Section 50IAC27-3-1. Property characteristics data

   (a) Accuracy of property characteristics data is an essential element in developing accurate valuations for assessment. Accuracy is typically checked by selecting a sample of properties and having the property characteristics data collected again by a supervisor or deputy assessor in the county assessor's office.

  (b) Property characteristics data must be continually updated in response to changes brought about by:

(1) new construction;

(2) new parcels;

(3) remodeling;

(4) demolition; and

(5) destruction.

  (c) The receipt of building permits for all significant construction activity, aerial photographs, and a locally-developed system for making periodic field inspections to identify properties and ensure that property characteristics data are complete and accurate shall be utilized to update property characteristics data in the county.

  (d) Property characteristics data of properties whose sales are candidates for use in value calibration analysis and ratio studies shall be independently verified and updated by field inspection within sixty (60) days of the ownership transfer sale date.

  (e) The period of time between physical inspections of individual properties in the county shall be not greater than five (5) years. Such inspections may be for any valid reason, such as reassessment, new construction, or sales data verification. When a physical inspection is conducted, all property characteristics shall be inspected and verified during the visit to the property. The county assessor shall employ a reliable record keeping system for tracking physical inspections and identification of properties requiring inspection because of the five (5) year time limit.

  (f) The basic physical characteristics of each property used in the ratio study must be the same when assessed and when sold.

  (g) The basic physical characteristics of each property used in value calibration analysis must be the same when a new candidate adjusted value is calculated as when the property sold. This means that a snapshot of the physical characteristics of each sold property at the time of the sale must be retained in the database for calibration analysis. (Department of Local Government Finance; 50 IAC 27-3-1; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRA)