Automated Property Valuation Using Aerial Imagery and Machine Learning
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Solution Overview
Problem
The manual and time-consuming process of inventorying and valuing real property for municipal tax reassessments is inefficient, requiring extensive site visits and resource-intensive data collection.
Innovation Solution
A system utilizing aerial and satellite imagery, combined with machine learning and computer vision, automates the process by generating accurate sketches and building plans without on-site inspections, integrating data from multiple sources and training models for property valuation.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If manual data collection and site visits are used for property inventorying, then measurement precision and reliability are maintained, but productivity is severely reduced and time consumption increases
Solution Approach 1:
The patent uses aerial imagery and computer vision to create digital copies and sketches of properties, replacing the need for physical site visits. The system generates accurate property sketches, footprint measurements, and structural assessments from remote imagery, maintaining measurement precision while dramatically improving productivity by enabling batch processing of multiple properties simultaneously
Solution Approach 2:
The patent replaces the mechanical process of manual data collection and physical inspection with an automated computer vision system. Machine learning models analyze aerial imagery to extract property characteristics, replacing the need for human appraisers to physically visit and measure each property, thereby resolving the contradiction between accuracy and throughput
2Productivity
If automated computer vision systems are used for property inventorying, then productivity and time efficiency are improved, but device complexity and initial resource requirements increase
Solution Approach 1:
The patent develops a universal computer vision platform that can handle multiple property assessment tasks through a single system. The same aerial imagery and machine learning models are used to generate sketches, measure footprints, identify structural types, and assess property conditions, eliminating the need for separate specialized tools and reducing overall system complexity despite the advanced technology involved
3Measurement precision
If comprehensive on-site inspections are conducted for each property, then measurement precision is maintained, but loss of time and resource consumption increase
Solution Approach 1:
The patent performs preliminary property assessments using aerial imagery and computer vision before any physical site visit is needed. The system pre-generates property sketches, measurements, and structural assessments from remote data, allowing appraisers to review and verify only the most critical properties in person, thereby significantly reducing total time consumption while maintaining accuracy
Data Source
AI summary
A method and system of inventorying and developing value for real property. An aerial photograph of a property to be inventoried and valued is obtained, an outline or outlines of the structure and its location on the property are identified, outlines of the structural sections of the property are mapped, a partial sketch of the outline of the structure is created, wherein the outline includes square footage estimates for each section, and is oriented with the front of the structure to the bottom of the page, and the information is integrated across multiple images and the structural type of each section of the structure is identified. The method and system rely on machine learning in order to increase the accuracy of the method and system.