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.