2015 Chapter 04 Land Appraisal Procedures

IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND APPRAISAL PROCEDURES
PREFACE
Land values are derived primarily by the sales comparison method. It is, therefore, important that certain factors be
accurately shown and considered. These factors include location, size, topography, present use, highest and best use, etc.
The following chapter describes procedures for recording these important elements and determining land values.
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 1
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND APPRAISAL
PROCEDURES
INTRODUCTION
The market or sales comparison approach is the most applicable method for the valuation of land. The income approach
should also be considered for properties for which sufficient sale data are not available for vacant parcels, as often happens
in downtown areas and subdivisions where no vacant parcels remain. The value may be estimated using a land residual
approach as detailed in the Income Property Valuation Chapter.
Land value is generally estimated by comparing the subject property to similar properties which have recently sold and
making adjustments to the comparable for the different factors affecting land value.
Some of the factors which must be considered include: location, size, shape, topography, accessibility, present use, highest
and best use, zoning, utilities, and income to the land, supply and demand for the particular type land, improvements to the
land and improvements on the land. Drainage, sidewalks, curbs, gutter, etc. are examples of improvements to the land and
are included in the value of the land. Building structures are improvements on the land and with few exceptions, (some
condominium or cooperative buildings), are valued apart from the land.
LAND APPRAISAL PROCEDURE
All splits to the property ownership maps must be posted current to the appraisal.
All zoning and use should be shown on the property ownership maps.
Roads should be classified paved, dirt, nonexistent, etc. and the availability of public improvements
indicated on the property ownership maps as necessary.
Neighborhood Delineation Iredell County
Iredell County uses the neighborhood concept for placing values.
By having neighborhoods defined, the County is able to closely monitor the actions of the market in each. Neighborhoods
may be in a stage of growth, a stage of stability, a stage of revitalization, or a stage of decline.
Neighborhoods Consider:
1. The environment of a subject property that has a direct and immediate effect on value
2. A defined geographic area
3. Properties that are homogeneous
4. Land values consistent
5. Share important location characteristics
The following table of road classifications, entered in field as RT (Road Type) and public improvement classifications are to
be used as a note to the land data. Adjustments made may be inserted in the "Other Adjustments" portion of the Land Data
section of the Field Data Collection Instrument:
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 2
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IREDELL COUNTY 2015 APPRAISAL MANUAL
ROAD CLASSIFICATIONS
Refer to page 4-21 through 4-23
State Maintained:
Not State Maintained:
Paved:

Interstate .............................................IS

Rural Dirt Road .................................. RT

Paved w/water & sewer ......................PS

Private Drive ...................................... PD

Paved w/water ....................................PW
(public or community)

Nonexistent ........................................ NX
(no legal access to property)
No water or sewer:

