CHAPTER THREE
IMPLEMENTATION OF ACT 1185 OF 1999
RULE
3.01
APPRAISAL MANAGER EXAMINATION
STATUTORY AUTHORITY: Act 1185 of 1999.
The ACD shall contract with a qualified individual with adequate
training and experience necessary to formulate an appropriate examination
designed to test one's ability to perform as an appraisal manager.
The examination shall emphasize theory and practice of mass
appraisal as opposed to conventional single property appraisal, be designed in
two sections and shall include, but not be limited to: the first section of the
appraisal manager exam shall be a multiple choice exam designed to test the
individual's knowledge of mass appraisal terminology and theory.
The second section of the exam shall be a case study or studies.
The case study portion of the exam will provide the student with a sample
county, and require the student to work out the appropriate number of
personnel, and budgets necessary to perform a countywide reappraisal. The
proficiency exam will contain subject matter of the IAAO Administration Course,
and will cover the Arkansas property valuation system, sales editing,
neighborhood delineation, use of location factors, and effective ages.
Adopted 10/01/99
RULE 3.02
PREREQUISITES FOR APPRAISAL
MANAGER EXAM
Prerequisites for eligibility to take the exam shall include;
Level 4 Appraiser as designated by the State of Arkansas Training and
Designation Program, or IAAO educational equivalent, and a minimum of four
years experience in the mass appraisal field.
Adopted 10/01/99
RULE 3.03
DATE OF REAPPRAISAL MANAGER
EXAM
Adopted 10/01/99
Repealed 12/01/00
RULE 3.04
ADMINISTRATION OF APPRAISAL
MANAGER EXAM
The author of the appraisal manager exam will be responsible for
administering the first examination, and the ACD shall be responsible for
administering later editions. No fee shall be charged for the first taking of
the examination. A fee of $100 will be charged for each subsequent taking of
the examination.
Adopted 10/01/99
RULE 3.05
SUBMISSION OF REAPPRAISAL
PLANS
Each county shall be required to submit a plan to the ACD
detailing how a reappraisal, whether performed in-house or contracted, will be
accomplished over a prescribed time period.
The purpose of the plan will be twofold - First, to be certain
that all the needed tasks of a reappraisal are completed, and second, to insure
that all reappraisal projects meet a statewide standard of quality and
uniformity.
The plan will include the county or contractor's calendar of
scheduled events in order for the appraiser to locate, identify, and appraise
all taxable property in accordance with state laws and administrative
procedures.
The plan will specify that the first phase of the plan will be to
canvass all parcels, will include site inspection with improvements reviewed,
and all pertinent quantitative and qualitative data gathered, and improvements
will be measured when necessary.
Provision will be made in each year of the reappraisal plan for
the discovery, listing, and valuation of newly discovered and newly constructed
property. Additionally, the reappraisal plan will detail plans for revaluation
notices and the appeals process for these types of properties.
The required reappraisal plan must include detailed information
including parcel counts, existing resources, expected production levels,
personnel needs, and budgets. The appraisal plan must also acknowledge
pre-established requirements relating to minimum qualifications of various
employees, minimum progress at various points in time, and minimum levels of
quality in regard to property valuations before notices of revaluation are
mailed.
Adopted 10/01/99
RULE 3.06
DUE DATE FOR REAPPRAISAL
PLANS
On or before August 10, 1999, the ACD will mail a certified
letter to each county assessor stating the year the county will be required to
reappraise under Act 1185, and a due date for the first required reappraisal
plan.
Adopted 10/01/99
RULE 3.07REAPPRAISAL PLANS FOR 2, 3, 4,
OR 5 YEARS
In the case of counties that fail an assessment ratio in 1999,
the required reappraisal plan will describe a reappraisal that will be
completed in 2001. For those plans, phase one (data collection) will cover the
year 2000, and phase two (valuation) will cover the year 2001.
In the case of the first group of counties selected by the ACD to
reappraise in 2002, the required reappraisal plan will describe a reappraisal
which will be completed in 2002. For those plans, phase one (data collection)
will cover the years 2000 and 2001, and phase two (valuation) will cover
2002.
In the case of the group of counties selected by the ACD to
reappraise in 2003, the required reappraisal plan will describe a reappraisal
which will be completed in 2003. For those plans, the first year, (2000) will
cover the appraisal of new construction only, phase one (data collection) will
cover the years 2001 and 2002, and phase two (valuation) will cover the year
2003.
In the case of the group of counties selected by the ACD to
reappraise in 2004, the required reappraisal plan will describe a reappraisal
which will be completed in 2004. For those plans, the first two years (2000 and
2001) will cover the appraisal of new construction only. Phase one (data
collection) will cover the years 2002 and 2003, and phase two (valuation) will
cover the year 2004.
Adopted 10/01/99
RULE 3.08
EXCEPTIONS TO RULE 3.07
Exceptions to the requirements listed above would include those
counties that have a reappraisal underway in 1999, whether a contracted
reappraisal, or an In-house reappraisal, with an anticipated completion date of
2000 or 2001. Those reappraisals will be allowed to continue, and will be
eligible for funding beginning in January, 2000. When those reappraisals are
completed in 2000 or 2001, the county will be required to submit a new, 3 year
reappraisal plan, with an appropriate completion date of 2003, or 2004.
A further exception to RULE 3.07 would be that if a county is
selected by the ACD to reappraise in 2004, but already has a reappraisal
underway that is due to complete in 2000 or 2001, the reappraisal plan will not
be limited to appraising new construction only in the first two years.
Adopted 10/01/99
RULE 3.09
FORMAT FOR REAPPRAISAL
PLANS
The ACD will provide a complete format for the reappraisal plan,
and the plan will be required to be completed on this specific form. Any
variation from these standardized plans must be pre-approved by the ACD.
Adopted 10/01/99
RULE 3.10
PARCEL COUNT
INFORMATION
Reappraisal plans shall contain detailed parcel count information
in two formats, using the forms described in the Appendix as A-13 "Parcel Count
Form A" and A-14 "Parcel Count Form B".
Adopted 10/01/99
Amended 12/20/00
RULE 3.11
ORDER OF REAPPRAISAL
PROGRESS
Reappraisal plans will specify exact order in which townships
will be reviewed during phase one of the reappraisal. An alternative will allow
the reappraisal plan to appraise all cities in a county first, and then
appraise all non-city properties in township order. Regardless of which plan is
utilized, appraisers will be required to meet or exceed the monthly production
tables established in the reappraisal plan.
Reappraisal plans will specify expected progress by township or
city, and number of parcels planned for each month during phase one of the
reappraisal. A breakdown by city or township-range is not required for phase
two of the planned progress report. However, a projected total per month is
required. For these purposes, "month" is defined as the 20th
of the preceding month through the
19th of the current month.
An approved planned progress report may require revision if it is
discovered at any time before or during the reappraisal that the plan does not
conform to requirements of the Assessment Coordination Department's Rules and
Regulations.
Adopted 10/1/99
Amended 03/03/02
Amended 04/26/10
RULE 3.12APPRAISAL MANAGER TO BE NAMED
IN REAPPRAISAL PLAN
Each reappraisal plan will name a specific person as the
Appraisal Manager, hereafter referred to as Manager. No reappraisal plan will
be approved that designates the county assessor as the Manager. The Manager has
overall responsibility for the reappraisal. He or she shall be knowledgeable of
and responsible for all aspects of the Reappraisal Plan (Plan). He or she shall
assure that all applicable state laws, rules and regulations concerning
reappraisals are followed.
A Manager may not delegate his or her responsibilities as a
Manager in a county. To this end, in instances where a Manager is responsible
for more than one county, he or she shall be present in each county as needed.
When ACD auditors are working in a county the Manager should be physically
present or available to be called when auditors wish to make an inquiry about
the reappraisal.
A Manager is responsible: for seeing that personnel working under
his or her supervision have the training and experience necessary to properly
do the work assigned; for supervising the work of personnel working under him
or her; for reviewing the work product of personnel working under his or her
supervision.
Any violation of law or ACD rules, as well as deviation from
sound assessment practices by an employee, as specified in ACD Rule
3.30, shall be reported by the
Manager to the county assessor and ACD Field Operations Manager within (60)
days from the occurrence.
Violation of any provision of this rule shall cause the Manager
to be subject to disciplinary actions, which may include revocation of the
Managers designation by the Department.
Adopted 10/01/99
Amended 12/20/06
Amended 12/07/12
RULE 3.13
EXISTING RESOURCES
Reappraisal plans will list in reasonable detail the reappraisal
resources already existing within a county. Those resources shall include but
not be limited to: Computer hardware, mapping records, available office space,
vehicles, existing personnel (listed by certification levels and current job
duties).
In particular, the reappraisal plan will describe computer
hardware and mapping records currently available, and will describe office
space available for the purpose of real estate appraisal. The reappraisal plan
will list in detail how much physical data has already been gathered by field
appraisers and entered into the county's CAMA system. The reappraisal plan will
also describe the level of data entry regarding real estate sales
information.
Adopted 10/01/99
RULE 3.14
REAPPRAISAL BUDGETS
Each county that undertakes an in-house reappraisal must provide
and attach a copy of a reappraisal budget to the reappraisal plan. The
reappraisal budget will be on a prescribed form furnished by the ACD and will
cover all costs associated with the reappraisal of real estate.
Adopted 10/1/99
RULE 3.15MINIMUM EXPECTED PRODUCTION
LEVELS FOR IN-HOUSE REAPPRAISALS
Manpower needs necessary for any reappraisal are calculated based
on known parcel numbers, working days available, and anticipated production
levels per worker. Production levels shown in rules 3.15.1 through 3.15.4 are
minimum production levels, per worker, per day, to be used for the preparation
of appraisal budgets for those counties which choose to perform in-house
reappraisals.
Adopted 10/01/99
RULE 3.15.1
FULL REAPPRAISAL PROGRAM
USING SINGLE APPRAISERS
|
Entry of sales data
|
100
|
|
Residential
|
|
Physical data collection
|
25
|
|
Physical data entry
|
40
|
|
Data entry review
|
250
|
|
Valuation
|
150
|
|
Commercial
|
|
Physical data collection
|
10
|
|
Physical data entry
|
20
|
|
Data entry review
|
30
|
|
Valuation
|
20
|
Adopted 10/01/99
RULE 3.15.2FULL REAPPRAISAL PROGRAM
USING DATA GATHERERS AND REVIEW APPRAISERS
|
Entry of sales data
|
100
|
|
Residential
|
|
Quantitative data collection
|
25
|
|
Qualitative data collection
|
50
|
|
Physical data entry
|
40
|
|
Data entry review
|
250
|
|
Valuation
|
200
|
|
Commercial
|
|
Physical data collection
|
10
|
|
Physical data entry
|
20
|
|
Data entry review
|
30
|
|
Valuation
|
20
|
RULE
3.15.3
REVIEW REAPPRAISAL PROGRAM USING SINGLE
APPRAISERS
|
Entry of sales data
|
100
|
|
Residential
|
|
Physical data collection
|
40
|
|
Physical data entry
|
100
|
|
Data entry review
|
250
|
|
Valuation
|
200
|
|
Commercial
|
|
Physical data collection
|
10
|
|
Physical data entry
|
20
|
|
Data entry review
|
30
|
|
Valuation
|
20
|
Adopted 10/01/99 Amended 12/07/12
RULE 3.15.4REVIEW
REAPPRAISAL PROGRAM USING DATA GATHERERS AND REVIEW APPRAISERS
|
Entry of sales data
|
100
|
|
Residential
|
|
Quantitative data collection
|
50
|
|
Qualitative data collection
|
50
|
|
Physical data entry
|
100
|
|
Data entry review
|
250
|
|
Valuation
|
200
|
|
Commercial
|
|
Physical data collection
|
10
|
|
Physical data entry
|
20
|
|
Data entry review
|
30
|
|
Valuation
|
20
|
Adopted 10/01/99
Amended 12/07/12
RULE 3.16
ALLOWABLE EXPENSES
All expenses associated with the cost of maintaining current real
estate appraisals on county assessment records deemed appropriate, necessary,
and reasonable by the ACD, shall be reimbursed to the county. Those expenses,
in general, may be considered to include salaries, office expenses, computer
purchase and support, vehicle mileage expenses, and public relations. No
expense that is not shown in the original budget or original request for
special needs funding will be considered for reimbursement.
Adopted 10/01/99
RULE 3.17
FUNDING
Funding for all reappraisals required under Act 1185 of 1999 will
be in the form of a reimbursement for expenses first paid by counties, either
to county assessor's budgets, or to reappraisal firms. Appraisal plan and/or
appraisal contracts must be approved before reimbursement begins. The state may
withhold the last four reimbursement payments until the reappraisal has been
completed in accordance with the rules and regulations of the ACD, whereupon
payments will be released less any costs or expenses for corrective action.
