The Appraisal Blog

In the past I've written about my experience with AI in the appraisal industry.  You can read those posts here and here.  Generally speaking I am not convinced AI will be able to do what appraisers do on a daily basis.  They work okay in areas where all the homes are homogenous, but in older neighborhoods, rural areas, coastal areas, etc.  ... not so much.

But according to this article the County of Riverside's Assessor Department will now be using a product from C3.ai to analyze and assess the counties property values.

A couple thoughts.  1) In California we have Prop 13 which caps your assessed value at the purchase price plus ~1% per year.  So this tool will have little impact on the vast majority of homes.  2) Assessed value is not appraised value.  The assessed value is a part of a calculation that is part of a mass appraisal of the all the dwellings in the area.  So the accuracy and impact of a service like this is to be determined.

But I am watching closely!



https://finance.yahoo.com/news/riverside-county-california-selects-c3-130000348.html?guccounter=1