§ 26-26-1202
LexisNexis Practice Insights
FAS 157 "Fair Value" Includes Market Value Measured at Highest and Best Use of Asset
26-26-1202. Valuation procedures.
(a) (1) Each separate parcel of real property shall be valued at its true market value in money, excluding the value of crops growing thereon.
(2) The price at which the real estate would sell at auction or at a forced sale shall not be taken as the criterion of the true value.
(b) Each tract of land belonging to the state or to any county, city, town, or charitable institution, whether incorporated or unincorporated, and saline, swamp, seminary, school, or mineral lands held under a lease exceeding five (5) years and not exceeding ten (10) years shall be valued at the price the assessor believes could be obtained at a private sale for the leasehold estate.
(c) (1) Personal property of any description shall be valued at the usual selling price of similar property at the time of listing.
(2) If any personal property shall have no well-fixed or determined value in that locality at the time, then it shall be appraised at such price as in the opinion of the assessor could be obtained at that time and place.
(d) Investments in bonds, stocks, joint-stock companies, or otherwise shall be valued at their value in money, and the quotations and selling price thereof may be considered in determining their values.
(e) Money, whether in possession or on deposit in this state, or out of it subject to the order or control of the person listing, shall be entered in the statement at the full amount thereof.
(f) Every credit for a sum certain, payable either in money, property of any kind, labor, or service, shall be assessed according to its true value. If for a specified number or quantity of any article of property, for a certain amount of labor, or for services of any kind, it shall be assessed according to its true value.
(g) Annuities or moneys receivable at a stated period shall be rated at the price which they may be worth in money.
(h) Where the fee of the soil in any tract, parcel, or lot of land is in any person, natural or artificial, and the right to any mineral therein is in another, it shall be valued and listed agreeably to the ownership, in separate entries, and taxed to the parties owning it respectively.