Withholding will commence with the plans starting in 2003.
Adopted 10/1/99
Amended 3/03/02
RULE 3.18
IN-HOUSE REAPPRAISAL
PLANS-SIGNATURE REQUIREMENTS
In-house reappraisal plans must bear the notarized signatures of
the county assessor, county judge, and the appraisal manager. The signature of
the Appraisal Manager signifies only that he or she is familiar with the terms
of the contract and intends to undertake, on this job, the responsibilities of
an Appraisal Manager as elsewhere outlined in these rules.
The plan must be approved by a quorum court appropriation
ordinance.
Adopted 10/01/99
Amended 12/20/00
Amended 12/20/06
RULE 3.19
CONTRACTED REAPPRAISAL PLANS -
SIGNATURE REQUIREMENTS
Contracted reappraisal plans must bear the notarized signatures
of the county assessor, county judge, and a principal of the reappraisal
company performing the reappraisal, and the appraisal manager. The signature of
the Appraisal Manager signifies only that he or she is familiar with the terms
of the contract and intends to undertake, on this job, the responsibilities of
an Appraisal Manager as elsewhere outlined in these rules.
The plan must be approved by a quorum court appropriation
ordinance.
Adopted 10/01/99
Amended 12/20/00
Amended 12/20/06
RULE 3.20PROGRESS REPORTS FROM
APPRAISAL MANAGER TO ACD
The appraisal manager will send by electronic transmission to the
ACD, by the twentieth (20th) day of each month, a
progress report detailing reappraisal progress made from the twentieth
(20th) of the preceding month through the nineteenth
(19th) of the current month. The progress report
will be on a specific form prescribed by the ACD. The reappraisal manager will
provide a copy of the progress report to the county assessor and the county
judge, and upon request to the board of equalization and quorum court each
month.
Adopted 10/01/99
Amended 12/20/00
Amended 12/07/12
RULE 3.21
REIMBURSEMENT TO COUNTIES IN
EQUAL PAYMENTS
Reimbursement for reappraisal costs from the state to the county
will be made in even payments, once each month, at a level to be determined by
dividing the approved total cost of reappraisal (as indicated by the original
appraisal plan) by the total number of months indicated in the reappraisal
plan, unless a revenue shortfall should occur. In that instance, at least one
payment will be less than normal.
Adopted 10/01/99
RULE 3.22
DIRECT DEPOSITS
Reimbursements will be done in the form of a direct deposit. Each
county/company must have an established account and submit necessary paperwork
(voided check, signed permission form, etc.) before the reimbursement process
begins.
Adopted 10/01/99
Amended 12/20/00
RULE 3.23
REVENUE SHORTFALLS
In the event the total monies budgeted for reappraisals statewide
runs higher than the fiscal year appropriation to the ACD, the June payment for
each county or contractor will be reduced on a pro-rata per parcel basis to
prevent deficit spending.
Adopted 10/01/99
RULE 3.24
ACD TO CONDUCT PERFORMANCE
AUDITS
The ACD will periodically enter each county during both phase one
and phase two of the county's reappraisal to conduct a performance audit
(hereinafter designated as a PA). The purpose of these audits will be to ensure
the reappraisal progresses as planned in a systematic and accurate fashion, and
to determine if generally accepted methods and techniques are being uniformly
employed.
The ACD will conduct Appraisal Manager Seminars. Appraisal
managers must attend at least one such seminar a year to maintain Appraisal
Manager Status.
Adopted 10/01/99
Amended 3/03/02
RULE 3.25
SCOPE OF PHASE ONE PERFORMANCE
AUDITS
The PA will measure both the quantity and quality of the
following: entry of general appraisal information, collection and entry of
field data, and entry of sales information.
The PA will compare gross progress of physical data collection
and CAMA entry to the required progress established by the county's reappraisal
plan. Additionally, the PA will review quantitative and qualitative data from
the property record cards of a random sample of improved properties.
All warranty deeds which contain sales information helpful in the
appraisal process must be entered into the county's CAMA system. Deed entries
must include sale date, book and page, revenue stamps or sale amount (if any),
and grantor/grantee information.
The appraisal manager will assure that a reasonable attempt is
made to obtain sales price and confirm validity of all warranty deeds.
Interior inspections of residences are not required and
inaccuracies involving those items will not be regarded as errors for the
purposes of the audit.
Adopted 10/01/99
Amended 12/20/00
RULE 3.26
DESIGN OF PROPERTY RECORD
CARDS
The basic design of property record cards by each class must be
approved by ACD. The following entries are required (where applicable):
City and Rurban Cards:
Type of Card
Parcel Number
Ownership Record and Description
(Include property address when available)
Sales History
Appraisal Summary
Assessment Summary
Land Record and Computation of Land Value
(Lot size is recommended but not required. However, a breakdown
of value per lot should be included)
Review Record
Number of Cards and Card Number
Sketch
All Applicable Data Collection and Valuation Fields
Inspected Date, Inspected By
Entered Date, Entered By
Revisited Date, Revisited By
Rural Cards:
Type of Card
Parcel Number
Ownership Record and Description
(Include property address when available)
Sales History
Appraisal Summary
Assessment Summary
Review Record
Land Record and Computation of Land Value
(Lot size and production capability pricing is required) Review
Record
Number of Cards and Card Number
Sketch
All Applicable Data Collection and Valuation Fields
Inspected Date, Inspected By
Entered Date, Entered By
Revisited Date, Revisited By
Commercial/Industrial Cards:
Parcel Number
Ownership Record and Description
(Include property address when available)
Sales History
Appraisal Summary
Assessment Summary
Land Record and Computation of Land Value
(Lot size and value per lot is required.) Review Record
Number of Cards and Card Number Sketch
Property Description Structural Elements
All Applicable Data Collection and Valuation Fields
Inspected Date, Inspected By
Entered Date, Entered By
Revisited Date, Revisited By
Inspected Date refers to the date of initial on-site verification
of property characteristics as a part of reappraisal progress, except when a
method of technology is allowed by the ACD Rules and Regulations and approved
by the county and ACD as a substitute for any on-site inspection tasks. In
those cases, procedures and inspection/revisited fields must be clearly defined
in the original plan or contract or in an addendum to the original plan or
contract. If the date of office analysis is allowed as the inspection date in
conjunction with digital imagery, the imagery date must also be available. Any
method used for inspection must satisfy qualified appraiser requirements and
the ACD definition of thorough visual review. Inspection dates should not
change as a result of revisits during the same reappraisal cycle, including
return trips for further review or maintenance work. Those dates should be
recorded as revisited dates.
Inspected By refers to the appraiser who did the initial on-site
verification of property characteristics as a part of reappraisal progress, or
the appraiser who did the inspection tasks using approved technology, and it is
usually represented by initials or a code. When an appraiser in training or
otherwise unqualified in some aspect of data collection is accompanied or
followed-up by the qualified appraiser, the less qualified appraiser's initials
will appear in the Inspected By field and the qualified appraiser's initials
will appear in the Revisited By field.
Entered Date refers to the date of data entry resulting from data
collection on the reappraisal inspection date.
Entered By refers to the initials or code of the person who did
the data entry needed as a result of data collection on the reappraisal
inspection date.
Entered Date/Entered By shall not change with subsequent data
entry during the reappraisal.
Revisited Date refers to the date physical characteristics of a
property were revisited on-site or by using approved technology.
Revisited By refers to the initials or code of an appraiser who
revisited the physical characteristics of a property on-site or by using
approved technology.
Additional fields may be used to suit the particular needs of a
county, but they must not be used as substitutes for the above required
fields.
In addition to the above entry requirements on the property
record card, the changed date and changed by code or initials must be available
on the computer for all changes made to existing property information.
The deadline for implementation of the above terms and
definitions in each county is at the start of the first new reappraisal in that
county beginning on January 1, 2009 or thereafter.
Adopted 10/01/99 Amended 12/20/00 Amended 3/03/02 Amended
9/25/08
RULE 3.27
SCOPE OF PHASE TWO PERFORMANCE AUDITS
ACD auditors will review sales analysis and other procedures used
in the development of overall values. This includes, but is not limited to,
audits of neighborhood delineation, lot values, and location factors.
Valuation entry fields on parcel cards will be checked for
accuracy.
Sales ratio studies will be utilized to audit final
values.
Entries of sales information will be audited during both phase
one and phase two.
Adopted 10/01/99
Amended 12/20/00
RULE 3.28.1
NEIGHBORHOOD DELINEATION FOR
RESIDENTIAL NEIGHBORHOODS
Residential neighborhood boundaries shall be displayed on city or
county maps as appropriate.
A narrative description of each boundary line for each
neighborhood shall be on file at the appraisal manager's office. In addition, a
printout of the sales database used in determining the boundaries shall be kept
in the same file.
Residential neighborhoods that may be defined due to physical,
economic, governmental, or social factors without the benefit of property sales
are allowed. However, the narrative description of each boundary line shall
include a statement outlining the physical, economic, governmental or social
factors that lead the appraiser to conclude boundary location.
Adopted 10/01/99
RULE 3.28.2
NEIGHBORHOOD DELINEATION FOR
COMMERCIAL NEIGHBORHOODS
Commercial neighborhood boundaries shall be displayed on city or
county maps as appropriate.
A narrative description of each boundary line for each
neighborhood shall be on file at the appraisal manager's office. In addition, a
printout of the sales database and rental database used in determining the
boundaries shall be kept in the same file.
Commercial neighborhoods that may be defined due to physical,
economic, governmental, or social factors without the benefit of property sales
are allowed. Rental data should be collected unless all commercial properties
in the neighborhood are owner occupied. If neither sales nor rental data are
available the narrative description of each boundary line shall include a
statement outlining the physical, economic, governmental or social factors that
lead the appraiser to conclude the boundary location.
Adopted 10/01/99
RULE 3.28.3
NEIGHBORHOOD DELINEATION FOR
RURAL AREAS
Rural region boundaries shall be displayed on county maps.
A narrative description of each boundary line for each rural
region shall be on file at the appraisal manager's office. In addition, a
printout of the sales database used in determining the boundaries shall be kept
in the same file.
Rural regions that may be defined due to physical, economic,
governmental, or social factors without the benefit of property sales are
allowed. Whether sales data are available or not the narrative description of
each boundary line shall include a statement outlining the physical, economic,
governmental or social factors that lead the appraiser to conclude the boundary
location. In addition, the appraiser shall list the property specific
characteristics, i.e. paved road, municipal water, school district boundaries,
etc., that are used to adjust from the general value trends and dollar
influences each of these characteristics has on the property.
Adopted 10/01/99
RULE 3.29
LOCATION FACTORS
When using the cost manual, location factors shall be used to
adjust costs to the proper level in each neighborhood. The overall location
factor for a neighborhood shall be determined from analysis of individual sales
using the basic formula: Location Factor = Improvement Value (Sale Price Less
Lot Value)/RCNLD (Replacement Cost New Less Depreciation). Valid sales of
properties from new to three years old should be used for the most accurate
work. Sales should not have substantial improvements other than the house. Any
item not being valued from the manual should be subtracted from the selling
price. Accurate lot values are necessary. Statistical software can be utilized
to provide additional analysis and accuracy. Comparative analysis can be used
for neighborhoods where appropriate sales are insufficient.
Adopted 7/10/01
RULE 3.30
MINIMUM ACCEPTABLE STANDARDS
FOR PERFORMANCE AUDITS
Reappraisal performance must conform to these Rules and
Regulations, and the appraisal process must uniformly employ logical and
generally accepted methods and techniques that are necessary to produce
credible appraisals.
Phase 1 completed parcels are those which have had data
collection/review and data entry. Phase 2 completed parcels are those for which
valuation and corresponding entry into the CAMA system is complete. The
cumulative number of parcels which are Phase 1 complete must be at least 90% of
planned progress unless sufficient reason is provided on the monthly progress
report and approved by ACD. For each property type, valuation must be complete
for at least 50% of the parcels, subject to minor revisions, by April
19th of the valuation year.
For each performance audit, total errors and/or omissions must
not exceed 5% for any general or specific element of the appraisal
process.
Failure to list a dwelling or other major improvement or
placement of that improvement on the wrong parcel may not occur on more than 2%
of the parcels.
Individual perimeter measurements of one-story dwellings must be
accurate within one foot. Estimated measurements will be allowed for additional
levels and for items such as driveways or fences, but these estimates should be
based on techniques resulting in reasonable accuracy. Property characteristics
for which measurement is not a cost component in the applicable manual do not
require dimensions (fireplace, for example).
