Okla. Admin. Code § 710:10-10-22

Current through Vol. 42, No. 3, October 15, 2024

Section 710:10-10-22 - Valuation of land

(a) The information set out in this Section, related to fair cash valuation of land, shall be specified in the visual inspection plan.

(b) A separate estimate or appraisal of the "fair market value in money" shall be made for each parcel of non-agricultural land as if vacant. The sales data covering fair market sales of vacant non-agricultural land in all property classifications shall be secured from all available sources and shall be compiled, checked, and analyzed for use in the determination of non-agricultural land values and their unit of comparison throughout the county.

(c) The county shall carefully consider all factors affecting the value of land, such as zoning, .location, shape, size, topography, access to railroads, roads, waterways, present use, etc., and appropriate allowances made in establishing final values.

(d) Land value computations shall be made in accordance with the three categories described in (1) through (3) of this subsection:

(1) Computations for residential property shall refer to front foot, square foot, per acre, or per lot values.

(2) Computations for commercial property shall refer to front foot, square foot, per lot, or per acre values.

(3) Computations for industrial property shall refer to square foot or per acre values.

(e) All established base land values shall be recorded on the appropriate fields of the record card and carefully checked for accuracy. All appraisals of land values shall be reviewed with the same accuracy and diligence as the buildings in conjunction therewith. Land values shall be established before field inspection begins and reviewed after data entry has been completed.

Okla. Admin. Code § 710:10-10-22

Added at 14 Ok Reg 2670, eff 6-26-97; Amended at 15 Ok Reg 3451, eff 7-11-98