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ChatGPT and Real Estate Tax Services: Close but No Cigar

Illustration showing ChatGPT on mobile screen

Unless you’ve been living under a rock, and that rock doesn’t have Wi-Fi, it’s been hard to miss the uproar around ChatGPT, the AI-powered chatbot that’s doing everything from passing Ivy League exams to getting an animated Jerry Seinfeld cancelled.

Needless to say, I got curious about what it might have to say about our little corner of the world: real estate tax. So, here’s what I asked it:

“I own a real estate tax assessment appeal company that helps people save money by appealing their real estate tax assessments. Tell me how machine learning will impact my company.”

And here is ChatGPT’s answer – verbatim.

Machine learning has the potential to impact your real estate tax assessment appeal company in a number of ways. Here are a few examples:

Improved accuracy: Machine learning algorithms can analyze vast amounts of data related to property values and tax assessments, allowing your company to more fully and accurately consider all relevant data and factors when determining the value of a property. This could potentially help your company more effectively identify cases where an appeal may be warranted and increase your success rate in appealing tax assessments.

Predictive modeling: Machine learning algorithms can be used to develop predictive models that can help your company forecast future property values and tax assessments. By using predictive modeling, your company could potentially better anticipate future changes in property values and advise clients on whether to appeal their tax assessments.

Automation: Machine learning could also be used to automate certain parts of the tax assessment appeal process. For example, machine learning algorithms could be used to automatically review and evaluate appeals based on data analysis, rather than requiring your team to manually review and evaluate each appeal. This could help streamline the appeals process and reduce the amount of time and resources needed to resolve appeals.

It is important to note that while machine learning has the potential to impact your real estate tax assessment appeal company, these technologies are still in their early stages of development and implementation. It will likely take some time before we see widespread adoption of machine learning in this field.

I have to admit, ChatGPT’s answer is pretty accurate! And it’s reassuring to know that this AI sees the opportunity in our industry EXACTLY the way we patented it when developing the Taxonics operational model. That brings me to the one thing ChatGPT didn’t get right: It’s off on the timing and adoption of machine learning in real estate tax services. How, you say? Well, Taxonics is already two steps ahead – we’ve been using machine learning to provide better and faster tax appeals for the past year!

The moral of the story? ChatGPT is shockingly accurate, but don’t believe everything it says!

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