The City of San Angelo is waiting for final appraisals from the Tom Green County Appraisal District. Those valuations are needed to finish the city's budget. Valuations have been an issue for several years as the District first caught up on property valuations, then did likewise with land values.
Concho Valley Homepage reported on last year's valuations:
Dozens of property owners crowded into the Tom Green County Appraisal District Review Board meeting Thursday, May 11, 2023, and dozens more waited outside. Almost all of them were looking for answers about why their property appraisals had increased so much.
People were angry and looking for answers. The responsible folks were not in the room.
Ryan Newlin, the owner of ERA Newlin and Company real estate in San Angelo, said that the State Comptroller’s office sets property values.
“The State of Texas mandates what the tax office does,” said Newlin. “It comes out of the Comptroller’s office.”
Appraisals are driven by the State of Texas. In 2023:
The Tom Green County Appraisal District delivered over 50,000 notices of appraised value this year, according to the press release. While mass appraisals are done by the appraisal district, Johnson shared that protesting values and resolving protests will be done on a case-to-case basis.
Citizens may not be aware of the vendor currently assisting the Appraisal District with mass appraisals. It's Austin based Valuebase. Tom Green County is listed as one of four localities on Valuebase's website.
That website states:
An automated valuation model (AVM), or mass appraisal model, is a service that uses mathematical equations to value properties by analyzing relevant data points and making comparisons across a large number of properties. By taking into account features such as size, sale conditions, and quality of construction, as well as statistical measurements of amenities, location, and depreciation, AVMs provide a fast, fair and cost-effective conclusion of a property’s value.
So who is behind Valuebase? The Texas Comptroller's Taxable Entity Search provided no information.
Pitchbook shows the firm began in 2022 and had two funding rounds. The latest $6.3 million funding round was led by Narya Capital.
America's tech dynasty is backing Narya Capital, Peter Thiel, Marc Andreessen and Eric Schmidt. Narya founder, J.D. Vance was just named Vice President under former President Donald Trump. Narya backer Vivek Ramaswamy has been cited as a possible Senate replacement for Vance after the election.
J. D. Vance stepped away from Narya Capital when he was elected to the U.S. Senate. His latest financial disclosure form show he holds both limited partner and general partner stakes in Narya. That means he is in a position to profit from Narya's Valuebase holdings.
Valuebase is small peanuts for this group of tech bros, however their work will impact thousands of real people very soon. Citizens have been angry over the last few appraisal cycles. If this round comes back bad again, who are the people to blame? It could be artificial intelligence.
Valuebase CEO Will Jarvis said his company is "delivering cutting-edge solutions that empower governments with world-class AI valuation models."
Artificial intelligence can utilize incorrect or outdated information. AI brings to mind an impenetrable system.
It all seems structured to de-power people. The accountable people aren't in the Appraisal District board room, the software uses "precision tailored" algorithms and those profiting from the process live in a world separate and distinct from the common person.
J.D. Vance may not forget his upbringing. Citizens in Tom Green County need Vance to see them as they deal with their latest valuation. Big changes could cause some to struggle.
Update: WaPo wrote about tech bros sudden love for Trump and the Red Team. The Guardian did as well.
Update 8-8-24: A citizen spoke in public comment at San Angelo City Council regarding the Appraisal District's shift to appraising properties annually, instead of once every three years. She encouraged people to attend the upcoming Tom Green County Appraisal District board meeting.
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