(a) With respect to farm property, the Tax Commissioner shall appraise such property so as to ascertain its fair and reasonable value for farming purposes regardless of what the value of the property would be if used for some other purpose, and the value shall be arrived at by giving consideration to the fair and reasonable income which the property might be expected to earn in the locality wherein situated, if rented. The fair and reasonable value for farming purposes shall be deemed to be the market value of such property for appraisement purposes.
(b) A person is not engaged in farming if he is primarily engaged in forestry or growing timber. Additionally, a corporation is not engaged in farming unless its principal activity is the business of farming, and in the event that the controlling stock interest in the corporation is owned by another corporation, the corporation owning the controlling interest must also be primarily engaged in the business of farming.
Structure West Virginia Code
Article 1A. Appraisal of Property
§11-1A-2. Base Year for First Reappraisal
§11-1A-4. Identification of Property to Be Appraised; Persons Required to Make Return
§11-1A-5. Property Excepted From Listing for Appraisal
§11-1A-6. Supplemental Information Required to Be Filed
§11-1A-7. When Valuations Not Certified
§11-1A-8. Ascertainment of Assessed Value as of July 1, 1983
§11-1A-9. Subsequent Alterations in Property; Economic Change
§11-1A-10. Valuation of Farm Property
§11-1A-13. Assurance of Fair Treatment
§11-1A-15. Appraisal of Property; Lists to County Officials
§11-1A-16. Administrative Review of Appraisal
§11-1A-18. Review by Circuit Court on Certiorari
§11-1A-19. Subsequent Statewide Reappraisals Required
§11-1A-20. Cooperation of Other Agencies of State and Local Government
§11-1A-21. Electronic Data Processing System Network for Property Tax Administration
§11-1A-22. Phase-In, Determination Thereof, Application and Limitations
§11-1A-24. Creation and Use of Appraisal Manual
§11-1A-26. Appraisal of Corporate Property; Reports to Tax Commissioner by Corporations