MECKLENBURG COUNTY ASSESSOR’S OFFICE UNIFORM SCHEDULE OF VALUES, STANDARDS AND RULES 2019 LIVE WORK RECREATE 700 East Stonewall St. P.O. Box 36819 Charlotte, North Carolina 28202 704-336-4600 Table of Contents Chapter 1: Introduction to Property Assessment .................................................................... 5 1 Purpose of Real Property Assessment ................................................................................. 5 2 Statutory Requirements ....................................................................................................... 6 Chapter 2: Sales Utilization and Fair Market Value ............................................................... 24 1 Meeting Legislative Requirements .................................................................................... 24 2 Steps in Sales Qualification ................................................................................................ 24 3 Evaluating Sales.................................................................................................................. 36 4 Use of Sales Analysis Reports in the Qualification Process ............................................... 37 5 Statements Regarding Intangible Assets ........................................................................... 38 Chapter 3: Land Records Procedures .................................................................................... 40 1 Definition of a Parcel.......................................................................................................... 40 2 Citing Ownership ................................................................................................................ 41 3 Intent of a Deed ................................................................................................................. 42 4 Property Mapping Basics ................................................................................................... 42 5 GIS Procedures and Data Entry Standards ......................................................................... 44 Chapter 4: Land Appraisal Procedures .................................................................................. 50 1 Land Appraisal Procedures ................................................................................................ 50 2 Rural Residential ................................................................................................................ 52 3 The Base Price Method ...................................................................................................... 53 4 Land Data Entry (AssessPro) .............................................................................................. 57 5 Definitions of Land Classifications ..................................................................................... 70 6 Present-Use Value .............................................................................................................. 71 7 Common Open Space Procedures ..................................................................................... 74 8 Pricing Guidelines............................................................................................................... 75 9 Air Rights, Subterranean Rights, and Commercial Real Estate Development ................... 77 Chapter 5: Data Collection Procedures in the Field ............................................................... 79 1 Types of Data Collection .................................................................................................... 79 2 Data Collection Procedures in the Field............................................................................. 81 3 Quality Control Measures .................................................................................................. 95 Chapter 6: Field Data Collection Form: Instrument Completion ............................................ 97 1 Field Data Collection Form ................................................................................................. 97 2 Instructions – General Elements ...................................................................................... 103 3 Instructions – Structural Elements................................................................................... 106 4 Instructions – Depreciation/Remodel Elements .............................................................. 120 5 Instructions – Condominium Elements ............................................................................ 123 6 Instructions – Permit Information ................................................................................... 125 7 Instructions – Special Features/Yard Items (SFYI) ........................................................... 125 8 SketchPro Summary ......................................................................................................... 130 Chapter 7: Calculation of System Values: AssessPro Calculations, Patriot Properties .......... 134 1 Land Calculation ............................................................................................................... 134 2 Special Land Calculation .................................................................................................. 138 3 Building Calculation ......................................................................................................... 140 4 Special Features and Yard Items (SFYI) Calculation ......................................................... 147 5 Calculate Total Assessed Value ........................................................................................ 149 Chapter 8: Income Property Valuation ............................................................................... 152 1 The Income Approach to Value ....................................................................................... 152 2 Commercial Data Study ................................................................................................... 162 3 Mecklenburg County Commercial Data Analysis ............................................................. 164 4 The Income Approach in AssessPro ................................................................................. 167 Chapter 9: Valuation of Special Properties ......................................................................... 179 1 Mobile Home Parks .......................................................................................................... 179 2 Golf Courses ..................................................................................................................... 181 3 Cemeteries ....................................................................................................................... 183 4 Mining Properties ............................................................................................................ 185 Chapter 10: Statistics and the Appraisal Process ................................................................ 187 1 Measures of Ratio ............................................................................................................ 187 2 Josh Myers Valuation Services ......................................................................................... 190 3 Spatialest Valuations ........................................................................................................ 192 Chapter 11: Codes and Conventions ................................................................................... 199 1 Parcel Number Conventions ............................................................................................ 199 2 Building Groups ................................................................................................................ 200 3 Building Type Codes and Base Rates ............................................................................... 230 4 Depreciation Schedules ................................................................................................... 235 5 Sub Area Factors .............................................................................................................. 244 Chapter 12: Special Features / Yard Items .......................................................................... 247 Chapter 13: Uniform Schedule of Values, Standards and Rules Conclusion ......................... 255 Appendix ........................................................................................................................... 256 1 Definitions of Building Improvement Codes .................................................................... 256 2019 SOV | 3 2 Construction Details ......................................................................................................... 277 3 Quality Adjustments ........................................................................................................ 288 4 Depreciation ..................................................................................................................... 296 5 Miscellaneous .................................................................................................................. 298 6 Code Appendix ................................................................................................................. 299 7 IAAO Appraisal Principles ................................................................................................. 301 Bidencope & Associates-Commercial Data Study 2019 SOV | 4 Chapter 1 – Introduction to Property