N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8186-2.15

Current through Register Vol. 46, No. 50, December 11, 2024

Section 8186-2.15 - Analysis of aggregate full values

(a) This section shall apply to measurements of full value described in sections 8186-1.15 and 8186-1.16 of this Part.

(b) Confirmation of aggregate full value estimates for assessment rolls implementing revaluation or updates.

(1) ORPTS shall review the valuation data and processes used in a revaluation or update project in order to confirm that the aggregate full value appearing on the assessment roll implementing the revaluation or update represents a reasonable estimate of the aggregate full value of the assessing unit as of the valuation date of the revaluation or update. In addition, where sufficient data is available, ORPTS shall conduct appropriate statistical tests as provided in the procedures of the appropriate market value survey to confirm the level of assessment.

(2) ORPTS will perform, as a minimum, the following as part of the process to confirm the aggregate full value of the assessing unit.

(i) For revaluations or updates implemented on assessment rolls with final completion dates on or after January 1, 1997, ORPTS may review the valuation processes or data as they are being implemented or compiled. At the conclusion of this process ORPTS may accept, in whole or in part, the aggregate full value of the assessing unit determined through the revaluation or update.

(ii) For revaluations or updates which ORPTS has not reviewed while being undertaken as provided in subparagraph (i) of this paragraph, ORPTS will review the documentation used in the valuation of parcels. In addition, ORPTS may review the changes in value which occur between the time of the initial valuation and the final assessment roll implementing the revaluation or update. At the conclusion of this process, ORPTS may accept, in whole or in part, the aggregate full value of the assessing unit.

(iii) For revaluations or updates implemented on assessment rolls with final completion dates in 1994, ORPTS will use any review of valuation data which was done as part of the 1994 market value survey. Where the revaluation or update valuation data was used for the 1994 survey, it will be accepted for use in determining the 1996 full value measurement.

(iv) For revaluations or updates implemented on assessment rolls with final completion dates in 1995 or subsequent years, sales may be used to confirm the valuation work in a major type in accordance with the appropriate market value survey procedures.

(v) For reassessments completed in 2001 and later, ORPTS may provide, as described in "Local Reassessment Project Review and Analysis" or a similar publication or procedure, for an analysis of uniformity of assessments in each reassessment. This analysis may include, but is not limited to, statistical tests recognized by professional appraisal and assessment administration organizations for the determination of uniformity of assessments. Specific provision shall be made for the recognition of parcels or classes for which a well-defined market does not exist. This analysis shall include a determination of whether the reassessment involved sufficient data, accepted valuation methodologies and rational valuation judgments.

(3) When the aggregate full value from the revaluation or update cannot be used in its entirety, ORPTS may adjust the aggregate full value or determine an independent estimate of full value. The adjustment or independent estimate may be done for the entire assessing unit, a set of properties, or an individual parcel. When making adjustments or determining independent estimates ORPTS may rely upon the use of appraisals, sales or other available data.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8186-2.15