(a) A special franchise owner wishing to apply for an allowance for functional or economic obsolescence, or the use of service lives, salvage factors or other alternative valuation components that differ from those contained in the latest valuation procedures adopted by ORPTS must submit a request and supporting documentation or information to demonstrate the existence of such functional or economic obsolescence or the appropriateness of the use of such alternative valuation component.

(b) Economic obsolescence is the loss of value of property caused by an impairment in desirability or useful life resulting from factors external to the property.

(c) Functional obsolescence is the impairment of operating capacity or efficiency resulting in a loss in value brought about by the failure of the tangible property to meet present or projected needs or where the capacity of the tangible property exceeds reasonable anticipated demands.

(d) Nothing herein shall be deemed to prevent ORPTS from establishing a tentative assessment or full value that reflects an adjustment for functional or economic obsolescence or use of an alternative valuation component notwithstanding the fact that an owner has not made an application pursuant to this section where such adjustment or use has been granted in a prior year and ORPTS deems such adjustment or use to be proper.