LMI = Local Market Index
An index which is used to adjust the provincial average values* to the local sale prices in an agricultural land neighbourhood. If the local sales prices are higher, on average, than the provincial average assessment manual base calculations, an upward adjustment is required. If the local sale prices are lower than the provincial average assessment manual base calculations, a downward adjustment to provincial average values is required to equate them to the average sale prices in a neighbourhood. LMIs are expressed as a multiplier. For example: An LMI of 1.12 increases the provincial average value by twelve percent while and LMI of .93 reduces the provincial average values by seven percent.
*Provincial average values result when the final assessment rating of the soil is multiplied by the provincial market index.
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