IAAO 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. The International Association of Assessing Officers (IAAO) and its members are committed to providing fair and equitable property valuation assessments.
IAAO believes regressivity in assessment is a serious issue. Valuation disparity is an assessment, legislative, political, and educational issue. Property tax caps, credits and freezes may contribute to disparities in valuations. Therefore, all parties must work together to identify any issues that currently exist and to prevent disparities from occurring in the future.
IAAO promotes the following as cornerstones of providing fair and equitable property assessments:
• Appraising properties on a regular basis to determine Fair Market Value
• Following IAAO technical standards on assessment and office operations
• Allocating adequate resources to jurisdictions to carry out the assessing function in accordance with best practices
• Providing assessors and assessing staff with training and ongoing professional development
IAAO continues to develop additional tools to assist assessors, jurisdictions, and the public on fair and equitable assessment matters.
To better understand the assessment and appeals process, IAAO offers property owners a brochure, “Understanding your Assessment,” which can be accessed at www.iaao.org/UnderstandingAssessment.