Post on 08-Feb-2016
description
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