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CABARRUS COUNTY 2012 APPRAISAL MANUAL LAND MODEL 00 — Unit Lot /Acreage Value Pricing Lots or acreage within a particular subdivision or neighborhood are assigned a base value. Adjustments are then made to each individual parcel for factors such as; access, topography, location, shape, easements, right of ways, percolation, or any other factor that may positively or negatively influence the value of the parcel. Pricing Guidelines: Excess Land Residential Lots: The value of excess land in residential lots varies form area to area depending on what the buyer is looking for. In many new subdivisions small lots with small yards is desirable and in such subdivisions excessive size may yield no additional value. In subdivisions that appeal to buyers that are looking for large lots that provide more privacy and room for outdoor activities, excess land is desirable and should be reflected in the appraised value. The appraiser when appraising a neighborhood must decide how to appraise excess land. Some suggested guidelines are: 1) Make no adjustment. 2) Use the 50% rule. Decide what the average lot size is and set the base lot priced. Adjust lots that are larger or smaller by valuing the difference at 50% of value. This approach is especially useful when converting older subdivisions from front footage to lot pricing but can also be used in modern subdivisions. Example 1: Typical lot size is 75 feet and the subject lot is 90 feet. 90/75 = 120% or the subject is 20% larger. 20% x 50% = +10% Size Adjustment. Example 2: Typical lot size is 75 feet and the subject lot is 60 feet. 60/75 = 80% or the subject is 20% smaller. -20% x 50% = -10% Size Adjustment. Example 3: Typical lot size is .75 acres and the subject lot is 1.25 acres. 1.25/75 = 1.67% or the subject is 67% larger. +67% x 50% = +33.5% say +35 Size Adjustment. If it is determined that the lot is unbuildable due to the zoning requirements multiply the result of the calculation by 30 %. Example 4: Typical lot size is 75 feet and the subject lot is 30 feet. 30/75 = 40% or the subject is 60% smaller. -60% x 50% = -30% Size Adjustment. This yields a 70% condition factor which should be reduced by 30 %. 70% x 30% = 21 % say 20% or -80% for size and unbuildable. In the event that a house is built in the middle of 2 or more lots and no additional homes can be built on the land, one lot will be valued at full value and each additional lot will be valued at 50% of value unless the size of the house built required the use of 2 or more lots in which case all lots will be valued at full value. Example 1: Typical lot size is 75 feet and the subject lot is two 75 foot lots. 100% + 50% = 150% - 150 % /2 lots = 75% or a -25% Size Adjustment. Price as 2.00 LT with a condition factor of 75% HSE ON 2 LTS. Example 2: Typical lot size is 75 feet and the subject lot is three 75 foot lots. 100% + 50% +50% = 200% - 200 % /3 lots = 67% or a -33% Size Adjustment. Price as 3.00 LT with a condition factor of 67% HSE ON 3 LTS. In custom quality neighborhoods where additional lots may be necessary to accommodate the size of the home being built, all lots may need to be valued at full value. Cabarrus County — 2012 Revaluation LAND APPRAISAL PROCEDURES 4- 5 Attac1W9nn1imber 6 G -3 Page 298