Section 603.51. Computation procedure

(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:

TAXABLE REAL PROPERTY
X SCHOOL DISTRICT
1967

Property Type	Aggregate inventory (County Assessed Valuation) (in dollars)	Converting Assessment-Sales Ratio (in percentage)	Aggregate Sales Value (in dollars)
Land and Improvements:
Residential	10,000,000	33	30,000,000
Industrial	1,000,000	25	4,000,000
Commercial	5,000,000	50	10,000,000
Land Only:
Lots	200,000	20	1,000,000
Waste Land	50,000	20	250,000
Total	16,250,000		45,250,000

(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.