Total full valuation definition
Total full valuation means the total assessed valuation of taxable property divided by the average of the 3 most current assessment to sales price ratios. The Office of Management and Budget shall conduct, in accordance with nationally accepted standards and practices, an assessment to sales price study, by school district, on an annual basis in order to establish the most current ratios and such studies shall be open to public review. Each county is required to make available to the Office of Management and Budget, at the cost of reproduction only, machine-readable copies of its assessment and sales transactions files. In the event a county completes a general reassessment during the period between studies, the county's assessment to sales price ratio shall be equal to its rate of assessment, until a subsequent assessment to sales price study is completed.
Total full valuation means the total assessed valuation of taxable real property as increased by the percentage factor, if any, by which the appraisal used for assessed valuation was reduced in order to obtain the final valuation for assessment purposes.