Standard On Mass Appraisal Of Real Property

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Standard onMass Appraisal ofReal PropertyApproved April 2013International Association of Assessing OfficersThis standard replaces the January 2012 Standard on Mass Appraisal of Real Property and is a complete revision. The2012 Standard on Mass Appraisal of Real Property was a partial revision that replaced the 2002 standard. The 2002standard combined and replaced the 1983 Standard on the Application of the Three Approaches to Value in Mass Appraisal,the 1984 Standard on Mass Appraisal, and the 1988 Standard on Urban Land Valuation. IAAO assessment standards represent a consensus in the assessing profession and have been adopted by the Executive Board of the InternationalAssociation of Assessing Officers (IAAO). The objective of the IAAO standards is to provide a systematic means forassessing officers to improve and standardize the operation of their offices. IAAO standards are advisory in natureand the use of, or compliance with, such standards is voluntary. If any portion of these standards is found to be inconflict with national, state, or provincial laws, such laws shall govern. Requirements found in the Uniform Standardsof Professional Appraisal Practice (USPAP) also have precedence over technical standards.

AcknowledgmentsAt the time of the 2012 revision (approved April 2013) the Technical Standards Committee was composed of AlanDornfest, AAS, chair; Doug Warr, AAS; Robert Gloudemans; Michael Prestridge, Mary Reavey; Dennis Deegear,associate member; and Chris Bennett, staff liaison. Bill Marchand also participated in revising the standard whileserving as committee chair in 2013.The standard benefited from comments by Pete Davis.Revision NotesThe last full revision of the Standard on Mass Appraisal of Real Property was in February 2002.A partial revision, approved January 2012, was made to section 3.3Published byInternational Association of Assessing Officers314 W 10th StKansas City, Missouri 64105-1616816/701-8100fax: 816/701-8149http://www.iaao.orgISBN 978-0-88329-207-5Copyright 2013 by the International Association of Assessing OfficersAll rights reserved.No part of this publication may be reproduced in any form, in an electronic retrieval system or otherwise, without the prior written permission of the publisher. However, assessors wishing to use this standard for educatinglegislators and policymakers may photocopy it for limited distribution.Printed in the United States of America.

Contents1. Scope. 52. Introduction. 53. Collecting and Maintaining Property Data. 53.1 Overview. 53.2 Geographic Data. 53.3 Property Characteristics Data. 63.3.1 Selection of Property Characteristics Data. 63.3.2 Data Collection. Initial Data Collection. Data Collection Format. Data Collection Manuals. Data Accuracy Standards. Data Collection Quality Control. 73.3.3 Data Entry. 73.3.4 Maintaining Property Characteristics Data. 73.3.5 Alternative to Periodic On-Site Inspections. 83.4 Sales Data. 83.5 Income and Expense Data. 83.6 Cost and Depreciation Data. 84. Valuation. 84.1 Valuation Models. 94.2 The Cost Approach. 94.3 The Sales Comparison Approach. 94.4 The Income Approach.104.5 Land Valuation.104.6 Considerations by Property Type.104.6.1 Single-Family Residential Property.104.6.2 Manufactured Housing.104.6.3 Multifamily Residential Property.114.6.4 Commercial and Industrial Property.114.6.5 Nonagricultural Land.114.6.6 Agricultural Property.114.6.7 Special-Purpose Property.114.7 Value Reconciliation.124.7 Frequency of Reappraisals.125. Model Testing, Quality Assurance, and Value Defense.125.1 Model Diagnostics.125.2 Sales Ratio Analyses.125.2.1 Assessment Level.125.2.2 Assessment Uniformity.125.3 Holdout Samples.135.4 Documentation.135.5 Value Defense.146. Managerial Considerations.146.1 Overview.146.2 Staffing.146.3 Data Processing Support.146.3.1 Hardware.145.3.2 Software.146.4 Contracting for Appraisal Services.156.5 Benefit-Cost Considerations.156.5.1 Overview.156.5.2 Policy Issues.156.5.3 Administrative Issues.15References.15Suggested Reading.15Glossary.16

