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CABARRUS COUNTY 2012 APPRAISAL MANUAL <br />Land Model 05 - Present Use Valuation <br />CALCULATION EXAMPLE: <br />The following simple example represents a parcel with 100 acres of owner occupied farmland which 75 acres <br />are cleared and currently being cultivated. Fifteen acres are cleared but not suitable for cultivation and are used <br />as pasture. Six acres are woodland and four acres are swampland. <br />Qualifying Use Value Acreage <br />Market Value Per Acre <br />Total Market Value ($12,000 x 100) <br />75 acres suitable for cultivation (75 x 600) <br />15 acres not suitable for cultivation (15x 385) <br />6 acres woodland (6 x 295) <br />4 acres swampland (4 x 40) <br />Total Present Use Value <br />Total Market Value $1,200,000 <br />Total Present Use Value 5( 2,705) <br />*Total Deferred Value $1,147,295 <br />100.00 <br />12,000 <br />$1,200,000 <br />$45,000 <br />5,775 <br />1,770 <br />1Rn <br />$ 52,705 <br />*No taxes are paid on this amount unless part of or the entire tract becomes disqualified. If a tract becomes <br />disqualified for any reason the taxpayer must pay taxes and interest on the deferred value for the current year <br />and the three prior years plus interest. <br />Cabarrus County — 2012 Revaluation PRESENT USE VALUATION 4a- 6 <br />Attac1W9nnjimber 7 <br />G -3 Page 357 <br />