(a) This section applies to full value measurements for market value surveys with valuation dates on or after January 1, 2001. 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. Prior to the establishment of any tentative equalization product pursuant to this section, ORPTS shall publish procedures for the market value survey or surveys used in calculating those products and for the calculation of those products. In establishing such procedures for each market value survey and for the calculation of yearly equalization products, ORPTS shall specify which of the provisions below are applicable.

1. (1) When an assessing unit implements a reassessment within the period prescribed in the procedures for the particular market value survey, for the purpose of determining State equalization rates, class equalization rates, and class equalization ratios, the full value is determined as provided in subdivision (c) of this section.

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

   (c) Full value measurement of assessing units which implement reassessments.

3. (1) When only one reassessment is implemented during the period described in paragraph (b)(1) of this section, the roll on which the reassessment 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 reassessment 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 reassessment implemented in the year of the valuation date of the full value measurement; otherwise
   2. (ii) the most recent completed roll implementing a reassessment.
5. (3) The aggregate full value estimates are determined from assessment rolls implementing reassessments as provided in section 8186-2.15 of this Part.

6. (4) If the valuation date of a reassessment 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 reassessment and the valuation date of the market value survey.

   (d) Full value measurement for assessing units which do not implement reassessments.

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

   (e) Alternative full value measurement for assessing units which do not implement reassessments.

   The procedures for a market value survey may provide for alternative methods for measuring the full value of some or all of the classes of real property in an assessing unit that has not implemented a reassessment in the time period prescribed in the procedures for that survey. These alternatives may include, but are not limited to, an analysis of local assessments to determine the percentage at which parcels in some or all classes are assessed and use of that percentage in measuring the full value of the appropriate class; use of a computer assisted mass appraisal approach to calculate the full value of some or all classes in an assessing unit; and use of appropriate valuation data as provided in the procedures for that survey.

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

   When the reassessment 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.

   (g) 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.

   (h) 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), (d) or (e) of this section, after any adjustments made pursuant to subdivision (f) of this section; and

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

      (i) 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; and
    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 (h) of this section. The result is multiplied by 100 and rounded as provided in the procedures for calculating the appropriate equalization rates, and is established as the tentative State equalization rate.

(b) Identification of approach for full value measurement.