reglab/statecodes huggingface dataset:
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01I - Valuation Of Active And Reserve Coal Property For Ad Valorem Property Tax Purposes › Appendix A

Current through Register Vol. XLI, No. 28, July 12, 2024
Formula 1
Annual Acres Mined = Annual Production / Ave. Thickness X
				  1800 X Clean coal recovery rate
Formula 2
1800 tons/ac.ft.= (62.4
				  lbs.water/ft3)x(1.32 lbs.coal/1 lb.water)x(43,560
				  ft2/acre)x(1Thk) / 2000 lbs./ton
WHERE: Thk = 1 foot thickness
Formula 3
$/ac =
				  [(Thk)x(1800)x(RR)x(SRoy)x(SCM)x(M)]+[(Thk)x(1800)x(RR)x(MRoy)x( MCM)x(M)] /
				  ML
Where: $/ac = appraisal rate per acre
Thk = coal thickness in feet
1800= 1800 tons per acre foot
RR = clean coal recovery rate
SRoy = steam coal royalty rate
SCM = decimal representing percent of coal sold to steam
				  market
M = net present value multiplier
Thk = coal thickness in feet
MRoy = Metallurgical coal royalty rate
MCM = decimal representing percent coal sold to metallurgical
				  market
ML = mine life in years
Formula 4
VAMP = (AAM) X (ML) X ($/ac)
Where: VAMP = value of active mining portion
AAM = annual acres mined
ML = mine life in years
$/ac = value per active acre
Formula 5
tons = (Thk) X (ac.) X (1800) X (RR)
Where: tons = Reserve Property Coal Quantity
Thk = Thickness in feet of a coal bed ac. = areal extent of
				  coal bed
1800 = 1800 tons per acre foot
RR = clean coal recovery rate
Formula 6
$/ac/bed=($/mmBTU)X(Roy)X[1"( BTU+
				  S)]X[(1/(1+I)(t+0.5))x(1/106)]X(BTU)X(2000)X
(1800)X(RR)X(Thk)
Where: $/ac/bed = present value per acre of an individual
				  coal bed on property
$/mmBTU = coal price (FOB-source) per million BTU
Roy = average royalty rate
[1 " ( BTU + S)] = BTU and sulfur adjustment factor
1/(1 + I)(t+0.5) = standard
				  mid-year present worth factor
(1/106) = 1 divided by
				  1,000,000
BTU = BTU content of one pound of dry coal by coal bed by
				  location
2000 = two thousand lbs. per ton
1800 = 1800 tons per acre foot
RR = clean coal recovery rate
Thk = coal bed thickness in feet
Formula 7
Aggregate value=(Ave.Coal price)X(Ave.Royalty
				  rate)X(Annual production)
/ Capitalization rate
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1.
Scope
. -- This rule provides the mass appraisal methodology
				the State Tax Commissioner shall use to determine the appraised value of
				producing and reserve oil and natural gas properties for ad valorem tax
				purposes.
1.2.
Authority
. -- W. Va. Code §§
									11-1C-5(b),
				11-1C-5a, and
				11-1C-10(d).
1.3.
Filing date
. -- April
				24, 2023.
1.4.
Effective
				date
. -- April 24, 2023.
1.5.
Sunset Provision
. --
				This rule shall terminate and have no further force or effect on August 1,
				2028.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-2 - Introduction

Current through Register Vol. XLI, No. 28, July 12, 2024
Estates in oil, natural gas liquids, or natural gas, or any
				  combination of the three, are among the several estates in real property that
				  may be owned either separately or in conjunction with other estates. If oil,
				  natural gas liquids, or natural gas is owned as a separate estate, either
				  absolute, as a leasehold, or in conjunction with other estates, West Virginia
				  property tax law requires that ownership be listed, valued, and taxed in
				  proportion to its value to be ascertained as directed by law. If oil, natural
				  gas liquids, or natural gas is owned in conjunction with an undivided or fee
				  interest in an estate, the value of the oil or natural gas shall be included in
				  the value of that estate. Oil, natural gas liquids, or natural gas may be owned
				  without being produced. Oil, natural gas liquids, or natural gas title may
				  exist where no oil, natural gas liquids, or natural gas is known to be present,
				  or where the oil, natural gas liquids, or natural gas is unproducible or
				  depleted.
2.1. Categories for valuing
				oil, natural gas liquids, or natural gas properties. -- Parcels of property
				bearing or having the potential to bear oil, natural gas liquids, or natural
				gas or having the oil, natural gas liquids, or natural gas mineral interests
				separated from the fee of the property shall be categorized as:
2.1.1. producing property (to include home
				use, farm use, and industrial use on-property consumption);
2.1.2. non-producing property;
2.1.3. barren property; or
2.1.4. plugged and/or abandoned
				property.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-4 - Methods of Valuation