Rural Paved ........................................RP

Suburban Paved..................................SP

Urban Paved .......................................UP
Not Paved

Rural Gravel .......................................RG

Rural Gravel w/water .........................GW

Rural Dirt ...........................................RD

Rural Dirt w/water .............................DW

Suburban Dirt .....................................SD

Urban Dirt ..........................................UD
PUBLIC IMPROVEMENT CLASSIFICATIONS:
Curb .................................. C
Sewer ................................ S
Electric ............................. E
Sidewalk ........................... K
Gutter ................................ G
Storm Drainage ................. D
Natural Gas ....................... NG
Water ................................ W
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 3
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IREDELL COUNTY 2015 APPRAISAL MANUAL
Qualified, recent sales data should be posted to the property ownership maps. This data should include whether the sale
was vacant or improved, the month and the year of the sale, the amount of the sale and the units and unit price of the sale if
it was a vacant sale as follows:
V-6/93
250,000 (50,000 Ac)
or
I-5/93
24,500
The maps are then checked, and each sale is then studied and analyzed for their characteristics.
The appraiser can then use the sales to compare to other parcels with similar characteristics in the immediate area. Notes
should be placed on vacant parcels to indicate the condition of the land if fill is required as follows:
LAND CONDITION
Vacant no fill required
NOTATION
VOK
CONDITION FACTOR
100
Vacant minimum fill
VF
75-95
Vacant major fill
VJF
50-75
Vacant not usable
VNU
30-50
The appraiser should also note the characteristics of the area appraised for similarities which may be encountered in other
areas which have insufficient sales.
The appropriate unit values and depth table can then be posted to the property ownership map using the same
format for each type of property; however, the depth table on Card 01 cc 52 will only function when the unit type
in Card 02 cc 49-50 is LT or FF.
Generally residential property is valued by lot (LT) or square foot (SQ) and sometimes by front foot (FF), or units (UT);
commercial property by square foot (SF), or sometimes by front foot (FF), or units (UT); industrial property by square foot
(SF), or acreage (AC), or units (UT); and agricultural property by acreage (AC). (Some tracts may require two or more
different land units.)
CALCULATION FOR VARIOUS LOT SHAPES
The following grouping of regular and irregular-shaped lots has been prepared to illustrate lot shapes most frequently
encountered and the method of computing their value.
Note: The depth factor chart for a standard lot of 150-foot depth, shown in Depth Table No. 3, and a unit foot value of
$10.00 have been used in all of the example calculations.
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 4
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 - 03
EXAMPLE 1 - (LINE 1)
EXAMPLE 2 - (LINE 2)
RECTANGULAR LOT
RULE: Use frontage and 100%
condition factor
RECTANGULAR LOT
RULE: Use frontage and 100%
condition factor
CODE
1 0100
2 0100
3
4
5
6
ZONING
R6
R6
FRONT DEPTH DE/FA L/M CO/FA
+RF+AC+LC+T0+0T
20
60
0.65
2
1.00 EX.1
50
165
1.03
2
1.00 EX.2
UNIT PRICE NO. UNITS
TY
100.00
20.00 FF
100.00
50.00 FF
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 5
07/01/2014
RT
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 - 03
EXAMPLE 3 - (LINE 1)
EXAMPLE 4 - (LINE 2)
TRIANGLE WITH APEX ON STREET
RULE: Use 30% condition
factor
TRIANGLE WITH APEX ON STREET
RULE: Use perpendicular for depth as
shown and 30% condition factor
CODE
1 0100
2 0100
3
4
5
6
ZONING
R6
R6
FRONT DEPTH DE/FA L/M CO/FA +RF+AC+LC+T0+0T
50
111
0.89
2
.30 EX.3
50
100
0.85
2
.30 EX.4
RT
UNIT PRICE NO. UNITS
TY
100.00
50.00 FF
100.00
50.00 FF
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LAND APPRAISAL PROCEDURES 4- 6
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 - 03
EXAMPLE 5 - (LINE 1)
EXAMPLE 6 - (LINE 2)
TRIANGLE WITH BASE ON STREET
RULE: Use 70% condition factor
TRIANGLE WITH BASE ON STREET
RULE: Use perpendicular for depth as
shown and 70% condition factor
CODE
1 0100
2 0100
3
4
5
6
ZONING
R6
R6
FRONT DEPTH DE/FA L/M CO/FA +RF+AC+LC+T0+0T
50
111
0.89
2
0.70 EX.5
50
111
0.85
2
0.70 EX.6
RT
UNIT PRICE NO. UNITS
TY
100.00
50.00 FF
100.00
50.00 FF
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LAND APPRAISAL PROCEDURES 4- 7
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 - 03
EXAMPLE 7 - (LINE 1)
EXAMPLE 8 - (LINE 2)
BACK LOT
RULE: Use difference between
longest depth factor and
shortest depth factor
PARALLEL LOT
RULE: Use perpendicular depth as
shown
i.e. 1.03 - .69 = .34
CODE
1 0100
2 0100
3
4
5
6
ZONING
R6
R6
FRONT DEPTH DE/FA L/M CO/FA +RF+AC+LC+T0+0T
50
96
1.00
0
0.34 EX.7
50
100
0.85
2
1.00 EX.8
RT
UNIT PRICE NO. UNITS TY
100.00
50.00 FF
100.00
50.00 FF
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LAND APPRAISAL PROCEDURES 4- 8
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 - 03
EXAMPLE 9 - (LINE 1)
EXAMPLE 10 - (LINES 2&3)
PARALLEL SIDES
RULE: Use average depth
i.e. 120 + 100 = 220 = 110
2
2
IRREGULAR LOT
RULE: calculate as rectangle
and triangle
CODE
1 0100
2 0100
3 0100
4
5
6
ZONING
R6
R6
R6
FRONT DEPTH DE/FA L/M CO/FA +RF+AC+LC+T0+0T
50
110
0.89
2
1.00 EX.9
200
100
0.85
2
1.00 EX.10
50
100
0.85
2
0.30 EX.10
RT
UNIT PRICE NO. UNITS TY
100.00
50.00 FF
100.00
200.00 FF
100.00
50.00 FF
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LAND APPRAISAL PROCEDURES 4- 9
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 - 03
EXAMPLE 11 - (LINES 1&2)
EXAMPLE 12 - (LINE 3)
IRREGULAR LOT
RULE: Calculate as rectangle
and triangle
CORNER LOT
RULE: Use sides with highest
value frontage (side with highest
dollar value per front foot for frontage
figure)
CODE
1 0100
2 0100
3 0100
4
5
6
ZONING
R6
R6
R6
FRONT DEPTH DE/FA L/M CO/FA +RF+AC+LC+T0+0T
200
100
0.85
2
1.00 EX.11
50
100
0.85
2
0.70 EX.11
100
50
0.49
2
1.00 EX.12
RT
UNIT PRICE NO. UNITS
TY
100.00
200.00 FF
100.00
50.00 FF
100.00
100.00 FF
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LAND APPRAISAL PROCEDURES 4- 10
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 - 03
