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Tyler Technologies Signs $7.2 Million Appraisal Services Agreement with The Commonwealth of the Bahamas

PLANO, Texas--(BUSINESS WIRE)--

Tyler builds on success in The Bahamas for additional appraisal project

Tyler Technologies Inc. (TYL) announced today 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.

About Tyler Technologies, Inc.

Tyler Technologies (TYL) is the largest and most established provider of integrated software and technology services focused on the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate more efficiently and connect more transparently with their constituents and with each other. By connecting data and processes across disparate systems, Tyler’s solutions are transforming how clients gain actionable insights that solve problems in their communities. Tyler has more than 21,000 successful installations across 10,000 sites, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. A financially strong company, Tyler has achieved double-digit revenue growth every quarter since 2012. It was also named to Forbes’ “Best Midsize Employers” list in 2018 and recognized twice on its “Most Innovative Growth Companies” list. More information about Tyler Technologies, headquartered in Plano, Texas, can be found at tylertech.com.

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