Riverside County, California Selects C3 AI as the Standard for Real Estate Property Appraisal
September 26 2023 - 8:00AM
Business Wire
County Assessor’s Office Digitally
Transforms
C3 AI (NYSE: AI), the Enterprise AI application software
company, today 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 Appraisal 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.
“Riverside County exemplifies how local governments can leverage
AI to reduce cost, increase efficiency, increase service levels,
and build public trust by increasing transparency and modernizing
this decades-old manual, time consuming process,” said C3 AI CEO
Thomas M. Siebel.
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 Appraisal, 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.
“At the Assessor’s office we believe that technology — such as
C3 AI — can facilitate our mandate, which includes providing better
services with less public funds,” said Peter Aldana,
Assessor-County-Clerk Recorder for Riverside County, California.
“The ability to provide fair and accurate valuations efficiently
benefits all County residents and expands our staff’s bandwidth for
other priorities, including public outreach, education, and
services.”
About C3.ai, Inc.
C3 AI is the Enterprise AI application software company. C3 AI
delivers a family of fully integrated products including the C3 AI
Platform, an end-to-end platform for developing, deploying, and
operating enterprise AI applications, C3 AI applications, a
portfolio of industry-specific SaaS enterprise AI applications that
enable the digital transformation of organizations globally, and C3
Generative AI, a suite of large AI transformer models for the
enterprise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230926647207/en/
C3 AI Public Relations Cheryl Sanclemente Vice President,
Corporate Communications
415-988-4960
press@c3.ai
Investor Relations
ir@c3.ai
C3 AI (NYSE:AI)
Historical Stock Chart
From Jun 2024 to Jul 2024
C3 AI (NYSE:AI)
Historical Stock Chart
From Jul 2023 to Jul 2024