REAPPRAISAL IN TODAY’S MARKET Where do the values come from?
Some may think…… But no…. The Real Key is ……..
DATA, DATA, DATA!!!! MARKETCOST INCOME
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 SALES USE LISTINGS “BENCHMARKS” USE SIMILAR SUBDIVISIONS
MARKET DATA DEED RECORDINGS SALES LETTERS COST LETTERS INCOME LETTERS APPRAISERS BROKERS BANKERS DEVELOPERS MLS LOOPNET LOCAL WEB SITES 1.LAND VALUE 2.STRUCTURE VALUE SOURCES:
SALES LETTER FRONT BACK
LoopNet
Cabarrus County Economic Development
COST DATA MARSHAL & SWIFTLOCAL BUILDERSCONSTRUCTION COST LETTERS
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 IMPROVEMENTSLAND BASE RATEBASE RATE MARKET FACTORLOT VALUE (15% VS 25%) EFFECTIVE AGESIZE FACTORS RECLASSIFY TYPESPUV-
SCHEDULE OF VALUES IMPROVEMENTS BASE RATE Use Base Rate 2008 Base Rate 2012 M & S 2012DESCRIPTION 1$71$68$78Single Family Residential 01E$130$120$170Single Family Exceptional 10$64$68$74Commercial 40$56 $64Industrial
MARKET AND QUALITY FACTORS
SCHEDULE OF VALUES LAND
PUV- INCREASE
PUV 2008
PUV 2012
Final Results
Sales Ratio Homes built in 2011 and sold in 2011 Number of Sales 293 Median Ratio98.136% COD 4.129% All Parcels sold in 2011 Number of Sales 1,129 Median Ratio97.667% COD 3.492%
County Wide Value Change 2011 Value$19,448,839, Value$16,792,282,758 Percent of Change %