ChatGPT for Assessment

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"Those who don't adopt AI may eventually find themselves replaced by it" ChatGPT

Overview of AI and Large Language Models (LLM)

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In his 1962 paper "Augmenting Human Intellect: A Conceptual Framework," Doug Engelbart introduced the concept of augmentation. He envisioned a future where everyone would have a personal assistant that possesses infinite patience and knowledge about the individual. This assistant would support and empower individuals in every possible way, aiming for their success. Whether it's addressing confusion, learning new things, understanding difficult concepts, or navigating through various situations like a job review, this assistant would provide guidance and tools to help accomplish tasks. Engelbart believed that such augmentation would significantly increase the chances of achieving success in all aspects of life.

Exploring the Power of AI and Large Language Models (LLMs) in Tax Assessment

In today's rapidly evolving technological landscapeArtificial Intelligence (AI) has emerged as a game-changer across various industries. One specific application of AI that holds immense potential for transforming tax assessment practices is the utilization of Large Language Models (LLMs).

Understanding AI and LLMs

AI, in its essence, involves the emulation of human intelligence in machines to perform tasks that require human-like cognitive abilities. At the forefront of AI advancements are Large Language Models (LLMs). These advanced AI models are designed specifically to comprehend and generate human language with astounding accuracy and precision. Notably, OpenAI's GPT-3.5 is a prominent example of an LLM that has been trained on extensive text data, enabling it to generate contextually relevant responses that resemble human-like language.

The Power of LLMs in Various Industries

LLMs have unleashed a wave of transformation across numerous industries by offering unparalleled language processing capabilities. Natural language understanding, summarization, translation, and text generation are just a few examples of the remarkable skills possessed by LLMs. Their ability to learn from vast amounts of data and adapt to specific tasks makes them indispensable tools for enhancing efficiency and accuracy.

Revolutionizing Tax Assessment Practices

When it comes to tax assessment, the integration of AI and LLMs has had a profound impact. These cutting-edge technologies empower tax assessors to perform data analysis, automate examination processes, and generate precise and insightful report narratives. By harnessing the capabilities of LLMs, assessors can save significant time and effort while ensuring the consistency and accuracy of their assessments.

AI and Large Language Models have ushered in a new era of possibilities in tax assessment practices

The ability of LLMs to understand and generate human language with remarkable accuracy has transformed the way assessors approach their work. With their assistance in data analysis, automated examination, and report generation, assessors can achieve enhanced performance, improved efficiency, and increased precision. As the field of AI continues to advance, the future of tax assessment looks promising with LLMs as invaluable partners in streamlining and optimizing assessment practices.

Usage Levels of ChatGPT: From Basics to Advanced Automation

Large language models, like ChatGPT, offer a wide array of capabilities. Depending on user expertise and needs, its applications can range from simple text generation to creating complex autonomous workflows.

1. Beginner: Basic Text Assistance

Ideal for individuals taking their initial steps into the AI language model realm, ChatGPT offers:

  • Letter composition: Drafting personal and professional letters.
  • Document summaries: Extracting key points from lengthy articles or reports.
  • General writing assistance: Grammar checks, style suggestions, and content enhancements.
  • FAQ generation: Quickly producing FAQ sections for websites.

2. Intermediate: Code Assistance

As users advance their familiarity with the platform, ChatGPT can be utilized for:

  • Simple code generation: Creating boilerplate code for web development.
  • Debugging assistance: Offering solutions to common coding errors.
  • VBA macros and script automation: Enhancing Excel tasks or automating repetitive functions.
  • Database query optimization: Refining SQL queries for better performance.

3. Advanced: Comprehensive Workflow Automation

Catering to technologically adept users and those seeking in-depth digital integrations, ChatGPT is capable of:

  • Advanced code generation: Crafting complex algorithms or software functionalities.
  • Fine-Tuning: ChatGPT can be optimized to understand niche subjects, industries, or even specific organizational jargon. Through a systematic and secure training process, users can refine the model's responses, ensuring that the AI aligns more closely with tailored requirements and offers more accurate insights.
  • Creation of fully automated workflows: Orchestrating tasks across platforms and tools.
  • Integration with autonomous agents: Collaborating with bots or AI-driven platforms for streamlined operations.

