Editing and Verifying Sales Disclosure Forms in Indiana
The sales disclosure form has evolved into an integral part of the real property assessment system in Indiana. Originally created in 1993 to study the fiscal impact of moving to a market-derived assessment system, sales disclosure forms are now being used by state and local assessors to establish land values, calculate neighborhood market indices, and, most importantly, to conduct assessment ratio studies. Despite its increasing role in the valuation of real property, little attention has been given to the process by which sales disclosure forms are edited, verified, maintained, and utilized by the assessment community. As Indiana strives to attain a more equitable and uniform property tax system, it is vital for assessors to ensure that the underlying data presented on sales disclosure forms provide accurate representations of value. This primer provides a step-by-step process assessors can use to both edit and verify sales disclosure forms.