Which criterion is NOT included in the list the tax assessor must apply for FMV?

The criterion that is not included in the list the tax assessor must apply for Fair Market Value (FMV) is net profit. When tax assessors determine FMV, they typically consider aspects such as location, past sales of comparable properties, and income-producing potential—elements that relate directly to the property itself rather than to the owner’s specific financial situation.

Location is crucial because it affects demand and can significantly influence a property's value. Sales data from comparable properties provide a factual basis for valuation by showing what similar properties have sold for recently. Income pertains to the potential revenue a property can generate, particularly for investment properties. However, net profit reflects the owner’s earnings after all expenses and does not directly correlate with the property’s market value. Hence, while net profit is an important financial measure for a business or individual, it is not a standard criterion for valuing a property for tax assessment purposes.