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6 | Page <br /> <br />Arm’s-Length Transactions <br /> <br />The Department of Revenue requires all County Assessors to utilize a specified time period in <br />their sales analysis. This time period is 12 months from October 1st through September 30th, <br />preceding the January 2nd assessment date. Sales within this time period will be used to <br />determine the changes in the prior years assessed values 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, are <br />closely scrutinized by the appraisers within the Assessor Division. Evidence suggesting a forced <br />sale, foreclosure, a sale to a relative, or anything other than an arm’s-length transaction requires <br />the sales to be disqualified from the sales study. This is important, because the real estate sales <br />information constitutes the statistical basis for determining the annual adjustments that are <br />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 are <br />not subject to any pressure or duress from the other party. <br /> <br />The following graphs and charts show the number of arm’s-length transactions that occurred <br />within each sales period. <br /> <br />Sales Period <br />10/1/20 - <br />9/30/21 <br />10/1/21 - <br />9/30/22 <br />10/1/22 - <br />9/30/23 <br />10/1/23 - <br />9/30/24 <br />10/1/24 - <br />9/30/25 <br />ay2022 ay2023 ay2024 ay2025 ay2026 <br />Apartment 10 6 5 7 12 <br />Commercial 61 59 44 50 30 <br />Residential 4,341 3,810 2,938 2,867 3,193 <br />Single Family 2,996 2,621 1,981 1,989 2,187 <br />Townhome/Condo 1,345 1,189 957 928 1,006 <br />TOTAL 4,412 3,875 2,987 2,924 3,235 <br />