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IRS renews AVM contract for its Offer-in-Compromise program.

Another avenue for traditional appraisals came under attack September 24, when the Internal Revenue Service renewed its contract with Basis100 Inc. for continued use of PASS, Basis100's property-specific automated valuation model, for use in the IRS' Offer-in-Compromise program, according to the Dow Jones News Service.

Basis100's PASS product is used to assist in determining an individual's equity in their real property and is used primarily when a taxpayer is requesting an Offer-in-Compromise for outstanding tax balances. Prior to the IRS' adoption of PASS as its home valuator, the taxpayer was required to seek out an independent appraisal. The appraisal would normally take several days, as compared to five seconds required to generate a PASS report.

Robert J. Smith, president, U.S. Operations for Basis100, said, "Data-warehousing and data-analytics are intelligent resources that assist in decreasing overall operating costs and processing time, potentially increasing volume and revenue opportunities, while also decreasing internal operating expenditures. As more pertinent data becomes available in electronic format. I believe that we'll see greatly improved operating efficiencies across all market segments."

Basis100 has been providing valuation technology to the IRS for the past two years in a pilot program. The IRS identified measurable timesavings by utilizing AVM technology and determined that automated valuations could replace traditional appraisals in most cases. This contract began with a one-year commitment from the IRS with four one-year option periods to be exercised at the discretion of the IRS. This is the first option period exercised.
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Title Annotation:Industry and Institute News
Publication:Valuation Insights & Perspectives
Date:Sep 22, 2002
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