79-1486. Same; definitions.
251 words·~1 min read·
/ks/chapter-79/79-1486A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
79-1486. Same; definitions. As used in this act:
(a)"Sale" or "sales" shall include all transfers of real estate for which a real estate sales validation questionnaire is required by K.S.A. 79-1437c , and amendments thereto; however, all sales for which a real estate sales validation questionnaire is required by K.S.A. 79-1437c , and amendments thereto, need not be included in the final ratios determined;
(b)"valid sale" is a sale that is an indicator of fair market value as defined in K.S.A. 79-503a , and amendments thereto;
(c)"invalid sale" is a sale that is not an indicator of fair market value as defined in K.S.A. 79-503a , and amendments thereto;
(d)"unvalidated sale" is a residential subclass sale that was not selected through a random sampling process and has not been determined to be either a valid sale or an invalid sale;
(e)"real estate" shall include land, improvements and structures which are appraised as real property;
(f)"director" shall mean the director of property valuation;
(g)"classification" shall mean those classifications which apply to real property contained in K.S.A. 79-1439 , and amendments thereto, or any stratification which may be prescribed by the director;
(h)"average" shall mean that measure or measures of central tendency which the director shall determine best describes a group of individual ratios;
(i)"ratio" shall mean the numerical relationship between the appraised or assessed value and the selling price; and
(j)"study year" shall mean that twelve-month period beginning annually on January 1.