W. Va. Code R. § 110-1Q-4

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

Section 110-1Q-4 - Determining whether an assessor is in compliance

4.1. The Tax Commissioner shall use the following criteria to determine whether an assessor is in compliance with the Constitutional requirement that all property be assessed at sixty percent of its true and actual value:

4.1.1. Sales validity - Recent sales of property that form the basis for determining current property values in the county are arm's length sales, and accurately reflect current property values in that county.

4.1.2. Appraisal uniformity - The Tax Commissioner will review valid sales from the most current sales ratio analysis. Sales will be selected for review from residential neighborhoods only. This review will be made by comparing the equalization of the sale parcel as it relates to prior years values/listings and comparable properties located in the same neighborhood. The practice of "sales chasing" by an assessor is expressly disapproved.

4.1.3. Appraisal evaluation - The appraisal evaluation shall be based on the ratio of the assessed value of real property to the sale price of that property for all arm's-length sales of real property in a county during any assessment year, as reported to the Tax Commissioner by the assessor of that county, pursuant to his lawful duties. Any sales that are more than plus or minus two standard deviations from the median, or any sales of industrial real property or any sales which include the transfer of a mineral interest or interests, may be eliminated from the ratio study calculations by the State Tax Department. The median sales ratio will be rounded to the nearest whole percentage using standard rounding rules. The ratio of the assessed value of valid property sales to the sale price of such property shall be within ten percent, plus or minus, of the constitutionally mandated sixty percent. The determination will be made in January of the tax year, when the property books are submitted for equalization and review. The Tax Commissioner will use the higher of either the median ratio or the aggregate ratio.

4.1.4. Any other criteria prescribed by the Tax Commissioner - If the criteria in this section are not sufficient to determine whether an assessor is in compliance with Constitution Art. X, §§ 1 and lb, the Tax Commissioner may use any other criteria that he or she considers relevant and reliable.

W. Va. Code R. § 110-1Q-4