FOR ALL PROPERTIES THAT ARE IN EXCESS OF $3,000,000

 

 

Neighborhood Analysis

•         Degree of Development and Growth Rate: Properties designated as "rural" not allowed

•         Trend of Property Values: "Declining" Markets not allowed

•         Supply of Properties in the Subject Neighborhood: Markets in "Over-supply" not allowed

•         Price Range and Predominant Price: The appraised value may not exceed the highest value of the              predominant Price Range by more than 10%

•         Marketing Time for Properties: "Over 6 months" Not Allowed

•         Over-Improvement: The subject property may not be designated as an "over-improvement"

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Comparable Sales

•          Minimum of 4 closed comparable sales

•          All comparable sales must have occurred within the 12 months preceding the appraisal date

•          At least 1 closed comparable must have occurred with 120 days of the appraisal date

•          All comparable sales must be located within 4 miles of subject

•          At least 1 closed comparable sales must be located within 1 mile of subject

•          At least 2 closed comparable sales must be located within the same neighborhood as the subject

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Property Condition

•          Eligible Property Condition Ratings: C1, C2, C3

•          Eligible Quality of Construction Ratings: Q1, Q2, Q3, Q4

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Maximum Acceptable Acreage

•          5 acres

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Zoning

•          Properties zoned as agricultural are not eligible

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Total Net Adjustments

•          Total net adjustments should be minimal if the comparable is truly similar. Net Adjustments may                not  exceed 15% of the sales price of the comparable sale

 

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