Washington Administrative Code
Title 458 - Revenue, Department of
Chapter 458-30 - Open Space Taxation Act rules
Section 458-30-267 - Valuation procedures for open space and timber land
Universal Citation: WA Admin Code 458-30-267
Current through Register Vol. 24-06, March 15, 2024
(1) Introduction. This section outlines the procedures set forth in RCW 84.34.060 about how to value land(s) classified as open space or timber land under the provisions of chapter 84.34 RCW.
(2) Open space land.
(a) In valuing land classified as open space,
the assessor shall consider only the way in which the land and improvements are
currently used; the assessor shall not consider potential uses of the
land.
(b) The assessed value of
open space land shall not be less than the minimum value per acre of classified
farm and agricultural land.
(c) If
open space land is located within a county where the county legislative
authority has adopted an open space plan and a public benefit rating system in
accordance with
RCW
84.34.055, the assessed value of this open
space land may be based on the public benefit rating system. The open space
plan shall contain criteria for determining eligibility of lands, the process
for establishing a public benefit rating system, and an assessed valuation
schedule. An assessed valuation schedule shall be developed by the assessor and
shall be a percentage of true and fair value based on the public benefit rating
system.
(3) Timber land. The assessor shall value classified timber land according to the provisions of chapter 84.33 RCW.
Statutory Authority: RCW 84.08.110, 84.08.070, 84.34.141 and 84.34.360. 95-21-002, § 458-30-267, filed 10/4/95, effective 11/4/95.
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