Home News Agreement signed to explore 3D modelling for property assessment

Agreement signed to explore 3D modelling for property assessment

US: BC Assessment has signed an agreement with Esri Canada to pilot the company’s prototype of Assessment Analyst 3D, which, according to BC Assessment, is the world’s first geospatial 3D assessment analysis solution. This technology allows appraisers to conduct detailed valuations of condominiums, commercial buildings and individual units using 3D geo-processing and analytics from their desktop. “In the Vancouver Sea to Sky assessment region, we have over 120,000 residential strata units. It is challenging to physically inspect this property type for assessment purposes. We hope that the 3D modelling solution will enable us to further enhance the accuracy of our property data and increase our operational efficiencies,” said says Jason Grant, assessor for Vancouver Sea to Sky Region.

“When determining assessed values, BC Assessment appraisers analyse timely real estate sales transactions to find comparable properties. In addition, they consider a property’s unique characteristics such as location, age, condition, size and view. Having a current inventory base is vital to the process. Discrepancies between the assessed value and the sale price of a property can arise, because it is impractical to physically inspect every single unit in a building for inventory verification purposes. Complex 3D models of strata buildings allow appraisers to visually analyze the effects of some key drivers of value, such as view and floor height, on a unit-to-unit basis, without having to leave the office,” said a spokesperson from the corporation. Appraisers can also use this tool to audit and correct data discrepancies, leading to more precise assessments.

Source: Remonline