West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01E - Review of Appraisals by the County Commission Sitting as an Administrative Appraisal Review Board › Section 110-1E-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
As used in this section, unless the context clearly requires
				  a different meaning.
2.1. "Assessed
				Value" of any item of property is its assessed value after the certification of
				the first statewide reappraisal and shall be sixty percent (60%) of the market
				value of such item of property regardless of its class or species, except as
				hereinafter specifically provided in this section.
2.2. "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
				preliminarily 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.
2.3. "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 request permission to participate in the
				proceedings.
2.4. "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 other than property the taxes for which
				he is liable.
2.5. "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, West Virginia
				25328.
2.6. "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 addition, the commissioner may, for
				purposed of appraisement of any tract or 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, and the extent to which the same may be the subject of
				either dominant or servient easements;
(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
				transaction 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 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 technique or
				method is used uniformly and applied to all property of like species.