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				General. -- The value of oil producing property or natural gas producing
				property, or property producing both, shall be determined through the process
				of applying a yield capitalization model to the net receipts (gross receipts
				less royalties paid and less actual annual operating costs) for the working
				interest and a yield capitalization model applied to the gross royalty payments
				for the royalty interest. Where ownership is split through a lease or royalty
				arrangement, different values shall be determined for the working interest and
				the royalty interest. If the well produced for less than twelve (12) months
				during the first calendar year of production, or during the first calendar year
				of production after being shut-in during the previous calendar year, the gross
				receipts and royalties paid shall be annualized prior to the process of
				applying a yield capitalization rate. Each term in this valuation is discussed
				below.
4.2. Method for valuing oil
				producing property. -- Except as otherwise provided in this section, the
				appraised value of a producing oil well, including personal property at the
				well necessary to recover the oil, shall be determined as follows:
4.2.1. For producing oil wells, the appraised
				value shall be determined as in section heading 5 of this rule.
4.2.2. Safe harbor. - The Tax Commissioner
				may annually determine a safe harbor amount for operating costs for marginal
				wells to be published in the State Register. For those operators choosing to
				use the safe harbor amount rather than calculate their actual annual operating
				costs, that safe harbor amount will be considered the costs associated with the
				production of the oil, typical of the producing area and strata.
4.2.3. For the purposes of valuing oil wells,
				the appraised value is to include the net proceeds from the sale of oil and the
				net proceeds from the disposition of any condensate recovered after the decline
				rate and capitalization rate has been applied to each product.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-5 - Yield Capitalization Model

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1 Yield capitalization model. -- A yield
				capitalization model shall be developed for each producing property. The model
				shall use as a beginning point and include for each producing well, the gross
				receipts (both working interest and royalty interest) based upon the total
				production amounts from the most recent production year preceding the July 1
				assessment date. This total gross proceeds amount will be apportioned to the
				working interest model and royalty interest model.
5.2. The total amount determined under
				section 5.1 shall be apportioned to the working interest and to the royalty
				interest:
5.2.1. Working interest model. --
				In order to determine the working interest gross receipts income series, the
				total gross receipts referenced in section 5.1 of this section heading shall be
				reduced by the actual annual operating expenses as set forth in this rule to
				yield a net working interest income series. The net working interest income
				series shall be discounted by applying, on an annual basis, a decline rate and
				a mid-year life Inwood factor reflecting the capitalization rate referenced in
				section 5.4 of this section heading. The total of the annual discounted income
				stream shall be the market value estimate for the working interest of the
				producing oil or natural gas wells, including personal property. The minimum
				appraised value for any producing well will not be less than the machinery and
				equipment value. This minimum rate will not apply to home-use only wells or
				farm-use wells.
5.2.2. Royalty
				interest model. - In order to determine the royalty interest gross receipts
				income series, the total gross receipts referenced in section 5.1 of this
				section heading shall be discounted by applying, on an annual basis, a decline
				rate and a mid-year life Inwood factor reflecting the capitalization rate
				referenced in section 5.4 of this section heading. This amount will then be
				proportionally distributed to each royalty owner based on the royalty
				percentage received during the most recent calendar year to the July 1
				assessment date. The summation of the annual discounted income streams shall be
				the market value estimate for the royalty interest of the producing oil or
				natural gas well for an area of up to one hundred twenty-five (125) acres per
				producing natural gas wells and up to forty (40) acres per producing oil
				wells.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-6 - Gross proceeds

