International bodies agree on property tax assessment standards

by Steve Randall16 Sep 2019

Two international real estate standards bodies have announced a partnership to work together to simplify and reduce fragmentation in the property tax and assessment industry.

RICS and the International Association of Assessing Officers (IAAO) announced their partnership at the 2019 Annual IAAO Conference, held this year in Niagara Falls, ON.

"RICS and IAAO are united in our belief that collaboration will benefit the property sector, the wider valuation industry and the public as a whole," says Neil Shah, Managing Director of RICS in the Americas. "We're committed to working together to ensure valuation professionals have the support and training they need to embrace future trends like big data and artificial intelligence while following international standards and building public trust."

It follows a similar agreement between RICS and the American Society of Appraisers (ASA) earlier this year.

Transparency and trust
"IAAO and RICS are dedicated to creating a property tax and assessment landscape that increases transparency and enhances the public trust," says Tim Boncoskey, President of IAAO and Chief Deputy Assessor of Maricopa County, AZ. "The global scope of this collaborative effort will help to ensure a profession that works for everyone. A more transparent and consistent property assessment industry is crucial to socially and fiscally sustainable practices."

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