42-13452. Computing valuation


A. Except as provided by subsection B, the county assessor shall determine the
valuation of timeshare property based on the original gross sales price of the timeshare
interests of the timeshare property to a buyer. If there are insufficient original sales,
the county assessor may use the sales of comparable timeshare interests. When using the
original gross sales price of the timeshare interests, the county assessor shall deduct a
reasonable amount representing nonrealty components of the original gross sales price.
The deductions may include extraordinary initial marketing costs, business going concern
value, excess sales commission costs, unusual financing, transactions that are not at
arms length, atypical developer risks, extended marketing time, the value of any personal
property and other nonrealty components, including vacation conveniences and services,
club memberships, exchange programs and unusual closing costs. The amount of the
deductions shall be presumed to be sixty-five per cent of the original gross sales price
of the timeshare interest, except that the presumption is rebuttable by the county
assessor or the managing entity.


B. If the value of the timeshare interests can be appropriately determined by using
resale prices of the timeshare interests for the timeshare property, the county assessor
shall determine the value of the timeshare property based on the resale prices of the
timeshare interests. If there are insufficient resale prices, the county assessor may
use resale prices of comparable timeshare interests. When using the resale price, the
county assessor shall deduct from the resale price the nonrealty components, including:


1. Atypical costs associated with the resale, including marketing costs, holding
costs, commissions and financing costs.


2. The value of any personal property and rights associated with the timeshare
interest being resold.


C. If the county assessor rebuts the presumption in subsection A, the county
assessor, on or before mailing the notice of valuation, shall notify the managing entity
of the reason for the disapproval and establish the methodology the county assessor will
use in determining the value of the timeshare property.