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October 17, 2011 (Regular Meeting) Page 708 CABARRUS COUNTY NON- RESIDENTIAL LAND VALUE SCHEDULE BY COUNTY WIDE Acreage Acreage Square Square Front Front Leases Leases Price Price Foot Foot Foot Foot Price Price Price Price Low $25,000.00 High $500,000.00 Low $1.00 High $30.00 Low $50.00 High $7,000.00 Low High $400.00 Commercial/ $2.00 /sf Office/ /sf Research Industrial $15,000.00 $300,000.00 $1.00 $20.00 $50.00 $5,000.00 $0.50 /sf $100.00 /sf Multi- Family $10,000.00 $75,000.00 N/A N/A $50.00 $1,000.00 $50 /UT $2,500/ UT (A) - Income -- Market CAP Rates range from a Low of 5% to a High of 15% (B) - Lease Rates for Industrial Buildings Vary Depending on how much Office Area is Available. (C) - Lease Rates for Multi- Family Vary Depending on Location, Quality, & Number of Bedrooms (D) - Lease Rates for Condominiums are similar to Multi - Family Except for the Speedway Condos which lease weekly during major events BASE SFR ACREAGE LAND: Rural Land of 20 to 25 acre tracts with 10% Road Frontage located on a Paved Road with No Public Water or Public Sewer and all other Higher Density Zoning Or Different Land Uses will be adjusted for location, topography, or other factors to meet Market Value as of January 1, 2008. BASE SFR LOT VALUE: Single Family Residential lot with Well & Septic Tank and If Public Utilities are available adjustments will be made for location, topography or other factors to arrive at Market Value of January 1, 2008 * These Base Prices and Non- Residential lots and acreage will be adjusted for location, topography or other factors to meet Market Value as of January 1, 2008. In appraising the Rural Land, the timber value is not included in determining Market Value for each individual tract of land. The Present Use Schedule of Values is as follows: Chapter 4a LAND APPRAISAL PROCEDURES PRESENT USE VALUE PREFACE Agricultural, horticultural, and forestland is designated a special class of property "under the authority of Section 2(2) of Article V of the North Carolina Constitution and must be appraised, assessed, and taxed as provided in G.S 105 -277.2 through G.S. 105- 277.7. The values and classifications used in this section are derived from the 2012 Use -Value Manual for Agricultural, Horticultural, and Forestland developed by the North Carolina Use Value Advisory Board. DEFINITIONS OF CLASSIFICATIONS § 105- 277.2. Agricultural, horticultural, and forestland - Definitions. (1) Agricultural land. - Land that is a part of a farm unit that is actively engaged in the commercial production or growing of crops, plants, or animals under a sound management program. Agricultural land includes woodland and wasteland that is a part of the farm unit, but the woodland and wasteland included in the unit must be appraised under the use -value schedules as woodland or wasteland. A farm unit may consist of more than one tract of agricultural land, but at least one of the tracts must meet the requirements in G.S. 105 -277.3 (a) (1) , and each tract must be under a sound management program. If the agricultural land includes less than 20 acres of woodland, then the woodland portion is not required to be under a sound management program. Also, woodland is not required to be under a sound management program if it is determined that the highest and best use of the woodland is to diminish wind erosion of adjacent agricultural land, protect water quality of adjacent agricultural land, or serve as buffers for adjacent livestock or poultry operations. (2)Forestland. - Land that is a part of a forest unit that is actively engaged in the commercial growing of trees under a sound management program. Forestland includes wasteland that is a part of the forest unit, but the wasteland included in the unit must