▁two ▁years ▁prior ▁to ▁the ▁beginning ▁of ▁the ▁list ▁( known ▁as ▁the ▁ante ced ent ▁valu ation ▁date ), ▁incorpor ating ▁certain ▁assumptions ▁laid ▁down ▁in ▁the ▁legisl ation . ▁To ▁value ▁a ▁property , ▁a ▁val uer ▁would ▁look ▁at ▁the ▁physical ▁properties ▁of ▁the ▁property ▁( such ▁as ▁size ▁and ▁location ), ▁and ▁consider ▁the ▁economic ▁conditions ▁( the ▁market ▁price ▁for ▁similar ▁local ▁properties ), ▁along ▁with ▁the ▁nature ▁of ▁the ▁transaction ▁( such ▁as ▁a ▁free hold ▁sale , ▁or ▁agreement ▁of ▁a ▁le ase ). ▁ ▁Ass ess ing ▁a ▁rate able ▁value ▁requires ▁a ▁valu ation ▁that ▁follows ▁the ▁above ▁process , ▁but ▁the ▁matters ▁to ▁be ▁considered ▁are ▁const rained ▁by ▁legisl ation . ▁So ▁the ▁physical ▁properties ▁are ▁considered ▁not ▁at ▁the ▁present ▁day , ▁but ▁at ▁the ▁Material ▁Day , ▁and ▁are ▁const rained ▁by ▁the ▁valu ation ▁assumptions . ▁The ▁economic ▁conditions ▁are ▁considered ▁at ▁the ▁An te ced ent ▁Val u ation ▁Date . ▁The ▁valu ation ▁is ▁based ▁on ▁a ▁hypoth et ical ▁le ase ▁laid ▁down ▁in ▁the ▁valu ation ▁assumptions . ▁The ▁Secretary ▁of ▁State ▁may ▁make ▁reg ulations ▁for ▁certain ▁classes ▁of ▁property ▁that ▁give ▁a ▁stat ut ory ▁formula ▁for ▁the ▁rate able ▁value , ▁instead ▁of ▁the ▁r ental ▁value . ▁These ▁classes ▁include ▁large ▁ports ▁and ▁public ▁util ities . ▁ ▁Val u ation ▁assumptions ▁ ▁The ▁valu ation ▁assumes ▁that ▁a ▁year - to - year ▁( that ▁is , ▁on going )