Section 50IAC27-3-2. Sales data

   (a) To the greatest extent possible, county assessors shall use sales of properties occurring after January 1 of the calendar year immediately preceding the March 1 assessment date in performing value calibration analysis and sales ratio studies under this article for the county. For example, sales beginning on January 1, 2009, shall be used for the March 1, 2010, assessment date.

  (b) If insufficient sales data satisfying the IAAO Standard for Ratio Studies are available for the county as a whole, county assessors may use data from earlier time periods, time adjusting the data as described in the applicable IAAO standards incorporated by reference in 50 IAC 27-1-4.

  (c) If data other than described in subsection (a) or (b) are intended for use, the county assessor shall first explain in writing to the director of the division of data analysis of the department the reasons for using other data and obtain approval for in writing prior to its use.

  (d) If adequate sales data satisfying the IAAO standard are not available, other methods for testing the validity of the assessment prescribed by applicable IAAO standards incorporated by reference in 50 IAC 27-1-4 may be used. (Department of Local Government Finance; 50 IAC 27-3-2; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRA)