Standard on - IAAO
3 Standard on mass appraisal of real property Approved July 2017 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 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 IAAO. The objective of IAAO standards is to provide a systematic means by which concerned assessing officers can improve and standardize the operation of their offices.
1. Scope . This standard defines requirements for the mass appraisal of real property. The primary focus is on mass appraisal for ad valorem tax purposes. However, the principles defined here should also be relevant to CAMAs (CAMAs) (or automated valuation models) us ed for other purposes, such as mortgage portfolio management.
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