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1.
				Gross proceeds shall be determined at the point of ultimate sale of the well
				output, or any part thereof, by the producer of that product. The transaction
				price and volumes used to determine the gross proceeds must be in connection
				with a bona fide arm's-length sale.
6.1.1.
				Where the lessee's contract for the sale of natural gas prior to processing
				provides for the sales price to be determined based upon a percentage of the
				purchaser's gross proceeds resulting from sales after processing the gas, the
				gross proceeds, for purposes of this section, shall never be less than a value
				equivalent to 100 percent of the sales price of the residue gas attributable to
				the processing of the lessee's raw gas plus the gross proceeds from sales of
				the natural gas liquids.
6.1.2. For
				purposes of this section, well output which is sold or otherwise transferred to
				the lessee's marketing affiliate and then sold by the marketing affiliate shall
				be valued based upon the gross proceeds derived from the sale by the marketing
				affiliate.
6.1.3. In transactions
				involving related parties, the gross value will be determined the same as in
				the Severance Tax under W.Va. Code §
										11-13A-2(c)(6)(B).
6.1.4. If a purchaser, or any other person,
				is providing certain services, the cost of which ordinarily is the
				responsibility of the lessee to place the residue gas or gas plant products in
				marketable condition or to market the residue gas and gas plant products, then
				those costs are included in the gross proceeds.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-7 - Actual Annual Operating Costs

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1.
				For the working interest, the Tax Commissioner shall allow a deduction against
				the gross proceeds determined under this rule for the actual annual operating
				costs. Actual annual operating costs are those costs or fees incurred by the
				producer from the well to the point of sale. The annual actual operating costs
				shall be the actual costs incurred by the producer, under that contract, except
				as provided in subsection 7.2.2. of this section, subject to monitoring,
				review, and audit by the Tax Commissioner.
7.2. Transportation costs must be allocated
				among all products produced and transported.
7.2.1. The deduction for transportation costs
				shall be determined on the basis of the lessee's cost of transporting each
				product through each individual transportation system. Where more than one
				product in a gaseous phase is transported, the allocation of costs to each of
				the products transported shall be made in a consistent and equitable manner in
				the same proportion as the ratio of the volume of each product (excluding waste
				products which have no value) to the volume of all products in the gaseous
				phase (excluding waste products which have no value).
7.2.2. Processing costs must be allocated
				among the gas plant products. A separate processing allowance must be
				determined for each gas plant product and processing plant relationship.
				Natural gas liquids shall be considered as one product for the purposes of
				allocation.
7.2.3. The costs of
				processing the NGLs after the residue gas has been removed cannot be applied
				against the value of the residue gas.
7.2.4. The lessee shall propose a cost
				allocation procedure to the Tax Commissioner. The lessee shall submit all
				relevant data to support its proposal. The Tax Commissioner shall then
				determine the transportation allowance based upon the lessee's proposal and any
				additional information the Tax Commissioner deems necessary.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-8 - Default method of valuation

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1.
				When the producer does not file a complete return for a well on or before the
				August 1 due date of the return, as required by §
									11-6K-1 of the West Virginia Code,
				and section heading 9 of this rule, the Tax Commissioner shall use the average
				industry price of the producing area and strata, multiplied by the amount of
				production from the well reported to the West Virginia Department of
				Environmental Protection, to estimate the value of the well.
8.2. When the producer does not report the
				production of a well to the West Virginia Department of Environmental
				Protection, the Tax Commissioner shall estimate the appraised value of the well
				from information available to the Tax Commissioner.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-9 - Annual property returns

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1. On
				or before August 1 of each year, as required by §
									11-6K-1 of this Code, the producer
				shall file the West Virginia Oil and Gas Producer/Operator Return with the
				State Tax Commissioner, with acknowledgement to the county assessors in the
				counties where the oil and natural gas property is located. This Return form
				shall be designed by the State Tax Commissioner so that information pertinent
				to the valuation of the producing property, and the plugged and abandoned well
				property shall be reported properly by the producer of oil or gas or both.
9.1.1. Producers shall annually report on a
				form prescribed by the Tax Commissioner the following information, by well:
9.1.1.a. The identity of the well;
9.1.1.b. The number of MCFs of gas
				produced;
9.1.1.c. The number of
				barrels of oil produced;
9.1.1.d.
				The MCFs of NGLs, including breakdown of type;
9.1.1.e. The amount of gross revenue
				received;
9.1.1.f. The amount of
				net revenue received; and
9.1.1.g.
				The amount of royalties paid.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-10 - Annual reports of variables

