(1) The Realty Transfer Act serves two purposes. First, it is intended to identify all transfers of real property in order that the property tax record in each county may be updated in a timely and accurate manner, reflecting the names and addresses of the people to whom property taxes are to be assessed. Second, the Realty Transfer Act provides market information on the current selling price of real estate and improvements.

(2) It is not the intent of the Act to apply sales information obtained to each sold parcel. Instead, sales of similar properties are grouped so that the market indicator of value will reflect current trends, and sales that are uncharacteristically high or low will have an offsetting effect.