Embracing the capabilities of ChatGPT allows for tailored solutions across different expertise levels, ensuring that each user can harness its power to the fullest extent relevant to their needs.

How Do they Work?

Prediction in Sentences

Imagine you're trying to predict the next word in a sentence. For instance, consider the phrase, "I am going to the...". You might guess the next word could be "store", "park", "movies", etc. That's basically what GPT (short for Generative Pre-trained Transformer) does, but on a much more complex level.

Training

GPT is initially trained on a massive amount of text data from the internet. This could include books, articles, websites, etc. During this process, the model learns to predict the next word in a sentence. For example, after seeing sentences like "The sky is blue" and "His car is blue", it will start to understand that "blue" often follows the word "is". It not only learns about words and their context but also picks up on grammar, common phrases, facts about the world, and to an extent, reasoning abilities. It learns all this simply by predicting the next word in a lot of sentences.

Fine-tuning

After the initial training, GPT is further fine-tuned on a more specific dataset. This helps to shape its responses and make it more suitable for particular tasks, like answering questions or writing essays.

Usage

Once training and fine-tuning are done, you can start using GPT to generate text. You feed it a "prompt" or an initial piece of text (e.g., "Tell me a story about a brave knight"), and it generates the next part of the text based on what it has learned. It keeps predicting the next word, creating a coherent piece of text.

Neural Network and Parameters

The 'magic' behind all of this is a type of artificial intelligence called a neural network, specifically a transformer-based model. A neural network is designed to imitate, to some extent, how human brains work. It identifies patterns and uses them to make predictions or decisions without being explicitly programmed to perform the task.

In the case of GPT, it's a really, really big neural network, with billions of connections or 'parameters'. These parameters are like the model's memory they store all the information GPT has learned from the text data.

Limitations

The reason why these models can sometimes give surprisingly good answers is because they have been trained on a broad range of internet text. But, they also have limitations. For instance, they might generate text that sounds plausible but is incorrect or nonsensical. They don't really understand the text in the same way humans do they're just really good at predicting what comes next.

Limitations

Tokens A token can be a single character to a word

Pages A Document, single space, 7 pages, 350 words a page, 11 pages.

Spreadsheet 10 columns of 300 rows or 4 by 1024 rows

Lack of real-world understanding

While ChatGPT can generate coherent and contextually relevant responses, it doesn't possess real-world understanding. It lacks genuine comprehension and cannot reason about the world in the same way humans do. It relies solely on patterns and statistics in the training data.

Sensitivity to input phrasing

ChatGPT can be sensitive to how a question or prompt is phrased. Slight rephrasing can lead to different answers or varying levels of understanding. The model may not always ask clarifying questions to ambiguous queries and instead attempt to provide a response based on the available context.

Propensity to produce incorrect or nonsensical answers

This has recently gotten a lot better, but ChatGPT may occasionally generate responses that are factually incorrect, nonsensical, or inconsistent. It can also generate responses that sound plausible but are misleading or incomplete. Therefore, it's important to verify and fact-check the information provided by the model from reliable sources.

Limited knowledge and outdated information

ChatGPT's knowledge is based on the data it was trained on, which has a cutoff in September 2021. It may not be aware of recent events, discoveries, or developments that occurred after that time. Thus, it's possible for ChatGPT to provide outdated or inaccurate information in certain cases.

Lack of ethical judgment

ChatGPT doesn't have inherent ethical reasoning abilities. It learns from human-generated text, which can include biased or inappropriate content. As a result, it may sometimes exhibit biased behavior or provide responses that are politically or socially controversial. It's crucial to critically evaluate and supplement the model's outputs with ethical considerations.

Inability to engage in sustained conversation

While ChatGPT can hold relatively coherent short-term conversations, it can struggle with maintaining long-term context and coherence. If a conversation becomes too lengthy or complex, the model may start to provide generic or irrelevant responses.