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1.
				The Tax Commissioner shall, on or before July 1 of each year, publish and file
				in the State Register an annual summary of the variables to be considered in
				arriving at the value of the specific oil or natural gas related property.
				Public comments shall be accepted until August 1 of each year with the final
				results filed in the State Register on or before September 1 of each
				year.
10.2. The published variables
				shall include, but not be limited to, information about the components of the
				capitalization rates and the safe harbor rates.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01J - Valuation of Producing and Reserve Oil, Natural Gas Liquids, and Natural Gas for Ad Valorem Property Tax Purposes › Section 110-1J-11 - Confidentiality

Current through Register Vol. XLI, No. 28, July 12, 2024
11.1. All
				information provided by or on behalf of a natural resources property owner or
				by or on behalf of an owner of an interest in natural resources property to any
				state or county representative for use in the valuation or assessment of
				natural resources property or for use in the development or maintenance of a
				legislatively funded mineral mapping or geologic information system is
				confidential under §
									11-1A-23 and §
									11-1C-14 of this code. The
				information provided is exempt from disclosure under the provisions of §
									29B-1-4 of this code, and shall
				be kept, held, and maintained confidential except to the extent the information
				is needed by the Tax Commissioner to defend an appraisal challenged by the
				owner or lessee of the natural resources property subject to the appraisal:
				Provided, That this section may not be construed to prohibit publication or
				release of information generated as part of the minerals mapping or geologic
				information system, whether in the form of aggregated statistics, maps,
				articles, reports, professional talks, or otherwise presented in accordance
				with generally accepted practices and in a manner so as to preclude the
				identification or determination of information about particular property
				owners.
11.2. Confidentiality of
				annual industry operating costs information.
11.2.1. Financial information and other data
				of oil and natural gas producers disclosed to the Tax Commissioner pursuant to
				reporting annual actual operating costs shall be considered confidential and
				exempt from disclosure under the provisions of §
										29B-1-1
et seq
.,
				of this code.
11.2.2. Any
				information disclosed to the Tax Commissioner pursuant to this rule shall have
				the confidentiality protections given to property tax return information under
				§
										11-1A-23 and §
										11-1C-14 of this code.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01K - Valuation Of Natural Resources other Than Coal, Oil Or Natural Gas For Ad Valorem Property Tax Purposes › Section 110-1K-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule provides the methodology the Tax Commissioner shall use to determine the
				appraised value of natural resources properties other than coal, oil or natural
				gas for ad valorem property tax purposes.
1.2. Authority. -- W. Va. Code ''11-1C-5(a)
				and (d), 11-1C-5a and 11-1C-10(d).
1.3. Filing Date. -- April 6, 1999.
1.4. Effective Date. -- May 1, 1999. This
				rule applies to tax years beginning on or after January 1, 2000.
1.5. Repeal of former rule. -- This
				legislative rule repeals and replaces WV 110 C.S.R. 1K, Valuation of Natural
				Resources Property Other Than Coal, Oil or Natural Gas for Ad Valorem Property
				Tax Purposes, filed July 26, 1991 and effective July 26, 1991.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01K - Valuation Of Natural Resources other Than Coal, Oil Or Natural Gas For Ad Valorem Property Tax Purposes › Section 110-1K-2 - Introduction

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. Natural
				resources, such as limestone, fireclay, dolomite, sandstone, shale, sand and
				gravel, and salt are some of the several estates in real property. These
				estates may be owned either as a separate estate, or in conjunction with other
				estates, usually as fee ownership or as mineral ownership. If other natural
				resources are owned as a separate estate, either absolute or as a leasehold,
				West Virginia property tax law requires the ownership to be listed, valued and
				taxed.
2.2. Other West Virginia
				natural resources, such as lead, zinc, manganese, iron ore, radioactive
				minerals, and oil shale, which at present are not being actively mined, shall
				be valued in accordance with this rule when those estates are separate from the
				fee interest, or are being leased and/or actively mined.
2.3. The natural resources set forth in
				subsections 2.1 and 2.2 of this Section may be owned without being mined.
				Specific title to those natural resources may exist where the resource is not
				present (barren), or where the natural resource is unmineable, or mined
				out.
2.4. For valuation purposes,
				this rule classifies other natural resource property into the following
				categories:
2.4.1. Active
2.4.2. Reserves
2.4.3. Unmineable
2.4.4. Mined-Out
2.4.5. Barren
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01K - Valuation Of Natural Resources other Than Coal, Oil Or Natural Gas For Ad Valorem Property Tax Purposes › Section 110-1K-5 - Severability

