K.S.A. 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.