Whose 'essential' is it? Different rules for box stores and local retailers >
April Cabral, owner of Sundance Clothing of Chatham and Sandwich in Cape Cod, Massachusetts, said she plans to open her store Friday and put 80 percent of her merchandise in a tent near the curb. “I’m not allowed to open. I’m opening. I’m not breaking the rules since the terminology is such a loosely defined phrase. I am just as essential as Walmart,” she said. Cabral said she began thinking about this after recently venturing out for the first time in weeks when she went to the nearby Walmart and saw the store was selling women’s clothing, which she sells. While Walmart is open, Sundance Clothing can only sell online and, soon, by curbside service only. Read more
The coronavirus pandemic has eviscerated state and local finances. The country’s roughly 90,000 nonfederal-government entities provide and pay for most of the government services that Americans receive. Factor out federal defense spending and the federal government’s contributions to health care, and state and local governments do most of the government spending too: $4 trillion worth, or more than one-fifth of America’s gross domestic product. Read more
Despite mass unemployment and underemployment, multifamily rental payments have held up far better than many industry experts expected amid the economic wreckage caused by the spread of the novel coronavirus. More than 36 million people have filed for unemployment in recent weeks and millions of others working fewer hours and taking reduced pay. Read more
+ Run for the Board of Directors! The deadline is July 6 >
Members interested in running for the IAAO Board of Directors should submit candidate materials by July 6. Check out the Elections page for more information. Regular members in good standing will be able to vote electronically from Nov. 1-15, 2020, for the 2021 Regular Board Member and Officer positions. There will not be candidates for Associate Members in 2020. Read more
+ Upcoming webinars: Tax policy standard and using Excel in conducting ratio studies >
June IAAO webinars include a review by  the Tax Policy Update Task Force on June 3 on updates to an IAAO standard on tax policy in Effective Property Tax Policy and Oversight - A Review of the Revised Standards and Why They Are Important When Considering Property Tax Responses to COVID-19, followed by a free webinar on June 19 on Using Excel for Conducting Ratio Studies.
+ U40 Leadership Lab seeks nominations for U40 grant >
The U40 Leadership Lab is seeking nominations for the U40 Leadership Lab Grant. The grant is available to those members who have made tangible contributions/innovations in their assessment offices and are under 40 years old. Applicant must demonstrate a need for financial assistance and also submit a two- to three-page paper explaining the contribution/innovation. The grant would provide financial aid to the selected applicants who would normally not be able to attend the annual conference. The grant form can be found and downloaded here: www.iaao.org/U40, and the submission deadline is June 15, 2020. Successful applicants will be notified once all the submissions are revised. Read more
+ IAAO to offer four online courses in June >
IAAO will offer Courses 101, 300, 331, and 400 in June in the Live Online format. Live Online Course 331: Mass Appraisal Practices and Procedures (30.0 CEUs) will be offered on Tuesday and Thursdays, June 2, 4, 9, and 11. Course 300: Fundamentals of Mass Appraisal (30.0 CEUs) offered on Monday and Wednesday, June 8, 10, 15, and 17. Live Online Course 101: Fundamentals of Real Property Appraisal (30.0 CEUs) will be offered on Tuesday and Thursdays, June 16, 18, 23, and 25. Live Online Course 400: Assessment Administration (30.0 CEUs) will be offered on Monday and Wednesdays, June 22, 24, 29, and July 1. Read more
+ IAAO has personalized training for R >
IAAO is now offering personalized training on the R software for modeling and spatial analysis, through screen sharing and video conferencing. Paul Bidanset, IAAO Valuation Research Project Manager (and Ph.D. candidate), who has presented at many IAAO and industry events on modeling and other topics, will be providing the training. You can learn R, using real data from your jurisdiction or with data supplied by IAAO. Contact Paul at bidanset@iaao.org for cost details on R training or any other specific training requests.
IAAO Connect Corner
+ Hot Topic: Excel spreadsheets for statistics >
IAAO Connect members are discussing creating and sharing Excel workbooks that are used to calculate their statistics. Read more
+ The real estate industry pushed for $160 billion in tax breaks in the CARES Act, filings show >
House Democrats passed a largely symbolic bill on May 15 rolling back two controversial tax provisions that had been slipped into the CARES Act, the $2 trillion stimulus law that Congress passed in March with overwhelmingly bipartisan support. The two tax provisions, which remove caps on individuals’ and businesses’ ability to write off net operating losses, are expected to deliver a $160 billion windfall to the wealthiest Americans, disproportionately benefiting hedge fund and real estate investors. While the repeal effort will likely be dead upon arrival in the Senate, where it has no support among Republicans, the Democrats’ move raises a question: How did these two massive tax breaks for the very rich get slipped into the CARES Act in the first place? Read more
At a moment when state and local governments are already drowning in red ink, Colorado’s constitution is now projected to trigger the second-largest residential property tax cut in modern history. Under forecasts presented Tuesday, Colorado lawmakers could be asked to cut residential property taxes by nearly 18% in 2021 to comply with a tax-limiting constitutional provision known as the Gallagher Amendment. Read more
The California state Board of Equalization is about to consider some tax-law changes that would be a huge boon to big commercial property owners and a disaster for cities and counties. California counties could be required to give immediate tax rebates – that is, cash payments – to private commercial property owners who say that the COVID-19 pandemic has hurt their property values. Read more
At a time when unemployment levels are rising to heights not seen since the Great Depression, the mortgage industry is among the relatively few sectors outside of the frontline workforce that is actively seeking out new employees. “We’re hiring and we’re expanding,” said Paul Buege, president of Pewaukee, Wisconsin-based Inlanta Mortgage. “And that’s happening on top of record volume for a company that’s nearly 100% virtual.” Read more
Even more turmoil lies ahead for the U.S. retail sector as effective retail rents are projected to plunge 11.00 percent in 2020, according to Moody’s Analytics recent market forecast. This drop would be nearly twice the decline in retail rents that occurred following the Great Recession of 2008. It will also make retail the hardest-hit commercial real estate sector, Moody’s Analytics pointed out. Read more
The Philippines will consider a digital services tax after the head of the nation’s Ways and Means Committee, Joey Salceda, proposed one as a measure to increase the nation’s post-pandemic tax base. Read more
+ Fargo, North Dakota >
City Assessor, City of Fargo See more
International Association
of Assessing Officers
314 West 10th Street
Kansas City, Missouri 64105
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Keith Robison
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