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October 17, 2011 (Regular Meeting) <br />Block <br />BL <br />Phase <br />PH <br />Section <br />SEC <br />Creek <br />CRK <br />Care of / In care of <br />C/O <br />Life Estate <br />(LF EST) <br />Remainderman <br />(REM) <br />Subdivision <br />SUB <br />City <br />CTY <br />County <br />CNTY <br />11 <br />Central Cabarrus <br />Townships: <br />O1 <br />Harrisburg <br />02 <br />Poplar Tent <br />03 <br />Odell <br />04 <br />Kannapolis <br />05 <br />New Gilead <br />06 <br />Rimertown <br />07 <br />Gold Hill <br />08 <br />Mount Pleasant <br />09 <br />Georgeville <br />10 <br />Midland <br />11 <br />Central Cabarrus <br />12 <br />Concord <br />City Code: <br />O1 <br />Harrisburg <br />02 <br />Concord <br />03 <br />Mt. Pleasant <br />04 <br />Kannapolis <br />05 <br />Locust <br />06 <br />Midland <br />Chapter 4 <br />LAND APPRAISAL PROCEDURES <br />PREFACE <br />Page 670 <br />Land values are derived primarily by the sales comparison method. It is, <br />therefore, important that certain factors be accurately shown and considered. <br />These factors include location, size, topography, present use, highest and <br />best use, etc. The following chapter describes procedures for recording <br />these important elements and determining land values. <br />LAND APPRAISAL <br />PROCEDURES <br />INTRODUCTION <br />The market or sales comparison approach is the most applicable method for the <br />valuation of land. The income approach should also be considered when <br />applicable. The value of properties for which sufficient vacant land sale <br />data is not available, as often happens in the downtown area and the older <br />subdivisions where no vacant parcels remain may be estimated using a land <br />residual approach as detailed in the Income Property Valuation Chapter. In <br />new residential subdivisions where groups of lots are sold from the developer <br />to various builders and no true arms length sales are available may be valued <br />based on a percentage of total sale prices. This percentage can range from <br />loo to 30% depending on the amenities that are available in the area. <br />Land value is generally estimated by comparing the subject property to <br />similar properties which have recently sold and making adjustments to the <br />comparable for the different factors affecting land value. <br />Some of the factors which must be considered include: location, size, shape, <br />topography, accessibility, present use, highest and best use, zoning, <br />utilities, income to the land, supply and demand for the particular type <br />land, improvements to the land and improvements on the land. Irrigation, <br />