(1) When considering any objection to the appraisal of property, the department may consider independent appraisals of the property as evidence of the market value of the property. For an independent appraisal to be considered, the taxpayer or the taxpayer's agent must meet the following requirements:

(a) submit a signed original long-form narrative appraisal, performed by an appraiser licensed by the state of Montana, or an appraiser who has been certified by a nationally recognized appraisal society or institute, to the local department office in the county where the property is situated;

(b) have a valuation date within six months of the base-year valuation date for the appraisal required in (1)(a), or be adjusted by the department or the appraiser who performed and prepared the narrative appraisal to reflect changes in market conditions between the appraisal date and the base-year valuation date;

(c) submit a Request for Informal Review (Form AB-26) and the original long-form narrative appraisal, to the local department office in the county where the property is situated on or before the first Monday in June or within 30 days after the date on the assessment notice.

(2) For the independent appraisal to be considered, the department must:

(a) maintain the information and requirements in (1)(a) through (c) as a part of the file supporting the value placed on the property for tax purposes;

(b) conduct on-site reviews of the subject property verifying the property characteristics of the subject property;

(c) verify the comparable sales used in the independent appraisal as valid arm's-length transactions as defined in 15-8-111, MCA; and

(d) conduct on-site reviews of the comparable properties being used to support the value of the subject property in the appraisal.

(3) After making a determination regarding use of the independent appraisal value as market value for tax purposes, the department must return the form (AB-26) to the taxpayer stating clearly the reasons for accepting or rejecting the application and, if accepted and appropriate, what adjustments were made to the appraised value and why those adjustments were made.

(4) When a tax appeal board decision indicates that the independent appraisal value is market value for the property under appeal, and the department files no further appeal within the time prescribed by law, the independent appraisal value shall become the value for assessment and taxation purposes, until such time as changing circumstances with respect to the property requires a new valuation and assessment.