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Form 5406(c) Fillable 2012 Report Reappraisal activity
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
(e g PVR Course II Market Approach to Value) 2012 and subscribed to the oath provided in Board of Listers: Buyers? Yes No Class/Neighborhood Present LOA Target LOA 2011 Complete Reappraisal (please complete K below) Contract enclosed Contract sent previously Contractor Name Course Name: Course Name: Course Name: Course Name: Course Name: Date: Example: Lakeshore 60% 95% Firm Name: If contractor has been retained please complete the following: If yes are they updated annually? Yes No If yes please briefly explain how it works That is how do you decide what properties are In House (listers or assessor) Lister Listers/Assessor Contractor Name: Years in Office Courses Completed Name: Years in Office Courses Completed: None (no CAMA) Other (explain) Other (specify) Partial Reappraisal (please complete K and N) Please indicate what CAMA system was utilized in the last complete reappraisal Please provide a copy of the reappraisal contract Please provide the following information on the board of listers: Project Supervisor assigned by firm: Rolling Reappraisal (Cyclical Reappraisal) a type of complete reappraisal What Sellers? Yes No State s CAMA 2000 Who maintains the maps? Yes No (plans for a rolling reappraisal over more than a three year period are not accepted for (see #3 and #4 above under Complete Reappraisal) 1 All of the elements of a complete reappraisal should be adhered to in conducting a rolling 1 Complete reappraisal 1 Correcting most inequitable first 1 The listers complete and return the Report of 2012 Reappraisal Activity (5406 Report) To 1) Common types of partial reappraisals include land revaluation (which generally should 1) Tax maps are desirable as with complete reappraisals 1) Tax maps are desirable to assure a complete parcel inventory with detailed land area 133 State Street 2 Generally the time period for conducting a rolling reappraisal should not exceed 3 years 2 PVR will acknowledge receipt of the Report notify the listers if further information is 2 Rolling reappraisal as defined below provided that the rolling reappraisal is 2 Split up geographically 2) Completion and documentation of an initial data quality study is done to establish that the 2) The extent of the revaluation activity is a characteristic that differentiates a partial 2) To the greatest degree feasible all parcels and buildings (95% is desirable) should be 2012 REAPPRAISALS 2012 REPORT OF REAPPRAISED GRAND LIST 3 At the time of the lodging of the grand list book with the town clerk (after the close of 3 In any year of the reappraisal the revalued properties should be valued at fair market 3 Split up by category 3 Statistical update 3) A sales analysis should be performed to establish land and building mass appraisal 3) Sales analysis and mass appraisal guidelines are the same as for a complete reappraisal 3) The following guidelines should be considered when doing a partial reappraisal 32 V S A 4151 The listed values in this grand list are the result 32 V S A 5406 (c) states: 4 Partial reappraisal as defined below that results in changes in grand list value to a 4 PVR will determine a new CLA for tax rate setting purposes and set the fiscal year 2013 4 Reappraise sale properties each year 4 Under most circumstances it is likely that a new sales analysis will be necessary in the 4) There should be sufficient sales to support reliable estimation parameters for land 4) Under most circumstances a statistical update should only be done once This is due to 411) have been provided electronically 5 Other (explain below) 5406 Report of GL file with PVR after close of grievance 5406(c) Report 2012 File with PVR by March 1 2012 60% and all other properties in town have an LOA of 95% In that example you would indicate: A copy of the grand list and the abstract of the grand list (form A Number of Taxable Parcels of Real Property in Town/City a) Select a random representative sample of 2 to 5% of all properties The size of the a) The grand list should undergo a sales analysis The analysis should show that the activity Adjustments Table adjustments to improvements or selective revaluation of identified categories of adjustments to mass appraisal factors all properties are then brought to full market value affected This must be by property type or geographic area or other distinct population of parcels analysis and parameter estimation also apply to the property subset being adjusted analysis are inspected and measured analysis demonstrates a reasonably consistent level of appraisal application of a systematic estimation process is it possible to properly calibrate a mass appraisal valuation model and then derive uniform and defensible grand list values The appraisal values as the number of years in the cycle increases This is particularly the appreciation or depreciation in values This is due to the staggered schedule for are trying to ascertain how you decided what properties were inspected each year Was a certain As part of the preparation for conducting a rolling reappraisal there should be a pre assessment practices such as selective reappraisal were undertaken PVR will adjust its at the same level of assessment (LOA) Attest: B Year of Last Complete Reappraisal b) For each sample parcel subject to review and after it has been inspected (including an b) Guidelines for a complete reappraisal relating to inspection and measurement sales balance of the town? Did you split the town up geographically or by category and plan to be considered the reappraisal will substantially conform to one of the definitions of be performed based upon its attributes relative to these factors Only through the uniform C Last Reappraisal Done by: c) Properties in the subset should be valued at fair market value and then adjusted to case if market conditions at the time of the rolling reappraisal display significant categories/types/neighborhoods of property within a town by bringing them to approximately chosen We are trying to answer such questions as: Did you have evidence of a specific Class/Neighborhood Present LOA Target LOA 2012 Complete and Return this form to: Complete reappraisal revaluation of all town properties including interior property completed a townwide reappraisal the common level of appraisal for that municipality completed within a 3 year timeframe comprehensive evaluation of the 2012 reappraised grand list is not possible as part of the consider doing a complete reappraisal including inspections of all properties considered for updated CLA such a reappraisal must be completed within 3 years contributory values etc ) The systematic estimation of value for every property should Cost tables covering all properties cycle in as few years as possible as it becomes more difficult to maintain equity across D Does your town have property maps (tax maps)? Yes No d) The practice of annually adjusting some or all listed values of sale properties and only data is complete and accurate? DEFINITIONS OF REAPPRAISAL TYPES Depreciation Schedule depreciation schedule(s) building value base rates outbuilding values utility determination that there is sufficient disparity in appraisal level to warrant determine if the town s common level of appraisal (CLA) to be used in setting the education tax determine the degree of accuracy of your existing data differentiates a rolling reappraisal from a complete reappraisal is that it is conducted and director Director s certification of reappraisal for a tax rate setting purposes Certification of a reappraisal disparity that the reassessment is aimed at correcting? Was a particular neighborhood chosen Division of Property Valuation and Review Division of Property Valuation and Review (PVR) PVR will evaluate the planned activity to documentation should show date of inspection person performing the inspection and all does not constitute a partial reappraisal Furthermore it is not an acceptable appraisal E CLA from equalization study certified January 1 2012 was % education tax rates using that new CLA The education tax rates will be set as soon as Email: maryjane grace@state vt us equalization procedures to derive the best possible estimate of fair market value and coefficient established plan laying out the time period of the overall reappraisal and the properties establishing equitable values as any inequities that currently exist within the grand list may be expanded time period should be used to supplement the database Documentation to F COD from equalization study certified January 1 2012 was % factors and criteria employed to generate the new listed value factors for property attributes (e g land schedule(s) building and land grading factors Fax 802 828 2824 for tax setting purposes under 32 V S A 5406(c) shall not be construed as acceptance of fully inspected and measured with documentation on property record cards The G Does your town send sales verification forms to: General Information Given municipalities understandable desire to proceed with tax billing and collection a Goal must be to implement new values for all properties that reflect 100% of fair market value Grand list general maintenance limited revaluation activity on individual parcels grievances) the listers will return the 2012 Report of Reappraised Grand List The Town H Are building permits required in your town? Yes No home properties a small number of sales may be sufficient assuming the sales How did you determine which properties were to be reappraised in each year? Use attachment if I Since your last complete reappraisal has your town had in place a method of systematic re identify the extent of disparity in level of appraisal In the absence of statistical If further evaluation of a grand list as part of the equalization process suggests that unacceptable If no it is unlikely a partial reappraisal is acceptable Without assurance of data quality If the director of property valuation and review certifies that a municipality has If yes attach a listing of the properties upon which this study was completed and a report implemented over more than one year in year one because you had evidence that its level of assessment was considerably less than the include older sales and it would reflect all sales including those in the subset of Indicate the class or classes of property and/or neighborhood(s) that are subject to the Indicate the reappraisal activity to be completed in each year Specify which properties are Indicate what tables factors and schedules will be updated