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GIS analysis of under-valuation and problematic exemptions: Five examples from five states
No full textDiscover the significance of tailored automated valuation models (AVMs) for agricultural properties, ensuring accurate and equitable assessments. Also, explore case studies revealing challenges in property assessment, including under-valuation and problematic tax exemptions, with a focus on the role of GIS analysis in uncovering inconsistencies across states
Through the transition: Conquering the challenges of new leadership
No full textStaff turnover, transition in leadership, and developing new office culture are often concurrent problems. This session presents tips and tricks for avoiding pitfalls and for effectively changing multigenerational office culture
The (R)evolution of hospitality property mass appraisal
No full textWithin the Municipal Property Assessment Corporation (MPAC), Hospitality Properties include hotels, motels, golf courses, retirement homes, and long-term care facilities (nursing homes). These properties are valued using either the gross income multiplier method or the direct capitalization method of the income approach by way of a pro forma. Individual revenues and expenses and the capitalization rate (or multiplier) are derived based on external analysis and then inputted individually. In 2023, MPAC pioneered a more general “model” based valuation, using mass appraisal techniques. This session will highlight the challenges of leveraging the pro forma structure into mass value creation including stratifying and extrapolating limited data, systematically applying broadly derived parameters to multiple properties, conducting post-valuation reviews, shift analysis, and measuring accuracy and equity – all as efficiently as possible in a limited time frame
Managing property value reviews (Informals)/Initial valuation complaint filings
No full textHistorically high property value increases (over 40% across 450,000+ residential and commercial parcels) in Franklin County, Ohio presented the county Auditor’s office with both a challenge in the form of thousands of property owners unhappy at the prospect of higher taxes due to increased property valuations, as well as an opportunity to meet that challenge and continue to provide what, internally, the office refers to as the “World’s Best Constituent Service.” To meet this challenge, Franklin County Auditor Michael Stinziano asked staff to develop a plan for holding Property Value Reviews (referred to more widely as “informals”) that would provide an opportunity to meet with as many property owners as possible within the scope of the contract with their vendor appraisal company and also maximize convenience for the taxpayer. The resulting endeavor saw county and vendor appraisers meet both virtually and in-person with property owners online and at 11 physical locations throughout the county six days a week throughout September 2023, beginning after Labor Day. Time was created for just over 20,000 individual 20-minute meetings to be held with property owners throughout that time period, with a maximum of 45 county and vendor appraisal staff available virtually or in-person each day. In the end, 10,216 individual reviews were conducted (3,523 in-person; 3,847 virtual; 2,846 document submissions only) on 5.4% of parcels countywide. Of those reviews, 48.81% received some sort of change in valuation. This effort was considered important to the overall success of the reappraisal
Innovative Pathways: Shaping the Future of Mass Valuation in Serbia
No full textInnovative Pathways: Shaping the Future of Mass Valuation in Serbia
Description to be provided soon
An Interactive Leadership Conversation Among the Generations
No full textSuccession planning has been a hot topic of discussion for several years. Many conversations are centered around the development of leadership to take the helm of jurisdictions. This session invites Millennials and Gen-Z to the table to tell us exactly what they need
Fair + Equitable October 2024
No full textThe October F+E issue reviews the recent IAAO Annual Conference in Denver. Overall review of the conference Award winners announced 9 in 90 – Q&A with 2012 President Debra Asbury 2024 IAAO Fellows Class announced 20th anniversary of buying Kansas City office 2024 election information Bylaws amendment information “Why I give to IAAO” series Maui fires impact on property owners, tenants AI to be focus of International Research Symposium, set for Amsterdam in December Legal Seminar set for Chicago Opinion piece on land use restrictions Thought leader article on AI and mass appraisal New library materials New IAAO designees Career Center jobshttps://researchexchange.iaao.org/f-e/1002/thumbnail.jp
Using AI to Ensure Accuracy, Equity, and Uniformity
No full textSession Overview: • What tools and techniques are currently being used? • What is the value add to the user? • Practical examples • Where is the roadmap for AI & ML headed for mass appraisers
Legislation: Varying interpretations and unintended consequences
No full textLaws regarding the assessment process are constantly evolving as legislators seek to find solutions for taxpayer concerns about increasing property tax bills and the administrative burden of correcting assessment errors. This one-hour session will examine recent legislation and cases in various jurisdictions to see how tribunals have parsed language, looked at legislative intent, and sometimes tortured dictionaries, to arrive at their decisions. Lessons for legislation drafting will be drawn from examples and personal experience, including the importance of being specific, defining terms, and understanding current processes and procedures thoroughly before amending them
A slice of Chicago
No full textThe one-hour session will review Chicago’s rich architectural history and how certain events shaped the urban landscape of the city. We will examine property growth in Chicago and the impact on property tax assessments, then explore some specific developments in the city, including the growth of quantum computing and data centers, affordable housing and the need for more adaptive reuse of existing office buildings to contend with office vacancies in Chicago. Finally, we will explore the legal and assessment practices required in Illinois to ensure, fair, accurate and transparent assessments for real property throughout the city