Common use of Market Analysis Clause in Contracts

Market Analysis. 3.3.1 A DRA-certified property assessor supervisor shall conduct the full statistical revaluation market analysis. 3.3.2 A DRA-certified property assessor assistant, under the guidance of a DRA-certified property assessor or a DRA-certified property assessor supervisor, may validate or invalidate sales for the market analysis. 3.3.3 The municipal assessing officials shall provide to Contractor a copy of all property transfers for a minimum of two (2) years immediately preceding the effective date of the revaluation. 3.3.4 A market analysis shall be conducted by Contractor using accepted mass appraisal methods in order to determine land, improvements and any other contributory values or factors including: (1) A review of all property transfers provided by the municipal assessing officials to Contractor; (2) A compilation of all unqualified property transfers into a sales list with appropriate notations for those sales not used in the analysis accompanied by: (a) The parcel map and lot number; (b) The disqualification code; (c) The date of sale; and, (d) The sale price. (3) A compilation of all qualified property transfers into a sales list with appropriate notations for those sales used in the analysis accompanied by: (a) The parcel map and lot number; (b) The date of sale; (c) The sale price; (d) The newly established value; (e) A photocopy or printout of the property record card for each property transferred; and, (f) A photograph of the principal improvements attached thereto; (4) Estimated land values with the documented results, as follows: (a) Utilizing vacant land sales whenever possible; and, (b) In the absence of an adequate number of vacant land sales, the land residual method or other recognized land valuation methodologies shall be used to assist in the determination of land unit values; (5) The Indicated land values shall be documented as: (a) Site; (b) Front or square foot; (c) Front acre; (d) Rear acre units; and/or, (e) Other appropriate units of comparison; (6) An analysis section to include: (a) The sale price; and, (b) Supporting adjustments made in sufficient detail to be understood by the municipal assessing officials and taxpayers; (7) The market analysis used to indicate unit values with the documentation of the method(s) employed and any special adjustment factors; and, (8) Tax Maps showing the locations of all qualified sales and the delineation of neighborhoods. 3.3.5 The preliminary market analysis shall: (1) Be provided to the municipal assessing officials and the DRA prior to the acceptance of the new values by the municipal assessing officials; (2) Be printed in its final form, and provided to the municipal assessing officials and the DRA at the completion of the revaluation as part of the USPAP compliant report; and, (3) Become property of Municipality and the DRA. 3.3.6 Contractor shall ensure that a final comprehensive review of the newly established values shall be performed by a DRA-certified property assessor supervisor utilizing a parcel-by-parcel field review of the entire Municipality to: (1) Ensure that all properties are valued at their highest and best use; and, (2) Identify and correct: any mechanical errors; inconsistencies; unusual features or value influencing factors. 3.3.7 Any supporting documentation supplied, provided or utilized by Contractor in the process of compiling the market analysis, such as but not limited to: sales verification sheets; rental/expense statements and questionnaires; Contractor cost estimates; sales listing sheets; final review notes; etc., shall be relinquished to and become property of Municipality.

