Washington Administrative Code
Title 458 - Revenue, Department of
Chapter 458-53 - Property tax annual ratio study
Section 458-53-160 - Indicated personal property ratio-Computation
Current through Register Vol. 24-06, March 15, 2024
(1) Determination of ratio for assessed value strata. For each personal property assessed value stratum, excluding properties identified in WAC 458-53-070(4)(a), an average assessed value, and an average market value shall be determined from the results of selected audit studies. The average assessed value for each stratum divided by the average market value determines the ratio for each assessed value stratum.
(2) Determination of indicated market value. The actual total assessed value of the county for each stratum divided by the ratio for each assessed value stratum, as determined by using the calculation set forth in subsection (1) of this section, determines the indicated market value of each stratum for the county.
(3) Additional categories. The actual county total assessed values of properties identified in WAC 458-53-070(4)(a) are added as a separate category to the total county assessed value. A ratio determined for these properties is applied against the total assessed value for the category to determine the indicated total market value for the category.
(4) Determination of county indicated ratio. The sum of the actual total county assessed values is divided by the sum of the indicated market values to determine the county indicated personal property ratio.
(5) Example. The following illustration, using simulated values and ratios, indicates the ratio computation procedures for personal property.
STEP 1 - STRATUM AVERAGE VALUE AND RATIO COMPUTATIONS
| (1) | (2) | (3) | (4) | |
| Stratum | Number of Samples | Average Assessed Value of Samples | Average Market Value of Samples | Stratum Ratio (Col. 2 / Col. 3) |
| $ 0 - 74,999 | 25 | $ 17,000 | $ 22,000 | .773 |
| 75,000 - 249,999 | 15 | 124,000 | 235,000 | .528 |
| Over - 250,000 | 10 | 850,000 | 960,000 | .885 |
STEP 2 - APPLICATION OF STRATUM RATIOS TO ACTUAL COUNTY ASSESSED VALUES
| (1) | (2) | (3) | |
| Stratum | Actual County Personal Property Assessed Values | Ratio | County Market Value Related to Actual Assessed Value (Col. 1 / Col. 2) |
| $ 0 - 74,999 | $21,500,000 | .773 | $ 27,813,713 |
| 75,000 - 249,999 | 23,000,000 | .528 | 43,560,606 |
| Over - 250,000 | 50,000,000 | .885 | 56,497,175 |
| WAC 458-53-070(4)(a) | |||
| Properties | 0 | 0 | |
| Totals | $94,500,000 | / $127,871,499=73.9 | |
| County Indicated Personal Property Ratio | 73.9% |
Statutory Authority: RCW 84.08.010, 84.08.070 and 84.48.075. 96-05-002, § 458-53-160, filed 2/8/96, effective 3/10/96; 94-05-064, § 458-53-160, filed 2/11/94, effective 3/14/94. Statutory Authority: RCW 84.48.075. 87-12-029 (Order PT 87-5), § 458-53-160, filed 5/29/87; 86-21-004 (Order PT 86-6), § 458-53-160, filed 10/2/86; 84-14-039 (Order PT 84-2), § 458-53-160, filed 6/29/84; 79-11-029 (Order PT 79-3), § 458-53-160, filed 10/11/79. Formerly WAC 458-52-100.
