West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-04 - Valuation Of Percentage Of Completion Of Improvements And Infrastructure Development In A Recorded Plan Or Plat › Section 110-4-4 - Valuation of Remaining Lots

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				The assessor or Tax Commissioner shall value the remaining lots in a recorded
				plan or plat using the valuation procedures described in this Section. The
				assessor or Tax Commissioner shall determine the percentage of completion of
				improvements or infrastructure development that is in place as of the
				assessment date each year. The assessor or Tax Commissioner shall obtain data
				reflecting the most probable selling price of comparable lots as that term is
				defined in Section 2 of this rule. The most probable selling price of
				comparable lots shall then be multiplied by the percentage of completion of
				improvements and infrastructure development to yield the appraisal value of the
				remaining lots.
4.2. The raw land
				shall be valued at the same use as in the preceding year, unless the use has
				changed as of the assessment date. In the case of a sale of raw land, the
				assessor may use the purchase price of the raw land, if comparable to other
				similar raw land sales, for the valuation of the property. If the use, as of
				the assessment date, has changed to a use other than the use contemplated in
				the filed plan or plat or the designated proposed land use established by a
				county or municipal planning authority, the raw land shall be valued based upon
				it=s use as of the assessment date.
4.3. In the absence of the availability of
				data reflecting the selling price of comparable lots, the total expended costs
				or a percentage of expended costs associated with the development of the
				potential use as designated in the recorded plan or plat shall be added to the
				raw land value, yielding the value of the remaining lots.
4.4. The assessor shall annually review the
				percentage of completion of the improvements and infrastructure development.
				The property owner shall report on a supplement to the property tax return, the
				supplement being considered as part of the property tax return, the total
				estimated cost of improvements and the amount of the estimated costs expended
				and in-place as of the assessment date. The assessor shall determine, from
				information on the supplement to the property tax return and his or her
				physical review, the percentage of completion as of the assessment date. This
				percentage of completion shall be applied to the most probable selling price of
				comparable lots when available. The value obtained shall be the appraised value
				of the remaining lots. In the absence of the availability of data reflecting
				the most probable selling price of comparable lots, the percentage of
				completion as of the assessment date shall be applied to the total cost of the
				improvements and infrastructure development. The value obtained shall be added
				to the value assigned to the raw land and the sum obtained shall be the
				appraised value of the remaining lots.
4.5. When the assessor does not have the cost
				of improvements and infrastructure development, the assessor may use comparable
				recorded plans or plats with property of similar potential use as a guide. The
				assessor shall determine the percentage of completion in the same manner as if
				costs were known.
4.6. The assessor
				shall in no instance value the remaining unsold lots as managed timberland. The
				classification of recorded lots shall not change from Class III or Class IV to
				Class II until a developed lot or parcel is used and occupied by the owner
				thereof exclusively for residential purposes.