West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01F - Additional review And implementation Of property appraisals › Section 110-1F-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
As used in this rule and unless the context clearly requires
				  a different meaning, the following terms shall have the meanings ascribed
				  herein, and shall apply in the singular or in the plural.
2.1. Accretion. -- The term "Accretion" shall
				mean the gradual addition or imperceptible accumulation to the property which
				affects its market value. This includes, but is not limited to, the influence
				inflation has on the market value.
2.2. Addition. -- The term "Addition" shall
				mean something added to the property which affects its market value.
2.3. Alteration. -- The term "Alteration"
				shall mean and include any substitution, improvement, addition, replacement,
				destruction, removal, casualty, Act of God, waste, or any like occurrence, in
				or to the real or personal property that affects the market value of that
				property.
2.4. Appraisal or
				appraisement, the appraisal or the appraisement. -- The terms "The Appraisal"
				or "The Appraisement", "Appraisal" or "Appraisement" shall mean the
				appraisement of property which was made or performed following the adoption of
				and pursuant to the amendment to Article X, Section 1b of the Constitution of
				West Virginia adopted in the year 1982 and also pursuant to Article 1a of
				Chapter 11 of the Code, and any modifications and revisions made thereto prior
				to the effective date of Article 1B of Chapter 11 of the Code, subject however,
				to those exemptions subsequently granted by the amendments to Section 1a of
				said Article X of the Constitution adopted in the year 1984.
2.5. Assessed property, taxable property or
				property. -- The terms "Assessed Property", "Taxable Property" or "Property"
				shall mean and include all real estate and personal property or interests
				therein which were required to be appraised pursuant to Article X, Section 1b
				of the Constitution of West Virginia, as amended in the year 1982 (except as
				may be exempted from ad valorem taxation by the provisions of Article X,
				Section 1a of the Constitution of West Virginia as amended in the year 1984)
				and any statute or statutes subsequently enacted which would implement such
				amendment and, with respect to real property, any and all improvements or
				structures thereon or attached thereto.
2.6. Assessed value. -- The term "Assessed
				Value" shall mean the value of an item of property after the certification of
				the first statewide reappraisal and shall be sixty percent (60%) of the market
				value of such item or property regardless of its class or species, except as
				hereinafter specifically provided in this article.
2.7. Casualty. -- The term "Casualty" shall
				mean damage to or destruction of property due to a sudden, unexpected or
				unusual cause.
2.8. County
				modifier. -- The term "County Modifier" shall mean the multiplier(s) used for
				each county against the cost list in order to factor into the cost list values
				the differentials in construction costs which may exist and vary from county to
				county.
2.9. Destruction. -- The
				term "Destruction" shall mean the rendering of property useless for its
				intended purpose even though the property may not literally be destroyed or
				demolished.
2.10. Electronic data
				processing system network. -- The words "Electronic Data Processing System
				Network" and "Network" shall mean the statewide electronic data processing
				system network required by W. Va. Code '11-1A-21.
2.11. Good cause. -- The term "Good Cause"
				shall mean such sufficient cause or reason set forth by a protestor or
				intervenor as will allow the county commission, in its discretion, to
				preliminary determine that the petitioner has properly stated a claim alleging
				an incorrect valuation of property. When a petition to protest or intervene
				sets forth facts which, if proved, would entitle the petitioner to have a
				valuation changed, and the county commission thus has a reasonable ground for
				belief that a proper claim exists, then good cause has been
				established.
2.12. Improvement. --
				The term "Improvement" shall mean a valuable addition or amelioration to
				property, amounting to more than mere repair of replacement of deterioration,
				which enhances the value, beauty or utility of the property, or adapts it to a
				new or further purpose.
2.13.
				Intangible personal property. -- The words "Intangible Personal Property" and
				"Intangible Property" shall have the same meaning as that ascribed to them in
				Section 11.11 of these regulations. See Series IA, '11-11(f)(12)
				(1984).
