What years sales will be used for 2016 assessments?

State law requires that the sales ratio studies for 2016 be based on sales from 2015, 2014, and 2013. These sales are compared to local assessor's assessments for 2014, 2013, and 2012 respectively, and must be adjusted by the Department's study results of increases and decreases for prior years.

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1. What is an equalization factor (multiplier)?
2. Why does state law require equalization factors?
3. Who does these studies?
4. What information is used for these studies?
5. What years sales will be used for 2016 assessments?
6. What factors influence equalization factors (multipliers)?
7. What happens if township equalization factors (multipliers) are not applied at the county level?
8. Does an equalization factor automatically increase or decrease taxes?
9. Does an increase in equalization factor usually result in an increase in an individual’s tax bill?
10. How do I know if an equalization factor has been applied to my property?
11. Does farm land receive a multiplier based on sales of farm property?
12. If I have additional questions?