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Department of Taxation and Finance

Valuation Issues Team Minutes

Minutes of the October 25, 2006 Meeting

On Wednesday, October 25, 2006 a team meeting was held in conjunction with the Equalization Project Team. This meeting was held at two of OPRS's regional offices, Syracuse and Newburgh with an audio-teleconferencing bridge setup between the two sites.

In attendance for the Valuation Issue Team:

Assessors County Directors ORPS
Edye McCarthy (C. White Plains) George Michaud (Putman) Robert Aiken (Albany)
Matt Riordan (Albany)
Tara Hoffman (Newburgh)
Sheryl Klewicki (Melville)

 The primary purpose of this meeting was to 1. Identify valuation issues that impact the equalization program and 2. Identify next steps. The results were as follows 

  1. Issues raised by both the Valuation Issues Team and the Equalization Project Team members.

     

    1. Review and discuss the Agriculture proposal: Alternative Methods of Real Property Valuation Of Agriculture and Rural Vacant Parcels.

       

    2. Commercial Valuation.

       

      1. Discuss the benefits, level of detail of placing Capitalization Rates and support data on OPRS's web site.

       

    3. Major Type B - commercial properties

       

      1. Justification of using sales and should they be used or not?

         

      2. Research on commercial sales verification.

         

      3. Better ways of developing trends?

         

      4. Income base trending methodology.

         

        1. Discuss the use of old lease information in the income trend methodology.

       

    4. Blended trends - logic

       

    5. Should 411 Apartment be included in Major Type A (residential) or MTB (commercial) when developing trends?

     

  2. Next step for the Valuation Issues Team.

     

    1. Hold a meeting in November, prior to the next RPTAC meeting, to discuss these issues and to follow up.

       

    2. Bob Aiken will attend the next RPTAC meeting and discuss/review and report and findings and conclusions.
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