Laws, Regulations & Annotations

V

850.0000 VALUE

Annotation 850.0001

850.0001 Appraisal of Partial Interest Transfer. For the purpose of assessment, an assessor is required by law to determine the full value of real property based on valuation of the entire appraisal unit. If a 25 percent interest in a property underwent a change in ownership, it would be proper for the assessor to reappraise the entire parcel and allocate 25 percent of the new reappraised value to determine the new base year value of the interest transferred. A reappraisal of only the fractional portion of the appraisal unit that transferred would not necessarily reflect the full value of the property, which is the standard required by law. C 1/23/1998.