Vulnerability to adversarial inputs

ChatGPT can be susceptible to adversarial attacks where intentionally crafted input can manipulate or deceive the model into producing unintended or undesired responses. These attacks exploit the model's weaknesses and limitations, highlighting the importance of robustness and security in AI systems.

AI language models

GPT-3.5 & GPT-4

ChatGPT: ChatGPT is a chatbot that uses OpenAI's GPT-3 language model to generate text, translate languages, write creative content, and provide informative answers. It is popular for its ability to generate realistic and engaging conversations. Website: chat.openai.com

Google Bard

Google Bard: Google Bard is a large language model from Google AI trained on a massive dataset of text and code. It can generate text, translate languages, write creative content, and provide informative answers. It is still under development but has learned to perform many tasks. Website: bard.google.com

HuggingChat

HuggingChat: HuggingChat is an open-source chatbot framework that uses the Transformers library to build and deploy chatbots. It is popular among developers for its flexibility and ease of use. Website: huggingface.co/chat

Zapier AI Chatbot

Zapier AI Chatbot: Zapier AI Chatbot is a chatbot powered by the Zapier AI platform, allowing users to automate tasks and workflows by connecting different apps and services. It is a powerful tool for streamlining business operations. Website: zapier.com

Microsoft Bing AI

Microsoft Bing AI: Microsoft Bing AI is a chatbot that uses the Bing search engine to provide quick and accurate answers to users' questions. Website: bing.com

Claude

Claude Anthropic is an AI safety and research company based in San Francisco. Our interdisciplinary team has experience across ML, physics, policy, and product. Together, we generate research and create reliable, beneficial AI systems. Website: anthropic.com

AutoGen: Next-Generation Large Language Model Applications

“Capabilities like AutoGen are poised to fundamentally transform and extend what large language models are capable of. This is one of the most exciting developments I have seen in AI recently.”


Doug Burger, Technical Fellow, Microsoft
AutoGen Workflow Illustration

AutoGen is a revolutionary framework designed to simplify the orchestration, optimization, and automation of Large Language Model (LLM) workflows. With AutoGen, developers can:

  • Effortlessly define agents with specialized capabilities and roles.
  • Intuitively define interaction behavior between agents.
  • Benefit from a 4x reduction in coding effort.
Capable, Conversable, and Customizable Agents

AutoGen agents seamlessly integrate LLMs, humans, and tools. They offer functionalities such as LLM-driven code execution, human oversight through a proxy agent, and much more.

ChatGPT: New Voice & Image Capabilities

Voice Integration

ChatGPT unveils a groundbreaking voice technology, enabling users to engage in dynamic, two-way conversations with their digital assistant. This isn't just a voice response mechanism—it's a conversational experience. Whether you're on the move and need hands-free assistance, seeking an imaginative bedtime story to enchant your family, or looking for a knowledgeable voice to resolve that lingering dinner table debate, ChatGPT is primed to assist. By leveraging minimal speech samples, it produces synthetic voices that are not only authentic but also responsive. Its collaboration with professional voice actors guarantees the genuineness of this voice interaction. Moreover, the strategic alliance with Spotify has ingeniously embedded this technology into their Voice Translation feature, amplifying the accessibility and reach for podcasters globally.

Visual Understanding

Expanding its capabilities, ChatGPT now possesses the aptitude to decode and comprehend visual content. This extends its problem-solving arena from day-to-day household items to complex professional diagrams. While these vision-based models usher in a new realm of possibilities, they come with their set of challenges. To ensure safety and utility, ChatGPT undergoes rigorous testing, strengthened by collaborations like the one with 'Be My Eyes'. Commitment to user privacy is paramount. Measures are in place to ensure ChatGPT maintains discretion, especially concerning individual identities. Continuous refinement is in progress, driven by user feedback and real-world application insights.

Guidelines for Using Generative AI in Government

Making government AI-ready begins with an AI-ready workforce

Author:Dr. Alan R. Shark

Date:16th August 2023

Description: The article discusses the importance of developing an AI-ready workforce and outlines the challenges and strategies to achieve this goal. It emphasizes that while there is significant talk about the need for such a workforce, the focus should be on how to actually achieve it. The article highlights the unique nature of AI compared to other technologies and underscores the need to integrate AI into various disciplines, including public administration and policy.

