(1) For the department to consider a fee appraisal as an estimate of market value, as provided in 15-7-139, MCA, the appraisal must:

(a) be completed by an appraiser licensed or certified by the Montana Board of Real Estate Appraisers under Title 37, chapter 54, MCA;

(b) be conducted in accordance with current uniform standards of professional appraisal practice (USPAP) as set forth for licensed or certified real estate appraisers under 37-54-403, MCA;

(c) be conducted within one year of the valuation date provided in 15-7-103, MCA, and ARM 42.18.121. This one-year requirement may necessitate that a fee appraiser conduct a retroactive appraisal, in accordance with USPAP. In this situation, the effective date of the appraisal may be prior to the date of the appraisal report. If an appraisal has already been conducted, and it was conducted prior to the valuation date, then:

(i) a recertification or update of value may be required as an addendum to the original appraisal; and

(ii) the recertification or update of value must be completed by the same appraiser who conducted the original appraisal; and

(d) establish a separate market value for each improvement and the land:

(i) 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 dwelling, 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.

(ii) 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.