Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=SB110%20SUB1.htm&yr=2013&sesstype=RS&i=110
Timestamp: 2018-02-25 23:25:23
Document Index: 159158285

Matched Legal Cases: ['§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11']

SB110 SUB1 Senate Bill 110 History
reported March 28, 2013.]
A Bill to amend and reenact §11-1C-9 of the Code of West Virginia, 1931, as amended; and to amend and reenact §11-3-1, §11-3-15c and §11-3-15d of said code, all relating to phasing in any assessment of property if there is an increase in the assessment after valuation for the property of more than twenty-five percent; clarifying that the limitation does not apply to natural resources property or to property upon which improvements have been made; and increasing the time to file a petition in response to notice of an increased assessment of certain real and personal property.
That §11-1C-9 of the Code of West Virginia, 1931, as amended, be amended and reenacted; and that §11-3-1, §11-3-15c and §11-3-15d of said code be amended and reenacted, all to read as follows:
(a) After completion of the initial valuation required under section seven of this article, each assessor shall maintain current values on the real and personal property within the county. In repeating three-year cycles, every parcel of real property shall be visited by a member of the assessor’s staff who has been trained pursuant to section six of this article to determine if any changes have occurred which would affect the valuation for the property. With this information and information such as sales ratio studies provided by the Tax Commissioner, the assessor shall make such adjustments as are necessary to maintain accurate, current valuations of all the real and personal property in the county and shall adjust the assessments accordingly. If any increase in valuation for the property results in more than a twenty-five percent increase in the assessment, the assessor shall phase in the assessment over a period of two years. This phase in of the assessment does not apply to natural resources property, as defined in section ten of this article, and does not apply when improvements made on the property resulted in the increased assessment.
(b) In any year the assessed value of a property or species of property be is less than or exceed exceeds sixty percent of current market value, the Tax Commissioner shall direct the assessor to make the necessary adjustments. If any increase in valuation for the property results in more than a twenty-five percent increase in the assessment, the assessor shall phase in the assessment over a period of two years. This phase in of the assessment does not apply to natural resources property, as defined in section ten of this article, and does not apply when improvements made on the property resulted in the increased assessment. If any assessor fails to comply with the provisions of this section, the Tax Commissioner may, at the county commission's expense, take reasonable steps to remedy the assessment deficiencies.
(a) All property, except public service businesses assessed pursuant to article six of this chapter, shall be assessed annually as of July 1 at sixty percent of its true and actual value, that is to say, at the price for which the property would sell if voluntarily offered for sale by the owner thereof, upon the terms as the property, the value of which is sought to be ascertained, is usually sold, and not the price which might be realized if the property were sold at a forced sale. If any increase in valuation for the property results in more than a twenty-five percent increase in the assessment, the assessor shall phase in the assessment over a period of two years. This phase in of the assessment does not apply to natural resources property, as defined in section ten of this article, and does not apply when improvements made on the property resulted in the increased assessment.
(b) The petition shall state the taxpayer’s opinion of the true and actual value of the property and substantial information that justifies that opinion of value for the assessor to consider for purposes of basing a change in classification or correction of the valuation. For purposes of this subsection, the taxpayer provides shall provide substantial information to justify the opinion of value by stating the method or methods of valuation on which the opinion is based:
(c) The petition may include more than one parcel of property if they are part of the same economic unit according to the Tax Commissioner’s guidelines or if they are owned by the same owner, have the same use, are appealed on the same basis and are located in the same tax district or in contiguous tax districts of the county, and are in a form prescribed by the Tax Commissioner.
(d) The petition shall be filed within five eight business days after the date the taxpayer receives the notice of increased assessment under section two-a of this article or the notice of increased value was published as a Class II-0 legal advertisement as provided in that section.
(a) The owner of business tangible personal property that is valued by the assessor or the person in whose possession it is found on the assessment date may appeal to the assessor within five eight business days after the date the notice of increased assessment required by section fifteen-b of this article was received by filing a petition with the assessor on a form prescribed by the Tax Commissioner. The petition shall set forth in writing:
(1) The taxpayer’s opinion of the value of the tangible personal property; and
(c) The notice of the assessor’s ruling provided under this section shall be given in the same manner as prescribed in section fifteen-h of this article.