Notice Details

This Demonstration Project is a six (6) months pilot program for C3 AI Residential Property Appraisal Application for the New York City Department of Finance to explore the use of Artificial Intelligence (AI) for valuing residential condominium properties. DOF will partner with C3 AI, a leading AI company with a unique product offering residential property appraisals through machine learning and based on current sales and market data. This pilot project will investigate the feasibility of using the sales comparison approach for condominiums with more than ten units. This approach is considered a more fair and transparent way to assess properties and yet it has a dependency on recent sales data which is out of DOF’s reach. Using C3 AI's application would enable us to access and analyze recent sales data of comparable properties. The pilot's success could lead to a more efficient, accurate, and thereby increase property tax revenues for homes throughout the counties.