All real estate improvements must be listed on each property
record card. Those improvements that are deemed to have no contributory value
by the appraiser must be listed with minimal description and coded uniformly by
CAMA providers. Dimensional elements of NCV improvements are optional. Failure
to list all such improvements will be counted on the PA as an error.
The ACD will periodically audit entry of sales information during
both Phase 1 and Phase 2 of the reappraisal. All deeds which necessitate a
change of name or legal description that are more than 30 days past their
filing date must have been entered into the county's CAMA system. Errors and/or
omissions shall not exceed 5% of the total entries.
Adopted 10/01/99
Amended 12/20/00
Amended 3/03/02
Amended 07/05/04
Corrected 9/25/08
Amended 12/07/12
RULE 3.31FAILURE TO COMPLY WITH
STANDARDS OF PERFORMANCE AUDIT
The Director of the Department may, for cause, and after
opportunity for a hearing, suspend or terminate the contract of any appraisal
firm or county, suspend or terminate the appraisal manager status of an
appraisal manager, or remove an appraisal firm from the list of eligible
contractors.
Whenever an audit indicates standards established elsewhere in
these rules have not been met, the responsible party will be given the
opportunity to dispute the audit results. Upon a final determination that
standards have not been met, the Director of the Department MAY declare the
reappraisal to be out of compliance and/or require corrective action. Factors
that can influence the Director's decision include, but are not limited to (1)
the significance of the problem, (2) the cause of the problem, and (3) previous
violations.
Value-related elements are considered significant for these
purposes when they are estimated to affect market value by $2,000 or more. An
insignificant problem can become significant when the county or appraisal firm
fails to correct the problem.
When the reappraisal is determined to be out of compliance, that
finding will be reported by certified mail to the county assessor and appraisal
manager and reappraisal funding will be withheld or terminated. The
aforementioned letter will be copied to the board of equalization, county
judge, quorum court, and the contractor when applicable.
The aggrieved party shall have 30 days from the date of the
certified letter to request a hearing. If a hearing is requested, funds will
continue to be withheld pending results of the hearing.
Failure to pass the ratio study causes a county to be out of
compliance and reappraisal funding will be withheld immediately when a county
fails the study.
If funding has not been terminated and out of compliance is due
to causes other than a failed ratio study, the responsible party may sign,
date, and return the enclosed Compliance Verification Form (Form A-17) within
30 calendar days of the date of the certified letter and agree to complete
corrective action as required in order to return to compliance without a
hearing. Withheld funds will be released and payments will be resumed in
accordance with the specifications of the Compliance Verification Form.
Termination of funding may occur if the aggrieved party does not either request
a hearing or return the signed and dated Compliance Verification Form within 30
days.
If funding has not been terminated and out of compliance is due
to a failure to meet the level or uniformity standards for ratio studies,
procedures shall apply as outlined in A.C.A. 26-26-304 (f) and (g). The
reappraisal shall remain out of compliance and reappraisal funding shall
continue to be withheld until completion of proper corrective action as
required by a Compliance Verification Form.
For any out of compliance situation, termination of funding may
result if the responsible party fails to complete required corrective
action.
Adopted 10/01/99
Amended 4/2/01
Amended 3/3/02
Amended and implemented 4/9/04 by emergency
procedure
Amended 07/05/04
Amended 12/20/06
Corrected 09/25/08
RULE 3.32
MISREPRESENTATION
Funding already disbursed to the county as a result of
misrepresentation will be required to be reimbursed to the state, unless the
action is determined, by the ACD Director, to be unintentional.
Adopted 10/01/99
Amended 07/05/04
RULE 3.33
FORCE MAJEURE
The foregoing provisions notwithstanding, the ACD may grant
additional time in the event of delay caused by an act of God or force
majeure.
Adopted 10/01/99
RULE 3.34
CAMA SYSTEMS REQUIRED
Each county must have a CAMA system before being eligible for
funding.
Adopted 10/01/99
RULE 3.35
COMPUTER DATA PROPERTY OF
COUNTY
All data entered into a county's CAMA system immediately becomes
the property of that county.
Adopted 10/01/99
RULE 3.36
REQUIRED REPORTS
All CAMA systems, whether located in the courthouse or a remote
site (example: appraisal contractor's office) will be able to provide the
following reports to the ACD by electronic transmission:
(1) parcel counts,
(2) production reports,
(3) sales reports, and
(4) additional reports developed for
audit-related purposes. These reports must be provided to ACD auditors within a
reasonable time upon request.
CAMA systems utilized by the county or appraisal contractor to
perform a reappraisal must be able to tabulate a parcel count by the categories
requested elsewhere in these rules.
Physical data must be entered in such a way that parcel counts
required in these rules may be run in a single report.
If the contractor chooses to utilize GIS for performance of any
portion of the reappraisal, the data and the layers must be deliverable to the
county assessor and the ACD for audit purposes.
Adopted 10/01/99
Amended 3/03/02
Amended 12/07/12
RULE 3.37
DOWNLOADING CAMA DATA
If necessary, the CAMA system vendors will cooperate fully to
convert data from their CAMA system to that of another vendor. This will occur
when a county has acquired a different CAMA system due to its own actions or
has allowed an appraisal contractor to do so. A contract will be negotiated
between the county and the vendor of the CAMA system. The data to be converted
will be defined in the contract, but will include at a minimum the property
record card data. If a fee is charged for this service it shall be limited to a
reasonable amount.
Adopted 10/01/99
RULE 3.38
BID SPECS FOR CONTRACTED
REAPPRAISALS
All contracted reappraisals will utilize standardized bid
specifications developed by the ACD. Any variations from these standardized bid
specifications must be in the form of an addendum and must be approved by the
ACD. All bid specifications must be submitted to the ACD in accordance with
Arkansas Code Annotated 26-26-1905. Limiting conditions that unfairly restrict
competition will not be allowed.
Adopted 10/01/99
Amended 12/20/00
Amended 3/03/02
Amended 12/07/12
RULE 3.39
BIDS REQUIRED FOR CONTRACTED
REAPPRAISALS
Each county that contracts reappraisal services shall advertise
for bids for the planned reappraisal by posting a notice of such reappraisal
and invitation to bid in a conspicuous place in the county courthouse and by
one insertion in a newspaper with a general circulation in the county. The
county shall also mail, fax, or send by electronic transmission a copy of the
notice/bid invitation to all companies listed on the ACD Annual Register of
Appraisal Companies at the time of advertising. The notice/invitations to bid
shall include the number of parcels, the time and date deadline for submitting
bids - not less than ten (10) nor more than thirty (30) working days from the
date of advertisement in the newspaper and the date the notice/invitations to
bid are mailed out - and a statement that any bids submitted by a contractor
that do not meet the ACD approved specifications shall be rejected by the
county. The notice/invitation to bid shall also include a statement that the
contractor may obtain a copy of the bid specifications by contacting the county
assessor and requesting that the specifications be mailed, emailed, or faxed to
him. Along with the notice/invitation the county shall include a contractor
response form. The response form shall contain at least the following options
for the contractor to check:
1. This
contractor wishes to bid on this reappraisal and a bid is enclosed.
2. This contractor does not wish to bid on
this reappraisal but wishes to receive all bid notices/invitations in the
future. Space should be provided for any comments the contractor wishes to
make. The response form must be signed by an authorized representative of the
contractor.
All contractors receiving the notice/invitation must complete and
return the response form to the county. All bid documents, even if they are
only the completed response form, must be mailed or hand delivered to the
county in a sealed envelope or container clearly labeled "Bid Documents." This
requirement shall be a prerequisite for a contractor to remain on the ACD list
of registered contractors.
The deadline for submitting bids and forms shall be at least
thirty (30) minutes before the scheduled time for opening. All such bids shall
remain unopened and under lock, in a safe location, until the date and time for
the bids be opened.
The county shall submit to the ACD a copy of all bids received.
In the event the county chooses to employ an appraisal firm other than the firm
that submits a low bid, the county assessor must submit a written narrative
explaining the county's choice of firms. The narrative must be attached to the
proposed appraisal contract, and explain in detail what criteria were utilized
to make the decision to hire a firm other than the low bidder. Failure to
comply with this rule will result in rejection of the proposed appraisal
contract.
To assist counties in making judgments as to contractor's
qualifications and past performance, the ACD shall provide the following
information about each contractor to the assessor, county judge, equalization
board, and school superintendents in each county requesting bid for reappraisal
contracts:
1. Contractor Register
information provided to ACD in compliance with ACD Rule
4.05, upon request.
2. The total cost of each contract that each
contractor currently has in force.
3. Ratio study results in the counties where
each contractor has completed reappraisal in the preceding two years.
4. The number of findings by the ACD that
each contractor was out of compliance during ACD procedural audits in the
preceding twenty-four months.
5.
The number of instances during the preceding twenty-four months that each
contractor has had a contract terminated or
funding for the county terminated
by the ACD.
Adopted 10/01/99
Amended 12/20/00
Amended 3/03/02
Amended 07/05/04
Amended 09/25/08
Amended 12/07/12
RULE 3.40PAYMENT IN KIND
SERVICES
Repealed 09/25/08
RULE 3.41
REAPPRAISAL PLANS
REQUIRED
Every county assessor must submit a reappraisal plan by a date
specified by the ACD. The ACD will review the plan and approve the plan as
written or require an amended plan. The ACD may require a letter of
understanding in order to clarify areas of responsibility or other elements of
the plan.
Adopted 10/01/99
Amended 3/03/02
RULE 3.42
REAPPRAISAL BUDGETS
REQUIRED
Each county that undertakes an in-house reappraisal must submit a
reappraisal budget attached to the reappraisal plan. The reappraisal budget
shall be on a form designated by the ACD. The reappraisal budget shall include
detailed projected expenses for personnel, office expenses and all other
expenses associated with the reappraisal of real estate.
Adopted 10/01/99
Amended 12/07/12
RULE 3.43
REAPPRAISAL CONTRACTS
REQUIRED
Any county that is performing a contracted reappraisal must
submit a signed reappraisal contract, detailing total expense for the
reappraisal, with the required reappraisal plan.
Adopted 10/01/99
RULE 3.44
REJECTION OF REAPPRAISAL
PLANS
Should any part of a reappraisal plan fail to meet generally
accepted standards, the ACD shall reject the plan.
Adopted 10/01/99
RULE 3.45CONFLICTS WITH ACTS 440 AND
836 OF 1997
Those counties that are compelled to reappraise due to low
assessment ratios are not relieved by Act 1185 of 1999 from the legal
obligations previously established by Acts 440 and 836 of 1997. A county that
fails an assessment ratio must complete a countywide reappraisal in compliance
with Act 440 and/or 836 of 1997. Funding will be available for those counties,
but may not exceed the cost to reappraise, or a maximum of seven dollars per
taxable parcel, per year.
Adopted 10/01/99
Amended 12/20/00
Amended 3/03/02
RULE 3.46
SPECIAL NEEDS
Each county will be allowed to submit a request for "special
needs" funding to pay for extraordinary mapping needs, computer updates, etc.,
along with the county's reappraisal plan. After funding for reappraisals has
been allocated, these special needs requests will be considered by the
ACD.
Adopted 10/01/99
RULE 3.47
MINIMUM QUALIFICATIONS FOR
APPRAISAL TASKS
For the tasks listed in this section, certain minimum
qualifications are hereby established, which must be met in order for the work
performed to be considered valid. Before an employee, either county employee or
appraisal contractor employee, may perform the following tasks, they must first
have completed the ACD classes listed, or have attained the Appraiser
Designation Level shown by the particular task.
Adopted 10/01/99
RULE 3.47.1
MINIMUM QUALIFICATIONS FOR
APPRAISAL MANAGER
Appraisal Manager - Level 4 Appraiser as certified by State of
Arkansas Training and Designation Program, or IAAO educational equivalent, with
a minimum of four years experience in the mass appraisal field, and successful
completion of the reappraisal proficiency exam.
An appraisal manager may tentatively be responsible for a maximum
of one hundred thousand parcels, with the exception of those reappraisal
managers responsible for the reappraisal of individual counties with a parcel
count exceeding one hundred thousand parcels. Exceptions to this rule may be
granted by the ACD under certain conditions, dependent on distance and other
factors.