Market Analysis. 3.3.1 A DRA-certified property assessor supervisor shall conduct the full statistical revaluation market analysis. 3.3.2 A DRA-certified property assessor assistant, under the guidance of a DRA-certified property assessor or a DRA-certified property assessor supervisor, may validate or invalidate sales for the market analysis. 3.3.3 The municipal assessing officials shall provide to Contractor a copy of all property transfers for a minimum of two (2) years immediately preceding the effective date of the revaluation. 3.3.4 A market analysis shall be conducted by Contractor using accepted mass appraisal methods in order to determine land, improvements and any other contributory values or factors including: (1) A review of all property transfers provided by the municipal assessing officials to Contractor; (2) A compilation of all unqualified property transfers into a sales list with appropriate notations for those sales not used in the analysis accompanied by: (a) The parcel map and lot number; (b) The disqualification code; (c) The date of sale; and, (d) The sale price. (3) A compilation of all qualified property transfers into a sales list with appropriate notations for those sales used in the analysis accompanied by: (a) The parcel map and lot number; (b) The date of sale; (c) The sale price; (d) The newly established value; (e) A photocopy or printout of the property record card for each property transferred; and, (f) A photograph of the principal improvements attached thereto; (4) Estimated land values with the documented results, as follows: (a) Utilizing vacant land sales whenever possible; and, (b) In the absence of an adequate number of vacant land sales, the land residual method or other recognized land valuation methodologies shall be used to assist in the determination of land unit values; (5) The Indicated land values shall be documented as: (a) Site; (b) Front or square foot; (c) Front acre; (d) Rear acre units; and/or, (e) Other appropriate units of comparison; (6) An analysis section to include: (a) The sale price; and, (b) Supporting adjustments made in sufficient detail to be understood by the municipal assessing officials and taxpayers; (7) The market analysis used to indicate unit values with the documentation of the method(s) employed and any special adjustment factors; and, (8) Tax Maps showing the locations of all qualified sales and the delineation of neighborhoods. 3.3.5 The preliminary market analysis shall: (1) Be provided to the municipal assessing officials and the DRA prior to the acceptance of the new values by the municipal assessing officials; (2) Be printed in its final form, and provided to the municipal assessing officials and the DRA at the completion of the revaluation as part of the USPAP compliant report; and, (3) Become property of Municipality and the DRA. 3.3.6 Contractor shall ensure that a final comprehensive review of the newly established values shall be performed by a DRA-certified property assessor supervisor utilizing a parcel-by-parcel field review of the entire Municipality to: (1) Ensure that all properties are valued at their highest and best use; and, (2) Identify and correct: any mechanical errors; inconsistencies; unusual features or value influencing factors. 3.3.7 Any supporting documentation supplied, provided or utilized by Contractor in the process of compiling the market analysis, such as but not limited to: sales verification sheets; rental/expense statements and questionnaires; Contractor cost estimates; sales listing sheets; final review notes; etc., shall be relinquished to and become property of Municipality.

Market Analysis. 3.3.1 A DRA-certified property assessor supervisor shall conduct the full statistical revaluation market analysis. 3.3.2 A DRA-certified property assessor assistant, under the guidance of a DRA-certified property assessor or a DRA-certified property assessor supervisor, may validate or invalidate sales for the market analysis. 3.3.3 The municipal assessing officials shall provide to Contractor a copy of all property transfers for a minimum of two (2) years immediately preceding the effective date of the revaluation. 3.3.4 A market analysis shall be conducted by Contractor using accepted mass appraisal methods in order to determine land, improvements and any other contributory values or factors including: (1) A review of all property transfers provided by the municipal assessing officials to Contractor; (2) A compilation of all unqualified property transfers into a sales list with appropriate notations for those sales not used in the analysis accompanied by: (a) The parcel map and lot number; (b) The disqualification code; (c) The date of sale; and, (d) The sale price. (3) A compilation of all qualified property transfers into a sales list with appropriate notations for those sales used in the analysis accompanied by: (a) The parcel map and lot number; (b) The date of sale; (c) The sale price; (d) The newly established value; (e) A photocopy or printout of the property record card for each property transferred; and, (f) A photograph of the principal improvements attached thereto; (4) Estimated land values with the documented results, as follows: (a) Utilizing vacant land sales whenever possible; and, (b) In the absence of an adequate number of vacant land sales, the land residual method or other recognized land valuation methodologies shall be used to assist in the determination of land unit values; (5) The Indicated indicated land values shall be documented as: (a) Site; (b) Front or square foot; (c) Front acre; (d) Rear acre units; and/or, (e) Other appropriate units of comparison; (6) An analysis section to include: (a) The sale price; and, (b) Supporting adjustments made in sufficient detail to be understood by the municipal assessing officials and taxpayers; (7) The market analysis used to indicate unit values with the documentation of the method(s) employed and any special adjustment factors; and, (8) Tax Maps maps showing the locations of all qualified sales and the delineation of neighborhoods. 3.3.5 The preliminary market analysis shall: (1) Be provided to the municipal assessing officials and the DRA prior to the acceptance of the new values by the municipal assessing officials; (2) Be printed in its final form, and provided to the municipal assessing officials and the DRA at the completion of the revaluation as part of the USPAP compliant report; and, (3) Become property of Municipality and the DRA. 3.3.6 Contractor shall ensure that a final comprehensive review of the newly established values shall be performed by a DRA-certified property assessor supervisor utilizing a parcel-by-parcel field review of the entire Municipality to: (1) Ensure that all properties are valued at their highest and best use; and, (2) Identify and correct: any mechanical errors; inconsistencies; unusual features or value influencing factors. 3.3.7 Any supporting documentation supplied, provided or utilized by Contractor in the process of compiling the market analysis, such as but not limited to: sales verification sheets; rental/expense statements and questionnaires; Contractor cost estimates; sales listing sheets; final review notes; etc., shall be relinquished to and become property of Municipality.