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Originally Adopted by MVRMA Board: March 21, 1994
PURPOSE
Consistent valuation of all real property owned or leased by MVRMA member cities is an integral component in making MVRMA's annual Pool Contribution Factor calculation which is designed to equitably allocate the cost of risk attributable to each Association member. Consistent valuation of real property is also an important factor in determining the amount of commercial property insurance which the Association needs to purchase to protect its members. This policy has been established to ensure that all real property owned or leased by MVRMA member cities is consistently and regularly appraised.
POLICY STATEMENT
Effective April 1, 1994, all MVRMA members shall maintain a current appraisal of all buildings and structures with a value in excess of $50,000. Members which join the Association shall come into compliance with the requirements of this policy within twelve (12) months of admission into MVRMA. All members having initially complied with the requirements of this policy shall cooperate with the Association's efforts to perform appraisal updates as the MVRMA Board shall, from time to time, require.