Adopted 10/01/99
RULE 3.47.2
MINIMUM QUALIFICATIONS FOR
OTHER APPRAISAL TASKS
Collection of Quantitative Physical Data, Residential Property -
Employer Training
Collection of Qualitative Physical Data, Residential Property -
Level 2
Collection of Quantitative Physical Data, Commercial Property-
Level 3
Collection of Qualitative Physical Data, Commercial Property -
Level 3
Establishment of Neighborhood Delineation/ Location Factors -
Level 4
Preliminary Valuation - Level 4
Informal Appeals, Residential Properties - Level 3
Informal Appeals, Commercial Properties - Level 4
Board of Equalization Appeals - Level 4
County Court Appeals - Level 4
Circuit Court Appeals - Reappraisal Manager
Adopted 10/01/99
Amended 12/01/00
RULE 3.48MAXIMUM ANNUAL FUNDING FOR
REAPPRAISALS/REVIEWS
Whether the reappraisal discussed in these rules is simply a
review of existing data or a more extensive reappraisal where every improvement
is measured, funding to any county will be for the actual appraisal cost, up to
a maximum of seven dollars per parcel, per year.
Adopted 10/01/99
RULE 3.49MAXIMUM FUNDING FOR APPRAISALS
OF NEW CONSTRUCTION
In those counties where only new construction will be appraised
in 2000 or 2001, reasonable costs for that appraisal work, as determined by the
ACD, whether conducted in-house or by an appraisal firm, will be eligible for
reimbursement. Those appraisal expenses will be reviewed on a county-by-county
basis.
Adopted 10/01/99
RULE 3.50ASSESSORS DUTIES OTHER THAN
REAPPRAISAL COSTS NOT ELIGIBLE FOR FUNDING
Certain duties of the assessor's office, including day to day
maintenance of ownership records, property owners/taxpayers inquiries, and the
assessment of personal property or mineral rights are not parts of the
reappraisal process, and are not eligible for funding under Acts 1155 and 1185
of 1999.
Adopted 10/01/99
RULE 3.51DEFINITIONS RELATING TO
CHAPTER 3 RULES
Agricultural lands - Lands used for the production of timber,
agricultural crops, or pasture. Each parcel not exceeding five acres in size
will be assessed based upon market value, excepting those parcels for which are
observed or property owner provided evidence of a genuine agricultural, pasture
or timber use. The words agricultural, pasture or timber use mean that the land
is managed in a fashion that indicates it is being used in the production of
crops, livestock or lumber with a view toward profit.
City lands - Lands within the limits of an incorporated
city.
Contracted reappraisal - A reappraisal conducted by non-county
employees, and overseen by an appraisal manager who is an employee or principal
in a reappraisal contracting firm.
House lot - A parcel or a part of a parcel of real property that
is utilized or developed for day to day living. It may contain, but is not
limited to some combination of the following man-made improvements: a dwelling,
well, sewage tank or connection, other utility connections, garage, driveway,
patio, deck, outbuildings, a fence or other visible boundary, natural
formations such as trees and shrubbery, and that part of the property that is
mowed or otherwise maintained for everyday living.
In-house reappraisal - A reappraisal conducted by employees of
the county, and overseen by an appraisal manager. The appraisal manager may be
an employee of the county or a contract appraisal manager.
Neighborhood - A portion of a larger community, or an entire
community, in which there is a homogeneous grouping of inhabitants, buildings,
or business enterprises. It is that area within which any change has an
immediate and direct influence on the value of the subject property.
Parcel - For the purpose of these rules a parcel of real estate
is defined as:
a. For rural property
and unplatted city acreage, all contiguous land including improvements under
the same ownership lying within a designated section or land grant and within
the same taxing unit and constituting an economic unit.
b. For all other city
property and for rurban
property, all contiguous land including improvements under the same ownership
lying within a platted subdivision and within the same taxing unit and
constituting an economic unit.
When a portion of real estate meeting the above criteria is
separately encumbered, meaning that it has a mortgage lien or other legal claim
or right attached to the property,) the portion so encumbered may constitute a
separate parcel. Documentation of the reason for not combining must be included
in the record of each affected parcel.
For both (a) and (b) above, land separated by water or a public
or private road, railroad, power line or other right of way remains
contiguous.
Improvement only properties are considered separate parcels when
ownership is different from the land on which the improvements are
situated.
Ownership of a parcel by multiple persons or entities does not
constitute multiple parcels.
Control cards, information cards, and mineral rights parcels are
not to be counted as parcels when applying Act 1185 of 1999.
Reappraisal - The estimating of the value of all taxable real
property within the county as of a given date within a given time frame.
Rurban lands - Lands in a recorded, platted subdivision which lie
outside the limits of any incorporated city.
Sectionalized Aerial Photos - Aerial photography with labeled
representations of Section, Township and Range lines.
Adopted 10/01/99
Amended 03/03/02
Amended 07/05/04
Amended 12/20/06
Amended 04/26/10
RULE 3.52
WAIVER
In order to effect the successful implementation of Act 1185 of
1999, contingent upon prior review of the Legislative Council of the General
Assembly of the State of Arkansas, and upon good cause being shown, the
Director of the Department may waive or suspend any provision of the
rules.
In the event of the granting of a waiver or suspension of any one
or more of these Rules, each County Assessor and Contractor will be
notified.
Adopted 10/01/99
Amended 3/03/02
CHAPTER FOUR IMPLEMENTATION OF SPECIFIC
STATUTES
RULE 4.01PROCEDURES GENERALLY -
EXTENSION OF LEVY DATE
STATUTORY AUTHORITY: A.C.A. 14-14-904 (Acts.
1997,
No. 1300 Section 24)
1. All requests for an extension of time
within which to levy taxes shall be addressed to the Director of the
Department, dated and signed by both the County Judge and the County
Clerk.
2. All requests must state
the levy date which the county officials seek to extend and the reason for the
request resulting from reappraisal or rollback of taxes.
Adopted 10/01/99
RULE 4.02GENERAL AUTHORITY TO
PROMULGATE RULES AND REGULATIONS & PRESCRIBE FORMS
STATUTORY AUTHORITY: A.C.A. 25-15-203, 26-24-107, 26-26-308 and
26-26-409
Adopted 10/01/99
RULE 4.03
EXTENSION OF TIME
STATUTORY AUTHORITY: A.C.A. 26-24-108 (
Acts 1927, No.
129 Section 12; Pope's Dig., Section 2038)
1. All requests for an extension of time
shall be addressed to the Director and shall clearly describe the report which
is the subject of the extension along with the time sought and the reason for
the request.
2. All requests shall
be signed by the person making the request and include that person's title.
Adopted 10/01/99
RULE 4.04RATIO OF ASSESSED VALUE TO
MARKET VALUE - EFFECT ON STATE AID OR TURN-BACK FUNDS
STATUTORY AUTHORITY: A.C.A. 26-26-304 (
Acts 1955, No.
153 Sections 9,12;
Acts 1957, No.
304 Section 1;
Acts 1959, No.
31 Section 1;
Acts 1959, No.
244 Section 1;
Acts 1969, No.
60 Section 1;
Acts
1987, No. 838, Section
1;
Acts
1997, No. 440 Section
2(g).
Adopted 10/01/99
RULE 4.04.1aPURPOSE, AUTHORITY, AND
OBJECTIVE OF RATIO STUDY RULES
1.
Purpose: The purpose of these rules is to ensure that real property in Arkansas
is appraised accurately and uniformly in accordance with constitutional and
statutory requirements, most notably A.C.A. 26-26-1902 and A.C.A.
26-26-304(e)(1).
2. Authority:
A.C.A 26-26-304 directs the Arkansas Assessment Coordination Department (ACD)
to prepare a ratio study by classification for each county and school district
in valuation years. These rules set forth the procedures ACD will follow in
conducting these studies for properties appraised on a market value standard
and the requirements of
counties and contractors in assisting ACD in effective
completion of such studies.
References to "counties" in these rules include contractors or
vendors who work for or assist counties in the revaluation and assessment
process.
3. IAAO Standards:
A.C.A 26-26-304(a)(3) directs ACD to use generally accepted valuation
procedures and techniques found in the International Association of Assessing
Officers' (IAAO) standards on ratio studies. As a general matter, both the
assessors and ACD should follow IAAO standards in preparing sales for the ratio
study and in conducting such studies. These rules are intended to provide
specific guidance and requirements for conducting ratio studies in Arkansas
consistent with IAAO standards. However, where there may be differences or
discrepancies between these rules and IAAO standards, these rules shall
control.
4. Property type: Property
values must be uniform among and within major property types. The ACD's ratio
study of real properties appraised on a market value standard shall utilize the
following three major types or classes of property (1) residential properties
including multi-family properties with four units or less, (2) vacant land
regardless of zoning or probable use, and (3) commercial and industrial
properties including multi-family properties with five or more units.
5. Market areas: Property values must be
uniform across and within major geographic divisions of a county. Each county
shall define major geographic areas, termed "market areas". Each market area
shall contain between 1,000 and 20,000 parcels, depending on value patterns and
the economic diversity of the county. Market areas can be viewed as groups of
neighborhoods in the same geographic area or areas that share similar economic
characteristics and price ranges. Smaller or economically homogeneous counties
may have a single market area.
6.
Technology: The ratio study shall be performed efficiently using modern data
processing technology. Counties must submit data to the Department in
electronic format in standard formats provided by the
Department.
RULE 4.04.1b
RATIO STUDY REQUIRED DATES
1.
January 31: By January 31 of each year
all
counties shall
submit to ACD an electronic list of all warranty deeds and special warranty
deeds. For
counties with 50,000 or more parcels this list shall include all
warranty deed and special warranty deed sales of vacant and residential parcels
for the
priorcalendar year and all warranty deed and special
warranty deed sales of commercial and industrial properties for the
prior
twocalendar years. For all other
counties the submission shall
include all vacant and residential warranty deed and special warranty deed
sales for the prior
twocalendar years and all warranty deed
and special warranty deed sales of commercial and industrial properties for the
prior
threecalendar years. Each sale shall contain the
following items.
* Parcel number
* Section, township, and range or subdivision
* The existing land, building, and total value of the property
before consideration of value caps, partial exemptions, etc.
* The primary use code of the property
* Market area
* Neighborhood-actual neighborhood used in location
analysis
* School district
* The land size and unit of measurement (acres, square feet,
etc.)
* The living area, construction grade, grade adjustment factor,
year built if available, and effective age or remaining economic life
percentage of the primary building in the case of residential properties
* The Marshall & Swift building class code (A, B, C, D, or
S), occupancy type code, gross building area, year built, effective age, and
remaining economic life in the case of commercial and industrial
properties
* The sale date, deed book and page, deed type, grantor, grantee,
and sale validation code for the most recent warranty or special warranty deed
sale of the property
* The sale price and any adjustments to the price for personal
property, etc.
* Sales/Ratio related comments
* Location Factor
The file shall contain one row per property and must be in ASCII
fixed field, ASCII comma separated value (CSV), Excel, or Quattro Pro format,
or in a format that is directly compatible with Excel.
2. March 1: By March 1 ACD shall prepare a
preliminary ratio study for each revaluation county that sets forth the level
and uniformity of assessments in the county based on existing assessed values.
Sales used in the study will not be adjusted for time.
3. April 1: By April 1 ACD will determine
appropriate time adjustment factors for each county for each of the three major
property classifications described in 4.04.1a.(4) based on sales submitted by
the county and provide the results to the county.
4. June 1: By June 1 counties must notify the
ACD of any disagreements with its time adjustment factors and submit any
requested changes or modifications to the adjustments. (See also 4.04.1d.1 and
4.04.1d.2)
5. July 1: By July 1
counties conducting revaluations shall submit to ACD an electronic file of all
real property appraised on a market value standard. The file shall include the
following items for each property:
* Parcel number
* Section, township, and range or subdivision
* The new land, building, and total value of the property before
consideration of value caps, partial exemptions, etc.
* The prior land, building, and total value before consideration
of value caps, partial exemptions, etc.
* The primary use code of the property
* Market area
Neighborhood-actual neighborhood used in location factor
analysis
* School district
* The land size and corresponding unit of measurement
* The living area, construction grade, grade adjustment factor,
year built if available, and effective age or remaining economic life
percentage of the primary building in the case of residential properties
* The Marshall & Swift building class code (A, B, C, D, or
S), occupancy type code, gross building area, year built, effective age, and
remaining economic life in the case of commercial and industrial
properties
* The sale date, deed book and page, deed type, grantor, grantee,
and sale validation code for the most recent warranty or special warranty deed
sale of the property
* The sale price and any adjustments to the price for personal
property, etc.
* Sales/Ratio related comments
* Location Factor
The file shall contain one row per property and must be in ASCII
fixed field, ASCII comma separated value (CSV), Excel, or Quattro Pro format,
or in a format that is directly compatible with Excel.
