(4} Estimated land values with the documented results, as follows:
a. Utilizing vacant land sales whenever possible; and,
b. In the absence of an adequate number of vacant land sales, the land residual method or other
recognized iand valuation methodologies shall be used to assist in the determination of land unit
values;
(5) The Indicated land values shall be documented as:
Site;
Front or square foot;
Front acre;
Rear acre units; and/or,
ease sf
Other appropriate units of comparison;
(6) An analysis section to include:
a. The sale price; and,
b. Supporting adjustments made in sufficient detail to be understood by the municipal assessing
officials and taxpayers;
(7) The market analysis used to indicate unit values with the documentation of the method(s) employed
and any special adjustment factors; and,
(8) Tax Maps showing the locations of all qualified sales and the delineation of neighborhoods.
3.3.5 The preliminary market analysis shall:
(1) Be provided to the municipal assessing officials and the DRA prior to the acceptance of the new values
by the municipal assessing officials;
(2) Be printed in its final form, and provided to the municipal assessing officials and the DRA at the
completion of the revaluation as part of the USPAP compliant report; and,
(3) Become property of Municipality and the DRA.
3.3.6 Contractor shall ensure that a final comprehensive review of the newly established values shall be
performed by a DRA-certified property assessor supervisor utilizing a parcel-by-parcel field review of the
entire Municipality to:
(1) Ensure that all properties are valued at their highest and best use; and,
(2) Identify and correct: ary mechanical errors; inconsistencies, unusual features or value influencing
factors.
3.3.7 Any supporting documentation supplied, provided or utilized by Contractor in the process of compiling the
market analysis, such as but not limited to: sales verification sheets; rental/expense statements and
questionnaires; Contractor cost estimates; sales listing sheets; final review notes; etc., shall be relinquished
to and become property of Municipality.
3.4 Approaches to Value
3.4.1. The valuation of property for the revaluation shall be completed by utilizing recognized approaches to
value, which may include, but not be limited to:
3.4.2 Cost Approach:
(1) The cost approach, when utilized, shall be implemented by calibrating and applying land valuation
tables, building valuation tables and unit costs as follows:
a. Investigate, with documented analysis, land values for residential, commercial, industrial and any
other special use properties in the area;
b. Document the land valuation tables and unit costs by including statistical testing to compare the
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