How is artificial intelligence assisting and enhancing property tax assessment?

Ever since the concepts of AI (Artificial Intelligence), ML (Machine Learning), and RPA (Robotic Process Automation) have been conceptualized, researchers, engineers, governments, and private companies working in this space have had a field day trying to better understand and improve the real-world applications of such technology. Several organisations have already begun leveraging the benefits of AI, ML, and RPA in various industries like healthcare, logistics, and defence. Governments are racing to incorporate the use of AI, which is opening new doors for innovation in government services, especially taxation. This particular field has already experienced greater efficacy and efficiency with the help of modern technology, which has proven to be a game-change for the enhancement of public services. Tax is the primary source of funds for any government to operate seamlessly. Improving the ability to collect taxes without delay and reducing the number of defaulters and under-reporters helps the government utilize these additional funds make necessary investments in the public sector. But how exactly does AI, ML, and RPA perform this gargantuan and necessary task?

RPA can help efficiently automate repetitive tasks

It is common for individuals in the tax field to perform repetitive tasks throughout their work day. But with RPA, employees could offload their repetitive tasks to robots and take on more intellectually significant roles. Process automation is what RPA was invented for. Implementing RPA to automate repetitive tasks will help taxation employees perform repetitive procedures swiftly and more accurately. A common use case example: robots can be used to fill account numbers, asset ID numbers, or KYC information onto spreadsheets.

AI and ML can help identify and curb potential tax frauds and improve tax forecasting

To identify and reduce the number of tax frauds in a country with over a billion citizens is no minor feat. However, AI is able to assist the process with something known as “Predictive Modelling” and “Predictive Analysis.” AI and ML applications are now being used by governments and tax companies to sift through cases having characteristics that could indicate a potential fraud. This process helps find clues hidden in hordes of data that are sometimes missed by auditors. It takes into consideration many aspects such as the employment status of a person, whether an individual has been audited in the past, and clues of any illicit sources of revenue among many others before finally arriving at a calculated conclusion.

AI can improve the method of tax forecasting from rudimentary modelling techniques to advanced predictive analytics. AI algorithms can analyse corporate or seasonal data to help identify trends within various tax filing cycles. These trends can then be used as the basis for predicting what’s bound to happen next.

AI and ML can help extract key data from tax documents

a tax team has to begin its work by first classifying documents, finding the source of documents, and identifying what useful information is there in these documents. AI can enhance the processes of classifying documents, defining the taxonomy of documents, and extracting the required data from these documents. ML algorithms can assist AI-enabled robots to detect the capital gains and charitable contributions of a company, handle assessment notices, and other matters that can be used to classify documents swiftly and accurately. The accurate data will inevitably simplify tax payment and filing tax returns.

Geo-AI enabled tax assessment can completely revolutionize the property tax segment

Geo-AI enabled tax assessment solution aims at identifying unassessed taxable properties for municipal corporations (MC) and tax departments using extremely high-resolution satellite images, GIS mapping, and AI-based image recognition to enhance the tax base and revenue. This solution is transparent and can be scaled across any city in India or the world with the least possible turnaround time. The method leverages the power of multi-temporal satellite imagery and advancements in Geospatial and AI/ML technology. Additionally, the solution standardizes the existing database of municipal corporations and enriches the data with location (Longitude and Latitude).  

The article has been written by Mayurakshi Das, CEO & Co Founder, Elixir AI