Price Per Square Foot Assessors and Board of Review Members look at the price per square foot of your property value in relation to the comparables you submit. The price per square foot is based on the above grade living area. The formula is (valuation or sale price) ÷ (above grade living area) = (price per square foot).
Physical Comparability This includes such factors as total size, above grade living area, condition, quality, age, construction.
Locational Comparability Are the comparable and the subject property influenced by the same locational characteristics?
Arm’s Length Sale Is the comparable sale a Valid Sale? To determine if the sale is valid, the conditions of the transaction must meet ALL of the following criteria. If one item is answered "no", the Assessor will likely discount the sale. However, the Board of Review will consider all evidence you submit.
Was conveyance via a Warranty Deed or Trustee's Deed?
Were all parties knowledgeable of the market?
Were all parties able to make an informed decision without undue influence?
Was the property exposed to the open market?
Were the principal buyer and seller unrelated individuals or corporations?
Were all parties NON-GOVERNMENTAL agents or agencies?
If the sale was a foreclosure, was it the first sale after the foreclosure preceding (an REO)?
Conditions of an Invalid Sale or Non-Market Sale A sale is considered invalid if it meets ANY of the following criteria. If one item is answered "yes", the Assessor will likely discount the sale. However, the Board of Review will consider all evidence you submit. Please note the below criteria are the most common reasons to exclude a sale from comparison. Exclusions include, but are not limited to:
The transaction involves a government agency
Multiple parcels are sold in the same transaction
One parcel is being divided into multiple parcels or multiple parcels are being combined
Individuals or corporations have same name or ownership
The sale is mandated by the court (lender possession, divorce decree, interstate, etc.)
Only a portion of the parcel or partial interest is transferred
Parcels are traded
A deed other than a Warranty Deed or Trustee's Deed is used to convey the parcel