EXAMPLE 13 - (LINE 1)
EXAMPLE 14 - (LINES 2 & 3)
TRIANGULAR CORNER LOT
RULE: See #12 and #5
THROUGH LOT STANDARD DEPTH
OR MORE
RULE: Compute on high value street and
compute on low value street
CODE
1 0100
2 0100
3 0100
4
5
6
ZONING
R6
R6
R6
FRONT DEPTH DE/FA L/M CO/FA +RF+AC+LC+T0+0T
50
100
0.85
2
0.70 EX.13
50
150
1.00
2
1.00 EX.14
50
50
1.00
2
1.00 EX.14
RT
UNIT PRICE NO. UNITS
TY
100.00
50.00 FF
100.00
50.00 FF
50.00
50.00 FF
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LAND APPRAISAL PROCEDURES 4- 11
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 - 02
EXAMPLE 15 - (LINES 1&2)
EXAMPLE 16 - (LINE 3)
THROUGH LOT OVER STANDARD DEPTH
RULE: Compute on high value to
standard depth and on low
value street the remainder
IRREGULAR LOT
RULE: Compute as parallel sides
see #9
CODE
1 0100
2 0100
3 0100
4
5
6
ZONING
R6
R6
R6
FRONT DEPTH DE/FA L/M CO/FA +RF+AC+LC+T0+0T
50
150
1.00
2
1.00 EX.15
50
50
0.59
2
1.00 EX.15
50
110
0.89
2
1.00 EX.16
RT
UNIT PRICE NO. UNITS
TY
100.00
50.00 FF
50.00
50.00 FF
100.00
50.00 FF
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 12
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 - 03
EXAMPLE 17 - (LINES 1&2)
EXAMPLE 18 - (LINES 3&4)
L-SHAPED LOT WITH THE BASE OF THE
"L" OFF THE STREET
RULE: Compute as rectangle and back lot
(See #7 back lot depth = .83 - .65 = .18)
L-SHAPED LOT WITH THE BASE
OF THE "L" ON THE STREET
RULE: Compute as two
separate rectangles
1
2
3
4
5
6
CODE
0100
0100
0100
0100
ZONING
R6
R6
R6
R6
FRONT DEPTH DE/FA L/M CO/FA +RF+AC+LC+T0+0T
77
95
0.83
2
1.00 EX.17
20
35
1.00
0
0.18 EX.17
77
95
0.83
2
1.00 EX.18
20
35
0.46
2
1.00 EX.18
RT
UNIT PRICE NO. UNITS
TY
100.00
77.00 FF
100.00
20.00 FF
100.00
77.00 FF
100.00
20.00 FF
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 13
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 01 – 02
EXAMPLE 19
IRREGULAR LOT
See #5 and #9 - Figure as 67%
triangle and parallel sides
EXAMPLE 20
IRREGULAR LOT
See #2 and #3 - Figure as 33%
triangle and rectangle
EXAMPLE 21
TWO STREET FRONT LOT
RULE: Compute on high value street
for full depth and on low
street as remainder
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 14
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODELS
Currently there are seven different land models in use with the BITEK Appraisal System which when properly used give
reliable results. It has been our experience that the Somers Depth Curve gives excellent equalization and values.
Models 1, 2 and 3 are based on the Somers curves and standard depths as follows. Model 4 is used when pricing rural or
residential acreage. Model 5 is used with the present or farm use value schedules.
LAND MODEL 0
Unit Lot Value
LAND MODEL 1
100 Feet Standard Depth Appraised per Front Foot
LAND MODEL 2
150 Feet Standard Depth Appraised per Front Foot
LAND MODEL 3
200 Feet Standard Depth Appraised per Front Foot
LAND MODEL 4
Base Price - Market Value
LAND MODEL 5
Present Use by Soil Types
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 15
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL #1
DEPTH FACTOR TABLE
100 FEET STANDARD DEPTH
DEPTH
D.F.
DEPTH
D.F.
10-12
13-16
17-20
.26
.33
.40
102-103
104-106
107-110
1.02
1.03
1.04
21-24
25-28
29-32
.45
.50
.55
111-114
115-118
119-122
1.05
1.06
1.07
33-36
37-40
41-44
.59
.63
.67
123-128
129-134
135-140
1.09
1.11
1.12
45-48
49-52
53-55
.70
.72
.75
141-146
147-152
153-158
1.14
1.15
1.16
56-59
60-63
64-67
.78
.81
.83
159-164
165-169
170-175
1.17
1.18
1.19
68-71
72-75
76-79
.85
.87
.89
176-181
182-187
188-193
1.20
1.20
1.21
80-83
84-87
88-91
.91
.93
.95
194-199
200-Up
1.22
1.22
92-95
96-98
99-101
.97
.98
1.00
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 16
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL #2
DEPTH FACTOR TABLE
150 FEET STANDARD DEPTH
DEPTH
D.F.
DEPTH
D.F.
10-12
13-17
18-22
.18
.25
.29
168-172
173-177
178-182
1.04
1.05
1.05
23-27
28-32
33-37
.36
.41
.46
183-187
188-192
193-197
1.06
1.07
1.07
38-42
43-47
48-52
.51
.55
.59
198-205
206-215
216-225
1.07
1.08
1.09
53-57
58-62
63-67
.62
.65
.69
226-235
236-245
246-255
1.10
1.10
1.11
68-72
73-77
78-82
.72
.74
.77
256-265
266-275
276-285
1.12
1.12
1.13
83-87
88-92
93-97
.79
.81
.83
286-295
296-310
311-330
1.13
1.14
1.15
98-102
103-107
108-112
.85
.87
.89
331-350
351-370
371-390
1.16
1.16
1.17
113-117
118-122
123-127
.91
.93
.94
391-410
411-430
431-450
1.17
1.18
1.18
128-132
133-137
138-142
.96
.97
.98
451-470
471-490
491-510
1.18
1.19
1.19
143-147
148-152
153-157
.99
1.00
1.01
511-530
531-550
551-570
1.20
1.20
1.21
158-162
163-167
1.03
1.03
571-590
591-Up
1.21
1.22
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LAND APPRAISAL PROCEDURES 4- 17
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IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL #3
DEPTH FACTOR TABLE
200 FEET STANDARD DEPTH
DEPTH
D.F.
DEPTH
D.F.
DEPTH
D.F.
10-12
13-17
18-22
.14
.19
.25
143-147
148-152
153-157
.89
.90
.92
278-282
283-287
288-291
1.07
1.08
1.08
23-27
28-32
33-37
.30
.34
.37
158-162
163-167
168-172
.93
.94
.95
293-297
298-305
306-315
1.08
1.08
1.09
38-42
43-47
48-52
.41
.45
.49
173-177
178-182
183-187
.96
.97
.97
316-325
326-335
336-345
1.09
1.10
1.10
53-57
58-62
63-67
.52
.55
.58
188-192
193-197
198-202
.98
.99
1.00
346-355
356-365
366-375
1.11
1.11
1.12
68-72
73-77
78-82
.60
.63
.65
203-207
208-212
213-217
1.01
1.02
1.02
376-385
386-395
396-410
1.12
1.13
1.13
83-87
88-92
93-97
.68
.70
.72
218-222
223-227
228-232
1.02
1.03
1.03
411-430
431-450
451-470
1.14
1.14
1.15
98-102
103-107
108-112
.74
.76
.78
233-237
238-242
243-247
1.04
1.04
1.05
471-490
491-510
511-530
1.16
1.16
1.16
113-117
118-122
123-127
.80
.82
.83
248-252
253-257
258-262
1.05
1.06
1.06
531-550
551-570
571-590
1.16
1.17
1.17
128-132
133-137
138-142
.85
.86
.88
263-267
268-272
273-277
1.06
1.07
1.07
591-UP
1.17
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 18
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 04
THE BASE PRICE METHOD
The Base Price Method of appraising land is referred to as Land Model 04. These land models are utilized to reflect
market value when appraising acreage. The market indicates that land values change when properties have different
amenities such as road frontage, public utilities, road types and the size of tract.
Land Model 04 is also an excellent appraisal tool when utilizing the neighborhood concept for different locations within