6. September 15: By September 15 ACD shall
prepare a final ratio study for each evaluation county setting forth the level
and uniformity of assessments in the county for the revaluation year.
RULE 4.04.1c
SALES
USED IN RATIO STUDIES
1. Sales time
frame: In counties with at least 50,000 real property parcels, the ratio study
will use
oneyear of sales for vacant and residential
properties and
twoyears of sales for commercial and industrial
properties. For all other counties the study will use
two
years of sales for vacant and residential properties and
three
years of sales for commercial and industrial properties.
2. Audit of county submissions: The ACD will
compare county sales submissions against records maintained by county recorders
to ensure that all warranty deeds have been timely submitted.
3a. Sales validation codes:
Counties shall
assign one of the following validation codes to each sale to be included on all
sales submitted to ACD.
|
00
|
UV
|
Un-validated sale
|
|
01
|
VS
|
Valid sale
|
|
02
|
GO
|
Sale to or from a government agency
|
|
03
|
CH
|
Sale to or from a charitable, religious, or educational
institution
|
|
04
|
FI
|
Sale in which a financial institution is the buyer in
lieu of foreclosure, or in which a financial institution is the seller and the
property is not exposed to the open market
|
|
05
|
RL
|
Sale between related parties (Ex. Family transaction,
employer/employee transaction, inter-company transaction)
|
|
06
|
CV
|
Sale of convenience, e.g., to correct a title defect or
create a joint tenancy
|
|
07
|
ES
|
Sale settling an estate
|
|
08
|
FS
|
Forced sale - seller is sheriff, receiver, or court
officer
|
|
09
|
DT
|
Sale of doubtful title
|
|
10
|
TR
|
Sale involving a trade
|
|
11
|
PI
|
Sale of a partial interest in the property
|
|
12
|
CT
|
Sale involving a land contract (including payoff of the
contract)
|
|
13
|
CS
|
Significant improvement (e.g., room addition or
renovation) to a property between sale date and assessment date
|
|
14
|
AS
|
Assemblage sale - purchase of an adjoining property at a
premium price
|
|
15
|
MU
|
Sales that
fail
to constitute an economic unit of multiple properties (includes
bulk sales of properties to a developer or builder)
|
|
16
|
PP
|
Sale involving personal property of significant but
undeterminable value (see discussion in 4.04.1d.3)
|
|
17
|
OF
|
Sale involving non-market financing or other non-real
estate considerations of significant but undeterminable value (see discussion
in 4.04.1d.4)
|
|
18
|
FD
|
Future Development/Sale includes new dwelling to be
assessed
|
|
19
|
MH
|
Sale includes mobile home
|
|
20
|
AL
|
Land priced as AG, not priced at market value
|
3b.
Information codes considered valid sales:
|
25
|
VA
|
Primary parcel of a group of parcels that have
sold
|
|
26
|
AP
|
Additional parcels that are linked to the primary
parcel
|
4. Audit
of county validation codes: The ACD will audit a random sample of 60 sales
submitted by each revaluation county to ensure that validation codes have been
correctly assigned, including 20 residential sales, 20 commercial sales, and 20
vacant sales if available. The ACD shall share its audit findings with the
county and the county shall have an opportunity to dispute its findings. If the
ACD determines that more than 10% of sampled vacant, residential, or
commercial/industrial sales are incorrectly coded, it shall not use validation
codes submitted by the county for that property class, but rather shall use
electronic edits, select and validate a random sample of sales, or take other
measures deemed appropriate to ensure a valid study.
5. Sales valid for study: The ACD shall use
sales coded as 01 (VS) and 00 (UV) in its ratio studies. If there is a
disagreement between a county and the ACD as to the proper validation code for
a sale, the ACD shall use the code it considers most appropriate. Both 01 (VS)
and 00 (UV) sales shall be subject to electronic edits (see 3.11).
6. Use of most recent sale: If more than one
valid sale occurs for a property during the time frame of the study, only the
most recent sale shall be used in the study.
7. Multiple parcel sales: Sales of multiple
parcels that constitute a single economic unit should be included in the study
by summing the assessments and comparing the total assessed value with the sale
price. Such sales should be screened in the same manner as individual parcel
sales to determine whether they are legitimate representations of market
value.
8. New construction sales:
To help ensure that vacant land sales are not compared with assessments that
reflect recent improvements and to prevent the study from being
disproportionately influenced by new construction, sales involving new
construction (e.g., as indicated by the year built) shall not be used in the
ratio study.
9. Low-value
properties: The lowest 10% of residential assessed values and the lowest 10% of
commercial/industrial assessed values shall be excluded from the study. The
lowest 10% of vacant land assessed values or all vacant land assessed values
less than or equal to $400 ($2000 full value), whichever is higher, shall be
excluded from the study. These properties will be removed prior to conducting
electronic edits.
10. High-value
commercial properties: Any property that constitutes more than 5% of the total
assessed value of commercial and industrial properties in a county will be
excluded from the study. These properties will be removed prior to electronic
edits.
11. Electronic edits: The
ACD may conduct statistical-based edits to filter properties with atypical
features, sales prices, or assessment-to-sale ratios from the study. Not more
than approximately 5% of sales shall be filtered from the study based on ratio
alone.
12. Appraisals: In order to
achieve adequate sample size and representativeness for commercial and
industrial properties, the ACD may appraise a random sample of such properties.
All
three approaches to value shall be considered. The approach emphasized in a
particular appraisal shall be appropriate for the type of property in question.
The assessor and appraisal contractor shall be afforded an opportunity to
review the appraisals and to submit information supporting different value
conclusions. Conflicts will be resolved by an independent third party review if
different value conclusions will materially affect the outcome of the study.
The appraisal will serve as surrogate commercial/industrial sales in the study.
The ACD will not conduct appraisals of vacant or residential properties.
Adopted as corrected 10/14/2008
Amended by emergency procedure 06/12/09
Amended by permanent procedure 04/26/10
RULE 4.04.1d
ADJUSTMENT OF SALES FOR RATIO STUDIES
1. Time adjustments: All sales used in the
ratio study shall be adjusted for time as necessary to January 1 of the
assessment year. The ACD shall conduct time analysis studies using the
techniques set forth in the IAAO
Standard on Ratio Studiesand
the IAAO textbook,
Mass Appraisal of Real Property(1999).
Counties may submit documented time adjustments to ACD, which ACD may rely on
if it finds that the adjustments are based on sound methodology and adequately
reflect the market. The ACD shall have authority to determine final time
adjustments used in its ratio studies.
2. Time adjustment categories: The ACD will
conduct time adjustment analyses for residential properties, vacant properties,
and commercial/industrial properties. For purposes of these analyses, it may
combine properties of the same type in counties that are similar in terms of
their economic base and geographic location.
3. Personal property adjustments: If a sale
includes personal property of significant value and the value of the personal
property can be determined with reasonable accuracy, the value of the personal
property shall be subtracted from the sale price and the adjusted price used in
the study. If the value of the personal property appears to be 5% or more of
the sale price but its value cannot be determined with reasonable accuracy, or
if the value appears to exceed 25% of the price, the sale shall be
excluded.
4. Other adjustments:
Counties may also make adjustments to sales prices for cash equivalency,
assumed leases, and other non-real estate considerations that significantly
affect the price paid for a property. The basis for these adjustments must be
documented and available for inspection by ACD. As a general principle, sales
that require difficult or subjective adjustments should be excluded from the
study (assign validation code 17 or 'OT').
RULE 4.04.1e
COMPLIANCE WITH RATIO
STUDIES STANDARDS REQUIRED
1. Level of
compliance:
Counties conducting a revaluation must comply with ratio study
standards for real property appraised on a market value basis both on an
overall basis and for each of the following three major property type strata:
(1) residential,
(2) vacant land, and
(3) commercial and industrial. In addition,
ratio study standards must be achieved for residential properties and vacant
land within each market area.
No county will be bound by this rule, for the market area
provision only, on its first ratio study after passage of this
rule.
2. Overall
level of assessment: The overall level of assessment must be from .18 to .22.
The overall level of assessment shall be computed as a weighted average of the
median ratio determined for each of the three major classes: residential,
vacant, and commercial/industrial. The weight assigned to each major class
shall be proportionate to the estimated market value of the class. Any property
that constitutes more than 5% of the assessed value of its class shall be
omitted for purposes of the calculation.
3. Level of assessment of class: The level of
assessment for each major class (residential, vacant, and
commercial/industrial) must be from 18% to 22%. ACD shall conclude that a
county has failed this requirement if statistical analysis reveals with 95%
confidence that the true median assessment level is below 18% or above 22% (or
equivalently that a 90% confidence interval for the median falls entirely below
18% or entirely above 22%).
4.
Level of assessment of market area: The level of assessment for residential
properties and vacant land within each market area of a county must be from 18%
to 22%. ACD shall conclude that a county has failed this requirement if
statistical analysis reveals with 95% confidence that the true median
assessment level is below 18% or above 22% (or equivalently that a 90%
confidence interval for the median falls entirely below 18% or entirely above
22%).
No county will be bound by this rule on its first ratio study
after passage of this rule.
5. Uniformity of assessment: The coefficient
of dispersion (COD) must meet the standards shown below. The ACD shall conclude
that these standards are not met when a statistical analysis reveals with 95%
confidence that the true COD is greater than the required COD. The
procedure
outlined in Robert J. Gloudemans, "Confidence Intervals for the COD:
Limitations and Solutions",
Assessment Journal(IAAO,
November/December 2001) will be used for this purpose.
* Residential property: The COD must be 15.0 or less in market
areas with a median year built of 1960 or greater and a median sale price of
$60,000 or more. Other residential CODs must be 20.0 or less.
* Vacant land: CODs must be 25.0 or less in each market
area.
* Commercial property: The COD must be 20.0 or less in counties
with 50,000 or more parcels and 25.0 or less in smaller counties.
As experience is gained, the ACD may tighten these standards so
that they are closer to or equivalent with IAAO standards for the COD.
No county will be bound by this rule, for the market area
provision only, on its first ratio study after passage of this rule.
6. Failure to comply: If a county
fails to meet the level or uniformity standards set forth in 2 through 5 above,
the ACD shall promptly notify the county assessor, the appraisal manager, the
Board of Equalization, and the county judge of the out of compliance status and
withholding of funding, and shall invoke the corrective actions outlined in
A.C.A. 26-26-304(f).
7. Selective
appraisal of sold properties: The ACD shall vigilantly monitor whether counties
are appraising unsold properties in the same manner as sold properties. Such
tests shall include but not be limited to a comparison of percentage changes in
value for sold and unsold properties of the same property type in the same
market area (excluding new parcels and parcels with new construction). The ACD
may also employ other tests of selective appraisal outlined in IAAO ratio study
standards and the IAAO textbook,
Mass Appraisal of Real Property
(1999). If the ACD determines that a county is not appraising unsold
properties in a property type, market area, or other property stratum in the
same manner as sold properties, the ACD shall deem that the county has failed
that portion of the ratio study and its responsibility to appraise properties
uniformly at market value. ACD shall invoke the corrective actions outlined in
A.C.A. 26-26-304(f).
RULE
4.04.1fAPPEAL OF RESULTS OF RATIO STUDY FINDINGS
1. Appeals to ACD Director: A.C.A.
26-26-304(g) provides that a county that is aggrieved at the findings of the
ratio study may appeal the results to the Director of ACD and have the right to
examine ACD's records.
2. Openness:
The ACD shall provide the results of its statistical analyses to counties and,
upon request, shall provide the underlying data and statistical algorithms used
in its calculations.
3. Further
appeal: At their option,
counties may pursue other avenues of appeal of the
findings of the Department as provided by the laws and courts of the State of
Arkansas.
RULE 4.04.1g
OTHER COMPONENTS OF RATIO STUDY
A.
AGRICULTURAL LAND
CLASSIFICATION
1.METHOD OF CONDUCTING AGRICULTURAL LAND
CLASSIFICATION
In conducting this component of the ratio study, the Arkansas
Assessment Coordination Department shall use generally accepted valuation
procedures, statistical compilation, and analysis techniques found in the
International Association of Assessing Officers standards on ratio studies.
(See
Standard on Ratio Studies,approved July 1990,
International Association of Assessing Officers or the current edition of same,
hereafter referred to as 'SORS", which incorporates selected chapters and
appendices of the
Property Appraisal and Assessment Administration,
published by the International Association of Assessing Officers, 1990
edition or current edition, hereafter referred to as "PAAA").
a. DEFINITION OF TERMS: Terms used in
connection with the ratio study on market value real property shall be as
defined in Section 14, "SORS" and "PAAA"
b. The ratio study on agriculture land shall
be based on a physical examination of the records of each assessor's office to
determine the degree of compliance with the criteria established in the
Assessment Coordination Department Agricultural Land Values Publication.
