IAAO TEGOVA working on standards, AVM information

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.”

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.
Media Contact: Mike Ardis, 816-701-8141
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