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STEP 3 <br />CABARRUS COUNTY 2012 APPRAISAL MANUAL <br />DETERMINE EFFECTIVE BASE RATE <br />A. The base rate for a particular model is given. In this instance, it is $64.00 per square foot. <br />B. Multiply the base rate times the quality index: <br />$64.00 x 1.07 = $68.48 <br />$68.48 is the effective base rate. <br />STEP 4 <br />CALCULATE REPLACEMENT COST NEW <br />A. Replacement Cost New is the product of the effective base rate times the total adjusted area calculated <br />earlier. In the sample parcel we have; <br />$68.48 x 4,125 EFF AREA = $282,480 <br />STEP 5 <br />STEP 6 <br />DETERMINE DEPRECIATION AND PERCENT CONDITION OF THE SUBJECT <br />A. Depending on the improvement type one of two methods is used. In chapter 11 are the appropriate table <br />and at the end of this chapter, a further discussion of their use. <br />B. The sample parcel is an improvement type 10 with an effective age of 9 years and is depreciated 13 %. <br />C. To determine the percent condition, subtract the amount of depreciation from 1.0. In the sample parcel, <br />the percent condition equals 1.0 - .13 = 87 %. <br />CALCULATE THE DEPRECIATED BUILDING VALUE <br />A. The DEPRECIATED BUILDING VALUE is the Replacement Cost New x the Percent Condition in the <br />sample parcel. <br />$282,480 x.87 = $245,758 Rounded to $245,760 <br />A. To the Depreciated Building Value is added the total Depreciated OB /XF Value and Land Value. <br />B. In the sample, this is as follows: <br />$245,760 Depreciated Building Value <br />$22,240 Total Depreciated OB/XF Value <br />$ 300,000 Land value <br />$568,000 Total value <br />Cabarrus County — 2012 Revaluation <br />CALCULATION OF 7-6 <br />SYSTEM VALUES 8/9/11 <br />Attachment number 8 <br />G -6 Page 269 <br />