information for each parcel inspected each year? Is a certain percentage of the town re inspected yearly or are certain classes inspection of all properties? inspections and a changing townwide level of assessment over the period of reappraisal inspections development of new land and building pricing schedules adjustments and factors intended to reflect changes not covered by the above definitions This generally involves a interior inspection) you should correct any errors in the data and rerun the value for J Which of the following describes the reappraisal activity underway? Check one K Who is conducting the reappraisal? L If you checked Rolling Reappraisal please complete the following Note that to be Land Schedule(s) last year of the rolling reappraisal The analysis will indicate the need for adjustments to level of appraisal of a portion of the grand list varies from other properties in the list properties (say 20 percent or more) or all parcels in a property category (i e R1 lodged the grand list with the town/city clerk on M If you checked Statistical Update please complete the following magnified using a statistical update If a statistical update is being done a copy of the data market value If building permits are not required in your municipality and there is no program measurement evidence from large samples say 20 or more sales may be adequate MHU Other etc ) geographic area or property type Montpelier VT 05633 1401 more accurate data been available You should then look at the level of discrepancy in municipality in such a manner that adjustment is necessary to ensure that all N If you checked Partial Reappraisal please complete the following A total change of less nature of data maintenance programs used The sampling process should be sufficient necessary necessary What we are looking for is your reasoning for choosing the classes or neighborhoods needed and provide a form to report the final reappraised grand list value neighborhoods you need to review a greater number of properties in order to neighborhoods) in the community age and style of the properties number of years non systematic manipulation of the valuation model to reach the sales price of a recently not require onsite property inspections except to confirm validity of data for a sample of number of properties being evaluated and the variability in listed value to sale price O Provide any other information you feel would be helpful in explaining your reappraisal of a reappraisal of actions taken as a result of that study of dispersion of Property Valuation and Review that a reappraisal is underway It will be completed for tax year 2012 of systematic re inspection of all property this is likely not an acceptable method of of the changes being made of value but will generally not result in bringing the entire municipality to 100% market on average significantly different from existing grand list values then it is time to only be done within five years of the last complete reappraisal); time and location or neighborhoods chosen? Is it those properties subject to building permits? Use attachment if Other (explain) Partial reappraisals a reappraisal activity that by design is targeted to either less than all percent fair market value standard In the last year of the cycle and after the necessary percentage of the town re inspected yearly or were certain classes or neighborhoods chosen? Please attach a copy of results of the data quality study done prior to update Also briefly explain Please check the one that best describes your method practicable after receipt of the 2012 reappraised grand list information in #3 above practice properties are appraised at approximately the same level of appraisal In making a properties based on types and/or geographic areas (i e neighborhoods) properties Goal must be to implement new values for all properties to reflect 100% of fair properties in a town or adjustments to a limited number of factors that will result in a change properties whose assessments go unchanged property and neighborhood within the municipality In other words in cases where property subject to reappraisal property type is large (say in excess of 10%) then you need to evaluate whether Property Valuation and Review Division provided herein quality of the existing physical data currently on file is acceptable quality study conducted prior to the update must be included with the notice to PVR rates should be re calculated The necessary forms and an explanation of the process are ratios for the identified property type For example if you have 20 unlanded mobile reappraisal activity for PVR s 2012 equalization study reappraisal can be conducted over a longer timeframe but it is preferable to complete the reappraisal from routine grand list maintenance Generally to be considered a partial reappraisal in the Definitions of Reappraisal Types appended to this document The Report reappraisal including sales analysis and mass appraisal guidelines (see #3 and #4 above reappraisal the revaluation activity should impact on a significant percentage of grand reappraise one third each year? reappraised The level of appraisal for the non reappraised portion of the grand list reappraising a segment of the grand list there should be sufficient sales to reliably reappraising lakeshore property because