3.9 Assumptions and Special Assumptions All assumptions made shall be clearly stated. Assumptions are matters that are reasonable to accept as facts in the context of the valuation assignment without specific investigation or verification. They are matters that, once stated, are to be accepted in understanding the valuation. A special assumption is the assumption that either assumes facts that differ from the actual facts existing at the valuation date or that would not be made by a typical market participant in a transaction on the valuation date. Special assumptions are often used to illustrate the effect of changed circumstances on value.