National Institute of Standards and Technology: Artificial Intelligence Risk Management Framework (AI RMF 1.0)

Organization:National Institute of Standards and Technology

Description: A comprehensive framework that offers guidelines for assessing and mitigating risks associated with the use of AI.

Washington State: Interim Guidelines for Purposeful and Responsible Use of Generative Artificial Intelligence

Organization:Government of Washington State

Description: Offers interim measures for responsible AI implementation, with a focus on purposeful and ethical usage.

Use of Generative Artificial Intelligence in City of Seattle

Organization: City of Seattle

Description: A case study on how Seattle is utilizing generative AI in its governance and administrative tasks.

City of Boston Interim Guidelines for Using Generative AI

Organization:City of Boston

Description: Provides guidelines that offer a roadmap for the City of Boston's efforts to responsibly integrate generative AI in various sectors.

Empowerment:

The use of AI should support the work of our workforce to deliver better, safer, more efficient and equitable services and products to our residents.

Guidelines:

Fact: Check and review all content generated by AI, especially if it will be used in public communication or decision making.

Why: While Generative AI can rapidly produce clear prose, the information and content might be inaccurate, outdated, or simply made up.

What to look for: Inaccurate information including links and references to events or facts.

Disclose:that you have used AI to generate the content. You should also include the version and type of model you used (e.g, Open AI's GPT 3.5 vs Google's Bard). You should include a reference as a footer to the fact that you used generative AI:

New guidance available on AI and data stewardship

Author:RJ Wolcott

Date: June 21, 2023

Organization: WSU News & Media Relations

Description: Offers insights into the latest guidelines on AI and data stewardship, which can be a useful reference for government agencies.

More Links

Crafting the perfect prompt

Crafting the perfect prompt is crucial when leveraging ChatGPT for tax assessment. A well-designed prompt sets the stage for clear and relevant responses from the AI model. It should be specific, concise, and tailored to the desired information or task. By providing detailed instructions and context within the prompt, assessors can guide ChatGPT towards generating accurate and insightful outputs. A carefully crafted prompt ensures effective communication with the AI model, maximizing its potential in assisting with data summarization, analysis, research, and report generation for tax assessment purposes.

Prompt Structure

Context + Specific Information + Intent + Response Format = "Perfect Prompt"


A prompt contains any of the following elements:

  • Instruction - a specific task or instruction you want the model to perform
  • Context - external information or additional context that can steer the model to better responses
  • Input Data - the input or question that we are interested in finding a response for
  • Output Indicator - the type or format of the output

You do not need all the four elements for a prompt and the format depends on the task at hand. We will touch on more concrete examples in upcoming guides.


Prompt Engineering

While this technology is advanced, the quality of the response heavily relies on the quality of the question asked. A well-formed, thoughtful query yields a far more comprehensive and accurate response.

The Art of Prompt Engineering Content

This is where the concept of 'Prompt Engineering' comes in. It's not just about asking a question, but constructing the ideal environment for the AI to understand and respond effectively.

The Essence of a Good Prompt Content:

A well-engineered prompt provides context, clarifies intent, and guides the AI in producing the most useful and relevant responses.

Mastering Prompt Engineering Content:

By mastering the art of prompt engineering, you can leverage the true potential of AI systems like GPT-4, ensuring your queries yield the best possible answers.

Now Hiring: Prompt Engineer

Prompt engineering is a relatively new discipline for developing and optimizing prompts to efficiently use language models (LMs) for a wide variety of applications and research topics. Prompt engineering skills help to better understand the capabilities and limitations of large language models (LLMs).

The projected compensation range for this position is $93,300.00 to $212,000.00 (annualized USD).

Examples of Prompts | Prompt Engineering Guide (promptingguide.ai)

Topics:
  • Text Summarization
  • Information Extraction
  • Question Answering
  • Text Classification
  • Conversation
  • Code Generation
  • Reasoning

My preferred strategy for tackling complex tasks is to enlist ChatGPT in crafting the perfect prompt.

