Assessing Info -- July 25, 2024

Tarrant Appraisal District approves sweeping

changes to appraisal process
It didn’t take long for new Tarrant Appraisal District board members to make their mark on how the Texas district handles property appraisals.
On Monday, during the first official meeting since the historic May election of three new members, the board voted to drastically change the district’s appraisal process.

The three new members — Matt Bryant, Eric Morris and Callie Rigney — ran on a platform of capping residential appraisal increases at 5% and limiting appraisals to once every three years.
“The reforms mandated by the voters, they start today,” Bryant said. Read more

Boston mayor says commercial property tax hike would help keep housing affordable

Boston Mayor Michelle Wu asked state lawmakers for the power to temporarily place a higher tax burden on commercial properties in the city.
The change, Wu and measure supporters said, would shield residential properties and the people who live in them from seeing a surge in their property tax bills. Read more

Hidden cost of vacation rentals skyrockets property taxes for some Florida homeowners
From beaches to big cities, it’s no surprise Florida is one of the country’s top travel spots.

Hundreds of northeast Florida homeowners are taking advantage of the summertime beach living to put rooms up for vacation rentals, but are finding a hidden cost in renting out their place. Read more

IAAO NEWS

Aug. 1 webinar: 'Everything You Need to Know About the 2024 Annual Conference'
The IAAO Annual Conference, Aug. 25-28 in Denver, is right around the corner and IAAO couldn't be more excited!
   Hosted by 2024 IAAO President Rebecca Malmquist, CAE, IAAO will present a webinar, "Everything You Need to Know About the 2024 Annual Conference," on Aug. 1 at noon Central. The webinar will dive into the details that will make this our best conference yet.
   Come hear the ins, outs, and must-sees directly from the people who make the conference possible. There is no charge for the webinar and CEU hours are not provided. Register here.

Learn about all the IAAO library in August webinar
   IAAO is offering two webinars in August, and the second will review everything the IAAO library has to offer members.
   The library and archive contains assessment-related books, journals, government documents, international documents, conference proceedings, and articles, which are indexed and accessible through our online catalog and institutional repository.
   In this session, attendees will learn the basics of what is available and how to find and use these resources.

The webinar, set for noon Central on Wednesday, Aug. 7, will be presented by IAAO Research Librarian Elizabeth Ferguson, Ph.D. There are no CEUs associated with this webinar and it is free. Register here.

Images sought for standards update survey
The IAAO Research and Standards Committee is seeking input from IAAO members on imagery minimums for street-view, orthophoto, and low-level oblique images for the completion of the work of assessors.
The committee would appreciate a response to a short survey as it works to modernize and update the IAAO Standard on Mass Appraisal of Real Property, specifically the imagery minimums contained within Section 3.3.5. The language in the section reads:
"These imaging tools should include the following:

Current high-resolution street-view images (at a sub-inch pixel resolution that enables quality grade and physical condition to be verified)
Orthophoto images (minimum six-inch pixel resolution in urban/suburban and 12-inch resolution in rural areas, updated every two years in rapid-growth areas or six to 10 years in slow-growth areas)
Low-level oblique images capable of being used for measurement verification (four cardinal directions, minimum six-inch pixel resolution in urban/suburban and 12-inch pixel resolution in rural areas, updated every two years in rapid growth areas or six to 10 years in slow-growth areas)."

The survey can be found at https://www.surveymonkey.com/r/RSimagery and is open until Aug. 31.

Register now for Legal Seminar in Chicago
   Registration is open for the IAAO Legal Seminar, set for Dec. 12-13 at the Swissotel in downtown Chicago.
   The theme for the seminar is "Navigating Change," and attendees will hear from industry experts on legal topics of interest to members of the assessment and property tax industry.
   Full session descriptions and a brochure will be available in September.

Attendees will receive IAAO continuing education credits and IAAO will file for Continuing Legal Education credits for attendees requesting CLEs by Oct. 1.

