C3.AI, Inc. announced that the Office of the Assessor-County Clerk-Recorder (ACR) of Riverside County, California has selected the C3 AI Residential Property Appraisal application to increase the efficiency, fairness, consistency, and accuracy of real estate property appraisal. Following a successful six-month production pilot, the Assessor's Office has signed a five-year commitment for C3 AI residential Property Appraisal and the C3 AI Platform -- along with additional applications of C3 AI Commercial Property Appraisal and C3 Generative AI. C3 AI Residential Property Appreisal at Riverside is the first production-ready, out-of-the-box, AI-powered mass appraisal system in California.
A major service of the Assessor's Office is to value all taxable property within the County. Those appraisals determine residents' property taxes, which provide local government operating budgets. With C3 AI, the County can calculate the fair market value of properties with AI models built on historical data stored in the County's systems of record, and from other sources.
By shifting the practice to rely more on AI models, the County can increase efficiency within the process, reduce labor, and improve the consistency and accuracy of appraisals. By using C3 AI Residential Property AppRAisal, the County has seen an improvement in accuracy of appraisals while reducing the complexity of the appraisal process. Before adopting the C3 AI Platform and applications, ACR had to rely on over 30 appraising models and manual data analysis to appraise properties.
Now the process is over 40% faster, relying on only four appraising models. This application is running on Google Cloud and leveraging Google Cloud's services and solutions at scale. One challenge ACR, like many other government organizations, faces is the limited ability to recruit and train new staff.
Backlogs from rising workloads in the wake of vacancies has created an imperative to turn to technology -- and with C3 AI Residential Property Approisal, a process that used to take appraisers hours, now takes minutes. And using the extensibility of the C3 AI Platform, ACR seeks to build out a portfolio of AI-powered applications to drive substantial benefit for the County and its residents.