(a) If the aggregate inventories of taxable real property in terms of assessments by use type of property, and the respective converting assessment-sales ratios is ascertained, the final conversion phase shall be converting aggregate assessments into aggregate market values. The mechanics of this final phase is illustrated by the following hypothetical example:
(b) It should be noted that in the residential classification in subsection (a), sales indicate on an average, dwellings are assessed at 1/3 of bona fide selling prices. Thus, if the $10,000,00 aggregate residential assessments represent 33 1/3% of aggregate market value, aggregate market value is $30,000,000.
(c) To further guarantee conservatism and realism, the total aggregate sales value in subsection (a) is subjected to a Statewide uniform discount in determining aggregate market value.
TAXABLE REAL PROPERTYX SCHOOL DISTRICT1967 PropertyTypeAggregateinventory(County AssessedValuation)(in dollars)ConvertingAssessment-SalesRatio(in percentage)Aggregate SalesValue(in dollars) Land and Improvements: Residential10,000,0003330,000,000 Industrial 1,000,00025 4,000,000 Commercial 5,000,0005010,000,000 Land Only: Lots 200,00020 1,000,000 Waste Land 50,00020 250,000 Total16,250,00045,250,000