Section 50IAC27-5-9. Mandatory application of factors

   (a) If, upon review of the ratio studies and value calibration analyses, the local assessing official determines that adjustment factors must be applied in order to ensure assessed values reflect market value-in-use and meet the statistical standards of 50 IAC 27-4-1.4 [sic], the local assessing official shall proceed with the application of the annual adjustment factors in accordance with this article.

  (b) If assessing officials determine that there are fewer than five (5) sales of commercial or industrial improved property in the strata to determine annual adjustment factors, the county shall use one (1) or more of the following to derive annual adjustment factors or modify the values of commercial and industrial property:

(1) Nationally published cost data from a credible source, such as Craftsman, Marshall and Swift, or R.S. Means and locally developed depreciation tables from the last calendar year preceding the assessment date.

(2) Income data, rental data, market value-in-use appraisals, and other relevant evidence derived from appeals of the 2002 reassessment and adjusted, as applicable, to the January 1 of the year preceding the assessment date.

(3) Commercial real estate reports.

(4) Governmental studies.

(5) Census data.

(6) Multiple listing service (MLS) data.

(Department of Local Government Finance; 50 IAC 27-5-9; filed Apr 8, 2010, 1:45 p.m.: 20100505-IR-050090502FRA)