Uniformly high property values does not supplant the primary requirement that real property be valued at fair market value on Jan. 1 per AS 29.45.110. Therefore, a recent sale or appraisal meeting these conditions is the gold standard and shall be the assessed value.
The mass appraisal method is a “technique” defined as a “process of valuing a universe of properties as of a given date using standardized methodology and allowing statistical testing.”
The IAAO…
