Which factor is NOT used by the tax assessor when determining the fair market value of real property?

When determining the fair market value of real property, tax assessors typically use various factors to evaluate how different elements affect property values. Existing zoning is crucial as it establishes permissible land uses, which can directly influence a property's value. The condition of the market, reflected in bank sales or distress sales, is also considered since these transactions often indicate the prevailing prices in the area. Lastly, the existing use of the property gives a clear indication of its current value based on the income it generates or its functional characteristics.

New development projects, however, are not typically used by assessors in the same way. These projects may indicate potential future growth or changes in the market, but they don't directly affect the current fair market value of existing properties. Assessors focus on current conditions and tangible factors rather than speculative future developments, which might not yet have a measurable impact on property values. Thus, this is why new development projects are not used in the assessment process like the other factors listed.