177.00.01 Ark. Code R. § 006 Amendment Rule 3.29 - Location Factors, Amendment Rule 4.19 - Uniform Notice of Real Estate Value Change
| Library | Arkansas Administrative Code |
| Edition | 2023 |
| Currency | Current through Register Vol. 48, No. 12, December, 2023 |
| Citation | 177.00.01 Ark. Code R. § 006 |
| Year | 2023 |
RULE 3.29
- 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
- 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
- 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...
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