July 15, 2021 (Kansas City, MO)—The International Association of Assessing Officers (IAAO) recently announced it will be working with The European Group of Valuers’ Associations (TEGOVA) on standards and Automation Valuation Modeling.
As
part of the relationship, IAAO member Lisa Hobart, CAE, PPS, FIAAO has
been appointed to serve as Reviewer for the TEGOVA’s European Plant,
Machinery & Equipment Valuation Standard. Konstantinos P.
Pallis, REV, Chairman of the European Plant, Machinery & Equipment
Valuation Standards Board, said that TEGOVA is on schedule to launch
Europe’s first Plant, Machinery & Equipment Valuation Standards in
the autumn 2022.
“We
are pleased and honoured that Lisa Hobart has accepted to review that
draft and subsequent iterations,” Pallis said “Even though we must stay
in lock-step with EU law, we place great value on the experience and
universal insights of a top practitioner from the United States.”
Hobart
previously served as Personal Property Consultant, Chief Assessor for
the City of Detroit, Chief Assessor in West Bloomfield Township,
Michigan, and Personal Property Auditor, Department for Oakland County,
Michigan.
“It
is an honor and privilege to serve the membership as the Reviewer of
the valuation standard for European Plant, Machinery & Equipment,”
she said. “The committee consists of a diverse group of knowledgeable
and professional individuals from around the world. This work will serve
as a valuable bridge between IAAO and the international community."
Hobart
has been an IAAO member since 1988, and she served as Chair of the IAAO
Valuation of Personal Property Standard Task Force, which rewrote the
IAAO standard.
“Lisa
is a subject matter expert in the valuation of plant machinery and
equipment, and represents IAAO very well in this area,” said President
IAAO President Greg McHenry, AAS.
Hobart,
who recently began her work with the committee, will be attending the
2021 TEGOVA Conference in October along with McHenry and IAAO Executive
Director Debra N. McGuire, MBA, IOM, CAE. McHenry will be speaking to
the TEGOVA General Assembly on the topic of Automated Valuation
Modeling.
“IAAO
released its ‘Standard on Automated Valuation Models (AVMs)’ in 2018,
which provides principles, guidance, and best practices for developing
and using AVMs for the valuation of real property,” McHenry said.
“Through our presentation in October, as well as by providing assistance
in other areas, IAAO looks forward to strengthening and growing our
relationship with TEGOVA, now and in the future, as part of our
Association’s international initiatives.”
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About the International Association of Assessing Officers (IAAO)
Founded in1934 and
with 8,000 members worldwide, IAAO is a global community of mass
appraisal experts who promote excellence in property appraisal,
assessment administration and property tax policy through professional
development, research and standards.
About the European Group of Valuers’ Associations (TEGOVA)
Uniting 70 national valuers’ associations from 38 countries representing
70,000 qualified valuers, TEGOVA’s European Valuation Standards (EVS)
are recommended to the EU member states in the EU Mortgage Credit
Directive and have been given precedence over all other standards by the
European Central Bank in successive editions of its Asset Quality
Review manual for the updating of banks’ real estate collateral values.
