ABSTRACT

Appraisal judgements for mass appraisal must relate to large groups of properties rather than to single properties. In mass appraisal given the scale of valuations, statistical methods are used to measure accuracy and variations in the assessed values from actual sale prices. Mass appraisal in essence evolved out of the need to provide uniformity and consistency in ad valorem valuations. The chapter outlines some of the main modelling paradigms which are currently used internationally for determining real estate values for property taxation. A rule based expert system is a computerized technique representing human expertise which can emulate and perform the functions of an expert and/or perform tasks which require a certain level of expertise. Artificial intelligence is a sub-field of computer science concerned with the use of computers in tasks that are normally considered to require knowledge, perception, reasoning, learning, understanding and similar cognitive abilities. The chapter also presents an overview of the key concepts discussed in this book.