cabarrus county board of commissioners regular meeting november ...

October 17, 2011 (Regular Meeting)PageCABARRUS COUNTY NON-RESIDENTIAL LAND VALUE SCHEDULEBY COUNTY WIDEAcreagePriceLowAcreagePriceHighSquareFootPriceLowSquareFootPriceHighFrontFootPriceLowFrontFootPriceHighLeasesLowLeasesHighCommercial/Office/Research$25,000.00 $500,000.00 $1.00 $30.00 $50.00 $7,000.00 $2.00 /sf $400.00/sfIndustrial $15,000.00 $300,000.00 $1.00 $20.00 $50.00 $5,000.00 $0.50 /sf $100.00/sfMulti-Family $10,000.00 $75,000.00 N/A N/A $50.00 $1,000.00 $50/UT $2,500/UT(A) - Income -- Market CAP Rates range from a Low of 5% to a High of 15%(B) - Lease Rates for Industrial Buildings Vary Depending on how much Office Area is Available.(C) - Lease Rates for Multi-Family Vary Depending on Location, Quality, & Number of Bedrooms(D) - Lease Rates for Condominiums are similar to Multi-Family Except for the Speedway Condos whichlease weekly during major eventsBASE SFR ACREAGE LAND: Rural Land of 20 to 25 acre tracts with 10% Road Frontage located on a PavedRoad with No Public Water or Public Sewer and all other Higher Density Zoning Or Different Land Useswill be adjusted for location, topography, or other factors to meetMarket Value as of January 1,2008.BASE SFR LOT VALUE: Single Family Residential lot with Well l & Septic Tankand If Public Utilities areavailable adjustments will be made for location, topography phy or other factors to arrive at Market Valueof January 1, 2008* These Base Prices and Non- Residential lots and acreagewill beadjusted for location, topography orother factors to meet Market Value as of January 1, 2008. In appraising the Rural Land, the timbervalue is not included in determining Market Value for each individual tract of land.The Present Use Schedule of Values is as follows:Chapter 4aLAND APPRAISALPROCEDURESPRESENT USEVALUEPREFACEAgricultural, horticultural, ural, and forestland is designated a special class ofproperty under the authorityof Section 2(2) of Article V of the NorthCarolina Constitution tution and mustbe appraised, assessed, and taxed as providedin G.S 105-277.2 7.2 through G.S. 105-277.7. The values and classifications usedin this section are derived fromthe 2012 Use-Value Manual for Agricultural,Horticultural, l, and Forestlanddeveloped by the North Carolina Use ValueAdvisory Board.DRAFTFTDEFINITIONS OF CLASSIFICATIONS§ 105-277.2. Agricultural, horticultural, and forestland – Definitions.(1) Agricultural land. – Land that is a part of a farm unit that isactively engaged in the commercial production or growing ofcrops, plants, or animals under a sound management program.Agricultural land includes woodland and wasteland that is a partof the farm unit, but the woodland and wasteland included in theunit must be appraised under the use-value schedules as woodlandor wasteland. A farm unit may consist of more than one tract ofagricultural land, but at least one of the tracts must meet therequirements in G.S. 105-277.3 (a) (1), and each tract must beunder a sound management program. If the agricultural landincludes less than 20 acres of woodland, then the woodlandportion is not required to be under a sound management program.Also, woodland is not required to be under a sound managementprogram if it is determined that the highest and best use of thewoodland is to diminish wind erosion of adjacent agriculturalland, protect water quality of adjacent agricultural land, orserve as buffers for adjacent livestock or poultry operations.(2)Forestland. – Land that is a part of a forest unit that isactively engaged in the commercial growing of trees under a soundmanagement program. Forestland includes wasteland that is a partof the forest unit, but the wasteland included in the unit mustA-1Page 89