Section 50 IAC 27-5-2 - Valuation date and time adjustmentAuthority: 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. 2.
(a) The county assessor shall use sales of properties occurring during a time period that is as short as possible and ideally not more than twelve (12) months before the January 1 assessment and valuation date. A longer time period may be required to produce a representative sample for a property class within the county.(b) To develop an adequate sample size, the sales used in ratio studies and value calibration analyses may span a period as long as five (5) years provided economic shifts are taken into account, property characteristics are as they were at the time of the sale, and sales prices have been adjusted for time as necessary.(c) The valuation date is the January 1 assessment date. Sales occurring before that date shall be time adjusted if appropriate, in accordance with the IAAO standard. The time adjusted sale price shall become the basis for all ensuing analysis undertaken under this article. Department of Local Government Finance; 50 IAC 27-5-2; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRAFiled 11/2/2020, 9:34 a.m.: 20201202-IR-050190636FRA