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Press release

13 SEP 2019

IAAO collaboration promotes global property tax & assessment standards

RICS and the International Association of Assessing Officers (IAAO) have agreed to work together to simplify and reduce fragmentation in the property tax and assessment industry.

Coming five months after RICS and the American Society of Appraisers (ASA) reached a similar partnership, this partnership with IAAO further solidifies RICS' commitment to provide clarity in valuation for the public good and seeks to enhance resources for valuation professionals across all sectors.

"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."

The announcement was made at the 2019 Annual IAAO Conference, held this year in Niagara Falls, ON. The collaborative thought leadership of the conference exemplifies the approach being employed by both RICS and IAAO to empower professionals across the globe to create fairer, more beneficial outcomes for businesses, public institutions and individuals.

"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."

On April 9, RICS and the ASA reached a preliminary agreement and signed a letter of intent to create a valuation partnership, providing common standards and practices for appraisal professionals in the United States and globally to reduce duplication and multiple credentialing standards, creating a single valuation ecosystem for the appraisal of real estate, land, infrastructure, personal property, machinery, organizational valuation, gems and jewelry. The RICS collaboration with IAAO extends this effort to the tax and assessment space to build an even more inclusive ecosystem.

About International Association of Assessing Officers

IAAO is a nonprofit, educational and research association. It is a professional membership organization of government assessment officials and others interested in the administration of the property tax. IAAO was founded in 1934, and now has a membership of more than 7,000 members worldwide from governmental, business, and academic communities.