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6 | P a g e <br /> <br />Arm’s-Length Transactions <br /> <br />The Department of Revenue requires all County Assessors to utilize a specified time period <br />in their sales analysis. This time period is 12 months from October 1 st through September <br />30th, preceding the assessment date. Sales within this time period will be used to determine <br />the changes in the prior years assessed value in each community for the impending <br />assessment. <br /> <br />The sales that occur within this October 1st through September 30th time period, each year, <br />are closely scrutinized by the appraisers within the Assessor Division. Evidence suggesting <br />a forced sale, foreclosure, a sale to a relative, or anything other than an arm’s-length <br />transaction requires the sales to be disqualified from the sales study. This is important, <br />because the real estate sales information constitutes the statistical basis for determining the <br />annual adjustments that are made to the valuation models. <br /> <br />An arm’s-length transaction is any transaction in which buyers and sellers of a product act <br />independently and have no relationship to each other. The concept of an arm's-length <br />transaction is to ensure that both parties in the deal are acting in their own self-interest and <br />are not subject to any pressure or duress from the other party. The following graphs and <br />charts show the number of arm’s-length transactions that occurred within each sales period. <br /> <br /> <br /> <br />Sales Period 10/1/17- <br />9/30/18 <br />10/1/18- <br />9/30/19 <br />10/1/19- <br />9/30/20 <br />10/1/20- <br />9/30/21 <br />10/1/21- <br />9/30/22 <br />ay2019 ay2020 ay2021 ay2022 ay2023 <br />Apartment 13 12 10 10 6 <br />Commercial 37 51 49 61 59 <br />Residential 3,907 4,103 4,004 4,341 3,810 <br />Single Family 2,648 2,873 2,719 2,996 2,621 <br />Townhome/Condo 1,259 1,230 1,285 1,345 1,189 <br />TOTAL 3,957 4,166 4,063 4,412 3,875