Farragut July 31 webinar: 'Revolutionizing Mass Appraisal with Analytics'
   Join the Farragut Innovation Team for an exciting and informative webinar that casts a visionary look at the future of mass appraisal through the lens of AI and other emerging technologies.
   Designed specifically for property tax assessors, this session will focus on our cutting-edge analytics product and innovative sales ratio tool, tailored to save time and enhance the accuracy of your assessments.
   Key takeaways will include efficiency gains, improved accuracy, tools, and future-ready assessments using AI.
   The webinar starts at noon Central on Wednesday, July 31. Register here.
   For information on Strategic Partnerships, contact IAAO Director, Strategic Partnerships, Leann Ritter at ritter@iaao.org.

Aug. 14 webinar: Three ways to subscribe to Assessment Analyst® GAMA
   In this session, which will start at noon Central on Aug. 14, Esri Canada will explore three powerful tools: GAMA Explorer, GAMA Editor, and GAMA Evaluator.
   Throughout the session, attendees will gain insights into how these tools can empower their organizations.
   Additionally, Esri Canada will provide information on the subscription options available for GAMA, ensuring attendees leave with a clear understanding of how to leverage these powerful solutions for their property assessment needs. Register here.
   Esri Canada is an IAAO Strategic Partner: For questions or information regarding strategic partnerships, please contact Leann Ritter at ritter@iaao.org.

MEMBER CONNECT CORNER

Hot topic: cap rate education

IAAO Connect members are discussing ideas and recommendations for classes or courses on cap rates. Read more

AROUND THE INDUSTRY

URISA conducting 2024 salary survey
URISA is working with Research USA to conduct the 2024 GIS Salary Survey.

The survey will allow URISA to provide a current assessment of salary, benefits, certification, education, and demographics in the profession. This data will provide employers with the information needed to hire and retain qualified employees, and allow GIS professionals to evaluate their compensation and career strategies.

See the link for more information and provide input by Aug. 19.
Direct technical questions regarding the survey to urisasurvey@researchusainc.com. Responses will be sent directly to Research USA and will remain anonymous.

Participants will be entered into a drawing to win one of three $100 Amazon gift cards.

Baltimore real estate group sues city to force property tax cut onto ballot
A couple of real estate brokers and a wealth manager are taking Baltimore’s elections board to court over a ballot measure that would cut city property taxes nearly in half.
The lawsuit filed in circuit court seeks to overturn a ruling by city Election Director Armstead Jones that declared that the proposal breaks state law, according to a news release from Renew Baltimore, the ballot issue committee raising money for the tax cut. Read more

How Kansas politicians gave a controversial property tax break to businesses
   When Kansas politicians passed a compromise tax cut plan last month, the deal included a little-known policy change that gives a tax break to certain businesses.
   The 1031 exchange provision is a complex piece of tax policy that received little attention, despite being controversial when it wasn't bundled into a bigger tax package.
   Supporters say it is intended to benefit certain investors and tenants in commercial real estate who contend their properties are paying an artificially high property tax, but opponents argue that the change shifts more property tax burden onto residential taxpayers. Read more

Atlanta church in danger of being sold over

unpaid taxes they didn't know they owed

   An Atlanta church is in danger of being sold on the courthouse steps because of years of unpaid property taxes.
   But as a registered nonprofit, Solid Rock Christian Ministries never owed property taxes for decades and the pastor says they were unaware that changed as the tax debt grew.
   “We had no clue that we were even getting notifications,” Pastor Jahmaul Williams said. Read more

Cook County landlords, real estate lobby voice concerns with new approach to mixed-use taxes
   Chicago landlords and real estate lobbyists are starting to organize pushback against Cook County Assessor’s Fritz Kaegi’s rollout of a new way to tax midsize mixed-use properties.
   The county’s former policy — which a 2022 report from the state Inspector General called a loophole — allows property owners of many mixed-use commercial properties to be taxed as residential properties, rather than commercial.
   Now, Kaegi is rolling out a new system to give such properties “split assessments,” that will assess the commercial and residential components of the properties separately, resulting in a higher rate for the commercial portion of the property. Read more

Property tax caps: Homeowner relief or community killer? 'You're paying $8, while your neighbor owes $3,236'

Theoretically, everyone pays their portion of the pie, with homeowners in the most valuable properties paying the most. Properties are typically assessed annually, so whether you bought your home in 1975 or 2020 shouldn’t make a difference.

But what if that isn’t the case?

With escalating inflation, some states have measures to limit maximum annual increases – with varying degrees of success. Read more