BIL 156 Draft 02 1996-1998 - Laserfiche WebLink

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"Section 19-53. Valuation; considerations in fixing. (a) The director of finance shall cause the market value of all taxable real property to be determined and annually assessed by the market data and cost approaches to value using appropriate systematic methods suitable for mass valuation of properties for taxation purposes, so selected and applied to obtain, as far as possible, uniform and equalized assessments throughout the County. In making such determination and assessment, the director shall separately value and assess, within each class established in accordance with subsection (e) of this section: (1) Buildings (A) In determining the value of buildings, consideration shall be given to any additions, alterations, remodeling, modifications or other new construction, improvement or repair work undertaken upon or made to existing buildings as the same may result in higher assessable valuation of said buildings. (2) All other real property, exclusive of buildings. (b) So far as practicable, records shall be compiled and kept which shall show the methods established by or under the authority of the director for the determination of values. (c) Whenever land has been divided into lots or parcels as provided by law, each such lot or parcel shall be separately assessed. (d) When a Condominium Property Regime is declared for a property, each unit shall be classified upon consideration of its actual use into one of the general classes in the same manner as land. (e) Classification of land: (1) Except as otherwise provided in subsection (e)(2) of this section, land shall be classified, upon consideration of its highest and best use, into the following general classes: (A) Improved residential, (B) Unimproved residential, (C) Apartment, (D) Hotel and Resort, (E) Commercial, (F) Industrial, (G) Agricultural or Native Forests, (H) Conservation, and (I) Homeowner.