I want you to become my Prompt engineer. Your goal is to help me craft the best possible prompt for my needs. The prompt will be used by you, ChatGPT. You will follow the following process:

  1. Your first response will be to ask me what the prompt should be about. I will provide my answer, but we will need to improve it through continual iterations by going through the next steps.
  2. Based on my input, you will generate 2 sections:
    • a) Revised prompt (provide your rewritten prompt. It should be clear, concise, and easily understood by you)
    • b) Questions (ask any relevant questions pertaining to what additional information is needed from me to improve the prompt)
  3. We will continue this iterative process with me providing additional information to you and you updating the prompt in the Revised prompt section until I say we are done.

For complex tasks that require exploration or strategic lookahead, traditional or simple prompting techniques fall short. Yao et el. (2023) and Long (2023) recently proposed Tree of Thoughts (ToT), a framework that generalizes over chain-of-thought prompting and encourages exploration over thoughts that serve as intermediate steps for general problem solving with language models.

Source: https://www.promptingguide.ai/techniques/tot

Another Prompt Resource

  • Mental Models
  • Frameworks
  • Email
  • Education

500 Prompts: https://vaulted-polonium-23c.notion.site/500-Best-ChatGPT-Prompts-63ef8a04a63c476ba306e1ec9a9b91c0

Administrative Prompt Examples

Emails
  • Prompt: Please make the following sound more professional.
  • Prompt: Rewrite the following using brevity and professional language.
  • Prompt: Can you review the following email and craft a response. I want the response to be firm and use professional language but friendly and informative. Write in the style of a tax assessor.
  • Link: https://chat.openai.com/share/7027af17-9890-40bc-9c4c-02d9ffcab4b5
Can you explain this in plain English

Adding Context and having a conversation

    Example: Copy and paste 15 pages of the handbook. Prompt: As a tax assessor, my town wants to make an agreement with a developer in an area they deem in need of rehabilitation. Can you tell me my role in the process and what questions I should ask about the project to help me do my job better?

  • Link: https://chat.openai.com/share/bff5107b-6cd3-4dfc-b309-51cf6ab4890b

Letter Writing

Example: Prompt engineer first.

  • Prompt: I want to craft a letter to a taxpayer in response to their request for a reduction during the appeal process. I do not agree with their settlement demand, and after reviewing the comparable sales and doing my own research, I want to let them know that I am not going to settle the case and would rather the county tax board decide. I want the response to be firm and use professional language, but friendly and informative. Write in the style of a tax assessor.
  • Link: https://chat.openai.com/share/a6cb1b73-924a-42e8-b53d-d6af668bca69
Letter Example
  • Prompt: You are a tax assessor drafting a one-page response letter to a taxpayer's request for a reduction during the appeal process. The taxpayer has requested a settlement that you believe is too high based on the sales in the area. After conducting a thorough review of the comparable sales and your own research, which indicate that the assessment was reasonable, you have decided not to settle the case and prefer to have the county tax board make the final decision. Write a firm, professional, yet friendly letter that conveys your decision and reasoning to the taxpayer.
  • Link: https://chat.openai.com/share/0502f742-e337-40bd-9f77-a0ae2209453e
Letter Critic
  • Prompt: Can you please review this notification letter and critique it. I want the homeowner to be informed about the process and do not want to miss anything. Each year, the Assessor’s office is tasked with reviewing permits, inspecting property, and establishing an added assessment for new homes, additions, improvements to existing structures, and exempt properties that become taxable.
  • Link: https://chat.openai.com/share/2d9e1b67-0ea1-4816-92c5-51ad19d166c9

Excel

Prompt: how can I count characters in a cell in excel?

