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The appraisal gap is complicating real estate deals across the United States >
The
house checked off every box on Linda’s list. It had a fenced-in yard,
an updated kitchen, a “man cave” for her husband, and was in a good
school district. The Nashville-area house was listed at $405,000. Linda
beat out a dozen other prospective buyers in a bidding war by offering
$445,000 and waiving all contingencies. Unfortunately, the appraisal put
the house’s value $50,000 below what she paid. With others waiting in
line, the seller wouldn’t budge on price. Linda had a sizable down
payment but still needed to find a way to close the appraisal gap. Read more
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With
less than three weeks left in the legislative session, a key Senate
panel Wednesday supported providing a tax break to property owners who
elevate homes to address potential flooding, part of a House plan to
combat rising sea levels. The Senate Finance and Tax Committee
unanimously approved a proposal that would ask voters in 2022 to approve
a constitutional amendment to provide the property-tax break. Read more
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A
move to alter the Davidson County, Tennessee, line at the request of
one property owner is advancing through the state legislature. Davidson
County's Assessor of Property, Vivian Wilhoite, opposes the move, and
said it could open the flood gates for others to try and leave the
county to avoid paying higher property taxes. “This is going to be a big
deal that could open Pandora's box,” Wilhoite said. Read more
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IAAO NEWS
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+ A salute to the more than 300 IAAO volunteers >
April
18 to 24 is National Volunteer Week and IAAO would like to thank the
more than 300 volunteers who serve the association. National Volunteer
Week is an opportunity to recognize the impact of volunteer service, the
power of volunteers to tackle society’s greatest challenges, and be a
force that transforms the world. IAAO has volunteers serving on the
board, committees, tasks forces, councils, trusts, as IAAO
representatives, and as representatives with other organizations. A list
of IAAO volunteers serving is available online. Read more
+ IAAO issues statement on fair and equitable assessments >
Recent
news reports have highlighted potential disparities, or regressivity, in
low-income properties being overvalued during the assessment process,
and IAAO recently released a statement on fair and equitable
assessments. IAAO and its members are committed to providing fair and
equitable property valuation assessments. IAAO believes regressivity in
assessment is a serious issue and that valuation disparity is an
assessment, legislative, political, and educational issue. Property tax
caps, credits, and freezes, for example, may contribute to disparities
in valuations. Therefore, all parties must work together to identify any
existing issues and to prevent disparities from occurring in the
future. Read more
+ Register for the 2021 Emerging Leaders’ Summit >
Registration
is now open for the 2021 Emerging Leaders’ Summit, and this year’s
event, “GROW into Coaching,” is a multi-part skill-building certificate
program. Participants will engage in a content-rich program including
three webinars (June 23, July 14, and Aug. 11) focused on leading
through coaching with a growth mindset. The program, sponsored by Tyler Technologies and Data Cloud Solutions,
will culminate in an interactive event, “Embracing Change,” in Chicago
during the IAAO Annual Conference. Emphasis will be on learning the GROW
coaching model. Presenting in Chicago will be award-winning coach,
author, educator, and speaker, Judy Favor, Ph.D. The Chicago session
will be available on video for participants unable to attend the
conference. Read more
+ RICS Global Valuation Conference is April 19-22 >
The
RICS Global Valuation Conference will take place virtually from Monday,
April 19 to Thursday, April 22. The conference invites RICS registered
valuers from over 100 countries to come together for a program that will
deliver a mix of global and regional sessions, addressing the key
topics within the world of valuation, including: determining and
reporting value, advancement of technology, new client expectations,
rise of sustainability and ESG demands, changing markets and social
behaviors, and changes to global standards and legislation. The
program’s overall goal is to bring the profession together as a new era
of valuation emerges. Read more
+ Appraisal Foundation diversity data survey open to IAAO members >
IAAO
members and those in the appraiser community can participate in a
survey conducted by The Appraisal Foundation focusing on gathering
diversity-related demographic data and opinions. The survey closes on
April 30, is anonymous, and takes three to four minutes to complete. The
Foundation said the survey creates only aggregate information and does
not ask for any individual, personal information. To promote public
trust in the appraisal profession, and to understand how to best
proceed, The Appraisal Foundation is using the survey to look for better
insights about the demographics of today’s appraiser community. Read more
+ U40 Leadership Lab Grant applications now accepted >
Applications
are now being accepted for the U40 Leadership Lab Innovation Grants to
