Okla. Admin. Code § 710:10-3-24

Current through Vol. 42, No. 4, November 1, 2024

Section 710:10-3-24 - Screening of sales; exclusions from sampling

(a) Transactions which are presumed not to be arms-length sales may be used in the equalization study after determining that adequate consideration exists.

(b) If one of the following conditions exists, there may be a presumption that a non-arms-length sale exists:

(1) Sales which secure debt or other obligation.

(2) Sales without additional consideration, conform, correct, modify or supplement a deed previously recorded.

(3) Sales between a husband and wife, parent and child, grandparent and grandchild, those deeds within the second degree of consanguinity, without actual consideration thereafter or sales between any person and a revocable trust. See: 68 O.S. § 2802.1(4)(a).

(4) Sales of release of property which is security for debt or other obligation.

(5) Sales of partition, those between co-owners, resulting in individual ownership of the interests of each.

(6) Sales between corporate affiliates with no consideration or sales made pursuant to mergers or sales from a person to a partnership, LLC or corporation.

(7) Sales pursuant to foreclosure proceedings in which the grantee is the holder of a mortgage on the property being foreclosed.

(8) Sales pursuant to a judicial ordered sheriff sales.

(9) Sales of property to the United States Government, State of Oklahoma or the counties and cities within Oklahoma.

(10) Splits or combinations of non-contiguous property.

(11) Sales contract for deed in excess of one (1) year.

(12) Trades of property with no consideration stated.

(13) Sales of partial interests in property.

(c) Real estate sales including personal property and business goodwill (inventories, furniture, fixtures and etc.) will be excluded unless terms of the sale are known and the personal property value and value attributed to goodwill can be ascertained. [See: IAAO Standards on Assessment Ratio Studies, Latest edition.]

Okla. Admin. Code § 710:10-3-24

Amended at 11 Ok Reg 3469, eff 6-26-94; Amended at 14 Ok Reg 2670, eff 6-26-97; Amended at 15 Ok Reg 3451, eff 7-11-98; Amended at 24 Ok Reg 2343, eff 6-25-07