Formula assistance:
  • If you're facing issues with a formula or need help constructing a formula to perform a specific calculation, it can provide guidance and suggestions.
Function explanations:
  • Excel offers numerous functions for data analysis, manipulation, and more. LLM's can explain how specific functions work and help you use them effectively.
Data organization:
  • If you're looking to sort or filter your data, create tables, or format cells in a particular way, it can guide you through the necessary steps.
Chart creation:
  • Excel allows you to create various types of charts and graphs to visualize your data. it can help you choose the right chart type and customize it according to your needs.
Data analysis:
  • Whether you need to perform calculations, apply statistical functions, or create pivot tables, LLM's can assist you in analyzing your data and deriving meaningful insights.
Automation with macros:
  • If you want to automate repetitive tasks in Excel, it can provide guidance on creating macros using VBA (Visual Basic for Applications).
Troubleshooting:
  • If you encounter errors or unexpected behavior in Excel, it can help diagnose the issue and provide solutions to resolve it.
Code Example

VBA Code Example

                              Option Explicit
                              
                              Sub SaveAttachments(Item As Outlook.MailItem)
                                  Dim olApp As Outlook.Application
                                  Dim destFolder As String
                                  Dim folderPath As String
                                  Dim folderName As String
                                  Dim attachment As Outlook.attachment
                                  Dim i As Long
                                  Dim promptName As String
                                  
                                  On Error Resume Next
                                  
                                  ' Initialize Outlook objects
                                  Set olApp = Outlook.Application
                                  
                                  ' Prompt for a folder name
                                  promptName = InputBox("Enter the folder name: ", "Save Attachments")
                                  If promptName = "" Then Exit Sub
                                  
                                  ' Prompt for a folder path
                                  folderPath = InputBox("Enter the folder path to save attachments: ", "Save Attachments")
                                  If folderPath = "" Then Exit Sub
                                  
                                  ' Create a folder with the prompted name
                                  folderName = folderPath &\& promptName
                                  MkDir folderName
                                  
                                  ' Loop through all attachments
                                  For i = 1 To Item.Attachments.Count
                                      Set attachment = Item.Attachments.Item(i)
                                      
                                      ' Save each attachment into the newly created folder
                                      destFolder = folderName &\& promptName & _ & i & _ & attachment.fileName
                                      attachment.SaveAsFile destFolder
                                      If Err.Number <> 0 Then
                                          MsgBox "An error occurred: " & Err.Description
                                      End If
                                  Next i
                                  
                                  ' Clean-up
                                  Set olApp = Nothing
                                  
                                  On Error GoTo 0
                              End Sub
                              
                              Sub RunSaveAttachmentsWithoutReply()
                                  Dim currItem As Object
                                  Set currItem = Application.ActiveInspector.CurrentItem
                                  If TypeOf currItem Is Outlook.MailItem Then
                                      SaveAttachments currItem
                                  End If
                              End Sub
                                  

Add Macro in Microsoft Outlook

Follow these step-by-step instructions to enable and use macros in Microsoft Outlook:

Step 1: Enable Macros

  1. Go to File > Options.
  2. Click on Trust Center.
  3. Click on Trust Center Settings.
  4. Navigate to Macro Settings.
  5. Choose Enable All.

Step 2: Add Developer Tab to Ribbon

  1. Right-click on the top toolbar.
  2. Select Customize the Ribbon.
  3. On the right side, under Main Tabs, click Developer.

Step 3: Open Visual Basic Editor

  1. Go to the Developer tab.
  2. Click on Visual Basic.
  3. In the left sidebar, click Project1.
  4. Navigate to Microsoft Outlook Objects.
  5. Go to Insert and then select Module.

Step 4: Add the Macro Code

  1. Copy and paste your macro code into the module.
  2. Save and close the Visual Basic Editor.

Step 5: Attach Macro to Ribbon

  1. Double-click on an email with attachments.
  2. Right-click in an open area of the top toolbar.
  3. Choose Customize Ribbon.
  4. At the top of the screen, click the dropdown next to Choose commands from: and select Macros.
  5. Click the New Tab button at the bottom and name the tab (e.g., "Macros", "Automate").
  6. Right-click on the new tab and rename the group.
  7. Click on the new group, then add the macro from the list on the left.
  8. Right-click to rename and add an icon to the macro.

VBA Macro for Sales Sorting

This macro automatically organizes property sales records, providing a clear overview of transactions. Ideal for repetitive tasks such as sorting sales by date, price, or location.

VBA Macro for Mail Merges

Designed for tasks such as combining or removing text, this macro is ideal for mail merges, especially for permits and added assessments.



