"According to Mr. Stratton, the Petitioners purchased the property under appeal on April 2, 2010, for $136,900. Id. Mr. Stratton admitted that the property was only on the market for a short period of time. Id. However, Mr. Stratton testified that there was no relationship between the Petitioners and the seller of the property and, in fact, the property owner received other offers on the property in addition to the Petitioners’ offer. Id. Moreover, Mr. Stratton testified, the Petitioners’ property sold prior to the Petitioners’ purchase of the property for $120,000, on August 28, 2009. Stratton testimony; Petitioner Exhibit 5. The sale of a property is often the best evidence of the property’s market value-in-use. See Hubler Realty Co. v. Hendricks County Assessor, 938 N.E.2d 311, 315 (Ind. Tax Ct. 2010) (finding that the Board’s determination assigning greater weight to the property’s purchase price than its appraised value was proper and supported by the evidence)."
http://www.in.gov/ibtr/files/Stratton_09-008-10-1-5-00002.pdf