STANDARD ON MASS APPRAISAL OF REAL PROPERTY—2013Standard on Mass Appraisal of Real Property1. ScopeThis standard defines requirements for the mass appraisal of real property. The primary focus is on massappraisal for ad valorem tax purposes. However, theprinciples defined here should also be relevant to CAMAs (CAMAs) (or automated valuation models) used forother purposes, such as mortgage portfolio management. The standard primarily addresses the needs of theassessor, assessment oversight agencies, and taxpayers.This standard addresses mass appraisal procedures bywhich the fee simple interest in property can be appraised at market value, including mass appraisal application of the three traditional approaches to value (cost,sales comparison, and income). Single property appraisals, partial interest appraisals, and appraisals made onan other-than-market-value basis are outside the scopeof this standard. Nor does this standard provide guidance on determining assessed values that differ frommarket value because of statutory constraints such as usevalue, classification, or assessment increase limitations.Mass appraisal requires complete and accurate data, effective valuation models, and proper management ofresources. Section 2 provides an introduction to massappraisal. Section 3 focuses on the collection and maintenance of property data. Section 4 summarizes the primary considerations in valuation methods, includingthe role of the three approaches to value in the massappraisal of various types of property. Section 5 addresses model testing and quality assurance. Section 6discusses certain managerial considerations: staff levels,data processing support, contracting for reappraisals,and benefit-cost issues.2. IntroductionMarket value for assessment purposes is generally determined through the application of mass appraisal techniques. Mass appraisal is the process of valuing a groupof properties as of a given date and using common data,standardized methods, and statistical testing. To determine a parcel’s value, assessing officers must rely uponvaluation equations, tables, and schedules developedthrough mathematical analysis of market data. Valuesfor individual parcels should not be based solely on thesale price of a property; rather, valuation schedules andmodels should be consistently applied to property datathat are correct, complete, and up-to-date.Properly administered, the development, construction,and use of a CAMA system results in a valuation systemcharacterized by accuracy, uniformity, equity, reliability,and low per-parcel costs. Except for unique properties,individual analyses and appraisals of properties are notpractical for ad valorem tax purposes.3. Collecting and Maintaining Property DataThe accuracy of values depends first and foremost onthe completeness and accuracy of property characteristics and market data. Assessors will want to ensurethat their CAMA systems provide for the collection andmaintenance of relevant land, improvement, and location features. These data must also be accurately andconsistently collected. The CAMA system must alsoprovide for the storage and processing of relevant sales,cost, and income and expense data.3.1 OverviewUniform and accurate valuation of property requirescorrect, complete, and up-to-date property data. Assessing offices must establish effective procedures for collecting and maintaining property data (i.e., propertyownership, location, size, use, physical characteristics,sales price, rents, costs, and operating expenses). Suchdata are also used for performance audits, defense ofappeals, public relations, and management information. The following sections recommend proceduresfor collecting these data.3.2 Geographic DataAssessors should maintain accurate, up-to-date cadastral maps (also known as assessment maps, tax maps,parcel boundary maps, and property ownership maps)covering the entire jurisdiction with a unique identification number for each parcel. Such cadastral mapsallow assessing officers to identify and locate all parcels, both in the field and in the office. Maps becomeespecially valuable in the mass appraisal process whena geographic information system (GIS) is used. A GISpermits graphic displays of sale prices, assessed values,inspection dates, work assignments, land uses, andmuch more. In addition, a GIS permits high-level analysis of nearby sales, neighborhoods, and market trends;when linked to a CAMA system, the results can be veryuseful. For additional information on cadastral maps,parcel identification systems, and GIS, see the Standardon Manual Cadastral Maps and Parcel Identifiers (IAAO2004), Standard on Digital Cadastral Maps and Parcel Identifiers (IAAO 2012), Procedures and Standards for a Multipurpose Cadastre (National Research Council 1983), andGIS Guidelines for Assessors (URISA/IAAO 1999).5

STANDARD ON MASS APPRAISAL OF REAL PROPERTY—20133.3 Property Characteristics DataThe assessor should collect and maintain property characteristics data sufficient for classification, valuation,and other purposes. Accurate valuation of real propertyby any method requires descriptions of land and building characteristics.3.3.1 Selection of Property Characteristics DataProperty characteristics to be collected and maintainedshould be based on the following: Factors that influence the market in the localein question Requirements of the valuation methods thatwill be employed Building features such as bathrooms and central air-conditioning Significant detached structures including guesthouses, boat houses, and barnsLand Data Lot size Available utilities (sewer, water, electricity)Location Data Market area Submarket area or neighborhood Requirements of classification and propertytax policy Site amenities, especially view and golf courseor water frontage Requirements of other governmental andprivate users External nuisances, (e.g., heavy traffic, airportnoise, or proximity to commercial uses).For a discussion of property characteristics importantfor various commercial property types, see Fundamentals of Mass Appraisal (Gloudemans and Almy 2011,chapter 9). Marginal benefits and costs of collecting andmaintaining each property characteristicDetermining what data on property characteristics tocollect and maintain for a CAMA system is a crucial decision with long-term consequences. A pilot programis one means of evaluating the benefits and costs ofcollecting and maintaining a particular set of property characteristics. (see Gloudemans and Almy 2011,46–49). In addition, much can be learned from studying the data used in successful CAMAs in other jurisdictions. Data collection and maintenance are usually themost costly aspects of a CAMA. Collecting data that areof little importance in the assessment process should beavoided unless another governmental or private need isclearly demonstrated.The quantity and quality of existing data should be reviewed. If the data are sparse and unreliable, a majorrecanvass will be necessary. Data that have been confirmed to be reliable should be used whenever possible.New valuation programs or enhancements requiringmajor recanvass activity or conversions to new codingformats should be viewed with suspicion when the existing data base already contains most major propertycharacteristics and is of generally good quality.The following property characteristics are usually important in predicting residential property values:Improvement Data Living area Construction quality or key componentsthereof (foundation, exterior wall type, andthe like) Effective age or condition Building design or style6 Secondary areas including basements, garages,covered porches, and balconies3.3.2 Data CollectionCollecting property characteristics data is a critical andexpensive phase of reappraisal. A successful data collection program requires clear and standard coding andcareful monitoring through a quality control program.The development and use of a data collection manual isessential to achieving accurate and consistent data collection. The data collection program should result incomplete and accurate data. Initial Data CollectionA physical inspection is necessary to obtain initial property characteristics data. This inspection can be performed either by appraisers or by specially trained datacollectors. In a joint approach, experienced appraisersmake key subjective decisions, such as the assignmentof construction quality class or grade, and data collectors gather all other details. Depending on the data required, an interior inspection might be necessary. At aminimum, a comprehensive exterior inspection shouldbe conducted. Data Collection FormatData should be collected in a prescribed format designed to facilitate both the collecting of data in thefield and the entry of the data into the computer system.A logical arrangement of the collection format makesdat

Approved April 2013 International Association of Assessing Officers This standard replaces the January 2012 Standard on Mass Appraisal of Real Property and is a complete revision. The 2012 Standard on Mass Appraisal of Real Property was a partial revision that replaced the 2002 standard.The 2002 standard combined and replaced the 1983 Standard on the Application of the Three Approaches to .

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