West Virginia § 33-7-12 - 33-7-12. Valuation of real property.
Full text of West Virginia West Virginia Code § 33-7-12 — 33-7-12. Valuation of real property., with citation guidance and answers to common questions.
§ 33-7-12. 33-7-12. Valuation of real property.
(a) In the event of a default real property acquired pursuant to a mortgage loan or contract for sale shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.
(b) The value of other real property acquired or held by an insurer shall in no event be valued at more than the purchase price. Purchase price includes capitalized permanent improvements, less depreciation as allowed by the current accounting practices and procedures manuals of the national association of Insurance Commissioners. Real property that has been affected by permanent declines in value shall be valued at not more than market value.
Source: official West Virginia text · Last verified 2026-08-27
Frequently Asked Questions About West Virginia § 33-7-12
What does West Virginia Code § 33-7-12 cover?
Section 33-7-12 ("33-7-12. Valuation of real property.") is part of the West Virginia Code, the codified statutory law of West Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite West Virginia § 33-7-12?
A common citation format is "West Virginia Code § 33-7-12" (West Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of West Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the West Virginia official source linked on this page or consult a licensed West Virginia attorney.
How does West Virginia § 33-7-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in West Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in West Virginia.