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09c <br /> so that the amount apportioned to each tenant for his interest in the <br /> real property will be the greatest of (1) the fair market value of the <br /> tenant's leasehold interest in the property, (2) the amount which the <br /> tenant's property contributes to the fair market value of the property <br /> as a whole, or (3) the fair market value of the tenant's improvements <br /> for removal from the property. The appraisal report shall state the <br /> basis for the valuation of each tenant's interest and furnish the date <br /> and analyses on which such valuation was made. <br /> d. Owner-Occupant in a Multi-family or Mixed Use Property. If the property <br /> is a multi-family or mixed-use (residential and non-residential) property <br /> and the owner of a compensable interest therein, as defined in the next <br /> sentence, occupies a dwelling in the property, the APPRAISER shall <br /> furnish an apportionment of his estimate of the fair market value of the <br /> whole property to such dwelling or to each such owner occupied dwelling <br /> if more than one, and to the remainder of the property. For the purpose <br /> of this paragraph, an occupant of a dwelling shall be considered to own <br /> a compensable interest in the property if he holds fee title, a life <br /> estate, a 99-year lease, or a lease with not less than 50 years to run <br /> from the date of valuation, or holds an interest in a cooperative housing <br /> project which includes the right of occupancy of a dwelling unit therein, <br /> or is the contract purchaser of any of the foregoing estates or interests, <br /> or has a leasehold interest with option to purchase. The APPRAISER'S <br /> report shall explain how he made the apportionment and the rationale <br /> therefore. <br /> 13. Machinery, Equipment and/or Fixtures. If machinery, equipment and/or <br /> fixtures used in a trade, business, farm operation, institutional or <br /> governmental function constitute part of the real property, the appraisal <br /> report shall contain a separate schedule which provides separate estimates <br /> for each such item, as prescribed below. If there is more than one owner <br /> of such items, a separate schedule shall be furnished for each owner. <br /> The information and conclusions to be furnished on each item are as <br /> follows: <br /> (1) Description of the item, including, as appropriate, the manufacturer, <br /> model and serial number, size or capacity, age and condition, and <br /> degree of obsolescence. Accessories and spare parts, special foundations, <br /> and power wiring and process piping generally shall be listed separately, <br /> following the listing of the item(s) to which they apply. <br /> (2) Estimate of the replacement cost installed of the item as listed and <br /> identified (excluding any elements listed separately). Separately <br /> identify the basis of estimated replacement cost (new or used). <br /> (3) The contributive (enhancement) value of the item to the fair market value <br /> of the real property as a whole. <br /> (4) Estimated fair market value of the item for removal from the property <br /> at a purchaser's expense. Such value shall be considered to be the <br /> probable selling price if the item were offered for sale for removal <br /> from the property at the purchaser's expense, allowing a reasonable time <br /> to find a purchaser buying with knowledge of the uses and purposes for <br /> which it is adaptable and capable of being used, including salvage for <br /> serviceable components and scrap when it appears that will provide the <br /> highest value. <br /> The schedule(s) of estimates shall be consistent, with the property <br /> analysis approved by the COUNTY, as provided. The APPRAISER is permitted <br /> to use the services of such technical specialists as may be needed to <br /> enable the APPRAISER to provide valid estimates and sound valuations. <br /> The schedule(s) shall be supported by an explanation of the procedures <br /> followed in gathering the necessary market information and technical <br /> data. The principle purpose of the APPRAISER'S accompanying narrative, <br /> however, must be to explain his analyses and his evaluations of the <br /> dollar amount of the overall contribution of the machinery, equipment, <br /> and fixtures to the fair market value of the real property as a whole. <br /> The report shall contain any layout plans, sketches, or photographs <br /> that are restrictions, mineral rights, leases, and any known, but <br /> unrecorded, interests of other parties. Sufficient information shall <br /> be furnished to disclose the probable effect of such outstanding interests <br /> on the title of the record owner. <br /> -9- <br />