the jurisdiction being appraised.
The following is a description of how these factors affect each parcel of land:
A.
Location:
Location is the key factor in the determination of market value in the County. Depending on market
demand and sales prices, Base Price Areas were established throughout the County. Within each base
price area other factors may be applied to a given parcel. The concept of neighborhood homogeneity may
fluctuate in value as the parcel comes more under the influence of the neighborhood and less under the
influence of the total base area. The market demands higher prices for property in or near active market
areas. Desirable subdivisions, availability of water and sewer, proximity to shopping areas, higher base
price areas and the existence of amenities are factors which tend to increase market demand. The inverse
may be true for parcels near a declining subdivision or undesirable industrial or commercial use area.
These influences must be determined and adjusted on an individual basis by the appraiser.
B.
Size:
The size of a parcel plays a major role in determining the per acre price at which a parcel of land will
sell. The total price asked for a parcel of land has an indirect correlation with the number of potential
buyers in the market. This situation stimulates more price negotiation and longer turnover periods for
large tracts. Typically, the actual cash value per acre decreases as the size of the parcel increases.
The value of small lots containing less than one acre depends greatly on zoning and health department
restrictions, therefore, these lots may be priced by the lot or by front footage. Generally, tracts one acre
or greater are to be priced using the base price in conjunction with the following size factor chart:
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 19
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IREDELL COUNTY 2015 APPRAISAL MANUAL
SIZE ADJUSTMENTS FOR RURAL ACREAGE
(Land Model 04)
Min Size
0.01
0.50
0.71
0.81
1.11
1.21
1.31
1.41
1.51
1.61
1.71
1.81
1.91
2.01
2.11
2.21
2.31
2.41
2.51
2.61
2.71
2.81
2.91
3.01
3.11
3.21
3.31
3.41
3.51
3.61
3.71
3.81
3.91
4.01
4.11
4.21
4.31
4.41
4.51
4.61
4.71
4.81
4.91
Max Size
0.49
0.70
0.80
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
1.90
2.00
2.10
2.20
2.30
2.40
2.50
2.60
2.70
2.80
2.90
3.00
3.10
3.20
3.30
3.40
3.50
3.60
3.70
3.80
3.90
4.00
4.10
4.20
4.30
4.40
4.50
4.60
4.70
4.80
4.90
5.00
Factor
270%
270%
250%
250%
240%
220%
210%
205%
200%
195%
190%
190%
185%
185%
185%
185%
180%
180%
175%
175%
175%
170%
170%
165%
165%
165%
165%
160%
160%
160%
160%
160%
155%
155%
155%
155%
155%
150%
150%
150%
145%
145%
145%
Iredell County – 2015 Revaluation
Min Size
5.01
5.11
5.21
5.31
5.41
5.61
5.81
6.01
6.21
6.41
6.61
6.81
7.01
7.31
7.61
7.91
8.21
8.51
8.81
9.11
9.41
9.71
10.01
10.51
11.01
11.51
12.01
12.51
13.01
13.51
14.01
14.51
15.01
15.51
16.01
17.01
18.01
19.01
20.01
25.01
30.01
40.01
50.01
Max Size
5.10
5.20
5.30
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
7.00
7.30
7.60
7.90
8.20
8.50
8.80
9.10
9.40
9.70
10.00
10.50
11.00
11.50
12.00
12.50
13.00
13.50
14.00
14.50
15.00
15.50
16.00
17.00
18.00
19.00
20.00
25.00
30.00
40.00
50.00
60.00
Factor
140%
140%
140%
135%
135%
135%
135%
135%
135%
130%
130%
130%
130%
130%
130%
130%
130%
130%
130%
130%
125%
125%
125%
120%
120%
120%
115%
115%
115%
110%
110%
110%
110%
110%
110%
110%
105%
101%
100%
99%
98%
97%
97%
Min Size
60.01
70.01
80.01
90.01
100.01
110.01
115.01
120.01
125.01
130.01
135.01
140.01
145.01
150.01
155.01
160.01
165.01
170.01
175.01
180.01
185.01
190.01
195.01
200.01
205.01
210.01
Max Size
70.00
80.00
90.00
100.00
110.00
115.00
120.00
125.00
130.00
135.00
140.00
145.00
150.00
155.00
160.00
165.00
170.00
175.00
180.00
185.00
190.00
195.00
200.00
205.00
210.00
Up
Factor
97%
96%
96%
95%
95%
94%
93%
92%
91%
90%
89%
89%
88%
87%
87%
86%
85%
84%
83%
82%
81%
80%
79%
78%
77%
76%
LAND APPRAISAL PROCEDURES 4- 20
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
C.
Road Frontage:
The market tends to recognize parcels containing 10 acres or less as residential home sites. Tracts of this size are more
desirable if they have at least 29 - 30% road frontage. Sales of large tracts, which have potential for development tends
to reflect the amount of road frontage in relation to total parcel size. Parcels containing more than ten acres are
considered to have adequate frontage if 10% of the total acreage is in road frontage. Dividing the number of acres of
road frontage (1 Acre = 208' X 208') by the total acreage, yields the percent of frontage to total acreage. This percent
when applied to the following chart produces a plus or minus factor to be applied to each parcel.
Percent FTG
To Total Acreage
.01 .99
1.00 - 1.49
1.50 - 1.99
2.00 - 2.50
2.50 - 2.99
3.00 - 3.99
4.00 - 4.99
5.00 - 5.99
6.00 - 6.99
7.00 - 7.99
8.00 - 8.99
9.00 - 9.99
10.00 - 10.99
11.00 - 12.99
13.00 - 17.99
18.00 - 22.99
23.00 - 25.99
26.00 - 28.99
29.00 - 30.99
31.00 - 32.99
33.00 - 34.99
35.00 - 36.99
37.00 - 38.99
39.00 - 40.99
0-10
Acres
-15%
-14%
-14%
-13%
-13%
-12%
-11%
-10%
-9%
-8%
-7%
-6%
-6%
-5%
-4%
-3%
-2%
-1%
0
+1%
+2%
+3%
+4%
+5%
10.01
Acres
And Up
-12%
-11%
-10%
-9%
-8%
-7%
-6%
-5%
-4%
-3%
-2%
-1%
0
+1%
+2%
+3%
+4%
+5%
+6%
+7%
+8%
+9%
+10%
+11%
Percent FTG
To Total Acreage
41.00 - 42.99
43.00 - 44.99
45.00 - 46.99
47.00 - 48.99
49.00 - 50.99
51.00 - 52.99
53.00 - 54.99
55.00 - 56.99
57.00 - 58.99
59.00 - 60.99
61.00 - 62.99
63.00 - 64.99
65.00 - 66.99
67.00 - 68.99
69.00 - 70.99
71.00 - 71.99
72.00 - 72.99
73.00 - 73.99
74.00 - 74.99
75.00 - 75.99
76.00 - 76.99
77.00 - 77.99
78.00 - 78.99
79.00 - 79.99
80.00 - 100.00
0-10
Acres
+6%
+7%
+8%
+9%
+10%
+11%
+12%
+13%
+14%
+15%
+16%
+17%
+18%
+19%
+20%
+21%
+22%
+23%
+24%
+25%
+26%
+27%
+28%
+29%
+30%
10.01
Acres
And Up
+12%
+13%
+14%
+15%
+16%
+17%
+18%
+19%
+20%
+20%
+21%
+21%
+22%
+22%
+23%
+23%
+24%
+24%
+25%
+25%
+26%
+27%
+28%
+29%
+30%
*Note - Parcels that front on intersections or corners will be adjusted so that usable frontage will be considered
only once. This adjustment is typically made by subtracting 200 feet from the total frontage feet.
D. Access:
1.
2.
3.
4.
5.
6.
Paved - This is considered to be the norm and no adjustment is needed.
Dirt - Parcels located on dirt roads are to be adjusted -10% for access.