2.
METHOD OF DETERMINING AGRICULTURAL
LAND SAMPLES
The Field Auditor will select 100 random samples. Sales are not
used. The appropriate number of random samples shall be divided in accordance
with the proportion of agricultural parcels per school district. Any
prospective sample to be excluded shall be recorded and validity of the
exclusion must be documented.
3.
SELECTION OF SAMPLES
Agricultural samples will normally be worked between January
1st and April 19th of the
valuation year, but they may be worked earlier or later depending on when the
county or contractor has completed soil coding. By rule 50% of soil coding must
be complete by April 19th of the valuation year.
Selected samples are used for both the ratio study and for a performance audit.
The Field Auditor will determine during the valuation audit if the proper
schedule of agricultural values established by the ACD has been adopted.
4.
PROCEDURE
In July of each year the ACD will perform a ratio study to
determine whether the county has followed guidelines for the valuation of
agricultural land in compliance with Arkansas code 26-26-407. The following is
the procedure used by ACD it determining each county's Agricultural Land
ratio:
a. Publications by the
Assessment Coordination Department containing the Agricultural Land Value
Tables for the Southwest, Delta, Ozark and Ouachita regions of Arkansas shall
be used to determine land values for agricultural land. The tables represent
the Land Capability Classification System, as designated by the U.S. Department
of Agriculture's Natural Resource and Conservation Service (NRCS). There are
threecategories of agricultural land consisting of Crop,
Pasture, and Timber, each with a value representing the productivity of the
eighteen soil classes, if applicable (represented by an
ACD
NUMBER). This is in compliance with Arkansas code 26-26-407.
b. For each sample, a ratio is computed using
the county's assessed value and the total parcel value calculated by the ACD
Field Auditor.
c. To determine the
county assessment ratio on agricultural land of the samples being used, totals
are calculated of the county's assessments and of the total land values as
determined by the ACD Field Auditors. The total assessment is then divided by
the ACD total land values, and that total is multiplied times 100 to establish
the percent ratio for the county.
d. Field Auditors will discuss their findings
regarding irregularities in agricultural land with the Assessor prior to August
1.
B.
BUSINESS PERSONAL
CLASSIFICATION
1.
EXAMINATION OF
RECORDS
This component of the ratio study shall be based on a physical
examination of the current year's records of each assessor's office to
determine the degree of compliance with the criteria established in the
Commercial Personal Property Appraisal Manual published by the Arkansas
Assessment Coordination Department.
When the fieldwork commences for the current year, instructions
as to the number of business personal commercial samples shall be
provided.
2.METHOD OF
DETERMINING NUMBER AND LOCATION OF SAMPLES
The minimum sample size for each county shall be determined by
the population of the county as reflected in the latest final census figures
and the number of businesses therein. Those counties with populations: of
29,999 and below shall have 20 samples; of 30,000 through 69,999 shall have 40
samples; of 70,000 through 199,999 shall have 50 samples and of 200,000 and
above shall have 90 samples.
3.
SELECTION OF SAMPLES
After determining the total business personal parcels in the
county, the number of samples needed shall be divided into that figure to set
the selection interval; however, if a business tentatively selected by this
method results in a sample that does not fit into a category recognized in the
square foot section of Commercial Personal Property Appraisal Manual, then the
next business shall be selected.
4.
PROCEDURE
a. When the Commercial Personal Property
Sample Form has been completed on all of the businesses selected for use in the
study, the Field Auditor shall go to the business site, compute the square
footage, and grade the inventory and the furniture and fixtures as to density
and quality.
b. In July the Field
Auditor shall return to each county, after the county has completed its
personal property assessments for the current year, and complete the Commercial
Personal Property Takeoff Form.
5.
RATIO COMPUTATION
a. If the county has been provided a good
rendition by the business which included a fixed assets' listing and applied
the ACD's suggested depreciation schedule to those assets, the County shall
automatically receive a twenty percent on those fixed assets and the inventory;
if not, the proper assessment shall be computed by the square foot method
described in the manual.
b. A
comparison of the actual assessed value and the value computed by the Field
Auditor produces the ratio.
c. The
ratios for all of the businesses are then ranked and the median ratio is
determined by county, by school district and by cities in that county. This
results in the Current Year Commercial Personal Property Median
Ratio.
C.
AUTO/OTHER CLASSIFICATION
This component of the ratio study shall be based on a physical
examination of the current year's records of each assessor's office to
determine the degree of compliance with the criteria established in the current
year edition of the Personal Property Assessment Manual published by the
Arkansas Assessment Coordination Department.
1.METHOD OF DETERMINING NUMBER AND
LOCATION OF SAMPLES
The minimum sample size for each county size shall be determined
by the population of the county as reflected in the latest final census figures
and the number of businesses therein. Those counties with populations: of
29,999 and below shall have 40 samples; of 30,000 to 69,999 shall have 70
samples; 70,000 to 199,999 shall have 100 samples and of 200,000 and above
shall have 180 samples.
2.
SELECTION OF SAMPLES
The Field Auditor shall be instructed to get samples of
automobiles from the current year through the last fifteen years and of trucks
from the current year through the last fourteen years. Only one vehicle shall
be taken from each assessment.
3.
PROCEDURE
Since there is no consistent method of filing assessments
containing automobiles, i.e., some being filed alphabetically by school
district, some alphabetically by county and in many instances, the computer is
available for us; samples shall be selected randomly by the Field Auditor who
notes the method chosen.
4.
RATIO COMPUTATION
A comparison of the actual assessed value and the value computed
utilizing the manual by the Field Auditor produces the ratio by county, by
school districts and by cities in that County.
5.
FORMULAS UTILIZED AND TESTS
CONDUCTED
a.
Median
(See section
7.3.1
Standard on Ratio
Studies, approved July 1999, International Association of Assessing
Officers or current edition)
b.
Coefficient of Dispersion(See section
7.4.2
Standard on Ratio
Studies,1999, International Association of Assessing Officers or
current edition)
c. Not required,
but also computed:
i.
Mean
(See section
7.3.2
Standard on Ratio
Studies, approved July 1999, Association of Assessing Officers or
corresponding provisions contained in any superseding edition of
same)
ii.
Average Absolute
Deviation (Chapter 20, Page 532-534,
Property
Appraisal and Assessment Administration,
published by the International Association of Assessing Officers, 1990
edition or current edition)
iii.
Coefficient of
Concentration:
a) Of the samples that
are used, the percentage of observations which are within plus or minus ten
percent of the legal ratio of twenty percent.
b) Of the samples that are used, the
percentage of observations which are within plus or minus ten percent of the
median ratio.
iv.
Weighted Mean(See section
7.3.3
Standard on Ratio
Studies,approved
July 1999, International Association of Assessing Officers or
current edition)
v.
Standard Deviation(Chapter 20, Page 535,536,
Property
Appraisal and
Assessment Administration,published by the
International Association of Assessing Officers, 1990 edition or current
edition)
vi.
Price-Related Differential(See section
7.6
Standard on Ratio
Studies, approved July 1999, International Association of Assessing
Officers)
vii.
Coefficient
of Variation(See section
7.4.2
Standard on Ratio
Studies,approved July 1999, International Association of Assessing
Officers or current edition - to select sample sizes)
6.DEFINITION OF TERMS
Terms used in connection with the ratio study on market value
real property shall be as defined in Section 14, "SORS" and "PAAA".
Adopted 10/01/99
Amended 12/20/00
Amended 07/05/04
Amended 12/20/06
Amended 4/26/10
RULE 4.05
GENERAL RULES FOR APPRAISAL CONTRACTORS
The ACD shall maintain an Annual Register of Appraisal Companies
and shall not approve a contracted appraisal plan of an Appraisal firm which
has not registered with the ACD by submitting the following information:
1. Name, physical address, mailing address,
telephone number of appraisal firm;
2. Type of entity, corporation, partnership
or sole proprietorship;
3. If a
corporation, certificate or proof of good standing;
4. If a corporation, list the stockholders
and officers and provide three professional references for each;
5. If a partnership, provide three
professional references for each partner;
6. If a sole proprietorship, provide three
professional references;
7. For
each officer, partner or sole proprietor, fully describe the qualifications of
each, including all mass appraisal experience;
8. List of all personnel employed by the
appraisal firm who will be performing mass appraisal work in Arkansas, stating
whether they are full time or part time employees, or independent contractors,
and the appraiser qualification level of each, and the number of years of
experience in mass appraisal of each;
9. All appraisal personnel must meet the
qualification requirements established under Act 48 of 1980, and all Level
Three and Level Four appraisers must meet the continuing educations
requirements of 30 hours every three years in order to maintain their
qualification levels;
10. List of
each county in Arkansas where the appraisal company has performed for the last
five years with the year or years when the work was performed, whether the work
was maintenance (new construction) or revaluation, and a reference source on
each job;
11. A copy of all current
insurance documents and bonds covering the company;
12. A statement as follows: The appraisal
company recognizes that the information contained herein shall be used by
counties in determining whether to contract with it and used by the Assessment
Coordination Department in determining whether the firm can adequately perform
under a proposed contract; therefore, the appraisal company agrees that all
information contained herein will be updated in a timely manner;
13. Any other information the ACD or the
appraisal company deems relevant;
14. All information submitted will be made
public information and is intended for use by counties who are contemplating
employing appraisal companies;
15.
The appraisal company must demonstrate that it is financially sound. An owner
or principal officer of the company shall submit a written and signed statement
that: "The appraisal company is financially sound and possesses sufficient
operating capital to perform any contract it is awarded and continue to meet
its other outstanding contractual and financial obligations and will provide a
current financial statement if requested by the ACD".
Adopted 10/01/99
Amended 07/05/04
RULE 4.05.1
REMOVAL OF APPRAISAL
COMPANY
The Director of the Assessment Coordination Department may, for
cause, remove an appraisal company from the list of registered contractors
doing mass appraisal work within the State of Arkansas.
Adopted 07/05/04
RULE 4.06
COUNTYWIDE
REAPPRAISAL OF PROPERTY
STATUTORY AUTHORITY: A.C.A. 26-26-306 (
Acts
1997, No. 836 Section
2)
STATUTORY AUTHORITY: A.C.A. 26-26-308 (
Acts
1997, No. 836 Section
4)
Adopted 10/01/99
RULE 4.07COMPLETION OF REAPPRAISAL -
SUSPENSION OF PENALTIES
STATUTORY AUTHORITY: A.C.A. 26-26-307 (
Acts
1997, No. 836 Section
3)
STATUTORY AUTHORITY: A.C.A. 26-26-308 (
Acts
1997, No. 836 Section
4)
In keeping with the intent of Act 836 of 1997, newly discovered
and newly constructed property will be appraised and assessed at the value
prevailing before the implementation of Act 758 of 1995.
1. In the year any reappraisal is being
completed, the assessor shall maintain a list of newly constructed or newly
discovered property encountered during the reappraisal.
2. To insure that all property within a
county is equitably assessed, an assessor whose county did not fail its last
ratio study, may revise property values in a particular neighborhood (s) only
if all other neighborhoods in the county have been surveyed and there is
evidence that they are correctly appraised at full market value.
3. A reappraisal management plan must be must
be filed with the department no later than November 1 of the year preceding the
commencement of the reappraisal.
4.
The ACD shall prepare and distribute to the counties an "In-House Countywide
Reappraisal Plan" form No. A-9 and a "Contracted Countywide Reappraisal Plan"
form A-10 which contains the minimum criteria for Plans which shall be accepted
by the ACD.
5. The ACD retains the
authority to reject a Plan which may meet the minimum criteria as published,
but which it determines is not submitted in good faith.
6. There may be additional safeguards which
should be inserted into the forms. The form is not meant be complete or
exhaustive. It is the responsibility of each county to determine the specific
language for inclusion in its final plan and contract.
7. A county that has contracted with a
private appraisal company and subsequently learns that the private appraisal
company is not fulfilling its contractual obligations shall promptly notify the
Assessment Coordination Department and file a complaint in writing stating the
allegations giving rise to the complaint. The Assessment Coordination
Department shall then notify said private appraisal firm that a complaint has
been filed, enclosing a copy of the complaint.
8. Any member of the staff of the Assessment
Coordination Department, or a member of the public, who learns of a possible
violation of the contractual obligations of a private appraisal company and the
county, may also file a complaint with the Assessment Coordination
Department.
