Yotta to transform property valuations in the UK

27 October 2008, 8:25pm

For the first time ever property owners and Local Authorities throughout Great Britain will have access to field verified digital imaging that maps properties in 3D using street level surveys matched to aerial photography and street maps. This innovation is the result of the recent acquisition of Mobile Video Services Inc of North Kansas City, Missouri, USA, by Yotta, the 3D mapping division of OMG plc (Oxford Metrics Group [LSE: OMG]), to form Yotta MVS. The company will now open up its property data collection services and expert knowledge to the UK market. This will ensure surveys are performed to establish property tax assessments in line with the International Association of Assessing Officers ethos of fair and equitable tax valuations.

Yotta MVS products and services include high-resolution digital photography of properties that it uses with highly-specialised software to provide comprehensive street-level images, address verification, property style and construction information through to accurately matching street-level images with aerial photography and maps. This delivers the most efficient method to maximize tax revenues through correction of out-of-date addressing and the capture of new or significantly changed properties. The company's solutions are used extensively in the US, where it has performed surveys for over 12 million unique properties to date.

Yotta MVS technology will be integrated with and deployed by the company's innovative digital asset collection vehicles, which are used for high-tech highway surveys for Local Authorities and contractors the length and breadth of the UK.

David Lowe, Yotta CEO, said: "This initiative expands Yotta's technical offerings at a time when the UK market can benefit greatly from accurate property surveys. The current system of property assessment in the UK lags behind the US where properties are re-valued every 5 years. With the rise and fall in values, property owners need to know that assessments such as Council Tax are made equitably and fairly. This is the first time that this level of expertise will be made available to the UK market and we believe that it will revolutionise the way property taxation is assessed in future via accurate information."

www.yotta.tv, Contact David Lowe, Yotta, +44 (0)845 45 96882, david.lowe@yotta.tv

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