The first step is to identify trend areas. Trend areas are composed of municipalities that share common economic influences, and would be expected to demonstrate similar movements in aggregate value over time. Adjustment factors will be developed by Major Type as was the case for the 1997 Rates. Staff may consider the major components of each Major Type and the influence on the over-all adjustment factor developed. For instance, if forest parcels comprise a significant portion of Major Type C, then staff may consider the use of a blended factor, combining the vacant and farm trend with forest and stumpage trends, where it significantly impacts the over-all value of Major Type C. Staff in the Saranac Lake office will supply regional staff with forest and stumpage adjustment factors for their consideration.
Any appraisal is an estimate falling within a value range.
Therefore, the following tolerance levels will be utilized for 1998 Rates. If a developed trend falls between the low and high parameters indicated below, the indicated trend will be applied with the corresponding market adjustment factor. After trend areas and market adjustment factors are final, regional staff will prepare, and the regional manager will approve, the required documentation. Appendix D shows the required documentation regarding trend areas. Appendix E shows the required documentation for the development of adjustment factors.