Foreclosure Related Sales, Including Short Sales

About Transfers Related to Actual or Potential Foreclosure (Including Short Sales)

Recent economic conditions have caused a significant increase in the number of real property transfers related to actual or potential foreclosure. The majority of such transfers involve real property in statutory stratum one (residential – one primary living unit). These trends complicate the identification of open market, arm’s-length sales and the use of these sales in the just valuation process and in the Department’s assessment roll review process. To read more please see the communication and bulletin listed below:

Property Tax Communications

Memorandum from the Department of Revenue to Property Appraisers
10/10/08 Department of Revenue memorandum RE: Qualification Process Regarding Short Sales

Bulletins

Bulletin PTO 08-22: Transfers Related to Actual or Potential Foreclosure