Gravel - Dirt roads that have been improved with the addition of loose gravel are adjusted -10% for
access.
Rural Dirt Road Not State Maintained - These roads are usually maintained by a group of property owner
and adjusted -20% for access.
No State Maintained Access - Parcels having no access are useful mainly as add on property for
adjoining owners which have access. Residential use is limited on these parcels; therefore, small tracts
do not show the dramatic increase in per acre price. The following factors are to be applied to parcels
having no access in order to reduce both the base price and the size factor influence.
No Public Access - Private Drive. Parcels have established access drive to property but no state
maintained frontage.
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 21
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
Access Type
Code
RP
SP
UP
IS
PS
RD
SD
UD
RG
RT
DW
GW
PD
PW
NX
Factor
+00
+00
+00
+10
+25
-10
-10
-10
-10
-20
Rural paved are considered normal.
Suburban paved (no water or sewer).
Urban paved (no water or sewer).
Interstate
Paved with public water and sewer.
Rural dirt state maintained road.
Suburban dirt
Urban dirt
Rural gravel state maintained road.
Rural dirt road not state maintained.
Rural dirt state maintained road with water; see following chart
Rural gravel state maintained road with water; see following chart
Private drive or easement (no public access); see following chart
Paved with public or community water; see following chart
No legal access to property - see following chart.
No Legal Access (NX)
0.01 - 1.5 Acres = -60%
1.51 - 3.0 Acres = -57%
3.01 - 4.0 Acres = -54%
4.01 - 5.0 Acres = -52%
5.01 - 6.0 Acres = -51%
6.01 - 7.0 Acres = -50%
7.01 - 8.0 Acres = -49%
8.01 - 9.0 Acres = -48%
9.01 - 10.0 Acres = -47%
10.01 - 15.0 Acres = -46%
15.01 - 30.0 Acres = -45%
30.01 - 50.0 Acres = -44%
50.01 - 70.0 Acres = -43%
70.01 - 100.0 Acres = -42%
100.01 - 150.0 Acres = -41%
150.01 - Up Acres = -40%
No Public Access (PD)
0.01 - 1.5 Acres = -40%
1.51 - 3.0 Acres = -37%
3.01 - 4.0 Acres = -35%
4.01 - 5.0 Acres = -34%
5.01 - 6.0 Acres = -33%
6.01 - 7.0 Acres = -33%
7.01 - 8.0 Acres = -32%
8.01 - 9.0 Acres = -32%
9.01 - 10.0 Acres = -32%
10.01 - 15.0 Acres = -31%
15.01 - 30.0 Acres = -31%
30.01 - 50.0 Acres = -31%
50.01 - 70.0 Acres = -30%
70.01 - 100.0 Acres = -30%
100.01 - 150.0 Acres = -30%
150.01 - Up Acres = -30%
Dirt road with water (DW)
0.01 - 1.5 Acres = +10%
1.51 - 3.0 Acres = +09%
3.01 - 4.0 Acres = +08%
4.01 - 5.0 Acres = +07%
5.01 - 6.0 Acres = +06%
6.01 - 7.0 Acres = +05%
7.01 - 8.0 Acres = +04%
8.01 - 9.0 Acres = +03%
9.01 - 10.0 Acres = +02%
10.01 - 15.0 Acres = +01%
15.01 - 30.0 Acres = 00%
30.01 - 50.0 Acres = -01%
50.01 - 70.0 Acres = -02%
70.01 - 100.0 Acres = -03%
100.01 - 150.0 Acres = -04%
150.01 - Up Acres = -05%
Gravel road with water (GW)
0.01 - 1.5 Acres = +10%
1.51 - 3.0 Acres = +09%
3.01 - 4.0 Acres = +08%
4.01 - 5.0 Acres = +07%
5.01 - 6.0 Acres = +06%
6.01 - 7.0 Acres = +05%
7.01 - 8.0 Acres = +04%
8.01 - 9.0 Acres = +03%
9.01 - 10.0 Acres = +02%
10.01 - 15.0 Acres = +01%
15.01 - 30.0 Acres = 00%
30.01 - 50.0 Acres = -01%
50.01 - 70.0 Acres = -02%
70.01 - 100.0 Acres = -03%
100.01 - 150.0 Acres = -04%
150.01 - Up Acres = -05%
Paved with water (PW)
0.01 - 1.5 Acres = +20%
1.51 - 3.0 Acres = +19%
3.01 - 4.0 Acres = +18%
4.01 - 5.0 Acres = +17%
5.01 - 6.0 Acres = +16%
6.01 - 7.0 Acres = +15%
7.01 - 8.0 Acres = +14%
8.01 - 9.0 Acres = +13%
9.01 - 10.0 Acres = +12%
10.01 - 15.0 Acres = +11%
15.01 - 30.0 Acres = +10%
30.01 - 50.0 Acres = +09%
50.01 - 70.0 Acres = +08%
70.01 - 100.0 Acres = +07%
100.01 - 150.0 Acres = +06%
150.01 - Up Acres = +05%
*Note - This chart is in the computer and will be applied by the appraiser if appropriate in his opinion.
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 22
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
E.
Topography:
Land considered usable but having rough topography may need further adjustment in order to achieve
market value. Rough topography increases the development and building cost required to gain the
optimum use from a parcel of land. The usable land on each parcel must be looked at as a whole and
adjustments applied as indicated by comparable sales and appraisal experience.
Unusable Tracts: Certain tracts of land in the County have problems with percolation. Adjustments will
be made only when a rejection certificate from the Health Department or appropriate state agency
accompanies the property owner’s request. The following factors are to be a guide applied to such parcels
in order to reduce appraised values proportionate to market value analysis.
.01 - 5.00 Acres = -50%
5.01 - 10.00 Acres = -40%
10.01 - 50.00 Acres = -30%
50.01 - 100.00 Acres = -25%
100.01 - Up
Acres = -20%
Residential Building Lots that are unbuildable due to percolation problems are adjusted to be 30%good
with documentation from the Health Department
F.
Shape:
The utility of a specific parcel may be affected by its shape. The appraiser determines what is unusable
and to what extent it affects the value of the subject parcel.
G.
Right of Ways:
Land falling within a state road right-of-way or other roadway easement is to be coded 9400.
Appropriate adjustments are to be made for size, location etc. The easement must be clearly identified on
a recordable survey including the acreage within the easement.
Surface easements governing power and petroleum right-of ways may have varying affects on each
parcel. The extent of their liability is based mainly on their location within the parcel. Therefore, these
easements are priced according to the base price and adjusted at the discretion of the appraiser.
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 23
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 04
CODE:
Land model 04 will work with any use code.
ZONING:
Land model 04 will work with any zoning code.
FRONTAGE:
Number of feet of road frontage is mandatory unless the road type is NX, PD, or RT.
DEPTH:
Depth is left blank.
The system will use 208 feet of depth to calculate the number of acres of frontage.
DE/FA:
The size factor is assigned by the computer from the size chart in this chapter.
Enter 1.00.
L/M:
Enter Land Model 04.
CO/FA:
The condition factor will be calculated by adding the factors present in the following field:
Enter 1.00.
RF:
The road frontage field may be + or -.
