(a) This section applies to full value measurements for market value surveys with valuation dates on or after January 1, 1996. These full value measurements will be used to establish State equalization rates, class equalization rates and class ratios pursuant to this Part for cities, towns, village homestead assessing units, village school assessing units, county assessing units, coordinated assessment programs and consolidated assessing units.

1. (1) When an assessing unit implements a revaluation or update on an assessment roll completed within a period beginning two years prior to and ending two years subsequent to the calendar year of the valuation date for the full value measurement, for the purpose of determining State equalization rates, class equalization rates, and class equalization ratios for the assessment roll upon which the revaluation or update is completed, the full value is determined as provided in subdivision (c) of this section. An assessing unit's implementation of a systematic review of all locally assessed properties within that assessing unit, or within a class of a special assessing unit, in an attempt to attain a uniform percentage of value as of the valuation date of the assessment roll on which those assessments appear, shall be deemed a revaluation and/or update for purposes of this section and sections 8186-2.15, 8186-2.16 and 8186-2.17 of this Part.

2. (2) For all other assessing units, full value is determined as provided in subdivision (d) of this section.

   (c) Full value measurement of assessing units which implement revaluations or updates.

3. (1) When only one revaluation or update is implemented during the period described in paragraph (b)(1) of this section, the roll on which the revaluation or update is implemented shall be the roll used to measure full value for purposes of this section.

4. (2) When an assessing unit implements more than one revaluation or update within the period identified in paragraph (b)(1) of this section, the roll used for the purposes of this section shall be either:

   1. (i) the roll containing a revaluation or update implemented in the year of the valuation date of the full value measurement; otherwise:
   2. (ii) the most recent completed roll implementing a revaluation or update.
5. (3) The aggregate full value estimates are determined from assessment rolls implementing revaluation or updates as provided in section 8186-2.15 of this Part.

6. (4) If the valuation date of a revaluation or update project is different from the valuation date of a market value survey, adjustments to the aggregate full value estimate will be as provided in section 8186-2.16 of this Part. These adjustments will reflect changes in market conditions occurring between the valuation date of the revaluation or update and the valuation date of the market value survey.

   (d) Full value measurement for assessing units which do not implement revaluation or updates.

   The full value of assessing units which do not implement revaluations or updates is determined as provided in section 8186-2.17 of this Part.

   (e) Adjustment for changes in quantity of property between assessment rolls.

   When the revaluation or update roll, or the measured roll, is different from the current roll, adjustments to the full value estimate may be made. These adjustments shall reflect the changes in the quantity of property between the revaluation or update roll, or measured roll, and the current assessment roll. These adjustments shall be based upon data obtained from the reconciled assessors' reports filed pursuant to Subpart 8193-4 of this Title.

   (f) Isolated properties.

7. (1) Certain properties shall be isolated from the full value estimates as provided in the procedures for the particular market value survey.

8. (2) The full value of such properties will reflect the quantity of property existing on taxable status date of the current assessment roll, and shall be valued as of the valuation date of the full value measurement.

   (g) Determination of the full value of assessing units for equalization rate purposes.

9. (1) The full value of an assessing unit is computed by adding:

   1. (i) the full value of property included in the estimates from subdivision (c) or (d) of this section, after any adjustments made pursuant to subdivision (e) of this section; and

   2. (ii) the full value of isolated properties.

      (h) Computation of the tentative State equalization rate.

10. (1) The total assessed value of the assessing unit is computed by adding:

    1. (i) the total assessed value of Roll Sections 1 and 6 on the current assessment roll;
    2. (ii) the final State land assessments approved for the current assessment roll.
11. (2) The total assessed value computed in paragraph (1) of this subdivision is divided by the total full value computed in subdivision (g) of this section. The result is multiplied by 100 and rounded to two decimal places, and is established as the tentative State equalization rate.

(b) Identification of approach for full value measurement.