Code of Maine Rules
18 - DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES
125 - BUREAU OF REVENUE SERVICES
Chapter 208 - GUIDELINES FOR PROFESSIONAL ASSESSING FIRMS THAT PROVIDE REVALUATION SERVICES TO MUNICIPALITIES
Section 125-208-02 - Requirements

Universal Citation: 18 ME Code Rules ยง 125-208-02

Current through 2024-38, September 18, 2024

A. Each firm must employ at least one individual with a Certified Maine Assessor ("CMA") certification as described in Maine Revenue Services ("MRS") Rule 205 (18-125 C.M.R., Ch. 205).

B. A firm must notify MRS of the intent to conduct a full revaluation of all property within a municipality before that revaluation begins. In addition, the firm must meet with the assessor of the municipality for which the revaluation services are to be performed before beginning the revaluation and must provide the assessor with the following:

1. Samples of grading and pricing schedules, including land pricing formulas, used for the revaluation and may be needed for a future revaluation;

2. An explanation of the usage of the grading and pricing schedules referred to in paragraph 1 of this subsection;

3. A written description of the personal property pricing methods the firm will use, if applicable, including depreciation schedules and a written description of the inventory and valuation format that the firm will present to the municipality once the revaluation is complete; and

4. An estimated timeline and cost for the revaluation services.

C. Each firm must file with MRS by April 1 of each year a resume for the firm that includes the names and qualifications of people regularly employed by the firm and a list of the municipalities where the firm has provided revaluation services within the five previous years.

D. A firm, while engaged in performing revaluation services in Maine, must allow periodic visits from MRS as requested to determine the scope of work being performed. MRS may schedule field visits to, among other things, observe measuring and listing, and visits to the firm's office or place of business to observe data analysis.

E. Upon completion of a revaluation, a firm must present the municipality with documentation that the municipality can use to follow through with implementation of the revaluation and to make any future value adjustments. This documentation includes, but is not limited to:

1. A complete set of property record cards, either printed or electronic, detailing the construction for each building, for all property within the scope of the revaluation; and

2. All grading and pricing schedules used and documentation of any methods and procedures associated with the revaluation.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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