This field is entered by the computer based on the road frontage chart in this chapter.
AC:
The access factor is entered by the computer based on the road type factors in this chapter.
LC:
The location factor may be + or -.
This is assigned by the appraiser through market analysis.
TO:
The topo factor may be + or -.
This is assigned by the appraiser through market analysis.
OT:
The other factor may be + or -.
This factor is used for all factors not previously described such as shape, right of ways, etc.
This is assigned by the appraiser through market analysis.
RT:
The road type is used to describe the paving and utilities of the road as described in this chapter.
UNIT PRICE:
The base price used for acreage in the neighborhood is entered in this field.
NO. UNITS:
Total acreage is entered in this field.
TY:
Unit type AC (Acres) is required when using Land Model 04.
NOTES:
Free form notes field.
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 24
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 04 CONT.
Typical Land Model 04 Pricing
..................................................................................... #1 LAND ...................................................................................
CODE
[0120 ]
[
]
[
]
[
]
[
]
[
]
1.
2.
3.
4.
5.
6.
ZONING
[A1
]
[
]
[
]
[
]
[
]
[
]
FRONT
[ 1000 ]
[
]
[
]
[
]
[
]
[
]
DEPTH
[
]
[
]
[
]
[
]
[
]
[
]
DE/FA L/M
[ 1.00 ] [04 ]
[
][ ]
[
][ ]
[
][ ]
[
][ ]
[
][ ]
CO/FA
+RF +AC +LC +TO +0T
[ 1.00 ] [
+10 -05 -10
[
] [
[
] [
[
] [
[
] [
[
] [
RT
[RP
[
[
[
[
[
]
]
]
]
]
]
..................................................................................... #2 LAND ...................................................................................
1.
2.
3.
4.
5.
6.
[
[
[
[
[
[
UNITS
2000.0 ]
]
]
]
]
]
NO.UNITS
[
50.00
[
[
[
[
[
TY
[AC
[
[
[
[
[
]
]
]
]
]
]
NOTES
]
]
]
]
]
]
[
[
[
[
[
[
]
]
]
]
]
]
50.00 AC
1000.00 FF
0120
Iredell County – 2015 Revaluation
$ 2,000/AC
LM 4
RP
LAND APPRAISAL PROCEDURES 4- 25
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 04 CONT.
Calculation of access factor when frontage is partially dirt. Enter road type as paved and enter access adjustment in the
other adjustment field.
Example 1
Example 2
1400' = 61%
2300'
- 10% (dirt acc.) x 61% =
- 6.1% dirt = -06 Other Adj.
500' = 38% dirt
1300'
- 10% (dirt acc.) x 38% =
- 3.8% dirt = -.04 Other Adj.
..................................................................................... #1 LAND ...................................................................................
CODE
[0120 ]
[0120 ]
[
]
[
]
[
]
[
]
ZONING
[A1
]
[A1
]
[
]
[
]
[
]
[
]
FRONT
[ 2300 ]
[ 1300 ]
[
]
[
]
[
]
[
]
DEPTH
[
]
[
]
[
]
[
]
[
]
[
]
DE/FA L/M
[ 1.99 ] [04 ]
[ 1.19 ] [04 ]
[
][ ]
[
][ ]
[
][ ]
[
][ ]
CO/FA
+RF +AC +LC +TO +0T RT
[ 1.08 ] [+14 +00 +00 +00 -06 [RP ]
[ 1.11 ] [+15 +00 +00 +00 -04 [RP ]
[
] [
[
]
[
] [
[
]
[
] [
[
]
[
] [
[
]
..................................................................................... #2 LAND ...................................................................................
1.
2.
3.
4.
5.
6.
[
[
[
[
[
[
UNITS
2000.00 ]
2000.00 ]
]
]
]
]
NO.UNITS
[
28.93
[
9.18
[
[
[
[
]
]
]
]
]
]
Iredell County – 2015 Revaluation
TY
[AC
[AC
[
[
[
[
]
]
]
]
]
]
NOTES
[EXAMPLE 1
[EXAMPLE 2
[
[
[
[
]
]
]
]
]
]
LAND APPRAISAL PROCEDURES 4- 26
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 04 CONT.
OTHER EXAMPLES:
..................................................................................... #1 LAND ...................................................................................
CODE
[0120 ]
[0120 ]
[0120 ]
[0120 ]
[
]
[
]
ZONING
[A1
]
[A1
]
[A1
]
[A1
]
[
]
[
]
FRONT
[ 800 ]
[
]
[
]
[ 1200 ]
[
]
[
]
DEPTH
[
]
[
]
[
]
[
]
[
]
[
]
DE/FA L/M
[ 1.15 ] [04 ]
[ 1.04 ] [04 ]
[ 1.02 ] [04 ]
[ 0.98 ] [04 ]
[
][ ]
[
][ ]
CO/FA
+RF
[ 1.02 ] [+02
[ 0.69 ] [+00
[ 0.45 ] [+00
[ 1.04 ] [+04
[
] [
[
] [
+AC +LC
+00 +00
+31 +00
-45 +00
+00 +10
+TO +0T
+00 -00
+00 -00
-10 +00
-05 -05
RT
[RP ]
[PD ]
[NX ]
[RP ]
[
]
[
]
..................................................................................... #2 LAND ...................................................................................
1.
2.
3.
4.
5.
6.
[
[
[
[
[
[
UNITS
2000.00
2000.00
2000.00
2000.00
]
]
]
]
]
]
NO.UNITS
[
11.00
[
16.80
[
18.30
[
33.00
[
[
]
]
]
]
]
]
Iredell County – 2015 Revaluation
TY
[AC
[AC
[AC
[AC
[
[
]
]
]
]
]
]
NOTES
[EXAMPLE 1
[EXAMPLE 2
[EXAMPLE 3
[EXAMPLE 4
[
[
]
]
]
]
]
]
LAND APPRAISAL PROCEDURES 4- 27
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND MODEL 05 PRESENT USE VALUE
NORTH CAROLINA
DEFINITIONS OF CLASSIFICATIONS
Reference:
North Carolina General Statutes Pertaining to Present Use Value Assessment and Taxation of Agricultural,
Horticultural and Forest Lands (AV-4/Rev 08-11)
105-277.2., Agricultural, horticultural and forestland - Definitions
For the purposes of G.S. 105-277.3 through 105-277.7 the following definitions shall apply:
(1)
"Agricultural land" means land that is 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 part of the farm unit, but the woodland and wasteland
included in the unit shall 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.
(2)
"Forestland" means land that is 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 part of the forest unit,
but the wasteland included in the unit shall be appraised under the use-value schedules as wasteland. A
forest unit may consist of more than one tract of forestland, but at least one of the tracts must meet the
requirements in G.S. 105-277.3(a) (3), and each tract must be under a sound management program.
(3)
"Horticultural land" means land that is part of a horticultural unit that is actively engaged in the
commercial production or growing of fruits or vegetables or nursery or floral products under a sound
management program. Horticultural land includes woodland and wasteland that is part of the
horticultural unit, but the woodland and wasteland included in the unit shall be appraised under the usevalue schedules as woodland or wasteland. A horticultural unit may consist of more than one tract of
horticultural land, but at least one of the tracts must meet the requirements in G.S. 105-277.3(a) (2), and
each tract must be under a sound management program.
The per acre values used for acreage enrolled in the Present Use Value Program was derived from data in the 2015 Use
