Arkansas Administrative Code
Agency 177 - Assessment Coordination Department
Rule 177.00.01-006 - Amendment Rule 3.29 - Location Factors, Amendment Rule 4.19 - Uniform Notice of Real Estate Value Change

RULE 3.29 LOCATION FACTORS

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 3.31FAILURE TO COMPLY WITH STANDARDS OF PERFORMANCE AUDIT

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 4.19UNIFORM NOTICE OF REAL ESTATE VALUE CHANGE

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 construction has occurred, notices may be modified to reflect that the value increase is a result of new construction only. Counties employing Section 1 of Amendment 79 shall not be required to list assessments in subsequent years on the form. Sending notices not conforming to the above shall constitute a violation of this rule, and when discovered, the responsible party will be required to send new notices, which comply with this rule, to affected property owners.

RULE 5.02Form A-10