(1) When considering any objection to the appraisal of property, the department may consider the actual selling price of the property as evidence of the market value of the property.  For the actual selling price to be considered, a taxpayer or the taxpayer's agent must meet the following requirements:

(a) make application on a property adjustment form (AB-26) to the local department office in the county where the property is situated;

(b) the property adjustment form (AB-26) must be filed within 30 days after receipt of a valuation notice or before the first Monday in June, whichever is later;

(c) the sale must be substantiated by an accurately completed and filed RTC;

(d) complete and sign a sales verification form including sales price;

(e) provide a signed affidavit completed by at least one party or person who is not a participating party (buyer or seller) in the transaction that identifies the conditions, terms, and sale price of the property;

(f) provide an executed buy/sell agreement as supporting documentation;

(g) provide two comparable sales of similar property in the same general geographic area to where the taxpayer's property is situated.  The department will use its sales records to identify the sale prices and determine if the sales were valid, arm's-length sales.  Taxpayers will be permitted to examine the sales information for the comparable property if they agree to keep the information confidential; and

(h) the actual selling price of the property and the comparable sales must be adjusted by the department to a value that is consistent with the base year adopted by the department in its administrative rules, ARM Title 42, chapter 18.

(2) For the actual selling price to be considered, the department must:

(a) analyze and maintain the information and requirements in (1) (a) through (h) as a part of the file supporting the value placed on the property for tax purposes;

(b) verify the subject sale as a valid arm's-length transaction as defined in 15-8-111, MCA;

(c) verify the comparable sales as valid arm's-length transactions as defined in 15-8-111, MCA; and

(d) adjust the sale to account for changes in market conditions that may have occurred between the time of sale and the base year valuation date.

(3) After making a determination regarding use of the adjusted selling price as an indication of market value for tax purposes, the department must return the form (AB-26) to the taxpayer stating clearly the reasons for accepting or rejecting the application and, if appropriate, what adjustments were made to the actual selling price and why those adjustments were made.

(a) If the appraised value is adjusted by the department, the adjusted value becomes the value for assessment and taxation purposes until such time as changing circumstances with respect to the property requires a new valuation and assessment.

(4) When a tax appeal board decision indicates that the adjusted selling price is market value for the property under appeal, and the department files no further appeal within the time prescribed by law, the adjusted selling price shall become the value for assessment and taxation purposes until such time as changing circumstances with respect to the property requires a new valuation and assessment.