Value Manual for Agricultural, Horticultural and Forest Land. This manual, dated March, 2014, was prepared by The
North Carolina Use Value Advisory Board and the North Carolina Department of Revenue.
Agricultural and Horticultural lands were valued by using established land rent divided by a capitalization rate of 6.5%.
Forestland values were based on net income divided by a capitalization rate of 9%.
Additional present use value assessment definitions and values can be attained by referring to Tab 13 of this manual.
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 28
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND USE CODES
RESIDENTIAL
CODE
DESCRIPTION
0100
0101
0108
0111
0112
0113
0114
0115
0116
0117
0118
0119
0120
0121
0122
0123
0124
0125
0126
0127
0128
0129
SINGLE FAMILY RESIDENTIAL
SINGLE FAMILY RESIDENTIAL CREEK
SINGLE FAMILY RESIDENTIAL CAMPS
SINGLE FAMILY RESIDENTIAL COMMON AREA
SINGLE FAMILY RESIDENTIAL CANAL
SINGLE FAMILY RESIDENTIAL RIVER
SINGLE FAMILY RESIDENTIAL INLAND WATERWAY
SINGLE FAMILY RESIDENTIAL 2ND ROW
SINGLE FAMILY RESIDENTIAL 3RD ROW
SINGLE FAMILY RESIDENTIAL POND
SINGLE FAMILY RESIDENTIAL MARSH
SINGLE FAMILY RESIDENTIAL RIPARIAN RIGHTS
SINGLE FAMILY RESIDENTIAL RURAL ACREAGE
SINGLE FAMILY RESIDENTIAL MOUNTAIN VIEW
SINGLE FAMILY RESIDENTIAL WATER FRONTAGE
SINGLE FAMILY RESIDENTIAL GOLF COURSE FRONTAGE
SINGLE FAMILY RESIDENTIAL WATER ACCESS
SINGLE FAMILY RESIDENTIAL BOAT SLIPS
SINGLE FAMILY RESIDENTIAL SHOALS
SINGLE FAMILY RESIDENTIAL SOUND
SINGLE FAMILY RESIDENTIAL BEACH
SINGLE FAMILY RESIDENTIAL BAY
0150
0151
0152
0153
0154
0155
0156
0157
0158
0159
0160
0161
0162
0163
0164
0165
0166
0167
0168
0169
PATIO HOMES
PATIO HOMES COMMON AREA
PATIO HOMES CANAL
PATIO HOMES RIVER OR CREEK
PATIO HOMES INLAND WATERWAY
PATIO HOMES 2ND ROW
PATIO HOMES 3RD ROW
PATIO HOMES POND
PATIO HOMES MARSH
PATIO HOMES RIPARIAN RIGHTS
PATIO HOMES RURAL ACREAGE
PATIO HOMES MOUNTAIN VIEW
PATIO HOMES WATER FRONTAGE
PATIO HOMES GOLF COURSE FRONTAGE
PATIO HOMES WATER ACCESS
PATIO HOMES BOAT SLIPS
PATIO HOMES SHOALS
PATIO HOMES SOUND
PATIO HOMES BEACH
PATIO HOMES BAY
0200
0201
0210
0220
MOBILE HOME SUBDIVISION
MOBILE HOMESITE
MOBILE HOME PARK
RECREATIONAL VEHICLE PARK
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 29
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND USE CODES
CONDOMINIUM
CODE
DESCRIPTION
0300
0306
0311
0312
0313
0314
0315
0316
0317
0318
0319
0320
0321
0322
0323
0324
0325
0326
0327
0328
0329
CONDOMINIUM
CONDOMINIUM HIGH RISE
CONDOMINIUM COMMON AREA
CONDOMINIUM CANAL
CONDOMINIUM RIVER OR CREEK
CONDOMINIUM INLAND WATERWAY
CONDOMINIUM 2ND ROW
CONDOMINIUM 3RD ROW
CONDOMINIUM POND
CONDOMINIUM MARSH
CONDOMINIUM RIPARIAN RIGHTS
CONDOMINIUM RURAL ACREAGE
CONDOMINIUM MOUNTAIN VIEW
CONDOMINIUM WATER FRONTAGE
CONDOMINIUM GOLF COURSE FRONTAGE
CONDOMINIUM WATER ACCESS
CONDOMINIUM BOAT SLIPS
CONDOMINIUM GARAGE
CONDOMINIUM SOUND
CONDOMINIUM BEACH
CONDOMINIUM BAY
0309
0371
0372
0373
0374
0375
0376
0377
0378
0379
0380
0381
0382
0383
0384
0385
0386
0387
0388
0389
TOWN HOUSE SFR
TOWN HOUSE COMMON AREA
TOWN HOUSE CANAL
TOWN HOUSE RIVER OR CREEK
TOWN HOUSE INLAND WATERWAY
TOWN HOUSE 2ND ROW
TOWN HOUSE 3RD ROW
TOWN HOUSE POND
TOWN HOUSE MARSH
TOWN HOUSE RIPARIAN RIGHTS
TOWN HOUSE RURAL ACREAGE
TOWN HOUSE MOUNTAIN VIEW
TOWN HOUSE WATER FRONTAGE
TOWN HOUSE GOLF COURSE FRONTAGE
TOWN HOUSE WATER ACCESS
TOWN HOUSE BOAT SLIPS
TOWN HOUSE GARAGE
TOWN HOUSE SOUND
TOWN HOUSE BEACH
TOWN HOUSE BAY
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 30
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND USE CODES
MULTI - FAMILY
CODE
DESCRIPTION
0500
0501
0502
0503
0504
0505
0506
0507
0508
0509
0510
0511
0513
0514
0515
0516
0517
0518
0519
0560
0561
0562
0563
MULTI FAMILY
MULTI FAMILY COMMON AREA
MULTI FAMILY CANAL
MULTI FAMILY RIVER OR CREEK
MULTI FAMILY INLAND WATERWAY
MULTI FAMILY 2ND ROW
MULTI FAMILY 3RD ROW
MULTI FAMILY POND
MULTI FAMILY MARSH
MULTI FAMILY RIPARIAN RIGHTS
MULTI FAMILY RURAL ACREAGE
MULTI FAMILY MOUNTAIN VIEW
MULTI FAMILY GOLF COURSE FRONTAGE
MULTI FAMILY WATER ACCESS
MULTI FAMILY BOAT SLIPS
MULTI FAMILY SHOALS
MULTI FAMILY SOUND
MULTI FAMILY BEACH
MULTI FAMILY BAY
MULTI FAMILY GARDEN
MULTI FAMILY TOWN HOUSE
MULTI FAMILY DUPLEX/TRIPLEX
MULTI FAMILY HIGH RISE
LAND USE CODES
OFFICE
CODE
DESCRIPTION
0400
0418
0419
0420
0424
0431
OFFICE
OFFICE >
4 STORY
MEDICAL
OFFICE
MEDICAL
CONDOMINIUM
OFFICE CONDOMINIUM
DAY CARE CENTERS
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 31
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND USE CODES
INDUSTRIAL
CODE
DESCRIPTION
0600
0601
0628
0630
0641
0642
0643
0644
0645
0646
0602
0647
0648
0649
0651
0652
0653
0657
INDUSTRIAL
FERTILIZER PLANTS
MINI - WAREHOUSE
LABORATORY/RESEARCH
LIGHT MANUFACTURING
HEAVY MANUFACTURING
LUMBER YARDS
PACKING PLANTS
CIGARETTE MANUFACTURERS
BREWERIES, BOTTLERS, CANNERIES, WINERIES
SEAFOOD PROCESSING
WAREHOUSE CONDOMINIUM
WAREHOUSING
STEEL FRAME WAREHOUSE
COLD STORAGE/FREEZER
TRUCK TERMINAL
SERVICE GARAGE
MOTOR SPORTS GARAGE
LAND USE CODES
COMMERCIAL
CODE
DESCRIPTION
0700
0701
0711
0712
0713
0714
0715
0716
0721
0722
0723
0725
COMMERCIAL
COMMERCIAL WATER FRONTAGE
CONVENIENCE STORES
PHARMACY
DEPARTMENT STORE
SUPERMARKET
SHOPPING CENTER (MALL)
SHOPPING CENTER (STRIP)
RESTAURANTS
FAST FOODS
BANKS
COMMERCIAL SERVICE (LAUNDRIES, TV & RADIO REPAIR,
ELECTRIC REPAIR, ETC.)
STATION
AUTO SALES & SERVICE
PARKING
THEATERS
LOUNGES, NIGHT CLUBS, BARS
BOWLING ALLEYS, SKATING RINKS, ARENAS
COMMERCIAL CONDOMINIUM
BUSINESS PARK
HOTELS, MOTELS - > 3 FLOORS
FURNITURE STORES
MOTELS, HOTELS - < 3 FLOORS
CAR WASH
MARINA LAND
0726
0727
0728
0732
0733
0734
0735
0736
0737
0738
0739
0765
0780
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 32
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND USE CODES
AGRICULTURAL
CODE
DESCRIPTION
5000
5100
5200
5300
5400
5500
5600
5900
6000
6100
6200
RURAL HOMESITE
OPEN AND CULTIVATED - GOOD
OPEN AND CULTIVATED - FAIR
OPEN AND CULTIVATED - POOR
PASTURE LAND - GOOD
PASTURE LAND - FAIR
PASTURE LAND - POOR
SWAMPLAND
TIMBERLAND - GOOD
TIMBERLAND - FAIR
TIMBERLAND - POOR
LAND MODEL 05
CODE
PRESENT-USE VALUE CLASS
5000
5110
5210
5310
5410
5510
5610
RURAL HOMESITE
AGRICULTURAL I
AGRICULTURAL II
AGRICULTURAL III
AGRICULTURAL IV
AGRICULTURAL V
AGRICULTURAL VI
6110
6210
6310
6410
6510
6610