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. If any
				provision of this rule or the application of this rule to any person or
				circumstances is for any reason held to be invalid, the remainder of the rule
				and the application of the provisions to other persons or circumstances shall
				not be affected by the holding.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01K - Valuation Of Natural Resources other Than Coal, Oil Or Natural Gas For Ad Valorem Property Tax Purposes › Appendix A

Current through Register Vol. XLI, No. 28, July 12, 2024
Formula 1
Annual acres mined = Average Annual Production /
				  (Thk)x(___tons/ac. ft.)x(RR)
Formula 2
Tons/ac.ft. = (62.4
				  lbs.water/ft3)x(__lbs.resource/1 lb.water)x(43,560
				  ft2/acre)x(1ft thickness) / 2000 lbs./ton
Formula 3
$/ac = (Thk)x(___tons/ac. ft)x(RR)x(Roy)x(M) /
				  ML
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01M - Valuation Of Public Utility Property For Ad Valorem Property Tax Purposes › Section 110-1M-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule clarifies and implements State law as it relates to the appraisal, at
				market value, of property subject to taxation as public utilities; and general
				rules for distinguishing between operating and non-operating public utility
				property for ad valorem taxation purposes.
1.2. Authority. -- W. Va. Code '11-1C-5(b).
1.3. Filing Date. -- April 30, 2001
1.4. Effective Date. -- May 1,
				2001.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01M - Valuation Of Public Utility Property For Ad Valorem Property Tax Purposes › Section 110-1M-3 - Situs

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Generally,
				when the cost approach is used, operating properties physically located in West
				Virginia shall be considered for tax purposes; however,
3.1.1. When the income approach is used, the
				unit of value shall be allocated to the state of West Virginia using operating
				plant data after which;
3.1.2.
				Apportionment of physical plant tax revenues, considering the location in the
				various taxing districts, shall be made by the West Virginia State Auditor's
				Office.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01M - Valuation Of Public Utility Property For Ad Valorem Property Tax Purposes › Section 110-1M-4 - Valuation of Operating Public Utility Property (excluding interstate commercial motor vehicle property)

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. Unit method. -- The Tax Commissioner
				provides tentative assessments based on fair market value of operating property
				of public service corporations to be used as a guide by the Board of Public
				Works in establishing final assessed values for property tax purposes. In this
				regard the Tax Commissioner shall use the "Unit Rule" where applicable in
				furnishing tentative valuation estimates for the Board's
				consideration.
4.2. Generally
				accepted appraisal methods. -- In determining tentative assessments the Tax
				Commissioner shall consider, and use where applicable, three (3) generally
				accepted approaches to value:
(A) cost,
(B) income, and
(C) market data. Application of these
				approaches shall recognize the impact of regulation on the value of utility
				operating property where applicable.
4.2.1. Cost approach. B Recognizing that
				public service corporations are predominantly cost regulated, when the cost
				approach is used in the valuation process, original cost less applicable
				depreciation shall be employed. In applying the cost approach, the Tax
				Commissioner shall consider three (3) types of depreciation (a) physical
				deterioration, (b) functional obsolescence, and (c) economic
				obsolescence.
4.2.2. Income
				approach. -- In developing income approach valuations, the Tax Commissioner
				shall estimate capitalization rates considering the interrelationships of the
				income to be capitalized and the capitalization rate. In this regard, net
				operating income after taxes, but before interest on long-term debt shall be
				given primary consideration as the point on the income stream to be
				capitalized. The bands of investment technique shall be employed in estimating
				appropriate capitalization rates.
4.2.3. Market data approach. -- Recognizing
				that a sufficient number of sales of public service corporations do not occur
				to enable application of the market data technique, the Tax Commissioner shall
				consider the substitute stock and debt technique. The stock and debt technique
				shall be used in instances where a utility class possesses actively traded
				stocks and bonds that enable reasonable valuation estimates to be
				made.
4.2.4. Correlations. -- Once
				generated, the various estimates of value shall be correlated into a final
				value estimate. The income approach value shall generally be given primary
				consideration in the correlation process.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01M - Valuation Of Public Utility Property For Ad Valorem Property Tax Purposes › Section 110-1M-5 - Valuation of Interstate Commercial Motor Vehicles

