Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 27 - ANNUAL ADJUSTMENTS AND EQUALIZATION STANDARDS
Rule 3 - Data
Section 3-2 - Sales data
Current through September 18, 2024
Authority: IC 6-1.1-4-4.5; IC 6-1.1-31-1; IC 6-1.1-31-12
Affected: IC 6-1.1-5.5
Sec. 2.
(a) To the greatest extent possible, county assessors shall use sales of properties occurring after January 1 of the calendar year immediately preceding the January 1 assessment date in performing value calibration analysis and sales ratio studies under this article for the county. For example, sales beginning on January 1, 2018, shall be used for the January 1, 2019, assessment date.
(b) If insufficient sales data satisfying the IAAO Standard for Ratio Studies are available for the county as a whole, county assessors may use data from earlier time periods, time adjusting the data as described in the applicable IAAO standards incorporated by reference in 50 IAC 27-1-4.
(c) If data other than described in subsection (a) or (b) are intended for use, the county assessor shall first explain in writing to the director of the assessment division of the department the reasons for using other data and obtain approval for in writing prior to its use.
(d) If adequate sales data satisfying the IAAO standard are not available, other methods for testing the validity of the assessment prescribed by applicable IAAO standards incorporated by reference in 50 IAC 27-1-4 may be used.