9. The Director of the
Assessment Coordination Department shall then set a conference date no earlier
than thirty days from the date that the private appraisal firm, the Assessor,
and the complaining party are notified by certified mail, return receipt
requested, setting a place and time for the conference and advising the
complaining party, private appraisal firm and the Assessor of their right to be
present to present the allegations and any rebuttal. Said conference shall be
open to the public and attended by members of the staff of the Assessment
Coordination Department as designated by the Director.
10. Should the Director of the Assessment
Coordination Department or his appointee determine that the private appraisal
firm has failed to abide by the appraisal standards of the International
Association of Assessing Officers and that the failure is significant and
pervasive resulting in substandard appraisals that if the private appraisal
company does not agree to immediately correct the problem at its own expense,
and do so, that the Assessment Coordination Department shall not approve any
future plans involving that private appraisal company until such time as the
defects are substantially corrected.
11. If a county fails to abide fully by the
terms of a filed Plan and the Director of the ACD has reached a preliminary
decision to terminate the Plan, the ACD shall not do so unless it has notified
the County, setting out the factors giving rise to its decision to terminate
and affording the County an opportunity to appear before the Director to show
cause why the Plan should not be terminated for good cause. The ACD shall
notify all signatories to the Plan, by certified mail, of their right to appear
and participate in the event of a preliminary decision to terminate the Plan,
and the time and place shall be set for a full consideration of the matter and
their right to appear and participate. On termination of a Plan, the ACD shall
promptly notify the proper fiscal officers disbursing state aid and turn-back
funds that the County does not have an approved Plan that is being implemented,
and ask that the full range of penalties provided by law be applied to the
County.
12. Any action or pending
action by the ACD involving allegations that an appraisal firm has failed to
abide by its contractual obligations to a county shall not in any manner
preclude the filing of an action in the appropriate court of this State by any
of
the parties to the contract.
Adopted 10/01/99
RULE 4.08
PROCEDURE FOR ADJUSTMENT OF
TAXES AFTER REAPPRAISAL OR REASSESSMENT OF PROPERTY
STATUTORY AUTHORITY: A.C.A. 26-26-402 (
Acts 1981, No.
848, Section 1;
Acts
1997, No. 1300, Section
22)
STATUTORY AUTHORITY: A.C.A. 26-26-409 (Act
1981, No.
848 Section 9)
1. To test for rollback in each taxing unit,
use the full-reappraised real estate value plus personal property value and
utility property value. If the aggregate increase exceeds 10% from the previous
year, rollback computations must be calculated for each year of the three years
in which assessments are added as per Act 1185 of 1999.
2. Assessed value on which taxes will be
certified for collection (one third value increases as per 1185) shall be used
in real estate rollback calculations.
3. In calculating the real estate rollback
the first year after reappraisal, the taxing units will be allowed to receive
base year revenues plus 10% revenue increase or all of newly discovered
property increases if they exceed 10%.
4. In the second and third year after
reappraisal the taxing units will consider base year revenues as being the
revenues from the previous year assessments for real estate.
5. In the second and third year after
reappraisal the taxing units will calculate the zero base rollback millage and
then apply the unused portion of the optional 10% increase from the previous
year (if any).
6. Real estate
rollback will be calculated in all taxing units in the second and third year
except in cases where the aggregate increase (full market value increase) from
the reappraisal plus newly discovered
property does not exceed 10% in the first
year.
Adopted 10/01/99
RULE 4.08.1DEFINITIONS RELATING TO
AMENDMENT 59 AND ACT 848 OF 1981
1.
REAPPRAISAL - The estimating of value of all taxable real property within the
county as of a given date within a given time frame.
2. MASS APPRAISAL - Estimating the value of a
group of properties as of a given date, within a given time frame using
generally accepted techniques.
3.
REASSESSMENT - Process of placing reappraisal values in the official assessment
record.
4. COUNTY-WIDE REAPPRAISAL
- Mass appraisal of certain classes of properties within a county, provided
those other classes of property not reappraised have had their values reviewed
and are currently assessed at acceptable levels.
5. PREVAILING VALUE - Value of a property as
determined by the existing appraised values of other similar properties in the
county.
6. NEWLY DISCOVERED
PROPERTY - Property that has never been on the assessment roll.
7. NEW CONSTRUCTION AND IMPROVEMENTS -
Changes to property that have occurred to property already on the assessment
roll.
8. BASE YEAR - Year when
reassessed values are entered on assessment roll.
9. MARKET VALUE - Most probable sale price of
a property in terms of money in a competitive and open market, assuming that
the buyer and seller are acting prudently and knowledgeable, allowing
sufficient time for the sale, and assuming that the transaction is not affected
by undue pressures.
10. BONA FIDE
AGRICULTURAL LAND - Land that is devoted to the production of commercial
quantities of plant products to be used for human consumption, animal feed, or
as a textile.
11. BONA FIDE PASTURE
LAND - Land to benefit grazing animals, or growing forage crops with the intent
of selling or storing for future use.
12. BONA FIDE TIMBER LAND - Forest land that
is producing, or capable of producing, crops of industrial wood and is not
withdrawn from timber utilization (Appendix, pg 30, "
Forest Resources
of Arkansas"Southern Forest Experiment Station, Resource Bulletin
SO-169, Feb. 1992).
Adopted 10/01/99
Amended 12/20/00
Amended 07/05/04
Amended 09/25/08
RULE 4.08.2DEFINITIONS RELATING TO
AMENDMENT 79
1. CHANGE IN USE - The
terms "newly discovered" and "newly constructed" as contained in Arkansas
Constitution Article 16, Section 12 and Amendment 79 shall be construed to
include change in use.
2.
SUBSTANTIAL IMPROVEMENT TO REAL
PROPERTY- The term "substantial improvements to
real
property" as used in Amendment 79, Sections 1(b)(2), 1 (c)(2) , and
1(d)(4) means:
a. Renovation, reconstruction,
and refurbishment occurring to further a change in the use and/or class of an
improvement. Upon completion of the renovation, reconstruction or refurbishment
the assessor shall note the change in use and reappraise the improvement based
upon its prevailing market value in the following assessment year. If multiple
improvements reside on the parcel, only those that have been renovated,
reconstructed or refurbished shall be reappraised and the remainder shall
continue to be valued in accordance with Amendment 79, Sections 1(b)(1),
1(c)(1) or 2(b) whichever is appropriate.
b. Renovation, reconstruction, and
refurbishment occurring that will add 25% or more to the contributory value of
an improvement to the property. Upon completion of the renovation,
reconstruction or refurbishment the assessor shall note and document the
contributory value increase and reappraise the improvement based upon its
prevailing market value in the following assessment year. If multiple
improvements reside on the parcel, only those that have been renovated,
reconstructed or refurbished shall be reappraised and the remainder shall
continue to be valued in accordance with Amendment 79, Sections 1(b)(1),
1(c)(1) or 2(b) whichever is appropriate.
c. Newly constructed and newly discovered
property shall be assessed at full value.
NOTE: "substantial improvements to real property" as used in
Amendment 79, Sections 1(b)(2), 1(c)(2), and 1(d)(4) does not include normal
maintenance on an improvement intended to only maintain its existing
utility.
3. FULL
VALUE (aka market value or appraised value) is a property's most probable
selling price or current value estimate as of the statutory valuation
date.
4. FULL ASSESSED VALUE (aka
Assessed Value) is equal to 20% of the Full Value.
5. TAXABLE ASSESSED VALUE is the value after
any applicable limitations to Full Assessed Value increases contained in
Amendment 79 to the Arkansas Constitution are applied. Taxable Value will be
less than or equal to Full Assessed Value.
Adopted 10/01/99
Amended 12/20/00
Amended 07/05/04
Amended 09/25/08
Amended 4/26/10
Amended 12/07/12
RULE 4.09
COMPREHENSIVE COUNTYWIDE REAPPRAISALS - APPLICABILITY
STATUTORY AUTHORITY: A.C.A. 26-26-401 (Act
1981, No.
848 Section 8)
1. When an Assessor is of the opinion that a
"comprehensive countywide reappraisal" has been completed, Form No. A-11 shall
be completed immediately, signed and notarized and submitted to the Director of
the ACD for investigation, determination and certification.
2. When any member of the county equalization
board, quorum court, taxing unit or taxpayer within the county is of the
opinion that a "comprehensive countywide reappraisal" has been completed and so
informs the ACD in writing giving those facts on which the opinion is based,
the ACD will investigate and determine whether certification is
required.
3. In determining whether
a comprehensive countywide reappraisal has occurred, the ACD shall consider
that since it provides tables for use in valuing agriculture and timber lands
that those properties have been reappraised each year. Likewise, all personal
property shall be considered to have been reappraised each year.
4. On receipt of a properly completed form,
the Director of the Assessment Coordination Department shall determine whether
the County has completed a comprehensive county-wide reappraisal, and if so,
shall certify the reappraisal.
5.
In determining whether a comprehensive countywide reappraisal has been
completed, the following definitions shall be utilized:
a) Reappraisal - A re-estimation of values
using mass appraisal techniques.
b)
Mass appraisal - Estimating the value of a group of properties as of a given
date, within a given time frame.
c)
County-wide reappraisal - The mass appraisal of certain classes of properties
within a county, provided those other classes of
property not reappraised have
had their values reviewed and are currently assessed at acceptable levels.
Adopted 10/01/99
RULE 4.10
CERTIFICATION OF
ASSESSED VALUE DATA
STATUTORY AUTHORITY: A.C.A. 26-26-403 (Act
1981, No.
848, Sections Two and Nine.)
1. Form No. CC - 4 entitled Base Year
Certification of Assessment Data on Real Estate is adopted to comply with this
statute.
2. Form No. CC - 5
entitled School District Calculation to Determine Minimum Millage Required by
Amendment 74 is adopted to comply with this statute.
Adopted 10/01/99
RULE 4.11
COMPUTATION AND CERTIFICATION
FORM
STATUTORY AUTHORITY: A.C.A. 26-26-404 (Act
1981, No.
848 Section Three)
Form No. GB-1 entitled Base Year Millage Rollback Computation and
Certificate Form is adopted to comply with this statute.
Adopted 10/01/99
RULE 4.12
PERSONAL PROPERTY INTERIM
MILLAGE ADJUSTMENT
STATUTORY AUTHORITY: A.C.A. 26-26-405 (Act
1981, No.
848 Section 4)
Form No. CC-2 entitled Personal Property Interim Millage
Adjustment is adopted to comply with this Statute.
Adopted 10/01/99
RULE 4.13
VALUATION GUIDELINES
STATUTORY AUTHORITY: A.C.A. 26-26-304 and 26-26-407
1. Manual entitled Assessors' Replacement
Cost Real Estate Manual is promulgated to comply with this Statute. This manual
may be used as a guide and is not mandatory.
2. Publication entitled Agricultural Land,
Pasture Land and Timber Land Guidelines is promulgated to comply with this
Statute. USE OF THIS PUBLICATION IS MANDATORY.
3. Manual entitled Personal Property
Assessment Manual is promulgated to comply with this Statute. This manual may
be used as a guide and is not mandatory.
4. Manual entitled Commercial Personal
Property Appraisal Manual is promulgated to comply with this Statute. This
manual may be used as a guide and is not mandatory.
Adopted 10/01/99
RULE 4.14IMPLEMENTATION OF MILLAGE
ROLLBACK IN FRINGE SCHOOL DISTRICTS
STATUTORY AUTHORITY: A.C.A. 26-26-408 (Act
1981, No.
848, Section Seven)
1. Form No. CC-3 entitled Fringe District
Rollback is adopted to comply with this Statute.
2. In a case where a fringe district is
engaged in a reappraisal the millage rates shall be rolled back, immediately
fringed and levied in both
counties.
Adopted 10/01/99
RULE 4.15
TRAINING CRITERIA FOR
APPRAISERS
STATUTORY AUTHORITY: A.C.A. 26-26-503 (Acts 1980 (lst Ex. Sess.)
No. 48, Sections One, Two;
1985, No.
392, Sections One, Two)
1. Form No. M-1 entitled Application for
Admission - Arkansas Assessment Training Program.
2. Training and Designation Program as
described in Form No. M-2 entitled Training and Designation Program for
Appraisers Employed by State and County Officials is adopted.
Adopted 10/01/99
RULE 4.16
PROPERTY USED FOR OTHER THAN
CHURCH PURPOSES
STATUTORY AUTHORITY: A.C.A. 26-26-1113 (c) (1); (Act
1987,
No. 1040, Sections One, Two)
The Assessment Coordination Department shall promulgate
reasonable rules and regulations to effectuate the provisions of this
chapter.
