Only sales that are arm's length transactions are considered when determining a property's value. Reasons that a sale may not be considered in the analysis are numerous. One property may have sold for more than it is worth because the buyer was in a hurry and would pay any price. Another may have sold for less than it is worth because the owner needed cash right away and was willing to sell to the first buyer who made an offer. Other examples include foreclosure sale, short sale, divorce settlement, etc.
If you have any questions, please email the Real Estate Assessor's Office.