you have evidence that the LOA on lakeshore property is reassessment and the level of assessment (LOA) that is being sought For instance you may be relatively small number of value changes limited to properties with physical changes Report of 2012 Reappraisal Activity revaluation of sub division (and combination) of land and name and address changes due to Rolling Reappraisal (Cyclical Reappraisal) (please complete K and L) sale properties to a value at or nearer the sale prices is known as sales chasing and sales from other municipalities with comparable real estate markets appraisals or an sample is dependent on: size of the community location mix (i e number of schedules depreciation etc If sufficient sales are not available within the municipality shall be equal to its new grand list value divided by its most recent equalized grand list should be filed with PVR as soon as practicable but no later than March 1 2012 should be independently determined from a sufficiently large sales sample Generally similar regardless of property class or location since the last date when all properties within the municipality were inspected and the sold property is a form of sales chasing and is not an acceptable appraisal practice within Statistical Update (please complete K and M) Statistical update a revaluation of all town properties but unlike a complete reappraisal does statistical update In other words if after correcting for data errors the new values are STEPS TO TAKE FOR 2012 REAPPRAISALS subject to revaluation in each of the years substantial portion of the parcels in the municipality and results in a significant change in support each of these actions should be maintained and be available for review tax liabilities and income sensitivity claims relating to the fiscal year designated by the than 20% over the prior year must be accompanied by detailed reasons for the necessity that property using your unmodified mass appraisal model from the last reappraisal that was not subject to the revaluation (see also under Partial Reappraisal #3 (c)) The board of listers/assessor of the Town/City of: The goal in each year must be to bring the value of changed properties into line with those of The goal must be to adjust the tables and schedules so the updated grand list has all properties appraised The goal of a partial reappraisal is to bring the values of changed properties into line with the level of appraisal of the portion of the jurisdiction that has not been the likelihood of significant property changes that are inevitable over time An exception the mass appraisal factors used throughout the reappraisal in order to achieve a 100 the method of systematic re inspection put in place following your last complete reappraisal We The original value is compared with the value that would have been in effect had the properties that go unchanged The resulting levels of assessment should be very the reappraisal should be used consistently for each intermediate year of the reappraisal the same level of appraisal as the rest of properties in that town The total education property tax grand list (after grievances) for tax The Town/City of hereby notifies the Director the use of the townwide CLA from PVR s equalization study is incorrect as it would There are four generally accepted reappraisal activities there has not been a systematic inspection of all properties for several years where there is no evidence that a partial reappraisal will not result in increasing inequities there is sufficient integrity in the existing data to support a reappraisal based on a this definition The use of the arbitrary adjustment of depreciation and/or quality grades through a partial reappraisal At a minimum all sale properties to be used in the sales to ensure that existing property data is accurate concerning each significant type of to justify a partial reappraisal The actual number of sales necessary is relative to the to reach a value that conforms to a sale price is an example of such manipulation to this would be if your municipality has an ongoing system of periodic re inspections total grand list value over the prior year s total Towns that are completing a reappraisal for tax year 2012 must report that activity to the transfers Grand list maintenance does not constitute a revaluation activity subject to 32 under Complete Reappraisal) The mass appraisal factors established for the first year of updated CLA s for tax rate setting purposes) Depending on market conditions a rolling V S A 5406(c) certification value and then adjusted to the level of appraisal of the portion of the jurisdiction value for the purposes of determining education property tax rates education property value The goal of a partial reappraisal is to improve the appraisal equity among specific values (old versus new) If the average level of discrepancy for any significant Was a data quality study conducted to establish that your existing property description Was it only those properties subject to building permits? Use attachment if necessary We have completed the foregoing and will provide further documentation upon request WHAT IS A REAPPRAISAL? will electronically file the reappraised grand list and form 411 at that same time year 2012 is: you have a heterogeneous mix of properties or a large number of defined