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Valuation Systems - <br />s i s - MAO Commentary <br />"To maximize fairness and understandability in a property <br />tax system, assessments should he based on current market <br />value of property." <br />From the IAAO Standard on Property Tax Policy, 2010, <br />Section 4.2 <br />System based on market value appraisals: <br />• 32 states (but some fractional assessment ratios) <br />• 26 states appraise at market value without fractional ratios <br />• Closeness to current market value depends on: <br />• Reappraisal cycle (if any) <br />• Adjustments between reappraisals - 6 states indicate this <br />practice (2008 Ratio Study Survey) <br />General Contentions <br />Fiscal analysis — there is insufficient analysis of <br />how tax burdens are distributed and how they <br />shift from year to year <br />o Some property tax system improvements will <br />require changes to the County Code <br />El There are opportunities to improve management <br />and use technology more effectively <br />There are opportunities to improve appraisals and <br />assessments by instituting programs and <br />procedures to ensure accurate data <br />