PROPERTY REVALUATION PLAN Sample Clauses

PROPERTY REVALUATION PLAN. A. APPROACH -- AN OVERVIEW 1. STEP I: SYSTEM INSTALLATION. Since and expanded CAMA system shall be necessary in order for the Company to properly value property, the Company shall install its CAMA system, subject to approval of the Board, at the beginning of the revaluation project so that the data gathered in the field effort may be inventoried and edited as the property data base is expanded. The data base is refined through the field effort, with the new data being loaded into a new computer system installed in the Company's offices which shall be used for the valuation process. The system's capabilities shall include software capable of providing new values based on the updated data base and sufficient in terms of capacity to allow access by both the public and for internal use. The approaches to value shall include the cost, market, and income. Subject properties shall be checked in field to ensure that the new values are statistically within established tolerances as set by the State and International Association of Assessing Officers (IAAO) standards. Regardless of the approaches utilized, the final values shall be subject to a sales ratio study summarized by the property type and assigned neighborhood. The sales ratio shall determine and generate a coefficient of dispersion (COD) for each neighborhood that shall meet the following criteria: - Residential parcels shall have a COD less than .15. - Commercial parcels shall have a COD less than .20. - Industrial parcels shall have a COD less than .20. 2 - Agricultural parcels shall have a COD less than .20. - Exempt parcels shall have a COD less than .20. - Vacant parcels shall have a COD less than .30.
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