(1)
Sales study data. The basis of the real property ratio study is
data obtained from real estate excise tax affidavits from each county. The
department will supplement the sales study with appraisals when it is
determined that the sales are insufficient to represent the level of
assessment. The appraisals will be selected according to criteria set forth in
WAC
458-53-130.
(2)
Time period for data used.
The sales study will only use sales occurring in the twelve-month period
between May 1st preceding January of the current assessment year and April 30th
of the current assessment year.
(3)
Deduction from sale price. One percent will be deducted from the
sale price shown on all valid real estate excise tax affidavits as an
adjustment for values transferred that are not assessable as real
property.
(4)
Sales not
included in the study - Assessment rolls using other than market value - New
construction. Individual sales that show a sale price to assessed value
ratio of under twenty-five percent, or over one hundred seventy-five percent
shall be excluded from consideration in the study. However, if the number of
individual sales meeting either one of these criteria exceeds five percent of
the total number of valid sales for a county, then these sales shall be
considered in the sales study.
(a) The
exclusion of valid sales in accordance with this subsection shall not apply in
situations where other than market value of a particular type of property is
being listed on the assessment rolls of the county, as disclosed in any
examination by the department. If other than market value is being listed on
the assessment rolls for a particular type of real or personal property and,
after notification by the department, is not corrected, the department shall
adjust the ratio of that type of property, which adjustment shall be used in
determining the county's indicated personal or real property ratio. When a
particular type of property is found to be at other than market value, that
type of property shall be separated from the other properties in the
computation of the ratio. The department shall compile the total assessed value
and total market value for that type of property, and it shall be included in
the ratio as provided in WAC
458-53-135(3)
and
458-53-160(3).
(b) The exclusion of valid sales in
accordance with this subsection shall not apply to sales of property on which
there is new construction value that has not yet been placed on the county
assessment roll.
Notes
Wash. Admin. Code §
458-53-070
Amended by
WSR
16-11-031, Filed 5/10/2016, effective
6/10/2016
Statutory Authority:
RCW
84.08.010,
84.08.070 and
84.48.075. 96-05-002, §
458-53-070, filed 2/8/96, effective 3/10/96. Statutory Authority:
RCW
84.48.075 and
84.08.010(2).
89-09-021 (Order PT 89-5), § 458-53-070, filed 4/12/89. Statutory
Authority:
RCW
84.48.075. 83-16-050 (Order PT 83-2), §
458-53-070, filed 8/1/83; 82-08-061 (Order PT 82-3), § 458-53-070, filed
4/6/82; 79-11-029 (Order PT 79-3), § 458-53-070, filed 10/11/79. Formerly
WAC 458-52-060.