2.14. Intervenor. -- The
				term "Intervenor" shall mean any taxpayer of ad valorem property tax in any
				West Virginia county who was not involved in the initial petition for a hearing
				before the county commission but requests permission to participate in the
				proceedings.
2.15. Natural
				resources. -- The words "Natural Resources" shall mean, and include coal, oil,
				gas, ore, limestone, fire clay or other minerals or mineral substances in or
				under the surface of the land, and the timber standing thereon. See W. Va. Code
				'11-4-9.
2.16. Personal property. -- The words
				"Personal Property" as used in this rule, shall include all fixtures attached
				to land (if not included in the valuation of such land entered in the proper
				land book); all things of value, moveable and tangible, which are the subjects
				of ownership; all chattels (real and personal); and all notes, bonds, and
				accounts receivable, stocks and other similar intangible property that are
				subject to ad valorem property taxes. See W. Va. Code '11-5-3.
2.17. Property. -- The term "Property" shall
				mean and include both real and personal property, tangible as well as
				intangible, unless the context in which the term is used clearly requires a
				less inclusive meaning.
2.18.
				Protestor. -- The term "Protestor" shall mean any taxpayer of ad valorem
				property tax in any West Virginia county who petitions the county commission to
				hold a hearing to hear challenges to the appraisal of property.
2.19. Real property. -- The word "Land" or
				"Lands" and the words "Real Estate" or "Real Property" are used interchangeably
				in these regulations. They shall mean and include lands, tenements and
				hereditaments, all rights thereto and interest therein except chattel interest.
				See W. Va. Code '2-2-10(p).
				"Real Property" includes natural resources lying on or under the surface of the
				land, and standing timber.
2.20.
				Removals. -- The term "Removal" shall mean the transfer of property from one
				(1) place to another.
2.21.
				Replacement. -- The term "Replacement" shall mean the exchange or substitute of
				one (1) item of property for another item of property of similar or like
				utility.
2.22. Substitution. -- The
				term "Substitution" shall mean the putting of one (1) item of property in place
				of another item of property.
2.23.
				Tax Commissioner. -- The term "Tax Commissioner" shall mean the State Tax
				Commissioner of West Virginia or his delegate and the mailing address for the
				Tax Commissioner's office is: P.O. Box 2389, Charleston, WV 25328.
2.24. Value, market value, and true and
				actual value. -- The terms "Value", "Market Value", and "True and Actual Value"
				shall have the same meaning and shall mean the price at or for which a
				particular parcel or species of property would sell if it were sold to a
				willing buyer by a willing seller in an arms length transaction without either
				the buyer or the seller being under any compulsion to buy or sell: Provided,
				That in determining value, primary consideration shall be given to the trends
				of price paid for like or similar property in the area or locality wherein such
				property is situate over a period of not less than three (3) nor more than
				eight (8) years next preceding the base year and in the case of a farm or farms
				shall be determined assuming such land is being used for farming purposes. In
				parcel of real property, or chattels, real or other species of property, real
				or personal, take into account one (1) or more of the following factors:
(1) The location of such property;
(2) Its site characteristics;
(3) The ease of alienation thereof,
				considering the state of its title, the number of owners thereof, and the
				extent to which the same may be the subject of either dominant or servient
				easement;
(4) The quantity of size
				of the property and the impact which its sale may have upon surrounding
				properties;
(5) If purchased within
				the previous eight (8) years, the purchase price thereof and the date of each
				such purchase;
(6) Recent sale of,
				or other transactions involving, comparable property within the next preceding
				eight (8) years;
(7) The value of
				such property to its owner;
(8) The
				condition of such property;
(9) The
				income, if any, which the property actually produces and has produced within
				the next preceding eight (8) years; and
(10) Any commonly accepted method of
				ascertaining the market value of any such property, including techniques and
				methods peculiar to any particular species of property if such techniques or
				method is used uniformly and applied to all property of like species.