Appraisal Examples

Prompt used for this section: "Can you please summarize the following article in one sentence? Also, can you count all the prompt examples that are quoted? Think step by step."

Real Prompts For ChatGPT For Appraisal Reports

Link: https://appraisalbuzz.com/real-prompts-for-chatgpt-for-appraisal-reports/

The article discusses how ChatGPT, an AI language model, can assist appraisers in writing appraisal reports by providing detailed responses to various prompts, and it provides examples of real-life prompts that have been used successfully; 35 prompt examples quoted in the article.

Link: https://chat.openai.com/share/0f1b4576-769b-4c9c-afaa-9f6699bdcbeb

Article Prompt Examples:
  • “I am a real estate appraiser working on a property at 123 Anystreet in Pocatello, Idaho. Using the following paragraphs from MLS, County records, and my own personal notes, synthesize this information into a short (less than 50 words) paragraph describing the characteristics and neighborhood for this property.”
  • “Read this table of numbers and determine the mean, average, standard deviation, and which are outliers.”
  • “Reword this addendum to a real estate appraisal report to make it more readable and synthesized.”
  • “I am completing an appraisal on a property that previously sold for 22% less than it is selling currently. Help me to write an explanation as to why it is now worth 22% more. The market, as a whole, has increased 12% since the previous sale. The new owners have also completed a complete remodel of the kitchen and bathroom areas including updating flooring throughout the main level.”
  • “Help me to professionally explain why proximity to a railroad track might negatively affect the value of a property.”
  • “As part of the appraisal writing process, I have determined that the highest and best use of the subject property is residential. That is also the current use. Help me to write a professional paragraph explaining this determination.”
  • “I am completing an appraisal on a property and I considered using the cost approach, but I don’t find that the data is reliable enough in this area. I also considered using the income approach but there are too few rental properties to have a big enough data set. Write me a paragraph explaining why I chose to rely mainly upon the market approach to determine value.”

Prompt: What are the steps in preparing a real estate appraisal?

Link: https://chat.openai.com/share/8498656e-47bc-4bcb-af7a-4fc3c628b721

Data Collection & Analysis

Using ChatGPT to perform data analysis. Example: Suppose we have a dataset of real estate transactions, including data such as the date of sale, property location, sale price, property size, and number of rooms. You can use ChatGPT to summarize the data, asking it questions like: "What is the average sale price for properties over 2000 square feet?" or "What are the top three locations with the highest number of sales?"

Preliminary Survey and Planning:

ChatGPT can assist assessors in conducting preliminary surveys by asking relevant questions to gather information about a property.
It can provide guidance on the necessary documentation and forms required for tax assessment, ensuring a comprehensive planning process.

Data Collection:

ChatGPT can extract relevant data from various sources such as financial statements, invoices, and tax records, reducing the manual effort required by assessors. It can analyze and organize collected data, ensuring accurate and consistent information for tax assessment purposes.

Letter from taxpayer

Prompt: Can you review the following letter and extract the income and expense data only and put it into a table please.

Analysis:

ChatGPT can perform data analysis on collected property data, market trends, and comparable sales. It can quickly process and analyze large volumes of data, identifying patterns, trends, and outliers. This allows assessors to make informed decisions based on robust data analysis without spending excessive time on manual calculations.

Tax rate difference:

Prompt: ChatGPT can identify potential discrepancies or inconsistencies in the data, allowing assessors to investigate further and ensure compliance.

Valuation Assistance:

ChatGPT can provide guidance on various valuation methodologies used in the real estate industry, such as the sales comparison approach, income approach, and cost approach. It can explain the underlying principles and help assessors select the most appropriate method for a specific property.

Quality Assurance

ChatGPT can act as a virtual reviewer, performing consistency checks and identifying potential errors or inconsistencies in valuation calculations. It can help assessors ensure the accuracy and reliability of their valuation work.

Report Generation

ChatGPT can help generate comprehensive property valuation reports. By synthesizing the collected data, analysis, and calculations, it can assist in preparing accurate and standardized reports that comply with relevant regulations and guidelines.

