Section 50IAC27-5-7. Review of land values

   (a) The county assessor shall review land values as part of the annual adjustment process.

  (b) If the county assessor determines through review, ratio studies, or appeals from previous assessment years that the land base rate units need to be modified, the county assessor shall proceed to set new land base rates. The sales comparison approach is the primary approach to land valuation and is always preferred when sufficient sales are available. If there are fewer than five (5) sales in a strata, there are several methods of determining land values in the absence of adequate sales in a neighborhood, including, but not limited to, the following:

(1) Use land values from a similar neighborhood that has vacant land sales to support the land base rate.

(2) Extract the land value from valid sales of improved properties.

(3) Expand the period from which sales are drawn and adjust for time as necessary.

(Department of Local Government Finance; 50 IAC 27-5-7; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRA)