West Virginia Code of State Rules › Agency 110 - Tax › Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT › Series 110-01C - Guidelines For Assessors To Assure Fair And Uniform NonUtility Personal Property Values › Section 110-1C-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. 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
				one thousand nine hundred eighty-two (1982) and also pursuant to Article 1a of
				this Chapter, and modifications and revisions made thereto prior to the
				effective date of this Article, subject however, to those exemptions
				subsequently granted by the amendments to Section 1a of said Article X of the
				Constitution adopted in the year one thousand nine hundred eighty-four
				(1984).
2.2. Assessed Property or
				Taxable Property. -- The terms "Assessed Property" or "Taxable 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 this State, as amended in the year one thousand nine hundred
				eighty-two (1982) (except as may be exempted from valorem taxation by the
				provisions of Article X, Section 1a of the Constitution of this State as
				amended in the year one thousand nine hundred eighty-four (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.
2.3.
				Assessed Value. -- The term "Assessed Value" shall mean any item of property is
				its assessed value after the certification of the first statewide reappraisal
				and shall be sixty percent (60%) of its appraised value of such item of
				property regardless of its class or species, except as hereinafter specifically
				provided in this Article.
2.4.
				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.
2.5. Intangible Personal Property. -- The
				words "Intangible Personal Property" and "Intangible Property" shall have the
				same meaning ascribed to them in Section 11.11 of these regulations. See Series
				IA, '11.11(f)(12), (1984).
2.6.
				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 subjects of ownership; all chattels (real and personal);
				and all notes, bonds, and accounts receivable, stock and other similar
				intangible property that are subject to ad valorem property taxes. See W. Va.
				Code '11-5-3.
2.7. 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.
2.8.
				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 challenges to the appraisal of property.
2.9. 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.
2.10.
				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 on the area or locality wherein such property is situated 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 purposes of appraisement of any tract or parcel of real property, or
				chattels, real or other species of property, real or personal, take into
				account that 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
				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 (8) years; and
(10) any commonly accepted method of
				ascertaining the market value of any such property, including technique or
				method is used uniformly and applied to all property of like species.