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. Classification of interstate motor
				carrier operating property. -- Operating property shall include each power unit
				used as a interstate commercial motor vehicle registered under a proportional
				registration agreement.
5.2.
				Appraisal method. B A cost approach shall be used to determine the appraised
				value of an interstate commercial motor vehicle. The gross capital cost of the
				interstate commercial motor vehicle shall be multiplied by a percentage factor
				representing the remainder of the vehicle=s value after depreciation.
5.2.1. The Tax Commissioner shall annually
				provide the depreciation schedule for power units to the West Virginia
				Commissioner of Motor Vehicles for use in assessing power units subject to
				proportional registration agreements. The property assessment and tax
				collection upon interstate power units will occur at the time of registration
				through the International Registration Plan.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01M - Valuation Of Public Utility Property For Ad Valorem Property Tax Purposes › Section 110-1M-6 - Taxpayer Returns For All Public Utility Property Except Commercial Motor Vehicles

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. The
				Tax Commissioner shall print taxpayer return forms. The forms shall be
				distributed to taxpayers for completion and return.
6.2. To assure equality and uniformity in
				administration, no assessor or taxpayer shall substitute or supplement any
				other form for the Tax Commissioner's prescribed returns, without the prior
				approval of the Tax Commissioner. All approvals granted by the Tax Commissioner
				prior to the effective date of this rule are withdrawn.
6.3. All taxpayers shall prepare one (1) copy
				of the appropriate property tax return and file it with the Tax
				Commissioner.
6.4. Public utility
				property tax returns shall be filed no later than May 1st of each
				year.
6.5. The Tax Commissioner,
				for good cause shown, may grant an extension of filing deadlines.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01N - Valuation Of vehicles, watercraft, And aircraft For ad valorem property tax purposes › Section 110-1N-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. --
				These regulations clarify and implement state law as it relates to the
				appraisal at market value of vehicles, watercraft and aircraft for ad valorem
				property tax purposes. Because these regulations provide context modifications
				of relevant parts of 110 C.S.R. 1 and such regulations with context
				modifications were adopted by the Tax Commissioner, W. Va. Code '11-1C-5(b)
				eliminates the requirement that this filing be subject to the procedure
				requirements of W. Va. Code '29A-3-1
				et seq.
1.2. Authority. -- W. Va.
				Code '11-1C-1 et
				seq.
1.3. Filing Date. -- July 26,
				1991.
1.4. Effective Date. -- July
				26, 1991.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01N - Valuation Of vehicles, watercraft, And aircraft For ad valorem property tax purposes › Section 110-1N-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
As used in these regulations and unless the context clearly
				  requires a different meaning, the following terms shall have the meaning
				  ascribed herein, and shall apply in the singular or in the plural.
2.1. Vehicles. -- The term "Vehicle" shall
				include, but is not limited to, automobiles, trucks, truck tractors, trailers,
				motor homes, campers, motorcycles, motorbikes and mopeds.
2.2. Assessment day. -- The term "Assessment
				Day" means the first (1st) day of July of each assessment year for ad valorem
				property tax purposes.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01N - Valuation Of vehicles, watercraft, And aircraft For ad valorem property tax purposes › Section 110-1N-3 - Valuation of Automobiles

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. The
				several county assessors shall appraise motor vehicles as follows: The State
				Tax Commissioner shall annually compile a schedule of automobile values based
				upon the lowest values shown in a nationally accepted used car guide, which
				said schedule shall be furnished to each assessor and shall be used by the
				several county assessors to determine the assessed value for all motor vehicles
				in an amount equal to sixty percent of said lowest values.
3.2. The Tax Commissioner may use a
				separately published schedule, copies of subject guides furnished to assessors,
				a data file on the statewide property tax computer network, or a combination of
				any of these methods to accomplish this purpose.
3.3. Older vehicle models in this
				classification which are excluded from the schedule of the Tax Commissioner
				because of their age, shall have their last appraised value depreciated by ten
				percent (10%) per year until the value reaches two hundred dollars ($200).
				Thereafter, the appraised value will remain constant for so long as the vehicle
				is owned by the taxpayer.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01N - Valuation Of vehicles, watercraft, And aircraft For ad valorem property tax purposes › Section 110-1N-4 - Valuation of Trucks, Recreational Vehicles, Motorcycles, Mopeds and Other Vehicles

