Section 50IAC26-6-13. Annual adjustments

   (a) Assessment software used in the assessment of real property must do the following:

(1) Support calculation standards for an annual adjustment of real property assessed valuations in accordance with the IAAO Standard on Ratio Studies and 50 IAC 21.

(2) Meet the annual adjustment requirements for computer assisted mass appraisal systems specified in 50 IAC 21-9-2.

(3) Support the following:

(A) Calculation of time adjusted sales prices in accordance with procedures outlined in the IAAO standard and 50 IAC 21-3-3.

(B) Manual entry of time adjusted sale prices when an alternative method of calculation is utilized by a local assessing official.

(C) Annual adjustment factors that can be applied to user-specified groups of properties.

(4) Be able to apply the factor resulting from revised ratio studies to a group of properties for valuation adjustment.

(5) Support the manual entry of annual adjustment factors when an alternative method of calculation is utilized by a local assessing official.

  (b) Once a property value has been modified by an annual adjustment factor, assessment software must do the following:

(1) Notify the user that the parcel requires a notice of valuation to be sent to the taxpayer.

(2) Support marking the parcel as requiring notice in the event a group of notices are printed in batch following multiple property value adjustments.

(Department of Local Government Finance; 50 IAC 26-6-13; filed Jan 28, 2011, 3:07 p.m.: 20110223-IR-050100165FRA)