Section R15-4-118. Sales Screening and Processing

A.      Except as provided in subsection (B), the Department’s sales- ratio studies shall be based upon sales data contained in prop- erty value affidavits that are screened by the county assessor and the Department.

B.       In preparing sales-ratio studies, the Department may supple- ment the sales data contained in property value affidavits with an appraisal or other industry-standard market value informa- tion.

C.      The Department shall maintain a list of validation codes to be used by the county assessor for the screening, editing, and pro- cessing of a property value affidavit. The county assessor shall assign a validation code from the Department’s list to each property value affidavit before transmittal to the Department. The county assessor shall transmit a property value affidavit to the Department as follows:

1.        For a sale that does not require a change in a parcel’s legal description, the assessor shall transmit the property value affidavit to the Department within 30 days of recording;

2.        For a sale that requires a change in a parcel’s legal description, the assessor shall transmit the property value affidavit to the Department by January 31 of the year fol- lowing the calendar year of recording.

D.      The Department may modify the validation code assigned to a property value affidavit. The Department shall notify the county assessor in writing of the modification within 30 days after the modification. The county assessor may request the Department to reconsider the modified validation code within 15 days after receiving notice of the Department’s modifica- tion.

E.       If the validation code as assigned by the county assessor or as modified by the Department indicates that a sale does not rep- resent the market value of the subject property, the Department shall exclude that sale from the Department’s sales-ratio stud- ies.

F.       If the validation code as assigned by the county assessor or as modified by the Department indicates that a sale represents the market value of the subject property, the Department shall:

1.        Compute the ratio of the full cash value of the property to the selling price of the property; and

2.        Include the ratio in the sales-ratio studies, unless  the ratio:

a.        Is extremely high or extremely low,

b.        Relates to the sale of property that has substantially changed since the date of the sale and the assessor’s full cash value for the property reflects the change, or

c.        Relates to a sale that does not represent the market value of the property.

Historical Note

Adopted effective February 17, 1988 (Supp. 88-1).

Amended by final rulemaking at 7 A.A.R. 657, effective January 11, 2001 (Supp. 01-1).