AG 2011 10 17 - Laserfiche WebLink

Home Browse Search

CABARRUS COUNTY 2012 APPRAISAL MANUAL DEPRECIATION ACTUAL YEAR BUILT - The last two digits of the Actual Year Built. To be used if the actual year built can be determined and the same as the Effective Year if the Actual Year Built cannot be determined. EFFECTIVE YEAR BUILT - To be used to adjust the age of an improvement when extensive remodeling has taken place or to reflect a slower depreciation in an area. ECONOMIC OBSOLESCENCE - A percentage to be added to the normal depreciation to account for increased depreciation due to the impairment of desirability or useful life of the property from an external factor such as changes in the neighborhood. FUNCTIONAL OBSOLESCENCE - A percentage to be added to the normal depreciation to account for increased depreciation due to the impairment of desirability or usefulness brought about by changes in design, art or construction techniques and including zoning over present use. SPECIAL CONDITION CODE - UC - Under construction Use with the percent condition to indicate percent of completion of construction as of January 1 of the tax year, see Ch. 6, overrides all other depreciation. PD - Physically damaged Use with the percent condition to indicate percent of remaining utility after a damaging event as of January 1 of the tax year, overrides all other depreciation. AP - Abnormal Physical Depreciation Use with the percent condition to indicate a percentage to be added to the normal depreciation to account for increased depreciation due to physical depreciation over and above the norm for the age of the property. TE - Temporary Economic Use with the percent condition to indicate a percentage to be added to the normal depreciation to account for increased depreciation due to the impairment of desirability or useful life of the property from an external factor that is temporary in nature. An example would be the widening of a street that may substantially obstruct the access to a commercial property for the entire tax year impacting rent the owner could charge for the property for a given time period of one year or more. RV - Residual Value Use with the percent condition to indicate a percent of remaining utility as of January 1 of the tax year, overrides all other depreciation. Usually used on structures which still exist but have very little remaining useful value. PERCENT CONDITION - The percent adjustment to be applied to the improvement based on the definition above. 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 UC, PD, TE and RV will override the depreciation developed from the normal depreciation, economic obsolescence and functional obsolescence, AP will add to the other forms of depreciation. Cabarrus County — 2012 Revaluation APPENDIX 12-56 9/30/11 Attachment number 13 G -6 Page 428