W. Va. Code R. § 110-1C-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-1C-2 - Definitions

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.

W. Va. Code R. § 110-1C-2