Journal of Property Tax Assessment & Administration


The purpose of this paper is to provide immediate guidance for dealing with foreclosure-related sales. The use of foreclosure-related sales in determining market value is a critical problem facing assessing professionals, tax policy makers, and others. In the past foreclosure-related sales generally were excluded from market modeling, comparable sales analysis, and sales ratio studies because they were typically made under some duress and the volume was usually insignificant. However, conditions in the current market in many areas of the United States and elsewhere are such that it is important to take a closer look at the validity of the sales.

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This paper was developed for informational purposes only and does not necessarily represent a policy position of the International Association of Assessing Officers (IAAO). This paper is not an IAAO standard. It was prepared for the benefit of assessment professionals and exposed to the IAAO membership for their review. All comments received were reviewed and in many cases incorporated into this final document. This paper was approved for distribution by the IAAO Executive Board on July 18, 2009.