Spring 2021 Newsletter

PROCEDURAL RULE CHANGES

One the FCIAAO’s core values is to act with transparency. One of the ways the Chapter accomplishes this is to include the Strategic Plan , Procedural Rules and By-Laws on our website. As President Ed- wards mentions in his message, this is your Chapter. It’s important that the members know about up- coming changes and amendments. Beginning on January 1, 2022, in order for a FCIAAO member to be eligible for the Tony Hodge Edu- cational Award, the new designee must be a member in good standing for at least 24 consecutive months (an increase from 12) prior to being awarded their IAAO designation and receiving the award. If you have any question about this change or want to know how it may impact you, please contact any one of the Executive Board members.

APPRAISAL TERMINOLOGY 101

Coefficient of Price Related Bias (PRB)— The PRB indicates the percentage by which assessment ratios change whenever values are doubled or halved. For example, a PRB of −.03 would mean that assessment levels fall by 3% when value doubles. The PRB should range between −0.05 and +0.05. PRBs outside the range of -0.10 to +0.10 are considered unacceptable.

Source: Glossary for Property Appraisal and Assessment.

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Spring 2021 Newsletter of the FCIAAO