2016-05-09-minutes-public-works-study-session

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benefit studies may be used by owners to attempt to remove the presumption that project improvements provide a special benefit and that proposed assessments are fair and equitable to each benefitted parcel. In the eventthatan owrer does rot prevail in protesting an assessment at the final assessment roll, the special benefit study may be used as part of the record to support appeals to Superior Court. The narrative special benefit study report serves as support for informed decisions by both municipalities and property owners. The reportand testimony, if requested, of the special benefit analyst/appraiser provide documentation of assessment recommendations at the final assessment roll hearing. Special Benefit hoporiionate Assessment Studies — Phases of Analysis Feasibility Analysis Due to the ever-changing real estate market, it is often advisable to conduct a feasibility study as an initial analysis in the LID formation process. This enables municipalities and property owners to evaluate the economic feasibility of a project by comparing the probable range in special benefit to the project cost or amount to be levied on assessable property. If the project is economically feasible, the next phase is a formation special benefit/proportionate assessment study, followed by a final special benefit study. Typically, but not always, the final specia i benefit study is undertaken at or near the completion of project construction. Each of the above phases is briefly discussed below. A feasibility study involves a preliminary investigation of the proposed improvements and the neighborhood in which they would be constructed, together with an analysis of the extent and intensity of influence of the proposed project on market value. Unlike the more detailed formation and final special benefit studies, the feasibility analysis does not provide a recommended per parcel assessment. The scope of work is more general in nature with benefitted properties segregated into classifications based on highest and best use. Representative parcels within each classification are then analyzed without as opposed to with the LID assumed: completed. The market value difference (special benefit), typically expressed as a range, is then extrapolated over similar properties in each respective classification, arriving at a total specia! benefit range that can be compared to the assessment amount. This phase of the study can be very useful to the client in considering a projects feasibility and is often used in decisions on whether or not to proceed with the LID. Special benefit/proportionate assessment studies for municipalities may consist of two separate assignments, both of which utilize mass appraisal techniques. The first assignment is an LID formation study and the second is a final assessment roll study. Formation Special Benefit Study Typically, the first work sequence, occurring in conjunction with the preliminary investigation, involves preparation of a property ownership map outlining the general extent of project improvements and measurable special benefit influence on market value due to the LID proiect. The ownership map is utilized in defining and documenting the extent of special benefit due to the project and is part of the basis forthe boundary location recommended forthe proposed LID. The work product from a prior feasibility study can also be utilized in this phase. Local and Road Improvement Districts Manual for Washington State Skh EdNon 53