Indiana Administrative Code
Title 50 - DEPARTMENT OF LOCAL GOVERNMENT FINANCE
Article 27 - ANNUAL ADJUSTMENTS AND EQUALIZATION STANDARDS
Rule 5 - Annual Adjustment Process
Section 5-7 - Review of land values

Universal Citation: 50 IN Admin Code 5-7

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 6-1.1-4-4.5

Sec. 7

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(a) The county assessor shall review land values as part of the annual adjustment process.

(b) If the county assessor determines through review, ratio studies, or assessment appeals from previous assessment years that the land base rate units need to be modified, the county assessor shall proceed to set new land base rates. The sales comparison approach is the primary approach to land valuation and is always preferred when sufficient sales are available. If there are fewer than five (5) sales in a strata, there are several methods of determining land values in the absence of adequate sales in a neighborhood, including, but not limited to, the following:

(1) Use land values from a similar neighborhood that has vacant land sales to support the land base rate.

(2) Extract the land value from valid sales of improved properties.

(3) Expand the period from which sales are drawn and adjust for time as necessary.

Disclaimer: These regulations may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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