Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 27 - ANNUAL ADJUSTMENTS AND EQUALIZATION STANDARDS
Rule 1 - Purpose and Applicability
Section 1-3 - Procedures
Universal Citation: 50 IN Admin Code 1-3
Current through September 18, 2024
Authority: IC 6-1.1-4-4.5; IC 6-1.1-31-12
Affected: IC 6-1.1-4
Sec. 3.
In making annual adjustments in assessed valuations of real property, local assessing officials are required to do the following:
(1) Reevaluate the factors that affect value.
(2) Express the interactions of those factors mathematically.
(3) Use mass appraisal techniques to estimate updated property values within statistical measures of accuracy.
(4) Provide notice to taxpayers of an assessment change that results from the application of annual adjustments.
(5) Adhere to the Uniform Standards of Professional Appraisal Practice in the performance of their duties.
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