Default Validity Codes

Navigate: Closed Records > Config > Default Validity Codes

Description

The assessor's office in each jurisdiction uses the Default Validity Codes task to select the default validity codes Aumentum Records assigns to each type of ownership transfer (sale) transaction.

After the default validity codes are defined, they are used to set the following transfer fields, depending on transfer type.

  • Local Ratio Code

  • Local Analysis Code

  • SOA Ratio Code

  • SOA Analysis Code

The Local Ratio and Local Analysis Codes are typically set by the local appraiser, and the SOA Ratio and Analysis Codes are set by the State Oversight Authority. Some states are more particular about using the SOA codes than others. Each jurisdiction can be different.

The purpose of these codes is to indicate valid, arms-length sales for Ratio Study and Value Calibration Analysis (VCA) Reports. These reports, provided by CAMA, provide statistical measures that appraisers use to analyze property values in a given area and then make adjustments to valuation models based on their analysis. Only valid sales should be used for this analysis.

If your jurisdiction is integrated with CAMA (ProVAl Plus), the default validity codes are sent to ProVal in the transfer table with each sale. If needed, you can edit the validity codes for a given sale using the Transfer Detail task in Aumentum Records or the Updates Sales Information task in ProVal (Open the Parcel > Administration menu > Update Sales Information).

Steps

  • Maintain the codes on the Maintain Default Validity Codes screen.