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. The
				local assessor shall use a current appraisal guide published by a recognized
				authority, directed by the Tax Commissioner for the month of July of the
				current assessment year to ascertain the appraised value of such vehicles,
				based on the lowest values in subject guide.
4.2. Older vehicle models in this
				classification which are excluded from recognized appraisal guides because of
				their age, shall have their last appraised value depreciated by ten percent
				(10%) per year until the value reaches two hundred dollars ($200). Thereafter,
				the appraised value will remain constant for so long as the vehicle is owned by
				the taxpayer.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01N - Valuation Of vehicles, watercraft, And aircraft For ad valorem property tax purposes › Section 110-1N-5 - Valuation of Watercraft

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. The
				Tax Commissioner shall direct the purchase of nationally recognized
				comprehensive price listing service for watercraft such as power boats, bass
				boats, canoes, row boats, pontoon boats, cabin cruisers, etc., as the basis of
				appraised values. The Tax Commissioner shall supply this listing to each county
				assessor for use in determining the appraised value of watercraft.
5.2. Older watercraft models which are
				excluded from recognized appraisal guides because of their age, shall have
				their last appraised value depreciated by ten percent (10%) per year until the
				value reaches two hundred dollars ($200). Thereafter, the appraised value will
				remain constant for so long as the vehicle is owned by the taxpayer.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01N - Valuation Of vehicles, watercraft, And aircraft For ad valorem property tax purposes › Section 110-1N-6 - Valuation of Airplanes

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. The
				Tax Commissioner shall annually, in writing, direct county assessors to use an
				aircraft appraisal guide published by a nationally recognized authority, which
				guide shall be purchased by each assessor who has aircraft located in his
				county.
6.2. The local assessors
				shall determine the appraised value of special radio equipment and radar and
				other avionic equipment purchased and installed in the aircraft. The total
				appraised value of the aircraft shall be determined based on the retail value
				of both the aircraft and its navigational equipment.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01N - Valuation Of vehicles, watercraft, And aircraft For ad valorem property tax purposes › Section 110-1N-7 - Taxpayer Return

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. The
				Tax Commissioner shall print taxpayer return forms. Such forms shall be
				furnished to each assessor who will distribute said forms to taxpayers for
				completion and return.
7.2. To
				assure equality and uniformity in administration, no assessor or taxpayer shall
				substitute or supplement any other form for the Tax Commissioner's prescribed
				returns, without the prior approval of the Tax Commissioner. All such approvals
				granted by the Tax Commissioner prior to the effective date of this rule are
				hereby continued.
7.3. All
				taxpayers shall prepare one (1) copy of appropriate property tax returns and
				file it with the assessor of the county wherein the real property lies, or
				where the taxpayer lives when reporting personal property.
7.4. All other property appraisal returns
				required by this rule shall be filed no later than October 1st of each
				year.
7.5. The assessor, for good
				cause shown, may grant an extension of filing deadlines.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01P - Valuation of Commercial and Industrial Real and Personal Property for Ad Valorem Property Tax Purposes › Section 110-1P-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. --
				These regulations clarify and implement State law as it relates to the
				appraisal at market value of commercial and industrial real and personal
				property under W.Va. Code § 11-10C-10.
1.2. Authority. -- W. Va. Code §
									11-1C-5(b).
1.3. Filing date. -- May 21, 2013
1.4. Effective date. -- July 1,2013
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01P - Valuation of Commercial and Industrial Real and Personal Property for Ad Valorem Property Tax Purposes › Section 110-1P-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
For purposes of this rule, the following terms have the
				  meanings ascribed in this section, unless the context in which they are used
				  requires a different meaning.
2.1.
				"Active industrial or commercial land" means that portion of land used for
				industrial and commercial purposes.
2.2. "Capitalization rate" means a rate used
				to convert an estimate of future income to an estimate of present market
				value.
2.3. "Commercial property"
				means income producing real property used primarily, but not exclusively, for
				the sale of goods or services, including but not limited to offices,
				warehouses, retail stores, apartment buildings, restaurants and
				motels.
2.4. "Cost approach" means
				the appraisal process in which replacement cost of improvements, less all types
				of depreciation, is added to a land value in determining an estimate of the
				fair market value for improved real property.
2.5. "Economic obsolescence" means a loss in
				value of property arising from outside forces such as changes in use,
				legislation that restricts or impairs property rights, or changes in supply and
				demand relationships.
2.6.
				"Economic rent" means the rental amount which a space or property would attain
				in the open market at the time of appraisal, whether it is lower, higher or the
				same as the actual contract rent.
2.7. "Fair market value" means the highest
				price in terms of money that a property will bring in a competitive and open
				market, assuming that the buyer and seller are acting prudently and
				knowledgeably, allowing sufficient time for the sale and assuming that the
				price is not affected by undue stimulations.
2.8. "Functional obsolescence." - The loss of
				value due to factors such as excess capacity, changes in technology, flow of
				material, seasonal use, part-time use or other like factors. Functional
				obsolescence includes loss of value due to the inability of an item to perform
				adequately the function for which the item was designed.
2.9. "Freehold estate" means an estate in
				land or other real property, of uncertain duration; that is, either of
				Inheritance or which may possibly last for the life of a tenant at the least,
				possessing two (2) characteristics:
(1)
				immobility and
(2) indeterminate
				duration (no fixed termination of the interest).
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01P - Valuation of Commercial and Industrial Real and Personal Property for Ad Valorem Property Tax Purposes › Section 110-1P-3 - Appraisal of Valuation of Commercial and Industrial Real Property

