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Code of Ethics
 

 

IMA ETHICS  

COMPLIANCE PANEL BY-LAW

COMPLIANCE PANEL MANDATE

COMPLIANCE PROTOCOL

 

    INTRODUCTION

Facts about the Institute of Municipal Assessors

The Institute of Municipal Assessors (IMA) is the largest Canadian professional association representing members practicing in the field of property
assessment and related property taxation functions.The IMA was incorporated under the laws of Ontario by letters patent dated May 27, 1957 and
amended by legislation in 1987 and 1993.

In 1987, the institute of Municipal Assessors Act, empowered the IMA to carry out the objects of the Institute and the government, and granted the
exclusive right to use its designation "Member Institute of Municipal Assessors" and the abbreviation thereof, "M.I.M.A." The Act also allows other
variations of its designations as follows:

                          Every registered member of the Institute who has satisfied the criteria for a category of membership as set out in the by-laws of 
                          the Institute may use the designation " Member Institute of Municipal Assessors", "Associate Member Institute of Municipal
                          Assessors", "Honorary Member Institute of Municipal Assessors", "Life Member Institute of Municipal Assessors" or "Fellow of 
                         the Institute of Municipal Assessors", as the case may be, and may use after the member's name the initials "M.I.M.A.",
                         "A.I.M.A.", "M.I.M.A.(Hon.)", "M.I.M.A.(Life)" or "F.I.M.A.", respectively.


The IMA has the power under the Act to establish bylaws that govern the professional practice of its members as well as to discipline members who
act in a manner inconsistent with the Code of Ethics and Professional Standards.


Objects of the Institute

The objects of the Institute are:

1.   to strive for, establish, and maintain standards of competence in real property valuation, primarily in municipal assessment;

2.   to foster and support intellectual interchange in matters of real property valuation and assessment by collecting, publishing and distributing 
      papers and articles and by holding conferences and seminars;

3.   to encourage and support scholarship by establishing, maintaining and conducting programs of instruction in real property valuation and municipal 
      assessment and to provide formal training and educational facilities;

4.   to establish funds, scholarships, bursaries and grants in aid for support or recognition of scholars, students, teachers, educational institutions, and
      other persons and organizations engaged in real property valuation and municipal assessment and to provide for the administration, management
      and investment of money held for such purposes;

5.   to establish standards of competency and hold examinations and prescribe tests for admission to membership and provide for the classification of
      membership in the Institute and levels of accreditation related to competence and experience;

6.   to enter into agreements and cooperate with other institutions with similar objectives; and

7.   to maintain discipline among members and students and to impose sanctions, including the withdrawal or suspension of accreditation in the Institute.

Therefore, in accordance with the foregoing objectives, the IMA has enacted a Code of Ethics and Professional Standards that governs the activities 
of its members.


Purpose of the Code of Ethics and Professional Standards

The purpose of the Code of Ethics and Professional Standards is to provide guidance to practitioners valuing property as a basis for local property
taxation and, in particular:

1.   to value properties accurately and equitably according to the governing laws of the assessment jurisdiction;

2.   to promote and maintain a high level of trust in the opinion of value of property for property assessment purposes by a designated member of the IMA;

3.   to objectively conduct and communicate analysis, findings, opinions, and conclusions of value in a manner that is transparent to the public.

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