IAAO Research Exchange
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Valuation of Renewable Energy
No full textThis session explores the valuation concepts and issues in this growing field. Initially, these types of properties received tax incentives that exempted the property from property taxes. These facilities are now transitioning to the tax roll and many states are revising their treatment of this property type. This workshop will review the various types of renewable energy facilities, how to handle listing them on the tax roll, and strategies for developing accurate valuations
#SocialGov?! Using Social Media to Amplify Your Message
No full textWays to reach communities and share our agency’s messaging has changed as we embrace digital in our everyday life. Learn ways to use social media to amplify your agency’s message. We’ll present tips and resources for effective digital communication
The Assessment Jurisdiction of the 21st Century in Ireland and Ontario, Canada
No full textA tale of best practices and shared experiences from jurisdictions in Ireland and Ontario, Canada
The Unbearable Need for Massive Talent
No full textNew technologies and processes will inevitably change the way mass-appraising is done. However, many counties don’t have the staff to do the more sophisticated form of statistically based mass appraising. How should a small to mid-size jurisdiction approach the future
Cases of note in your jurisdictions
No full textThis session reviews recent assessment-related cases in the U.S
Nonprofit hospitals\u27 property tax benefits: Evidence from Indiana
No full textPolicymakers are increasingly interested in quantifying nonprofit hospitals’ tax benefits to assess whether hospitals’ nonprofit status is justified. Property taxes that nonprofits would otherwise pay are among the more difficult tax benefit to quantify. This paper aims to educate stakeholders on the issues with estimating nonprofit hospitals’ property tax benefits. We focus on Indiana because of relative advantages in its property tax record system. We first use a statewide database that identifies tax-exempt hospital properties to estimate property tax savings for all nonprofit hospitals in the state. We then examine five counties to quantify property tax benefits for specific hospitals. Using statewide data, we estimate a total property tax savings of 128 million. We conclude with policy recommendations
Aircraft opportunity costs and estimating airline intangible returns
No full textA difficulty that assessment officials, lenders, and valuation analysts face with complex properties is disentangling the income streams, risks, and values associated with the multiple types of assets in use. A hole in the existing research literature is that measurement error caused by tangible property resource rent appropriation has not been corrected and the incremental cash flows attributable to the intangible assets have not been isolated leading to an incomplete understanding of the intangible assets’ cash flow volume and volatility. This study directly estimates intangible assets’ cost of capital and expected returns for the domestic airline industry. Using Monte Carlo simulations the study reveals that four of the 10 airlines are unlikely to produce positive returns on their intangible assets in the long run. Five of the airlines have expected returns on their intangible assets that exceed their intangibles cost of capital and create value. The study has implications for assessors and lenders of complex properties. For assessors, the study’s findings suggest the need to consider the impact of resource holders’ rent appropriation when assessing taxable property value. More nuanced valuation approaches that explicitly model expected cash flows, returns, and values associated with intangible assets as a residual may be required. For lenders, the findings indicate that rent appropriation skews profitability ratios and cash flows. Some borrowers may have intangible assets that are unlikely to generate positive returns in the long run. This information could be relevant when evaluating the creditworthiness of borrowers and assessing the risk associated with lending to them
Fair + Equitable June/July 2023
No full textThe June and July issue cover story is preparing for the 2023 Annual Conference in Salt Lake City, Utah.https://researchexchange.iaao.org/f-e/1013/thumbnail.jp
Fair + Equitable January 2023
No full textThe January 2023 issue cover story explores new property taxes on vacant dwellings.https://researchexchange.iaao.org/f-e/1017/thumbnail.jp