Adopted 10/01/99
RULE 4.17ASSESSMENT OF PERSONAL
PROPERTY TAXES BY MAIL OR BY TELEPHONE
STATUTORY AUTHORITY: A.C.A. 26-26-1114 (c); (Act
1989,
No. 517, Section One; Act
1991,
No. 291 Section One; Act
1993,
No. 1261, Section One)
When assessing by telephone, record forms containing information
taken by telephone shall be clearly identified as telephone assessments on the
property owner signature line and shall bear the signature of the assessor or
deputy assessor who conducted the telephone interview with the property
owner.
Adopted 10/01/99
RULE 4.18VALUATION PROCEDURES
STATUTORY AUTHORITY: A.C.A. 26-26-1202; (Act
1883, No.
114, C. & M. Dig., No. 9919, Pope's Dig. No.
13653)
For the purpose of this Act, the following term(s) are
defined:
1. Real property is the
physical parcel of land, and improvements attached to the land, such as
buildings.
2. Fixtures which can be
severed from the realty without substantial damage either to itself or to the
realty are personal
property.
Adopted 10/01/99
RULE 4.19UNIFORM NOTICE OF REAL ESTATE
VALUE CHANGE
There is hereby established a Uniform Notice of Real Estate Value
Change. The Notice shall be printed on paper no smaller than 8.5" wide by 11"
long. All counties, contractors or others required to notify property owners of
value changes shall employ the form displayed as item A-15 of the Appendix. No
information set out in the form may be excluded but additional information may
be displayed provided the Assessment Coordination Department gives prior
consent. Counties employing Section 1 of Amendment 79 shall not be required to
list assessments in subsequent years on the form. Sending notices not
conforming to the above shall constitute a violation of this rule, and when
discovered, the responsible party will be required to send new notices, which
comply with this rule, to affected property owners.
Adopted 10/01/99
Amended 7/10/01
Amended 4/26/10
RULE
4.19.1UNIFORM NOTICE OF NEWLY DISCOVERED/NEWLY CONSTRUCTED
PROPERTY
If the Assessor becomes aware of Newly Discovered or Newly
Constructed property in a non-reappraisal year, and the resulting increase in
market value of the parcel caused by the Newly Discovered or Newly Constructed
property is $5000.00 or more, the parcel will be updated and a notice will be
sent to the Taxpayer. Any Newly Discovered or Newly Constructed property,
having a market value of less than $5000.00 when discovered, may be listed and
updated during the year of discovery and will be listed and updated during the
appraisal year.
Adopted 07/05/04
RULE 4.20
HOMESTEAD CREDIT
APPLICATION/SALES VERIFICATION
There is hereby established a Homestead Credit Application/Sales
Verification form. The form is to be used by property owners to apply for
benefits under the provisions of
Amendment 79 and to verify whether a property's purchase price
reflects its market value at the time of sale. County assessors shall provide
the purchaser of property with the form when a copy of a deed is transferred
from the county recorder's office to the county assessor's office. As an
alternative, the county assessor may provide the form to closing agents who may
assist purchasers in completion of the form and who may return the form to the
county recorder or assessor on behalf of the purchaser.
With prior approval by the ACD, the county may divide the form
into separate parts, without changing the content, and distribute each part
separately to property owners. Additional questions may be added to the form
with prior approval by the ACD.
Adopted 3/03/02
RULE 4.21AUTHORITY TO PROMULGATE RULES
AND REGULATIONS FOR THE IMPLEMENTATION OF UNIFORM CAMA STANDARDS
STATUTORY AUTHORITY: ACT 1417 of 2005
By July 1, 2005 the Assessment Coordination Department shall
adopt and implement by rules final specifications for computer assisted mass
appraisal software.
The rules may provide a procedure by which the Assessment
Coordination Department may directly compensate computer assisted mass
appraisal software providers who are in compliance with requirements set forth
in the final specifications for computer assisted mass appraisal
software.
The Assessment Coordination Department shall require computer
assisted mass appraisal software providers to comply with requirements set
forth in the final specifications for computer assisted mass appraisal
software.
Adopted and effective 07/01/05 by emergency procedure
Adopted 11/13/05
RULE
4.22
CAMA STANDARDS AND SYSTEM COMPLIANCE
CERTIFICATION
The ACD will be responsible for providing uniform specifications
(standards) for Computer Assisted Mass Appraisal (CAMA) software systems to be
operated within the state of Arkansas. The ACD shall submit any proposed
amendments to the CAMA Standards to all providers having certified CAMA systems
operating within the state and allow a reasonable time for comment. The
proposals shall then be considered by the CAMA Compliance and Certification
Advisory Board. If the proposals are approved by the board and the ACD director
they shall be incorporated into the standards. Every CAMA system must be tested
annually to determine if the system is in compliance with the standards.
Systems that are in compliance will be certified by the director of the ACD.
Systems that are not certified will not be allowed to be used by any county or
appraisal contractor within any county of the state for the purpose of property
reappraisal. Use of a non-approved system will result in a finding by the ACD
of noncompliance and reimbursement will cease.
Adopted and effective 07/01/05 by emergency procedure
Adopted 11/13/05
RULE
4.23CREATION AND PURPOSE OF THE ARKANSAS CAMA COMPLIANCE AND
CERTIFICATION ADVISORY BOARD
There is hereby created The Arkansas CAMA Compliance and
Certification Advisory Board whose purpose it shall be to advise and assist the
director of the ACD in the testing, certification, and compliance of the
various CAMA systems being used or proposed to be used in the state of Arkansas
by Assessors and companies contracting with counties to assess the real
property in those counties. The board may make recommendations to the director
of any changes or additions to the Standards it deems appropriate.
Adopted and effective 07/01/05 by emergency procedure
Adopted 11/13/05
RULE
4.24APPOINTMENT AND TERMS OF SERVICE OF MEMBERS OF THE CAMA
COMPLIANCE AND CERTIFICATION ADVISORY BOARD
The Arkansas CAMA Compliance and Certification Advisory Board
shall be made up of persons known to have knowledge, experience, and expertise
in the field of mass appraisal of real property in general and the operation
and use of CAMA systems in particular.
The membership shall be comprised of the following:
One member of the staff of each CAMA software vendor, to be
nominated by the vendor and submitted to the director of the ACD for approval,
to serve a two year term from the date of appointment.
One member of the staff of each reappraisal contractor, to be
nominated by the contractor and submitted to the director of the ACD for
approval, to serve a two year term from the date of appointment.
Two in-house CAMA system users who shall be selected by the
director of the ACD from a nominating pool for a one year term. Any County that
performs its own reappraisal duties may nominate qualified individuals to the
pool.
Two members of the ACD staff who shall be appointed by the
director of the ACD and serve at the discretion of the director.
Adopted and effective 07/01/05 by emergency procedure
Adopted 11/13/05
Amended 09/25/08
RULE 4.25
ORGANIZATION AND MEETINGS OF
THE BOARD
The initial meeting of the board shall be held as soon as
practicable following the appointment of its initial members. Thereafter, the
board will meet annually on the second Tuesday in September at the offices of
the ACD but may meet at any other time or place upon call of the director of
the ACD. The director will designate a chairperson and a secretary and the ACD
will provide administrative services for the use of the board. The chairperson
and the secretary may be from outside of the appointed board and may be from
ACD staff. If the chairperson and/or the secretary are not members of the
appointed board they shall have no vote. The chairperson and the secretary
shall make up the executive committee, which may make administrative decisions
only and in the absence of the membership. Any such administrative decisions
shall be subject to approval or rejection by the membership at its next
meeting. If no action of the membership is taken at said next meeting the
action shall not be later challenged.
Adopted and effective 07/01/05 by emergency procedure
Adopted 11/13/05
RULE 4.26
TESTING OF CAMA SYSTEMS
Beginning on or about the second Tuesday in September, in each
year, at the offices of the ACD, the board will test all CAMA systems operating
in the state and those proposed for operation within the state. The CAMA
provider may request to be provided, in advance of the test, a list of issues
to be tested. Upon good cause being shown, the board may request that a CAMA
system be retested on a particular issue or issues. The board will vote on each
exercise as to pass or fail and will advise the director of the decision and
make recommendations as requested by the director. The test will be provided by
the ACD. Each test will be conducted using actual data from a county or
counties to be agreed upon in advance between the ACD and the CAMA provider.
Prior to the administration of the test, the board will place each exercise
into one of the following categories:
a. Level No. 1 - A minimum score of 100% is
required for compliance;
b. Level
No. 2 - A minimum score of 95% is required but the board may allow up to 30
additional days to comply;
c. Level
No. 3 - A minimum score of 90% is required but the board may allow until the
next annual test cycle to comply.
NOTE: When additional time is allowed, the compliance test will
be conducted at a county location to be determined by the board at least a week
in advance of the test.
Adopted and effective 07/01/05 by emergency
procedure
Adopted 11/13/05
RULE 4.27
USE PROBLEMS
CAMA system users, who experience problems with their system
which persist after notification to the provider for a reasonable time, may
contact the ACD or the board in writing, providing an example of the problem. A
record will be kept and the board may determine that the urgency of a problem
is such that a change to the test regimen may need to be made immediately and
all CAMA systems will be retested on those issues within a reasonable time
after the CAMA provider is notified.
Adopted and effective 07/01/05 by emergency procedure
Adopted 11/13/05
RULE 4.28
PENALTIES IN THE EVENT OF
NONCOMPLIANCE
In the event a CAMA system fails to achieve the score required on
a particular exercise the Director will notify the system provider that the
system will not be certified and cannot be used in the state by any county or
contractor for reappraisal purposes until the system achieves the required
score. In the case of an exercise classified as Level No.1, no additional time
is allowed to comply and the notice will go out immediately. However, in the
case of an exercise classified as Level No. 2 or Level No. 3, additional time
may be allowed for compliance as provided in RULE 4.26. In such event, if the
system fails to achieve the required score when retested, the notice as set out
above, will then be given to the provider. In either case, the system may not
be retested until the following year at the regular testing time.
Adopted and effective 07/01/05 by emergency procedure
Adopted 11/13/05
RULE 4.29
CHANGE IN MARKET VALUE BETWEEN
REAPPRAISALS
1. When a county's
equalization board determines that current economic conditions may have caused
a decrease in value of groups of real estate parcels, said equalization board
shall notify the Director of the Arkansas Assessment Coordination Department
that they have made such determination, and that an investigation is
pending.
2. The investigation shall
proceed according to the following steps.
a.
A ratio study shall be completed by
the equalization board or its contractor
for each neighborhood (as defined by ACD rules) in the county.
i. The preceding calendar year sales shall be
used in the study. No sales for the current year may be used. ii. The sales
validation process shall be completed for those sales used in the
study.
b. The
equalization board may submit its standard full parcel extract, which includes
current value and findings, to the ACD for review and evaluation.
c. At this point,
the equalization board may
choose to proceed, or not to proceed, with the documentation of a plan for
determining which neighborhoods require adjustment.
i. Using the ratio studies completed in step
a. determine the range of ratios to be adjusted.
ii. The equalization board shall document the
types of
evidence to be considered acceptable for adjustment of value. Some may
be.
1. Valid sales
2. Long term listings
3. The influence on market value of any
foreclosure related sales iii. The equalization board shall document the level
of evidence necessary for adjustment to be considered. Examples are.
1. Number of sales/listings
2. Average number of days on market
d. The
equalization board shall document a plan for adjusting values in such
neighborhoods.
i. Determine the target
ratio.
ii. Determine what
information will be used to develop revised values. Examples are.
1. Valid sales
2. Long term listings
3. The influence on market value caused by
any foreclosure related sales
iii. Determine the amount of information
necessary to develop a credible value.
1.
Number of sales/listings
2. Average
number of days on market
e. The equalization board shall document a
plan for public relations related to revised values. Some actions to consider
are:
i. Conversations with affected taxing
entities
ii. Press
releases
iii. Talking to reporters
at Equalization Board meetings
iv.
Notices/letters to property owners by a certain date
f. The equalization board shall document a
plan for board adjustments to adjusted values during the appeals
process.
3. Once a plan
of action is developed, and
prior to any actual value adjustments being made,
the equalization board shall present
the plan to ACD along with proposed values
for each parcel.
a. The equalization board
shall include documentation regarding how they developed their plan and why the
plan was chosen as the most appropriate.
b. After discussion with the equalization
board and/or its representatives, the ACD will approve or disapprove the plan
as is or approve the plan contingent upon specific requirements being
met.
4. All analysis
and/or adjustments shall be done in accordance with standard ACD reappraisal
rules and regulations, including oversight by a qualified appraisal manager.
Adopted by emergency procedure 06/12/09
Adopted by permanent procedure 04/26/10
Amended 12/07/12
