West Virginia Code of State Rules
Agency 110 - Tax
Title 110 - LEGISLATIVE RULE STATE TAX DEPARTMENT
Series 110-01D - Review By circuit court On certiorari
Section 110-1D-2 - Definitions

Universal Citation: 110 WV Code of State Rules 110-1D-2

Current through Register Vol. XLI, No. 38, September 20, 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. "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.

2.3. "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) or 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 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 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 transactions 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) and 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.

Disclaimer: These regulations may not be the most recent version. West Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.