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CABARRUS COUNTY 2012 APPRAISAL MANUAL <br />LAND APPRAISAL <br />PROCEDURES <br />INTRODUCTION <br />The market or sales comparison approach is the most applicable method for the valuation of land. The income <br />approach should also be considered when applicable. The value of properties for which sufficient vacant land <br />sale data is not available, as often happens in the downtown area and the older subdivisions where no vacant <br />parcels remain may be estimated using a land residual approach as detailed in the Income Property Valuation <br />Chapter. In new residential subdivisions where groups of lots are sold from the developer to various builders and <br />no true arms length sales are available may be valued based on a percentage of total sale prices. This <br />percentage can range from 10% to 30% depending on the amenities that are available in the area. <br />Land value is generally estimated by comparing the subject property to similar properties which have recently <br />sold and making adjustments to the comparable for the different factors affecting land value. <br />Some of the factors which must be considered include: location, size, shape, topography, accessibility, present <br />use, highest and best use, zoning, utilities, income to the land, supply and demand for the particular type land, <br />improvements to the land and improvements on the land. Irrigation, drainage, sea walls, sidewalks, curbs, gutter, <br />etc. are examples of improvements to the land and are included in the value of the land. Building structures are <br />improvements on the land and with few exceptions, (some condominium or cooperative buildings), are valued <br />apart from the land. <br />LAND APPRAISAL PROCEDURE <br />All splits to the property ownership maps must be posted current to the appraisal <br />All zoning and use should be shown on the property ownership maps. <br />Roads should be classified paved, dirt, nonexistent, etc. and the availability of public <br />improvements indicated on the property ownership maps as necessary. <br />The following table of road classifications and public improvement classifications are to be used <br />as a note to the land data and may be inserted in the "Other Adjustments" portion of the Land <br />Data section of the Field Data Collection Instrument: <br />Cabarrus County — 2012 Revaluation LAND APPRAISAL PROCEDURES 4- 2 <br />Attac1W9nn1imber 6 <br />G -3 Page 295 <br />