362. DETERMINATION OF ASSESSED VALUE OF REAL PROPERTY WITH CONSTRUCTION IN PROGRESS

362 DETERMINATION OF ASSESSED VALUE OF REAL PROPERTY WITH CONSTRUCTION IN PROGRESS 362.1 For construction in progress, sixty-five percent (65%) complete shall be based on how components of an improvement contribute to the overall base structure. A tenant finish is not a component of a structure that contributes to the overall base structure. 362.2 The following guide shall be used to estimate the percentage of completion for a single family detached residence: PERCENTAGE OF COMPLETION Percentage of total Cumulative Percentage of total Plans, permits and survey 2% 2% Excavation, forms, water/sewage hookup hookup 4 6 Concrete 8 14 Rough framing 21 35 Windows and exterior doors 2 37 Roof cover 3 40 Rough-in plumbing 4 44 Insulation 1 45 Rough-in electrical and mechanical 11 56 Exterior 6 62 Interior 8 70 Built-in cabinets, interior doors, trim, etc. etc. 13 83 Plumbing 5 88 Floor covers 3 91 Built-in appliance 3 94 Light fixtures and finish hardware 2 96 Painting and decorating 4 100 100% 362.3 The following guide shall be used to estimate the percentage of completion for all other structures: PERCENTAGE OF COMPLETION Percentage of total CumulativePercentage of total Plans, permits, and survey 2% 2% Foundation 6 8 Slab and Frame 24 32 Exterior Walls 14 46 Roof 2 48 Electricity 5 53 Heat & Air Conditioning 15 68 Plumbing 9 77 Misc. Equip., Elevators, Etc. 2 79 Sprinklers 2 81 Interior Partitions (Studding), Interior Finish (Lath) (Dry Wall) (Plaster) (Tape), Carpentry & Millwork., Tiling, and Flooring 15 96 Paint 2 98 Landscape, Paving 2 100 100% 362.4 For renovations, additions that are not new structures, and other additions, the Deputy Chief Financial Officer may consider the taxpayer's submitted "Schedule of Costs" (FP 315) when determining the assessed value of the real property. 362.5 In determining the assessed value of real property where there is construction in progress and sixty-five percent (65%) of the total estimated construction is determined to be complete, the Deputy Chief Financial Officer may consider the "Schedule of Costs" (FP 315). 362.6 In considering the "Schedule of Costs," the Deputy Chief Financial Officer shall rely primarily on the Percentage of Completion Guides in §§ 362.2 and 362.3. SOURCE: Final Rulemaking published at 40 DCR 8171, 8173 (November 19, 1993).