Property Valuation
Vermont's 'market conditions adjustment' in an appraisal is necessary when comparable sales are older because:
AOld sales are always more reliable than recent sales
BReal estate prices change over time, and comparables must be adjusted to reflect current market conditions (positive adjustment in rising markets, negative in declining markets)✓ Correct
CVermont law requires adjustments for all sales more than 6 months old
DOnly the assessed value can be used for old properties
Explanation
When comparable sales are older than the subject's effective date, time (market conditions) adjustments are needed to account for price changes since those sales occurred. Vermont appraisers analyze market trends to support time adjustments, particularly important in rapidly changing Vermont markets.
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