Illinois Creates Valuation Task Force to Identify Racial Disparities in Appraisals

Illinois Gov. J.B. Pritzker on May 27 signed HB 4410, legislation creates a real estate valuation task force charged with identifying causes of racial disparities in appraisals and evaluating whether barriers to entry to the valuation profession disproportionately affect minorities. Additionally, it would establish specific definitions for limited or inactive housing markets in which comparable sales are limited or unavailable and would provide greater flexibilities and guidance for appraisals conducted in such markets — such as allowing appraisers to consider market evidence for similar properties in other geographic areas.