N.Y. Comp. Codes R. & Regs. tit. 20, § 8186-1.14 – Valuation procedures, generally.

(a) Each market value base survey conducted pursuant to this Part requires the appraisal of individual parcels of real property located in assessing units that have not completed timely reassessments that can be used to measure municipal full value. The procedures used in ascertaining the values of these parcels are set forth by ORPTS prior to the use of that market value survey in the establishment of tentative State equalization rates.
(b) The valuation of sample parcels for base surveys is performed as follows:
1. (1) For each parcel in the residential, farm, and vacant land categories:
  1. (i) cost approach estimates for improvements;
  2. (ii) a market approach estimate obtained from use of statistical models and adjusted comparable sales, in compliance with recognized appraisal standards; and
  3. (iii) with respect to large commercial farm operations, the income approach, when suitable data are available and the entire farm operation is to be appraised.
2. (2) For each parcel in the commercial category:
  1. (i) cost approach estimates for improvements, if data available;
  2. (ii) a market approach estimate obtained from per-unit multipliers based on sales of similar properties, if data available; and
  3. (iii) an income approach estimate when suitable data are available.
3. (3) For each parcel in the industrial and utility categories:
  1. (i) for general purpose properties, where information is available, cost, market and income approach estimates; and
  2. (ii) for special purpose or single purpose properties, estimates of value from the cost approach.
4. (4) For each parcel, initial valuation reports for use in review and determination of appraised value.
5. (5) A procedure for review and determination of estimated values or refinement of estimated values of residential, farm, vacant and commercial parcels, which shall include:
  1. (i) an onsite inspection of each parcel when possible, except where not required by virtue of the type or class of property (such as vacant land) or the method of valuation employed (such as income capitalization);
  2. (ii) enumeration of all major inventory items and correction of any data items found to be in error;
  3. (iii) review of comparable sales used to estimate an initial value for parcels in the residential, farm and vacant land categories and the addition of sales which are more comparable and deletion of those which are less comparable; and
  4. (iv) review of cost, market and income approach estimates of initial values for parcels in the commercial category.
6. (6) Parcels of forest property shall be appraised in a market value survey by adding a stumpage value for the parcel to the value of the parcel without regard to standing timber (bare land value).