(1) The appraisal must be completed by an appraiser who is certified by the Montana Board of Real Estate Appraisers.

(2) The appraisal must be conducted in accordance with current uniform standards of professional appraisal practice (USPAP) set forth for certified real estate appraisers under 37-54-403 , MCA.

(3) The appraisal must establish a separate market value for each improvement and the land.

(a) If the appraisal was conducted for a single family dwelling, the sales comparison approach and cost approach must be included. The cost approach must document the land value, the value of each single family residence, and all outbuildings. If the appraiser chooses the sales comparison approach as the best indicator of value, then the appraiser must specifically state the contributory value of the land to the reconciled value.

(b) If the appraisal was conducted for a commercial property, the income approach, sales comparison approach, and the cost approach must all be included. The cost approach must document the land value, the value of each commercial structure, and all ancillary buildings and site improvements. If the appraiser chooses either the income approach or the sales comparison approach as the best indicator of value, then the appraiser must specifically state the contributory value of the land to the reconciled value.

(4) The appraisal must be conducted within one year of the reappraisal base year provided for in 15-7-103 , MCA, and ARM 42.18.124, which means the appraisal must be adjusted to the market value as it would have been in the base year provided for in 15-7-103 , MCA, and ARM 42.18.124. This may require the appraiser to make a retrospective appraisal, in accordance with the uniform standards of professional appraisal practice, which means the effective date of the appraisal may be prior to the date of the appraisal report. If the appraisal has already been conducted, and it was conducted after the base year provided for in 15-7-103 , MCA, and ARM 42.18.124, then a recertification or update of value will be required as an addendum to the original appraisal. The recertification or update must be completed by the same appraiser who conducted the original appraisal.