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Tyler Technologies Inc. announced that it has signed an agreement with The Commonwealth of the Bahamas, Department of Inland Revenue, Real Property Tax Valuation Unit for data collection and services with Tyler's CLT Appraisal Services. The project, scheduled for completion in early 2021, includes data collection and entry, as well as valuation services for residential and commercial parcels.
The Commonwealth of the Bahamas is already a Tyler client, having selected its iasWorld appraisal and tax administration software in 2014. Following an on time and on budget implementation, The Commonwealth contracted with Tyler for its CLT Appraisal Services in 2016 to gather street-level images of all residential and commercial properties on the island of New Providence, as well as conduct a pilot reappraisal project of 6,600 properties on the island. With the success of these services, Tyler and The Commonwealth agreed to continue their partnership on a reappraisal project of the entire island of New Providence.
Tyler will collect and verify property data to bring base values up to date for fair and equitable taxation. Tyler follows a thorough process for residential field data collection, using field personnel to inspect residential properties and note unique characteristics of each parcel; this informs the overall parcel valuation. Similarly, Tyler will perform a commercial and industrial field data collection to gather property characteristics such as address, land uses, business name, building size, and condition.
After the CLT team completes all field work, they will enter data into Tyler's iasWorld CAMA property assessment software, which manages all property data and every phase of the property appraisal process. New values will be reviewed and assigned, culminating in a modernized Real Property Tax regime.
"We are pleased to be selected once again to provide appraisal services to The Commonwealth of the Bahamas and bring fair and equitable taxation to its residents," said Jake Wilson, vice president and general manager of appraisal services for Tyler. "Tyler offers the only national mass appraisal service in the U.S., and we're looking forward to extending that expertise internationally."
Tyler's CLT Appraisal Services is the nation's oldest mass appraisal solution and has been used to appraise nearly 35 million parcels of residential, agricultural, commercial and industrial properties. In addition to traditional mass appraisal services, Tyler offers technology-driven appraisal services using Tyler Verify software, which meets International Association of Assessing Officers (IAAO) standards for desktop review.
Tyler's CLT Appraisal Services solution has been used in 46 U.S. states, The Bahamas, British Columbia, Canada, as well as in 26 capital cities. The Bahamas consists of more than 700 islands, cays, and islets in the Atlantic Ocean and is located north of Cuba.