Link to Report Generation Example

ChatGPT for General Use and Summarizing Court Cases

Freeze Act Chat

The value of general use in day-to-day operations and summaries for tax assessment. How ChatGPT can process and summarize lengthy documents and provide insights from the summary of documents through Q & A.

Advanced Data Analysis

Advanced Data Analysis is a feature in ChatGPT that allows you to run Python code in a live working environment. It’s basically a sandboxed Python environment where you can execute Python code to perform any task you like. Read datasets, clean, preprocess, and merge them, and create an interactive data visualization.

Examples of Simple ADA Prompts:

  • Create 5 beautiful and useful visualizations based on the data that is relevant to...
  • Explain everything in simple language.
  • Create a visual chart based on this data and explain the chart with pointers.
  • Can you create 10 visuals to represent different data?
  • Can you please do a segmentation and analysis for High Value, Medium Value, and Low Value customers & highlight some interesting key points using the data?
  • Can you show me the top trends in a visual format using the data?
  • Can you create a presentation based on this dataset?

Other Examples

Datasets for Examples

Utilizing ChatGPT for Sales Comparison and Income Approaches

Utilizing ChatGPT for Sales Comparison and Income Approaches

Using ChatGPT to generate sales comparisons and income approach reports. Example: After feeding ChatGPT with sales data, ask it to provide a comparison of similar properties sold within the last six months. You can also ask it to calculate capitalization rates or net operating income for properties in the dataset.

Utilizing ChatGPT for Sales Comparison and Income Approaches

A practical exercise might be asking ChatGPT to compare the sales data of similar properties. For instance, you could input data on multiple properties sold in a particular location within a similar timeframe and prompt it with something like, "Generate a sales comparison report based on this data."

ChatGPT for Trend Identification

Using ChatGPT to identify trends in real-world tax data. Example: Using a dataset that includes property sales prices over several years, you can ask ChatGPT questions such as "What is the average yearly increase in property sales prices over the last five years?" or "Which quarter of the year typically has the highest volume of sales?"

ChatGPT for Trend Identification

Here, we could provide ChatGPT with tax data from several consecutive years and then ask it to identify any observable trends. A possible prompt could be, "Analyze this tax data from 2020 to 2023 and identify any significant trends."

Leveraging ChatGPT for Market Research

Using ChatGPT for real-world market research scenarios. Example: You could feed ChatGPT with relevant news articles, economic data, and other forms of information about the real estate market and then ask it to summarize the current state of the market or forecast future trends. You could also use it to gather information on a specific sub-market, for example, by asking "What are the trends in the commercial real estate market in Downtown LA?"

Other AI Tools and Use Cases, Conclusion, and the Future of ChatGPT and Other AI Models in Tax Assessment

Concluding our session on ChatGPT's transformative role in tax assessment, it's pivotal to stress the importance of security and data privacy. Though AI systems, like ChatGPT, offer immense benefits, they also come with inherent risks. It's our duty to consistently uphold stringent security measures, data audits, and maintain rigorous privacy norms.

Through our discussions, we've seen ChatGPT's unmatched potential for tax assessment. It processes vast data with unparalleled speed and accuracy, serving as a prime tool. While AI is designed to be accurate, it's essential to note that errors, though rare, can occur.

We're entering an era where AI transitions from merely assisting to partnering. AI models like ChatGPT excel in automating routine tasks, allowing us to concentrate on intricate, strategic challenges. Echoing Chris Lattner's sentiments, our growth is via delegation. Delegating responsibilities to AI greatly amplifies our efficiency, notably in tax assessment.

As the horizon of AI in tax assessment expands, staying updated with emerging trends is crucial. Adapting, learning, and embracing these novelties will determine our success. The key lies in our readiness to incorporate AI seamlessly, understand its nuances, and pledge to its ethical use.

In summary, AI models, especially ChatGPT, can be revolutionary in the tax domain, enhancing our accuracy and efficiency. As we proceed on this promising journey, our focus should always be on security, ethical use, and data privacy.

Your attention and participation have been invaluable. Thank you.

As you engage with our content, please note that 95% of what you've encountered, including this closing statement, was crafted using AI.

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