Tagged: property tax

Is the GSEs "Appraisal Modernization" Really Just Mass Appraisal? 18

Is the GSE’s “Appraisal Modernization” Really Just Mass Appraisal?

Mass Appraisal tend to exhibit a regressive nature…  In the intricate landscape of real estate mortgage financing, the notion of appraisal waivers recently dubbed “Value Acceptance”, by the Government Sponsored Enterprises (GSEs), has stirred considerable debate. The most recent statistics show Value Acceptance accounts for up to 40% of all mortgage approvals. It is presented as part of the GSEs “Appraisal Modernization” initiative, which aims to streamline the mortgage appraisal process. However, a closer examination reveals potential drawbacks, raising questions about its efficacy and impact on the housing market. Despite its roots in a methodology designed to support appraisers, Value...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Collateral Underwriter

UAD to Assist Local Assessors 16

UAD to Assist Local Assessors?

Folks, 16 local Assessors across the US have requested to FHFA that the GSE’s UAD property rating data be provided to Assessors, with the belief that UAD will help them be more accurate in their local tax assessments. This info has been circulating the past few days, in the link below: Kaegi, other tax officials want access to Uniform Appraisal Database to help make property taxes fairer | Crain’s Chicago Business From the article: Kaegi (Cook County, Illinois) has suggested that the Uniform Appraisal Database maintained by the federally chartered mortgage buyers Fannie Mae and Freddie Mac might help plug...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

Racial Bias in Real Estate: Is it the Property Appraisers’ Fault? 17

Racial Bias in Real Estate: Is it the Appraisers’ Fault?

In the past year, the appraisal industry has been under attack from various academics who claim “racial bias” on the part of real property appraisers providing appraisal services to lenders who provide home mortgages. These academics do not fully understand various types of valuation specialties, the appraisers who practice in these specialties, and the myriad of laws that must be followed. Help is needed to explain the appraisal industry, including the specialties and the types of reports. An understanding of the different components of the appraisal industry is necessary to assist various academics, journalists, the media, the public, and the public...

Appraisal / Appraisal News / Appraisal Subcommittee / Appraisers News / ASC / Automated Valuation Models

Tax Appeal Work 9

Tax Appeal Work & Appraisers

Taxing the System – Tax Appeal The Department receives a number of appraisal complaints related to property tax assessment appeals each and every year. While most originate with assessors and boards of review, some come from appellants themselves. The most frequent complaint involves alleged undervaluation and advocacy on the part of the appraiser. The local assessor or board of review will allege that the appraiser deliberately omitted more relevant sales by “cherry-picking” distressed sales or choosing sales from inferior locations. Appraisers are not hired guns by counsel. Advocacy is a career-killer. Unlicensed practice is the next most frequent complaint. There...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

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Over 275 Websites for Property Assessment and Valuation

Selected Internet Resources for Property Assessment Administration and Tax Professionals Property tax consultant Richard Sanderson has had more than 30 years experience in property tax administration and has valued some of the most complex properties for tax purposes over the years.  He has just compiled and released a 24 page resource guide for property assessors, appraisers, tax professionals, and others interested in property valuation and tax policy. Entitled “Selected Internet Resources for Property Assessment Administration and Tax Professionals” the guide includes more than 275 websites that are very useful to: Academics in the field of local government administration and tax policy...

Appraisal / Appraisal News / Appraisers News

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