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hT' ,,' CABARRUS COUNTY ~,XQ~_tjb/~.~ CONCORD, NORTH CAROLINA Rovembe~ ~, Mr. Ralph C. Bondfi~ Chairman Cabarrus County Board of Commissioners P. O. Box 707 Coneord~ N. C. 28025 Dear Mr. Bonds: Tile !975 General Assembly enacted legislation giving selected classes of real property, namely agricultural> horticultural and timberland preferential treatment for tax purposes provided the property meets all of the statutory requirements, Definition of the classes along with the requirements are defined within the act. In accordance ~ith the provisions of G. S. 105-277.6 (c} cad i05-517 (c) (l) and (2)~ as amended by the %975 General Assembly~ Cabarrus County is reqwiPed to prepare a use value sehedu!e of values which must be adopted by the County Commissioners. This schedule is ~o be reflective of the value of the property as of January ~ 1983 in accordance with' the manner in which it is being used~ assuming that it is being operated under a sound management program. Land within a defined class will not automatically receive preferential treatment. The owner must request that it be taxed on the basis of "present use value assessment". It is the duty of the tax supervisor to pass or reject each application. Land found qualified for one of the three classes~ will, upon the owner's application be appraised according to its present use. The true value app?alsal will also be maintained by the tax supervisor in the event that for some reason the property would not qualify for preferential treatment in future years. The attached schedule for Cabarrus County was prepared in accordance wilh accepted appraisal principles and techniques. Both the mal~ket and income approaches to value were used in developing the figures. The market approach is based upon an analysis of sales o? properties and a comparison of the properties that have been sold with other properties being appraised. The most important cousideration in the value of land in the market approach is location. The income appmoseh operates on the theory that there is a direct relationship between the net income a farm unit i~ill produce and its capital value for agmicultura! purposes. This approach has been used extensively throughout the country to appraise agricultural laed at its agricultural value. The principal factor in the value of land in the income approach is soil capability, therefore the recently completed soil map for Cabarrus County will be used extensively in determining the soil classification.