Section 50IAC26-6-12. Equalization

   (a) Assessment software must be able to calculate an assessment ratio for each of the classes of property specified in 50 IAC 27-4-6 within each township.

  (b) Assessment software must have the capability to:

(1) Exclude parcels coded as distributable utility property according to property class specifications provided in this article when calculating assessment ratios.

(2) Provide a secondary means of property classification at the parcel level for locally assessed utility property, other than that required in Code List 1 – Property Class Codes as provided in the Property Tax Management System Code List Manual. This secondary means of property classification at the parcel level should indicate the major improvement use/occupancy and may be used for the possible query and inclusion of locally assessed utility real property parcels in assessment ratio studies.

(3) Perform an assessment-assessment ratio study for agricultural land in accordance with the IAAO Standard on Ratio Studies.

(4) Calculate assessment ratios based on at least the minimum number of verified sales as determined by the IAAO Standard on Ratio Studies. Assessment software must not produce an assessment ratio if the minimum requirement of verified sales cannot be met, except in the matter of agricultural land.

(5) Provide a data field in which an equalization factor can be entered once and applied to parcels (or the land or improvement portion of parcels) within any class of property in a township.

(6) Be able to produce the data required within 50 IAC 27-9-3 in the format prescribed by 50 IAC 26-8-3.

(Department of Local Government Finance; 50 IAC 26-6-12; filed Jan 28, 2011, 3:07 p.m.: 20110223-IR-050100165FRA; errata filed Sep 17, 2012, 3:42 p.m.: 20121003-IR-050120546ACA)