send to the Annual Conference under-40 members who have carried out a
creative idea and have had a tangible and positive impact on the
processes or procedures in their jurisdiction. The grant provides
financial aid to those who would not typically be able to attend the
conference and the winners will then present their improvement at the
conference in Chicago. Applicants not selected, or who are selected but
not asked to present, agree based on their application, that their
improvement may still be shared. A grant application form is available
to download. The submission deadline for applications to be received by
IAAO by postal mail or email (scholarships@iaao.org) is July 1. Read more
+ Friday webinar focuses on crisis performance management >
"Performance
Management in a Crisis" will be the focus of an IAAO webinar on Friday,
April 16 from noon to 1 pm Central. In this webinar, Santa Clara,
California, Assessor Lawrence E. Stone describes the cost accounting and
performance management systems he created and has nurtured since he was
first elected in 1994 as Silicon Valley's Assessor. He will also
discuss how to create an employee-culture in a heavily unionized
environment that embraces customer service and accountability. The
webinar will offer one hour of CEU credit. Read more
+ Nomination deadline is May 1 for IAAO Awards, Fellows programs >
IAAO
is accepting nominations for its Awards Program and Fellows Program
through May 1. The Awards Program boasts numerous categories recognizing
individual and organizational achievements in areas including
publications, technical expertise, and service to IAAO. Award winners
and Fellow selections are recognized at the IAAO Annual Conference. The
Awards Program is a highly visible event and all IAAO members and
affiliated organizations are encouraged to submit nominations. Fellow
nominees are brought forth by the IAAO membership each year and
presented during the awards nominations period. Read more
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IAAO CONNECT CORNER
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+ Hot Topic: IAAO's data quality research initiative >
IAAO Connect members are discussing IAAO's data quality research initiative. Read more
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AROUND THE INDUSTRY
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California’s
58 county assessors are seeking clarification on the implementation of a
new property tax measure with the hope to delay a provision that makes
it more costly for children to inherit some homes from their parents.
Narrowly approved by voters last November, Proposition 19 partially took
effect on Feb. 16, but according to Los Angeles County Assessor Jeff
Prang, many homeowners are not yet aware of its impact. Read more
With
so much uncertainty surrounding the housing market, many Americans may
be afraid that buying or selling a house is too risky. A recession isn’t
great news for buyers, especially with the average family unable right
now to afford a home in many parts of the country. Prospective
homebuyers are also concerned about their ability to make mortgage
payments. Read more
A state Senate committee walked back the impact of a property tax bill last week, a day after the Indianapolis Star
reported how it would benefit a state Republican party leader. The bill
would have prohibited local assessors from increasing someone’s
property taxes for the following four years after a property owner wins a
tax appeal. While Rep. Ed Soliday, R-Valparaiso, said the bill will
help people across the state, he only listed one concrete example of
rates being increased after an appeal: property owned by Chuck Williams,
the state treasurer of the Republican party. Read more
+ West Virginia lawmakers drill deeper, compromise on natural gas property tax bill >
A
compromise was reached between the West Virginia Senate and the House
of Delegates on a bill creating a better property tax valuation system
for oil and natural gas wells and effecting tax revenue for counties. The bill would
provide a revised methodology to value oil and natural gas properties
by the State Tax Commissioner in response to a West Virginia Supreme
Court of Appeals decision in 2019 that struck down part of the
methodology the department uses to value active oil and natural gas well
sites. Read more
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+ Missoula, Montana >
Property Appraiser I, Montana Department of Revenue See more
+ Salem, Oregon >
Rural Property Appraiser 2 , Marion County Assessor's Office See more
+ Marlborough, Massachusetts >
Principal Assessor, City of Marlborough See more
+ Kingman, Arizona >
Chief Appraiser, Mohave County Assessor See more
+ Fort Lauderdale, Florida >
Deputy Appraiser I-Residential Department, Broward County Property Appraiser See more
Deputy Appraiser I-Commercial Department, Broward County Property Appraiser See more
+ Milwaukee, Wisconsin >
Property Appraiser 3, City of Milwaukee See more
Senior Property Appraiser 1, City of Milwaukee See more
+ West Palm Beach, Florida >
Senior Commercial Appraiser, Palm Beach County Appraiser's Office See more
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International Association
of Assessing Officers
314 West 10th Street
Kansas City, Missouri 64105
816-701-8100
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Keith Robison
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