FORESTRY I
FORESTRY II
FORESTRY III
FORESTRY IV
FORESTRY V
FORESTRY VI
6711
6721
6731
6741
6751
6761
HORTICULTURAL I
HORTICULTURAL II
HORTICULTURAL III
HORTICULTURAL IV
HORTICULTURAL V
HORTICULTURAL VI
6800
6810
6820
6830
6840
6850
6860
6870
FARM - MKT
FARM - SFR
FARM - MH
FARM - CONDO
FARM - OFFICE
FARM - M/FAM
FARM - INDUS
FARM – COMM
6880
CONSERVATION DEFERMENT
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 33
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND USE CODES
INSTITUTIONAL/SPECIAL PURPOSE
CODE
DESCRIPTION
7000
7100
7200
7300
7400
7500
7600
INSTITUTIONAL
CHURCHES
SCHOOLS, COLLEGES, PRIVATE
HOSPITALS, PRIVATE
HOMES FOR THE AGED
ORPHANAGES
FUNERAL (MORTUARIES, CEMETERIES, CREMATORIUM,
MAUSOLEUMS)
CLUBS, LODGES, UNION HALLS
YACHT CLUBS
RETREATS
CONSERVATION EASEMENTS
CAMPS
COUNTRY CLUBS
PAR “3” GOLF COURSES
MINIATURE GOLF COURSES
PUBLIC GOLF COURSES - REGULATION
AIRPORTS
MARINAS
AIRPORT HANGER
7700
7710
7720
7721
7730
7800
7801
7802
7803
7900
8000
8100
LAND USE CODES
GOVERNMENT OWNED
CODE
DESCRIPTION
8200
8300
8400
8500
8600
8601
8602
8603
8604
8700
8701
8800
8900
8901
8902
8903
REC AREA
SCHOOLS (PUBLIC)
COLLEGES (PUBLIC)
HOSPITALS (PUBLIC)
OTHER COUNTY PROPERTY
WATER PLANTS
FIRE DEPARTMENTS
RECYCLING
DISPOSAL
OTHER STATE (MARSHLAND)
STATE PORTS
OTHER FEDERAL
OTHER MUNICIPAL
MUNICIPAL EDUCATION
MUNICIPAL AIRPORT
MUNICIPAL HOUSING AUTHORITY
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 34
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND USE CODES
MISCELLANEOUS
CODE
DESCRIPTION
9000
9010
9100
LEASEHOLD INTEREST
NO LAND INTEREST
UTILITY (GAS, ELECTRIC, TELEPHONE, TELEGRAPH,
RAILROAD, WATER TOWER)
SEPTIC/WELL LOT
CELL TOWER SITE
MINING
PETROLEUM AND GAS
RIGHT OF WAY
SUBMERGED LAND, RIVERS AND LAKES
ISLAND
WASTELAND, GULLIES, ROCK OUTCROP
WETLAND
FLOOD PLAIN
MINERAL RIGHTS
LESS MINERAL RIGHTS (MINERAL RIGHTS TAXED
ELSEWHERE)
OWNER UNKNOWN
FOR FUTURE USE
NEW PARCEL
DELETED PARCEL (VOID)
9101
9150
9200
9300
9400
9500
9501
9600
9611
9612
9700
9710
9800
9909
9900
9910
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 35
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
LAND VALUE
BASE RATE RANGES
ACREAGE METHOD (VALUE PER UNIT)
See Chapter 11, Pages 52-53
LOTS & SOUND VALUE METHOD (VALUE PER UNIT)
$1,000 TO $800,000
SQUARE FOOT METHOD (VALUE PER UNIT)
$.05 TO $20.00
FRONT FOOT METHOD (VALUE PER UNIT)
Not Currently Used
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 36
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
RESIDENTIAL-AGRICULTURAL-LAKE-GOLF COURSE-RESORT
MOBILE HOME PARKS-CAMP GROUNDS
SPECIAL PURPOSE PROPERTIES
LAND VALUE BASE RATE RANGES
ACREAGE METHOD (VALUE PER UNIT)
$200 TO $400,000
SQUARE FOOT METHOD (VALUE PER UNIT)
$.02 TO $20.00
LOT & SOUND VALUE METHOD (VALUE PER UNIT)
$1,000 TO $800,000
FRONT FOOT METHOD (VALUE PER UNIT)
Not Currently Used
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 37
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
BASE RATE RANGES
APARTMENT LAND RATES
POOR
FAIR
AVERAGE
GOOD
EXCELLENT
$30,000
TO
$45,000
$45,000
TO
$60,000
$60,000
TO
$75,000
$75,000
TO
$90,000
$90,000
TO
$150,000
BUSINESS PARK / RACING PARK
LAND RATES
POOR
FAIR
AVERAGE
GOOD
EXCELLENT
$50,000
TO
$75,000
$75.000
TO
$100,000
$100,000
TO
$150,000
$150,000
TO
$200,000
$200,000
TO
$300,000
COMMERCIAL LAND RATES
POOR
FAIR
AVERAGE
GOOD
EXCELLENT
$25,000
TO
$100,000
$100,000
TO
$200,000
$200,000
TO
$300,000
$300,000
TO
$500,000
$500,000
TO
$800,000
INDUSTRIAL LAND RATES
POOR
FAIR
AVERAGE
GOOD
EXCELLENT
$25,000
TO
$37,500
$37,500
TO
$50,000
$50,000
TO
$62,500
$62,500
TO
$75,000
$75,000
TO
$125,000
Note: “Poor” and “Fair” classifications may include a less desirable location such as rural in nature.
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 38
07/01/2014
IREDELL COUNTY 2015 APPRAISAL MANUAL
BASE RATE LAND VALUATION
TECHNIQUE
COMMERCIAL, OFFICE, MULTI-FAMILY & INDUSTRIAL
The Base Land Valuation Technique allows the appraiser to establish land rates using a price per acre, price per square foot
or price per lot for each parcel located within an individual neighborhood.
Incremental/Decremental Rates are developed as a percentage of the Base Land Rates to allow for size adjustments for
those parcels which are larger than one acre. Parcels can be further adjusted for Parcel Specific Condition Factors as
shown in the chart below. Multi-family base values are not normally adjusted for a size factor. All other condition factors
may be applied to multi-family base land values.
Primary lots and tracts are appraised at the base land value for the neighborhood or community. Secondary sites as
determined by the appraiser are normally appraised at 50% to 75% of the base land value. Transition areas or those that are
mixed in use between commercial, industrial, office and residential may be appraised at less than 50% of the neighborhood
base as determined from the market.
Parcel Specific Condition Factors
Condition Factor
Shape
Easement, R/W
Topography
Corner Lot
Interstate
Out Parcel
Road Frontage
Private Drive
No Access
Code
SH
RW
Topo
CL
I
OUT
FTG
PD
NX
Adjustment Range/Notes
0 to .25
0 to .25
0 to .50 Undeveloped and Tracts only
1.15 to 2.00
Up to 2.00
1.25 to 1.50
0 to 1.50
0 to .40
0 to .60
Other adjustments may be added, and the adjustment ranges may be increased or decreased for unusual land tracts.
The size factor assumes that the primary site of all commercially and industrially zoned properties is (1) acre or less. No
adjustment for size is applied in cases where the acreage is less than 1 acre, with a few exceptions where the land is so
small as to be undevelopable without combination with surrounding parcels. Any acreage in excess of (1) acre is valued at
50% of the base rate in this subject’s neighborhood. Based on the overall size of the property the size factor is calculated as
follows.
EXAMPLE: (Acre Method)
Size Factor for 0 < (1) Acre
Size Factor for > (1) acre
=
=
100% or 1.00
50% or .50
Subject Tract
=
10 Acres
Primary Acreage
Secondary Acreage
=
=
1 Acre
9 Acres
Formula:
((Primary/Total)*1.00) + ((Secondary/Total)*.50) = Size Factor
Therefore in this example…
Size factor = ((1/10)*1.00) + ((9/10)*.50) = .55 (Indicated Size Condition Factor)
Iredell County – 2015 Revaluation
LAND APPRAISAL PROCEDURES 4- 39
07/01/2014

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