42-13205. Valuation method applied on
appeal
On appeal of a valuation determined by the income method pursuant to section
42-13204 or an appeal in which the owner has elected the income method pursuant to
section 42-13203, subsection D, the valuation of a shopping center shall be determined by
whichever one of the following valuation methods most closely approximates fair market
value:
1. The income method commonly known as the straight line building residual method
pursuant to section 42-13203, subsection D. If the reviewing body finds that other
information that is customarily analyzed under the income method must be used to properly
apply the income method to the property, it may use the other information to supplement
information provided by the owner if:
(a) The credible and accurate information provided by the owner remains the primary
basis for the valuation under the income method.
(b) The supplementary information is credible, is derived from properties or
circumstances that are substantially comparable to the property and is valid under the
income method.
(c) The reviewing body specifies in its written order what other information was
considered, the manner in which it was applied and the change in the valuation under the
income method, if any, resulting from the use of the supplementary information.
2. The replacement cost less depreciation method pursuant to section 42-13203.
3. The market comparison method, if a sale of the subject property occurred within
two years before the date of valuation and no material change to the property, its lease
terms, tenants or occupancy rates or any other material fact has occurred since the
sale. If the market comparison method is applicable, the reviewing body may consider
information on sales of other properties that occurred within two years before the date
of valuation and that are determined to be comparable to the subject property by clear
and convincing evidence.
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