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October 17, 2011 (Regular Meeting) <br />Page 755 <br />property taxes which must be backed out of the ratio if the tax rate is added <br />to the OAR. These rates are meant as a guideline for the appraiser to use on <br />typical properties in Cabarrus County. Factors such as; location, quality of <br />tenant, and other risk factors may require the use of factors outside of <br />these ranges. The lower capitalization rates are best used in better <br />locations and with properties of lower risk. The higher rates are to be used <br />in the less desirable locations with higher risk. Higher or lower factors <br />may be considered for properties that fall out of the norms for Cabarrus <br />County. When applying overall rates for assessment purposes the property <br />taxes should be removed from expenses and the tax rate should be added to the <br />overall rate. <br />YEAR BUILT <br />2000 -2012 <br />1990 -2000 <br />1989 -OLDER <br />Low <br />LLgh <br />Low <br />Hi h <br />Low <br />High <br />APARTMENTS <br />TYPICAL <br />6.00% <br />7.500 <br />7.00% <br />8.00% <br />7.500 <br />10.00% <br />LUXURY <br />6.50% <br />7.50% <br />7.00% <br />8.00% <br />7.50% <br />10.00% <br />EXPENSES <br />LARGE >20 <br />UNITS <br />25.00% <br />40.00% <br />35.00% <br />45.00. <br />40.00% <br />55.00% <br />SMALL <20 <br />UNITS <br />25.00% <br />35.00% <br />30.00° <br />40.00. <br />35.00° <br />45.00° <br />COMMERCIAL <br />OAR <br />7.00% <br />10.00° <br />8.00. <br />11.00% <br />9.00% <br />13.00% <br />EXPENSES <br />15.00% <br />20.00% <br />17.00% <br />22.00% <br />20.00% <br />35.00 °0 <br />OFFICE <br />OAR <br />7.50% <br />8.50% <br />8.00% <br />9.50% <br />9.00% <br />10.50. <br />EXPENSES <br />15.00% <br />20.00% <br />17.00. <br />22.00% <br />20.00% <br />35.00. <br />MOTEL <br />OAR <br />10.50% <br />11.50% <br />12% - 13% <br />EXPENSES <br />65.00% <br />70.00% <br />75.00% <br />HOMES FOR THE <br />ELDERLY <br />OAR <br />10.50% <br />11.50. <br />12. - 13% <br />EXPENSES <br />65.00% <br />70.00% <br />75.00% <br />OAR <br />10.50% <br />11.50. <br />12% - 13% <br />EXPENSES <br />65.00% <br />70.00. <br />75.00" <br />SHOPPING CENTER <br />OAR SMALL <br />7.00 0 1- <br />8.00% <br />8.00% <br />9.50% <br />9.00°6 <br />10.5025 <br />OAR LARGE <br />7.50% <br />9.00% <br />8.00 1 1- <br />9.50 1 1- <br />9.00 <br />10.50. <br />EXPENSES <br />15 -18 <br />17 -20% <br />20 -25% <br />Department Stores <br />Discount Depart. <br />Stores <br />OAR <br />7.50. <br />9.50. <br />8.00. <br />10.50% <br />9.00. <br />11.00% <br />Expenses <br />15.00% <br />20.00% <br />17.00. <br />22.00% <br />20.00° <br />1 35.00 1 a <br />YEAR BUILT <br />2000 -2012 <br />1990 - 2000 <br />1989 -OLDER <br />Low <br />Hi h <br />Low <br />Hig <br />Low <br />Hig <br />STRIP SHOPPING <br />CENTER <br />OAR SMALL <br />4 or less Tenants <br />8.00% <br />9.00% <br />8.50% <br />9.50% <br />9.00% <br />11.00 <br />EXPENSES <br />20.00% <br />35.00° <br />25.00. <br />35.00% <br />30.00% <br />45.00% <br />