West Virginia Code 11-6E-3 – Valuation of specialized manufacturing production property
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Notwithstanding any other provision of this code to the contrary, the value of specialized manufacturing production property, for the purpose of ad valorem property taxation under this chapter and under Article X of the Constitution of this state, shall be its salvage value.
Terms Used In West Virginia Code 11-6E-3
- manufacturing: include the activities of building construction, construction of other structures or facilities affixed to or on realty, retailing or agriculture, food processing or food manufacturing, the operation of any restaurant or retail food preparation or sales operation, the production of any natural resource, contract mining or any other activity of severing, producing, processing or extracting any natural resource. See West Virginia Code 11-6E-2
- Salvage value: means the lower of fair market salvage value or five percent of the original cost of the property. See West Virginia Code 11-6E-2
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Value: means in the case of any document not a gift, the amount of the full actual consideration for the document, paid or to be paid, including the amount of any lien or liens assumed. See West Virginia Code 11-22-1