835 R.I. Code R. 835-RICR-30-00-3.7

Current through December 3, 2024
Section 835-RICR-30-00-3.7 - Re-Review and Updatings
A. Even after the initial appraisal has been completed, reviewed, and approved, necessity for change may be required by occurrences such as:
1. An action responsive to recommendations initiated by negotiating personnel.
2. An error discovered in the plat.
3. A design change in the plat.
4. New information on sales, etc., which might affect the appraised value.
5. A subdivision of a parcel requiring new appraisals, or a change in ownership.
6. Discovery of newly affected improvements or compensable items.
7. Correction of a cost-to-cure estimate.
8. Time delays between the date of valuation, the date of review, and the date of condemnation. While no specific time periods can be established after which an appraisal is no longer valid, it is the responsibility of the Review Appraiser to ensure that the estimate of value is reflective of market value as of the date of condemnation. The Review Appraiser has the authority in establishing the amount of compensation based upon a market value determination and is obligated to consider any reasonable request for consideration of a change. Whenever material is presented with a request for a re-examination of the originally approved appraised value, the Review Appraiser is obligated to fully and objectively examine all of the data presented in consideration of a possible change in the compensation established. In the event a Review Appraiser decides to recommend a change in the market value, a new review form documenting these reasons must be developed to support any revisions.

835 R.I. Code R. 835-RICR-30-00-3.7