Section 280-RICR-40-00-2.12 - Commercial and Industrial PropertyA. Commercial and Industrial property should be reviewed and analyzed very carefully. If possible at least 2 of the 3 approaches to value should be developed: 1. Cost - The application of a cost trending multiplier (from Marshall-Swift, etc.) may be considered for updating building and site values with proper allowances given for depreciation.2. Income - All rent schedules, income and expense information and capitalization rates must reflect current market conditions. The necessary information (hopefully) can be obtained from a questionnaire or by interviews with taxpayers or third party sources.3. Market - Recent Commercial and Industrial sales may be analyzed and units of value developed from comparable sales. Such unit values may then be applied to comparable non-sold properties. Sales from similar and/or surrounding communities with comparable property bases and market influences may be used for analysis purposes as well.B. The assessor shall provide documentation to support the property update program. Such documentation should include sales ratio studies, cost and depreciation schedules, land valuation schedules, income and expense analysis (if available), field review documentation and other information necessary to provide for more accurate property values.280 R.I. Code R. 280-RICR-40-00-2.12