Section 6-4 - County Assessor Responsibilities-Verification (a) The office of each county assessor shall: - (i) Review and confirm, as necessary, all data on each statement. The information on the statement shall be confirmed or verified by contacting buyers, sellers or others if:
- (A) There is reason to believe the data on the statement is not complete or accurate;
- (B) The sale represents a less common type of property;
- (C) The sale price is significantly higher or lower than the current assessor estimate of fair market value;
- (D) The sale is part of a sample of single-family sales which are routinely confirmed by audit or exception; or
- (E) Other considerations are present which make the sale significant for analysis.
- (ii) If appropriate, adjust sales information for financing, personal property, time of sale, and corrections obtained through verification. No adjustment to sales price shall be made for real estate commissions, closing costs, title insurance or property taxes, unless the buyer agrees to pay all the commission or all the taxes, in which case the amounts of the payments shall be added to the sales price.
- (iii) Complete the information within the box on the statement entitled "FOR USE BY COUNTY ASSESSOR ONLY". Sales which are determined to be invalid shall be identified by circling the appropriate CAMA invalidation code:
- (A) "1" for sales involving additional parcels, trades or common property;
- (B) "2" for sales which were not exposed to the open market, or the marketing time for the property could not be considered normal;
- (C) "3" for sales in which the physical characteristics of the property have changed or are incorrect;
- (D) "4" for sales between relatives or corporate affiliates;
- (E) "5" for liquidations or forced sales;
- (F) "6" for sales involving abnormal financing, land contracts, sales of convenience, sales of doubtful title or partial interests;
- (G) "7" for sales involving excessive personal property, or any other situation which makes the sale not an "arm's-length" transaction, and for which supporting documentation is developed;
- (H) "8" for sales involving sales of agricultural property valued on productivity;