§ 24-268. Property review appraisal.

At the option of the board, the board may request a review appraisal of the independent property appraisal (IPA); provided that in the event the value established by the independent property appraisal exceeds 120 percent of the assessed value by more than 25 percent, the board shall require a review appraisal. A review appraisal shall comply with the following procedures:

(1)

The reviewing appraiser will field inspect the property appraised and the comparable sales considered by the appraiser in arriving at either or both, as appropriate, the fair market value of the whole property and of the remainder.

(2)

The reviewing appraiser will examine the appraisal reports to determine that they:

a.

Comply with the provisions of this section.

b.

Follow accepted appraisal principles and techniques in the valuation of real property in accordance with existing state law.

c.

Contain or make reference to the information necessary to explain, substantiate and thereby document the conclusions and estimates of value and/or just compensations identified therein.

d.

Include consideration of compensable items, damages and benefits, but do not include compensation for items, damages and benefits noncompensable under state law.

e.

Contain an identification or listing of the buildings, structures and other improvements on the land as well as the fixtures which the appraiser considered to be a part of the real property to be acquired.

f.

Contain the estimated fair market value for or resulting from the acquisition, and, where appropriate, in the case of a partial acquisition, either in the report or in a separate statement, a reasonable allocation of the estimate of the fair market value for the real property acquired and for damages to remaining real property.

(3)

Prior to finalizing his estimate of just compensation, the reviewing appraiser will request and obtain corrections or revisions of appraisal reports which do not substantially meet the requirements set forth in this section. These will be documented and retained in the parcel file.

(4)

The reviewing appraiser may supplement an appraisal report with corrections of minor mathematical errors where such errors do not affect the final value conclusion. He may also supplement the appraisal file where the following factual data has been omitted:

a.

Owner's and/or tenants' names.

b.

Parties to transactions, date of purchase and deed book reference on sale of subject property and comparables.

c.

Statement that there were no sales of subject property in past five years.

d.

Location, zoning or present use of subject property or comparables.

(5)

The reviewing appraiser will initial and date his corrections and/or factual data supplements to an appraisal report.

(6)

The reviewing appraiser will submit a signed and dated statement setting forth:

a.

His estimate of just compensation including, where appropriate, his allocation of compensation for the real property acquired and for damages to remaining real property, and an identification or listing of the buildings, structures, and other improvements on the land as well as the fixtures which he considered to be a part of the real property to be acquired, if such allocation or listing differs from that of the appraisals.

b.

That as a part of the appraisal review there was a field inspection of the parcel to be acquired and the comparable sales applicable thereto.

c.

That he has no direct or indirect present or contemplated future personal interest in such property or in any monetary benefit from its acquisition.

d.

That his estimate has been reached independently, without collaboration or direction, and is based on appraisals and other factual data.

(7)

In the event that the review appraiser determines the value to be the same or greater than the value determined by the Independent Property Appraisal (IAP) the county shall bear the cost of the review appraisal.

(Code 1982, § 1-17-37; Ord. No. 93-002, pt. A, 2-16-1993)