(1) For property that contains no new construction, destruction, land splits, land use changes, land reclassifications, land productivity changes, improvement grade changes, or other changes made to the property during 2002 or subsequent tax years, the current year VBR will be the same as the prior year VBR.

(2) For class three property that contains a land reclassification or a land use change, the current year VBR will be the prior year VBR of the new classification or land use change.

(3) For class three property that contains a productivity or grade change, the current year VBR will be the prior year VBR of the prior grade.

(4) For class four property (excluding industrial property) that contains new construction, the current year VBR is determined by dividing the reappraisal value by one plus the percent of neighborhood group change. The following formula illustrates that calculation:

 

VBR = Reappraisal value /(1 + NBHD group percentage)

 

(5) Land which has been reclassified as residential or commercial land after January 1, 2002, will have the VBR determined by comparing other 2002 market values of similar residential or commercial land, and determining a comparable VBR for the new residential or commercial land.

(6) For class four property (excluding industrial property) that has been either partially or wholly destroyed, the current year VBR is calculated by first determining what percent of the property has been destroyed. That percent is multiplied by the prior year improvement VBR to determine a value amount that is attributed to the destruction. The current year VBR is then the difference between the prior year VBR and the value attributed to the destruction. The following formula illustrates that calculation:

 

Current year VBR =

Prior year VBR -

(Percent of property destroyed x prior year improvement VBR)

 

(7) For class ten property that contains a land reclassification or a land use change, the current year VBR will be the prior year VBR of the new classification or land use change.

(8) For class ten property that contains a productivity or grade change, the current year VBR will be the prior year VBR of the prior grade.

(9) The only instances when the current year VBR will be less than the prior year VBR are:

(a) in the case of class four improvements that have been partially or wholly destroyed;

(b) when the neighborhood group percentage change is negative and there is new construction; or

(c) when land use changes have occurred.

(10) In all other situations, the current year VBR will be the greater of the value determined through application of the formula in (4) or the prior year VBR.