Transcription of Standard on - IAAO
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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.
Uniform and accurate valuation of property requires correct, complete, and up-to-date property data. Assessing offices must establish effective procedures for collecting and maintaining property data (i.e., property ownership, location, size, use, physical characteristics, sales price, rents, costs, and operating expenses).
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