cabarrus county board of commissioners regular meeting november ...

October 17, 2011 (Regular Meeting)PageBlockPhaseSectionCreekCare of / In care ofLife EstateRemaindermanSubdivisionCityCountyBLPHSECCRKC/O(LF EST)(REM)SUBCTYCNTYTownships:City Code:01 Harrisburg02 Poplar Tent03 Odell04 Kannapolis05 New Gilead06 Rimertown07 Gold Hill08 Mount Pleasant09 Georgeville10 Midland11 Central Cabarrus12 Concord01 Harrisburg02 Concord03 Mt. Pleasant04 Kannapolis05 Locust06 MidlandChapter 4LAND APPRAISAL PROCEDURESPREFACELand values are derived primarily by the sales comparison method. It is,therefore, important that certain factors be accurately shown and considered.These factors include location, size, topography, present use, highest andbest use, etc.The following chapter describes procedures for recordingthese important elements and determining land values.INTRODUCTIONDRAFTLAND APPRAISALPROCEDURESThe market or sales comparison approach is the most applicable method for thevaluation of land. The income approach should also be considered whenapplicable. The value of properties for which sufficient vacant land saledata is not available, as often happens in the downtown area and the oldersubdivisions where no vacant parcels remain may be estimated using a landresidual approach as detailed in the Income Property Valuation Chapter. Innew residential subdivisions where groups of lots are sold from the developerto various builders and no true arms length sales are available may be valuedbased on a percentage of total sale prices. This percentage can range from10% to 30% depending on the amenities that are available in the area.Land value is generally estimated by comparing the subject property tosimilar properties which have recently sold and making adjustments to thecomparable for the different factors affecting land value.Some of the factors which must be considered include: location, size, shape,topography, accessibility, present use, highest and best use, zoning,utilities, income to the land, supply and demand for the particular typeland, improvements to the land and improvements on the land. Irrigation,A-1Page 51