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Introduction.
				-- This rule describes the method for determining the appraised value (market
				value) of commercial and industrial real property other than natural resources
				real property, land used for farming purposes and operating public utility
				property.
3.1.1. The market value of
				commercial and industrial real property is the price at or for which the
				property would sell if it was 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. In determining appraised value, primary
				consideration shall be given to the trends of price paid for like or similar
				property in the area or locality in which the property is situated.
				Additionally, for purposes of appraisal of any tract or parcel of real property
				used for commercial or industrial purposes, including chattels real, the
				appraisal shall consider the following factors:
3.1.1.1. The location of the
				property;
3.1.1.2. Its site
				characteristics;
3.1.1.3. The ease
				of alienation, considering the state of its title, the number of owners, and
				the extent to which the property may be the subject of either dominant or
				servient easements;
3.1.1.4. The
				quantity of size of the property and the impact which its sale may have upon
				surrounding properties;
3.1.1.5. If
				purchased within the previous eight years, its purchase price and the date of
				each purchase;
3.1.1.6. The recent
				sale of, or other transactions involving, comparable property;
3.1.1.7. The value of the property to its
				owner;
3.1.1.8. The condition of
				the property;
3.1.1.9. The income,
				if any, which the property actually produces and has produced within the
				preceding three (3) years; and
3.1.1.10. Any commonly accepted method of
				ascertaining the market value of the property, including techniques and methods
				peculiar to any particular species of property if the technique or method is
				used uniformly and applied to all property of like species.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01Q - Appointment of Special Assessors by State Tax Commissioner › Section 110-1Q-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. - This
				legislative rule provides for the appointment of special assessors at the
				county's expense when a county assessor is failing, neglecting or refusing to
				assess all property at sixty-percent of its true and actual value, under
				authority of W. Va. Code §
									11-3-1 and
				18-9A-11.
1.2. Authority. - WV Code §
									29A-3-1.
1.3. Filing Date. - 04-13-2015.
1.4. Effective Date. - May 15,
				2015.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01Q - Appointment of Special Assessors by State Tax Commissioner › Section 110-1Q-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
Any terms used in this rule have the meanings ascribed to
				  them in the West Virginia Code.
West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01Q - Appointment of Special Assessors by State Tax Commissioner › Section 110-1Q-3 - Notice to Assessor of noncompliance

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. For each tax year beginning on or after
				the assessment date of July 1, 2013, if at any time it is ascertained by the
				Tax Commissioner that an assessor is failing, neglecting, or refusing to list
				and assess all property in his or her county at sixty percent of its true and
				actual value, the Tax Commissioner shall notify, on or before the first day of
				the following tax year, the assessor and the county commission for the county
				from which the assessor is elected of that failure in writing, and instruct the
				assessor to make all necessary corrections.
3.2. If the assessor has failed to make
				corrections for the following tax year, the Tax Commissioner shall appoint
				special assessors, in accordance with this rule, unless the assessor can show
				that substantial progress is being made to meet the criteria for compliance set
				forth in W. Va. Code §
									11-3-1(d).
3.3. If the Tax Commissioner has determined
				that assessor has not complied, or has failed, neglected or refused to list and
				assess property at sixty percent of its true and actual value for three
				consecutive years, the Tax Commissioner shall appoint special assessors, as
				needed, for the purpose of making assessment and correcting the values of
				property in the county.