The reduction in market value that constitutes the "contamination value" may be granted:
- by a court;
- by a board of review;
- by the assessor upon petition by the property owner; or
- by the assessor.
Reductions by the assessor apply only if the reductions were granted based on the presence of contaminants using an appraisal method or methods that are specifically designed or intended to adjust for the valuation effects of the presence of contaminants.
There are limits on contamination value. The contamination value can be no greater than the estimated cost of implementing a reasonable response action plan or asbestos abatement plan for the property. This cost may be less than the actual reduction in market value for the property.
If the market value reduction for the parcel is less than $10,000, the contamination value is zero.