Specifications include, but are not limited to: 1. Annual Adjustments and Ratio Study (2024-2026), which shall include: • Sales Disclosure Verification & Validation: The Assessor will perform all site inspections and complete the data collection pertaining to sales in all classes of property, The Assessor shall review all residential sales disclosures to determine validity for use in reassessment and trending. The Contractor will review all commercial and industrial sales disclosures to determine validity for use in reassessment and trending. To the extent the Assessor identifies properties requiring additional review, the Contractor shall assist the Assessor with validation review and site inspection per the Department’s guidelines. • Trend Land Values: Provide trended land values for all property classes, except for agricultural farmland and exempt property. Supporting analysis and documentation shall include, at a minimum, analyzing vacant and improved sales for the appropriate time period and in the event that insufficient sales exist, expanding the time period and making appropriate time adjustments. • Neighborhood Stratification: Stratify and re-delineate commercial, industrial, residential, and agricultural neighborhoods by locational and physical characteristics, and/or other criteria as may be mutually acceptable. Generally rental homes, condominiums, waterfront, and water view shall be accorded unique neighborhoods. Site visits shall be used to assist the Contractor in this process as necessary. • Trend Residential & Agricultural Improvements: The Contractor shall perform residential/Agricultural annual adjustments. Stratification of residential and agricultural neighborhoods shall be performed, and the Contractor shall ultimately measure the market value-in-use of such properties. The Contractor shall input such values to the ComputerAssisted Mass Appraisal (herein “CAMA”) system and provide the means and methodology to do so. • Trend Commercial & Industrial Improvements: Trend all commercial and industrial improvements. This may include the use of updated cost tables, income analysis, and/or sales information. Market adjustment factors emanating from the three approaches to value are allowable and must integrate with the CAMA system. • Conduct Ratio Study in 2024-2026 inclusive: Conduct an assessment ratio study for all classes of properties, including, but not limited to, residential, commercial, industrial, agricultural, and utility property. The Contractor shall work with the DLGF to obtain approval of such ratio studies. No additional billings for this work shall be acceptable. • Annual Assessment Report & Equalization: Following Department approval of the annual ratio study, the Contractor shall provide to the Assessor a detailed report of assessment changes by parcel, property class, tax district, township or other criteria as deemed necessary by the Assessor. The purpose of such reports is to determine the validity of each assessment as well as the relationship between assessments and adjust accordingly. For all commercial and industrial parcels (improved and unimproved), the Contractor shall conduct equalization studies by property class (office, retail, warehouse, etc.) during the reassessment cycle. These studies shall be provided to the Assessor with findings and recommendations. For property classes subject to such equalization, the Contractor shall provide a detailed parcel-level report showing the impact of recommended changes.
