Valuation Office Agency (Mass Appraisal Tool)

Summary of Submission

A ground-breaking in-house, cross-profession collaboration of valuers and analysts has produced a world-leading, innovative statistical model, harnessing the power of mass appraisal to revalue 1.5 million domestic properties in Wales.
 
The Automated Valuation Model is a sophisticated statistical model with considers information about a property and location to provide a baseline valuation for Council Tax. From this baseline, the VOA can better target professional review of the model’s outputs, identifying any outliers, and feed these back into the model to improve its accuracy.
 
It brings significant reductions in cost and timescales for the Valuation Office Agency (VOA) and benefits customers through greater consistency of valuations.