REAPPRAISAL IN TODAY’S MARKET
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Transcript of REAPPRAISAL IN TODAY’S MARKET
REAPPRAISAL IN TODAY’SMARKET
Where do the values come from?
Some may think……
But no…. The Real Key is ……..
DATA, DATA, DATA!!!!
MARKET CHALLENGE IN TODAY’S ECONOMY
• FINANCIALLY DISTRESSED SALES– NOT CONSIDERED QUALIFIED SALES
HOW DAMAGED ARE THE PROPERTIES LOWERS THE QUALIFIED SALES
– WHEN A “SUBSTANTIAL MAJORITY OF THE MARKET” IS DISTRESSED SALESUSE LISTINGS “BENCHMARKS”USE SIMILAR SUBDIVISIONS
MARKET DATA1. LAND VALUE2. STRUCTURE VALUE
SOURCES:
SALES LETTER
FRONT BACK
LoopNet
Cabarrus County Economic Development
COST DATA
Marshall & Swift Cost Estimates
INCOME DATA
• LOOPNET• INCOME/EXPENSE LETTERS TO PROPERTY
OWNERS• PROPERTY MANAGEMENT COMPANIES• BROKERS
Income / Expense Letters
DATA, DATA, DATA MARKET
COST INCOME
SCHEDULE OF VALUES
Cabarrus County
2012 Revaluation
CABARRUS COUNTY 2012 APPRAISAL FACTORS
IMPROVEMENTS LAND•BASE RATE BASE RATE•MARKET FACTOR LOT VALUE (15% VS 25%)•EFFECTIVE AGE SIZE FACTORS•RECLASSIFY TYPES PUV-
SCHEDULE OF VALUESIMPROVEMENTS BASE RATE
UseBase Rate 2008
Base Rate 2012
M & S 2012 DESCRIPTION
1 $71 $68 $78 Single Family Residential
01E $130 $120 $170 Single Family Exceptional
10 $64 $68 $74 Commercial
40 $56 $56 $64 Industrial
MARKET AND QUALITY FACTORS
2008 2012
SCHEDULE OF VALUESLAND
PUV- INCREASE
PUV 2008
PUV 2012
Final Results
Sales Ratio
• Homes built in 2011 and sold in 2011Number of Sales 293Median Ratio 98.136%COD 4.129%
• All Parcels sold in 2011Number of Sales 1,129Median Ratio 97.667%COD 3.492%
County Wide Value Change