This discussion focused on the valuation content and intent of SFAS 157. Appraisers who perform valuation engagements for financial accounting purposes should already be thoroughly familiar with the Statement's provisions. Property tax appraisers and assessors also should become familiar with the provisions of SFAS 157 because the Statement may (or may not) affect the taxpayer corporation financial statements that are used in property tax valuation. Therefore, it is important that appraisers and assessors understand when they should -- and when they should not -- rely on fair value measurements for ad valorem property tax valuation purposes.
Valuation - Standards, Valuation of commercial property
Reilly, R. F. (2008). The impact of SFAS No. 157 : Fair value measurements on property tax appraisals. Journal of Property Tax Assessment & Administration, 5(4), 5-15. Retrieved from https://researchexchange.iaao.org/jptaa/vol5/iss4/1