Section 50IAC27-2-11. "Sales chasing" defined

   "Sales chasing" has the meaning set forth in the IAAO Standard on Ratio Studies (July 2007), which is the practice of using the sale of a property to trigger a reappraisal of that property at or near the selling price. If sales with such appraisal adjustments are used in a ratio study, the practice causes invalid uniformity results and causes invalid appraisal level results, unless similar unsold parcels are reappraised by a method that produces an appraisal level for unsold properties equal to the appraisal level of sold properties. By extension, any practice that causes the analyzed sample to misrepresent the assessment performance for the entire population as a result of acts by the assessor's office. (Department of Local Government Finance; 50 IAC 27-2-11; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRA)