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AG 2011 09 19
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AG 2011 09 19
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Last modified
10/19/2011 11:36:18 AM
Creation date
11/27/2017 11:17:44 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/19/2011
Board
Board of Commissioners
Meeting Type
Regular
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CABARRUS COUNTY 2012 APPRAISAL MANUAL <br />INTRODUCTION <br />The primary purpose of real property assessment is to arrive at a true value (market value) for each real property <br />parcel for use in deriving property taxes that will be as equitable as is feasible given the time, staff and money <br />available to the assessor. Market value as defined by "Machinery Act of North Carolina" under G.S. 105.283 <br />Uniform Appraisal Standards is "the price estimated in terms of money at which the property would change <br />hands between a willing and financially able buyer and a willing seller, neither being under any compulsion <br />to buy or to sell and both having reasonable knowledge of all the uses to which the property is adapted and <br />for which it is capable of being used ". <br />To accomplish the County's goal of determining just and equitable values the County Assessor must turn to mass <br />appraisal methods and techniques based on solid appraisal principles. In mass appraising, as in any kind of <br />appraising, the realities of the local market along with state and local laws must be considered. Also, fundamental <br />to any mass appraisal system are knowledge, judgment and the ability to adapt a standardized system to the local <br />market. A standardized system and method of handling both data and the application of the three basic approaches <br />to value is necessary to achieve equalization and uniformity in the valuation process. <br />The three basic approaches which may be used to arrive at a fair market value are summarized as follows: <br />COST APPROACH This approach consists of estimating the land value and the depreciated cost of the <br />improvements to arrive at a value. Theoretically, the substitution principle is the <br />basis for determining the maximum value of the property by this approach. The <br />substitution principle assumes the value is equal to the cost of acquiring a <br />substitution of equal utility assuming no cost delay is encountered. <br />MARKET APPROACH This approach utilizes the application of prior sales data from the market and is also <br />referred to as the sales or comparison approach. Use of this approach requires that <br />the sales used should be analyzed to determine that the conditions of fair market <br />value have been satisfied. <br />INCOME APPROACH The two most common applications of this approach in mass appraising are the <br />capitalized net income and the gross rent multiplier. <br />The use of any of the three approaches requires careful consideration to be given to: <br />The relevancy of the approach applied to the property under consideration. <br />2. The inherent strengths and weaknesses of the approach used. <br />The amount and reliability of the data collected. <br />4. The affect of the local market on the data collected. <br />This standardized system or Schedule of Values is designed and adopted to be used to establish Fair Market Value <br />as of January 1 of the Revaluation year. Revaluation projects are mandated by State law to be performed every <br />eight years unless the Board of County Commissioners desires to perform the projects more frequently. In the <br />interest of maintaining fair and equitable values for the taxpayers of Cabarrus County the Board of County <br />Commissioners has passed a resolution establishing a four year reappraisal cycle for Cabarrus County as required <br />by G. S. 105- 286(a) (2). <br />Cabarrus County — 2012 Revaluation INTRODUCTION 1- 1 <br />8/9/11 <br />Attachment number 3 <br />G -3 Page 275 <br />
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