Arkansas Administrative Code › Agency 177 - Assessment Coordination Department › Rule 177.00.01-006 - Amendment Rule 3.29 - Location Factors, Amendment Rule 4.19 - Uniform Notice of Real Estate Value Change

Current through Register Vol. 49, No. 6, June, 2024
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
Effective 7/10/01
RULE
		  3.31
FAILURE TO COMPLY WITH STANDARDS OF PERFORMANCE
		  AUDIT
Whenever an audit, using the standards established elsewhere in
			 these rules, performed by the ACD indicates that proper reappraisal procedures
			 are not being followed, that finding will be reported by certified mail to the
			 appraisal manager. The aforementioned letter will be copied to the county
			 assessor, board of equalization, county judge, quorum court, and the appraisal
			 company when applicable.
For each out of compliance category, the appraisal manager must
			 bring reappraisal procedures into compliance within 30 calendar days of the
			 date of the certified letter and notify the ACD, and must make necessary
			 corrections of past reappraisal work within 90 calendar days or by July 1 of
			 the valuation year, whichever comes first, or the reappraisal plan will be
			 terminated immediately, and funding will be terminated.
Effective 4/27/01
RULE
		  4.19
UNIFORM 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 Rule
			 5.2. No information set out in
			 the form may be excluded but additional information may be displayed provided
			 the Assessment Coordination Department gives prior consent. In instances where
			 only new construction has occurred, notices may be modified to reflect that the
			 value increase is a result of new construction only. 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.
RULE 5.02
Form
		  A-10
30.
Checklist of Services to
		  Be Provided.
The following checklist must be submitted as part of the
		  bid specifications:
1.
Contractor
		  Required Services
Finished Property Record Cards
Aerial photos (If County does not already have most current) Real
			 estate appraisal Field data collection CAMA system data entry Agricultural,
			 timber & pasture land value update Appraisal notice mailing Value estimate
			 defense
Public inquiries about property values (informal appeals)
			 Property sales verification
Sales ratio study (compliance with 10.0 of the Bid
			 Specifications) Progress reports to county officials and ACD Discovery of new
			 construction from public records and sources Valuation of newly discovered
			 property in the current assessment year Property addresses where reasonably
			 attainable Most recent ACD soil summary
Quality Control (compliance with 13.0 of the Bid Specifications)
			 Liability and workman's compensation insurance (compliance with 21.0 of the Bid
			 Specifications)
2.
County Required Services
Sales information (compliance with 9.0 of the Bid Specifications)
			 Ownership records
3. Additional Services to be provided
						by:
Contractor
County
Reappraisal plan submitted to ACD
Office space
Office furnishings
File cabinets
Computer hardware
Computer software maintenance
Other (please list on a separate page and specify who has
			 responsibility) Effective 5/01/01