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CABARRUS COUNTY 2012 APPRAISAL MANUAL <br />2404 — OFFICE CONDO <br />DEPRECIATION <br />ACTUAL YEAR BUILT - The last two digits of the Actual Year Built. To be used if the actual year built can be determined and <br />the same as the Effective Year if the Actual Year Built cannot be determined. <br />EFFECTIVE YEAR BUILT - To be used to adjust the age of an improvement when extensive remodeling has taken place or to <br />reflect a slower depreciation in an area. <br />ECONOMIC OBSOLESCENCE - A percentage to be added to the normal depreciation to account for increased depreciation due <br />to the impairment of desirability or useful life of the property from an external factor such as changes in the <br />neighborhood. <br />FUNCTIONAL OBSOLESCENCE - A percentage to be added to the normal depreciation to account for increased depreciation <br />due to the impairment of desirability or usefulness brought about by changes in design, art or construction <br />techniques and including zoning over present use. <br />SPECIAL CONDITION CODE - UC - Under construction <br />Use with the percent condition to indicate percent of completion of construction <br />as of January 1 of the tax year, see Ch. 6, overrides all other depreciation. <br />PD - Physically damaged <br />Use with the percent condition to indicate percent of remaining utility after a <br />damaging event as of January 1 of the tax year, overrides all other depreciation. <br />AP - Abnormal Physical Depreciation <br />Use with the percent condition to indicate a percentage to be added to the <br />normal depreciation to account for increased depreciation due to physical <br />depreciation over and above the norm for the age of the property. <br />TE - Temporary Economic <br />Use with the percent condition to indicate a percentage to be added to the <br />normal depreciation to account for increased depreciation due to the <br />impairment of desirability or useful life of the property from an external factor <br />that is temporary in nature. An example would be the widening of a street that <br />may substantially obstruct the access to a commercial property for the entire tax <br />year impacting rent the owner could charge for the property for a given time <br />period of one year or more. <br />Cabarrus County — 2012 Revaluation <br />APPENDIX 12-48 <br />8/9/11 <br />Attachment number 15 <br />G -3 Page 546 <br />