cabarrus county board of commissioners regular meeting november ...

October 17, 2011 (Regular Meeting)PageDEPRECIATIONACTUAL YEAR BUILT - The last two digits of the Actual Year Built. To be usedif the actual year built can be determined and the same as theEffective Year if the Actual Year Built cannot be determined.EFFECTIVE YEAR BUILT - To be used to adjust the age of an improvement whenextensive remodeling has taken place or to reflect a slowerdepreciation in an area.ECONOMIC OBSOLESCENCE - A percentage to be added to the normal depreciationto account for increased depreciation due to the impairment ofdesirability or useful life of the property from an external factorsuch as changes in the neighborhood.FUNCTIONAL OBSOLESCENCE - A percentage to be added to the normal depreciationto account for increased depreciation due to the impairment ofdesirability or usefulness brought about by changes in design, art orconstruction techniques and including zoning over present use.SPECIAL CONDITION CODE -UC - Under constructionUse with the percent condition to indicatepercent of completion of construction as ofJanuary 1 of the tax year, see Ch. 6, overridesall other depreciation.PD- Physically damagedUse with the percent condition to indicatepercent of remaining utility after a damagingevent as of January 1 of the tax year,overrides all other depreciation.AP - Abnormal Physical DepreciationUse with the percent condition to indicate apercentage to be added to the normaldepreciation to account for increaseddepreciation due to physical depreciation overand above the norm for the age of the property.TE- Temporary EconomicUse with the percent condition to indicate apercentage to be added to the normaldepreciation to account for increaseddepreciation due to the impairment ofA-1Page 229