Washington Administrative Code › Title 458 - Revenue, Department of › Chapter 458-53 - Property tax annual ratio study › Section 458-53-020 - Definitions

Current through Register Vol. 24-14, July 15, 2024
Unless the context clearly requires otherwise, the following
				definitions apply throughout this chapter:
(1) "Account" means a listing of personal
			 property as shown on the county assessment record.
(2) "Advisory value" means a valuation
			 determination by the department, made at the request of a county
			 assessor.
(3) "Appraisal" means the
			 determination of the market value of real property, or for real property
			 classified under
			 chapter
			 84.34 RCW, the
			 determination of the current use value.
(4) "Assessed value" means the value of real
			 or personal property determined by an assessor.
(5) "Audit" means the determination of the
			 market value of personal property.
(6) "Average assessed value" is the total
			 assessed value of a sample group of real or personal property divided by the
			 number of properties in the sample group.
(7) "Average personal property market value"
			 is the total value of a sample group as determined from personal property
			 audits divided by the number of audits in the sample group.
(8) "Average real property market value" is
			 the total sales price, less one percent, of a sample group of real property
			 divided by the number of properties in the sample group, or the total appraised
			 value of a sample group of real property divided by the number of appraisals in
			 the same group.
(9) "Department"
			 means the department of revenue.
(10) "Land Use Code" means the identification
			 of each real property parcel by numerical digits as representations of the
			 major use of the property. The Land Use Code is derived from the Standard Land
			 Use Coding Manual as prepared by the Federal Bureau of Public Roads and
			 includes use classifications specified by state law.
(11) "Market value" means the amount of money
			 a buyer of property willing but not obligated to buy would pay a seller of
			 property willing but not obligated to sell, taking into consideration all uses
			 to which the property is adapted and might in reason be applied. True and fair
			 value is the same as market value or fair market value.
(12) "Personal property" means all taxable
			 personal property required by law to be reported by a taxpayer.
(13) "Ratio" is the percentage relationship
			 of the assessed value of real or personal property to the market value of real
			 or personal property.
(14) "Ratio
			 study" is the department's annual comparison of the relationship between the
			 county assessed values of real and personal property with the market value of
			 that property as determined by the department's analysis of sales, appraisals,
			 and/or audits or the comparison of the relationship between the county assessed
			 values of real property classified under
			 chapter
			 84.34 RCW (current use)
			 with the current use value of that property as determined by the
			 department.
(15) "Real property"
			 means all parcels of taxable real property as shown on the county assessment
			 record.
(16) "Sales study" is the
			 comparison of the assessed value of real property with the selling price of the
			 same property.
(17) "Strata" refer
			 to classes of property grouped by assessed value and/or use
			 categories.
(18) "Stratification"
			 means the grouping of the real or personal property assessment records into
			 specific assessed value and/or use categories for ratio sampling and
			 calculation purposes.
(19)
			 "Stratum" refers to a grouping of property with a given range of assessed
			 values and/or having the same use category.
(20) "Valid sale(s)" means a sale of real
			 property that occurs between May 1st preceding January of the current
			 assessment year and April 30th of the current assessment year, and the transfer
			 document is a warranty deed or real estate contract, and the sale is not a type
			 listed in WAC
			 458-53-080(2).
Statutory Authority:
				  RCW
				  84.08.010,
				  84.08.070 and
				  84.48.075. 96-05-002, §
				  458-53-020, filed 2/8/96, effective 3/10/96. Statutory Authority:
				  RCW
				  84.48.075 and
				  84.08.010(2).
				  89-09-021 (Order PT 89-5), § 458-53-020, filed 4/12/89. Statutory
				  Authority:
				  RCW
				  84.48.075. 79-11-029 (Order PT 79-3), §
				  458-53-020, filed 10/11/79. Formerly WAC
				  458-52-020.