Ga. Comp. R. & Regs. 560-11-9-.07

Current through Rules and Regulations filed through June 17, 2024

Rule 560-11-9-.07 - Valuation Methods

(1) Beginning January 1, 1999 and effective for the tax year 1999 and each subsequent tax year, the fair market value of all mobile homes subject to taxation under Article 10 of Chapter 5 of Title 48 shall be determined by the county board of tax assessors in accordance with these regulations. For the tax year 1998, the tax commissioner shall continue to use the procedures as shown in the manual provided by the Commissioner to determine the fair market value of all mobile homes.

(2) The valuation methods employed by the county board of tax assessors shall result in a fair market value, as fair market value is defined in O.C.G.A. Section 48-5-2, of each mobile home as of January 1 of the tax year for which the digest is being prepared.

(3) The county board of tax assessors may use any combination of the following when arriving at the value for each mobile home, however, the approach used may not differ substantially from that employed to arrive at the value for a mobile home subject to tax under Article 1 of Chapter 5 of Title 48 of the Official Code of Georgia Annotated. For any valuation guides that may be used, the board shall select those most likely to reflect the value of each mobile home as of January 1 and make any further adjustments deemed necessary to arrive at a January 1 valuation.

(a) The appropriate periodic edition of the National Automobile Dealers Association's Manufactured Housing Appraisal Guide;

(b) The appropriate periodic edition of the Marshall & Swift Residential Valuation System; and

(c) Any other valuation model using commonly accepted appraisal techniques including, but not limited to, quality classes, unit cost, observed obsolescence and value tables for structural additions.

(4) Each mobile home shall be assessed at 40 percent of the fair market value determined in accordance with this Regulation.

(5) Reserved.

Ga. Comp. R. & Regs. R. 560-11-9-.07

O.C.G.A. Secs. 48-2-12, 48-5-2, 48-5-7, 48-5-440 through 48-5-448, 48-5-450, 48-5-451, 48-5-490 through 48-5-495.

Original Rule entitled "Valuation Methods" adopted. F. Dec. 5, 1997; eff. Dec. 25, 1997.

Amended: F. May 3, 2000; eff. May 23, 2000.