Date of Award

1990

Document Type

Thesis

Degree Name

Master of Science

First Advisor

Richard Rickert

Second Advisor

Ernest A. Demba

Third Advisor

Chris Kukuk

Abstract

This study examines the implications of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) on the practice of real property appraisal, with a focus on its application to ad valorem property assessment in Missouri. FIRREA was enacted in response to the savings and loan crisis, which exposed widespread weaknesses in the appraisal profession and the valuation process used by financial institutions. The paper traces the federal government’s effort to restore confidence in the real estate market through the establishment of uniform appraisal standards and the creation of regulatory oversight mechanisms. Central to this reform was the adoption of the Uniform Standards of Professional Appraisal Practice (USPAP), including Standard 6, which specifically governs mass appraisals conducted for property tax assessment purposes.

The analysis explores how these federal requirements intersect with state-level assessment systems, emphasizing the unique challenges faced by county assessors in Missouri. Issues of compliance, professional certification, and the integration of USPAP principles into local appraisal practice are addressed in detail. The study also discusses the broader economic and policy implications of FIRREA’s Title XI reforms—particularly the tension between federal uniformity and local control in property valuation.

Through historical context and legal interpretation, the paper highlights how the implementation of standardized appraisal practices transformed the profession from a largely unregulated craft into a regulated discipline grounded in accountability and transparency. The findings underscore FIRREA’s enduring influence on both private-sector appraisers and public-sector assessors, establishing a framework that continues to shape real estate valuation and property taxation practices more than three decades after its enactment.

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