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CABARRUS COUNTY 2012 APPRAISAL MANUAL DEPRECIATION ACTUAL -VIII. BUILT EFFECTIVE ... YR. BUILT .:. ECONOMIC .: .... OBSOLESCENCE FUNCTIONAL OBSOLESCENCE This entry is one of the most important to the skilled data gatherer in that there are four items on which much of the ability of the system to depreciate and analyze properties exists. Actual Year Built: MUST be entered and must reflect the original year of construction. Effective Year Built: MUST be entered and should reflect any modernization or refurbishing done to extend the useful life of the original structure beyond its normal life span, or for those homes located in a neighborhood or area where the market indicates less depreciation than the typical area within the county. Economic Obsolescence: If it exists it should be entered as a percentage amount to be added to normal physical depreciation. The percentage cannot exceed 50 %. Functional Obsolescence: If it exists it should be entered as a percentage amount to be added to normal physical depreciation. The percentage cannot exceed 50 %. UNUSUAL DEPRECIATION (Special Condition Codes, Percent Condition) SPECIAL CONOMON CODE IUC, AP, PD, RV, TLt . PERCENT - CONDITION These entries allow the user to indicate special conditions such as fire or weather damage or where the dwelling has not been normally maintained as depreciation amounts. There are three Special Condition Codes which may be entered if applicable. Otherwise, they should be left BLANK. UC = Under Construction* TE = Temporary Economic PD = Physically Damaged* RV = Residual Value AP = Abnormal Physical Depreciation *UC, RV, TE and PD will over ride Normal Depreciation PERCENT CONDITION must be used if one of the above codes (UC, PD, AP, TE, RV) is used. PERCENT CONDITION is that percent good after you apply UC, RV, TE or PD. PERCENT CONDITION is added to normal depreciation if you use code AP. NOTE: To use the Percent Condition one of the Special Condition Codes MUST BE USED. Also, care must be taken in the use of these codes as they will override the depreciation developed from the normal depreciation, economic obsolescence and functional obsolescence. AP should be entered as a percentage amount to be added to normal depreciation. When using Under Construction (UC), Physical Damage (PD), Residual Value (RV), or Temporary Economic (TE), remember, that if you assign 60% for either of these codes and the dwelling is 70 years old and should really be 30% good, it will change it to 60% good because these codes override any normal physical, functional or economic depreciation. Use the CONSTRUCTION COMPLETION CHART located at the end of this chapter to recalculate percent condition: Cabarrus County — 2012 Revaluation INSTURMENT COMPLE T ION 6- 13 8/9/11 Attachment number 9 G -3 Page 381