, the second smallest in land mass but sixth in population density, faces unique challenges, including high property density and diverse development. Twitty highlights the impact of new condominium inspection laws and the need for transparency in flood insurance policies. He also addresses the challenges of recruiting and retaining staff post-COVID, noting a 6% turnover rate after salary adjustments. Twitty advocates for appraisers to consider public office for broader community impact.
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In this episode, Louis Fitz Morris, Assessor of St. Tammany Parish, and Michael McNeil, Technology Director, discuss the impact of COVID-19 on remote work, the importance of data quality, and the adoption of AI and GIS technology. They highlight the creation of a digital map of the parish, which includes 135,000 parcels, and the challenges of retaining institutional knowledge. They also address the stable property market despite high interest rates and the need for affordable housing. The conversation emphasizes the value of a supportive work environment and continuous education for employee retention.
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In this episode, John Smith, Deputy Chief Appraiser in Hall County, Georgia, discusses his journey into the appraisal industry, starting in 2014, and his passion for technology, particularly Power BI for analytics and dashboard creation. He highlights the cyclical nature of the real estate market, noting a recent recovery post-pandemic. John's jurisdiction, mainly residential, has 84,000 parcels, with 73,000 being residential. He emphasizes the importance of technology, customer service, and effective communication in the appraisal field. Recruiting challenges are mentioned, with a focus on competing with the private sector for talent.
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In this episode, Jeff Prang, Los Angeles County Assessor, discusses his role and initiatives since 2014. He highlights the department's large scale, with 1,400 employees and a $250 million budget, and the challenges of recruiting and retaining staff, especially with the impact of COVID-19. Prang details new recruitment strategies, including partnerships with community colleges to train appraisers and other staff. He also emphasizes the importance of technology, mentioning a $120 million investment in a new Oracle system to replace outdated mainframe technology. Prang also discusses the impact of Proposition 13 and Proposition 19 on property taxation and equity issues, particularly in African American and Latino communities.
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In this episode, Stephen White, Director of Cobb County Board of Assessors, discusses the evolution of technology in property tax assessment over 25 years. He highlights the shift to remote work, which has increased productivity by 50%. Stephen emphasizes the use of tablets and AI for fieldwork, reducing time-consuming tasks from weeks to hours. He addresses safety concerns, noting an increase in anti-government sentiments leading to threats against assessors. White also discusses leveraging AI for valuation estimates, condition assessment from MLS photos, and policy lookup. He stresses the importance of public speaking, humility, and prompt customer service in management.
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In this episode, Stewart Oliver, Chief Appraiser of Gwinnett County since January 2017, discusses his career transition from private appraisal to public service. He emphasizes the importance of data-driven decision-making and the challenges of managing a large county with extensive data. Stewart highlights the rise of tax representatives and the need for public education. He stresses the significance of delegation and triage in prioritizing tasks, especially with a high volume of appeals (19,000-21,000 annually). He also notes the evolution of technology, including smart systems and change detection, to enhance efficiency and accuracy in appraisal and assessment administration.
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In this episode, Corey Gillenwater, interim chief appraiser at Chatham County, discusses his transition from IT to appraisal, emphasizing the importance of technology in enhancing efficiency. He highlights the office's strong culture, customer service, and the challenges of recruiting and retaining staff. Gillenwater details the shift to mobile technology during COVID-19, implementing Woolpert Mobile Assessor to improve field operations. He also addresses knowledge transfer issues, stressing the need for internal training and teamwork. The conversation covers the importance of public education, the role of large language models in customer service, and the necessity of understanding market areas and property valuation processes.
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In this episode, Roderick Conley, Chief Appraiser for Fulton County, discusses his career transition from real estate to assessment, emphasizing the importance of education and networking. He highlights his roles in DeKalb, Chatham, and Fulton Counties, managing up to 370,000 parcels. Conley addresses staffing challenges, particularly parking costs and remote work logistics. He notes the impact of COVID-19 on remote management and productivity. Conley also discusses the use of market-adjusted costs and the benefits of aerial imagery for assessments. He mentions upcoming legislative changes and emphasizes the importance of continuous education and networking for assessors.
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In this episode, James Werner, a GIS specialist and assessor, discusses his journey from fine arts to real estate and assessment work. He highlights his role in implementing GIS in Cook County, Indiana, and the challenges of working with large datasets. Werner emphasizes the importance of operational efficiency, automation, and data collection. He shares his experience with creating GIS maps for various projects, such as gentrification studies and small rentals. Werner advises newcomers to the field to gain hands-on experience, be open to learning, and not shy away from playing around with technology. He can be reached via Cook County's District Two website or LinkedIn.
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In this episode, Jake Parkinson, former assessor of Tooele, Utah, discusses his career transition from fee appraisal to mass appraisal, highlighting the challenges of running for elected assessor positions. He compares the pros and cons of elected versus appointed assessors, emphasizing the independence of elected officials but the difficulty of raising funds and public support. Parkinson details the shift from market-adjusted cost models to market-based models, noting the benefits of improved equity and reduced subjectivity. He also addresses the challenges of retaining talent in the assessing industry and offers advice for new assessors, advocating for collaboration and continuous learning.
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In this episode, we're joined by Kyle O’Hehir, Co-Founder and CTO of Constitution Lending, to talk about the distressed real estate credit market.
We cover:
Introduction to Assessment Matters podcast 00:00
Kyle’s background in finance and real estate 00:40
From commodities trading at a hedge fund to real estate assets
The distressed real estate credit market 3:13
Buying out debt from other lenders
Pursuing debt repayment to secure the real estate collateral
The post-COVID commercial real estate market 10:00
Increased opportunity in the distressed debt market
Influence from debt capital markets
Macro-level concerns: the impending debt “maturity wall” 13:52
Pre- vs post-COVID: the rise of non-bank lenders
Bank lenders have flexibility that non-bank lenders do not
How does this influence behavior around upcoming maturities?
Good vs bad distressed debt deals 20:53
Preliminary screens: quality of underwriting and default rate
Subsequent modeling
Evaluating real estate value as part of due diligence 24:44
Kyle’s most memorable deal 27:44
How to reach Kyle 35:28
@financeguy725 on Twitter
Other podcast appearances
In this episode of the "Assessment Matters" podcast, host William Jarvis sits down with Doug, a seasoned county appraiser with over 35 years of experience. Doug shares his insights on the evolution of the GAAO summer conference, the challenges and strategies of property valuation and appeals in a small county, the importance of empathy and customer service in the assessment profession, and the future trends in real estate and technology integration. The conversation provides valuable perspectives for both new and experienced professionals in the property assessment field. Notes:
Covers Doug's extensive career journey, working in various counties and roles within the assessor's office
Highlights Doug's approach to dealing with property owners during revaluations, emphasizing the importance of empathy and clear communication
Discusses the potential issues with inflated tax estimate notices and the need to encourage reasonable appeals
Explores the impact of remote work and technology on the real estate market and assessment practices
Provides career advice for new office workers, encouraging dedication and a commitment to serving the community
Touches on Doug's ideas for leveraging technology, such as integrating Google Street View and capturing realtor listing data, to improve assessment processes
