Table of Contents Commercial Revaluation Report 1. Commercial & Industrial Valuation Summary Introduction Uniform Standards Approaches to Value Land Valuation Land to Building Ratios Parking to Building Ratios Conclusion References 2. Statistical Summary Report Criteria & Definitions Reference Guide Statistical Summary Introduction Valuation Standards Property Records Location Analysis Statistical Trend Valuation Models Land Valuation Cost Approach Market Approach Income Approach Maps: Commercial Market Area & Neighborhoods Land Trends by PI Year Commercial Improvement Trends (Cost, Market, Income) Income Base Models by PI Year 3. Commercial Sales Trend by Use All Improved Commercial Sales Apartment Sales Retail Sales Office Sales Warehouse Sales Commercial Condo Sales Vacant Commercial Land Sales Vacant Industrial Land Sales N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Narrative Reports\ Table of Contents.doc Page 1 of 2
4. Commercial Ratio Report Overall Ratio, All 2011-2012 Sales Ratio Statistics By: Account Type Neighborhood Sale Year Use Group Neighborhood By Use Group Commercial/Industrial Land By Account Type Commercial/Industrial Land By Sale Year 5. Assessed Value Percent Change Breakout By: Neighborhood City School District Fire District Neighborhood Extension (Property Use) City By Extension School District By Extension Fire District By Extension 6. Commercial Sale Listings Land Sales By Neighborhood Property Use Extension Key Commercial Sales By Extension By Neighborhood N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Narrative Reports\ Table of Contents.doc Page 2 of 2
Pierce County Office of Assessor-Treasurer 2401 South 35 th Street, Room 142 Tacoma, Washington 98409-7498 Office of Assessor-Treasurer Commercial & Industrial Valuation Summary A general overview of the methodology used by the Commercial Team to establish assessed values for Assessment Year. Some of the information contained within these pages may be under copyright protection and no part of this document should be reproduced in any form. This document is to be used only for internal Assessor-Treasurer or Board of Equalization office purposes. N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Narrative Reports\ Commercial Appraisal Summary.doc
TABLE OF CONTENTS INTRODUCTION...3 UNIFORM STANDARDS...4 APPROACHES TO VALUE...5 LAND VALUATION...7 LAND TO BUILDING RATIOS...9 PARKING TO BUILDING RATIOS...9 CONCLUSION...10 REFERENCES...11 2
Commercial & Industrial Valuation Summary INTRODUCTION This document is designed to aid in the understanding of the assessed values placed on commercial property in Pierce County. It is not intended to serve as an allencompassing document, but rather as a summary to give a general understanding of the origin of our assessments. The reader is encouraged to pay particular attention to the section titled Approaches to Value, as it explains the basic framework for this entire process. Commercial or income producing real estate is typically purchased as an investment, from an investor s point of view. Earning power is the critical element affecting property value. The basic premise holds that the higher the expected earnings, the higher the value, given similar risk. The indication of value from an income approach is paramount where adequate data presents itself, however, many properties must be valued using other techniques. Properties without adequate income data were appraised using either the sales comparison or the cost approach to value. In this report we will summarize the process used to produce a value using these three approaches to value. A brief summary of the appraisal process is included, as well as a limited discussion of the techniques utilized to address land values and the effect excess land may have on a valuation assignment. We will also give you our understanding of the Uniform Standards of Professional Practice (USPAP), and how they affect our valuations. 3
UNIFORM STANDARDS The valuation process used for real property in Pierce County is based on a compilation of requirements from legal and professional appraisal perspectives. The legal perspectives are based on state law, precedent setting case law, rules and regulations, and published opinions from the Washington State Department of Revenue. Professional appraisal standards, known as the Uniform Standards of Professional Appraisal Practice (USPAP), are published by the Appraisal Foundation, and promoted by each state. The Appraisal Foundation, a private organization comprised of nine professional appraisal organizations, was formed in 1987 for the purpose of promulgating uniform standards for appraisers. The organization that represents assessors in the Appraisal Foundation is the International Association of Assessing Officers (IAAO). The standards provided by the Foundation entail the framework from which all appraisals should be conducted. Since our specific focus within these standards is the valuation of real property for ad valorem tax purposes, primary emphasis is given to Standard 6 on Mass Appraisal. However, due to the existence of many "unique properties within Pierce County, individual property appraisal standards are also necessary. Mass appraisal and individual property appraisal standards are logically similar. Each complements the other, in that each is intended to produce credible results reported in an understandable format, by competent individuals. These uniform standards specifically require that the appraiser act as a disinterested third party; that the valuation assignments be performed with unbiased impartiality, objectively and independent, without accommodations of personal interests. It is the intention of this department to meet the requirements of The Uniform Standards of Professional Appraisal Practice, specifically Standard Six. The Pierce County Assessor~Treasurer exercises the right to limit the scope of work where necessary, due to limitations placed on our appraisals by legally binding court decisions, state law, published opinions by the Washington State Department of Revenue and economic or administrative influences. 4
APPROACHES TO VALUE Commercial property appraised and evaluated through the application of appraisal techniques using the three approaches to value (i.e., cost approach, sales comparison, and income capitalization). Each one of these techniques derives separate indications of value for the property. When adequate data is available, all three approaches to value should be considered. Therefore, where appropriate, the valuation process must collect, verify, analyze, and reconcile the information necessary to estimate: (a) the replacement (or reproduction) cost of the improvements; (b) the accrued depreciation; (c) the value by the sales of comparable properties; and (d) the rent(s), expenses, capitalization rates and vacancy rates necessary to value the property by the income capitalization approach. The valuation process must consider factors that affect supply and demand. Existing land use regulations, neighborhood trends, and the physical adaptability of the property to the most probable use are just a few. The Cost Approach is a set of procedures through which a value indication is derived by estimating the current cost to construct a reproduction of, or a replacement for, the existing structure plus any profit or incentive; deducting depreciation from the total cost, and adding the estimated land value. The Sales Comparison Approach is a set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, applying appropriate units of comparison, and making adjustments to the sale prices of the comparables based on the elements of comparison. The Income Approach utilizes a property s capacity to generate future benefits and capitalize them into an indication of value. The principle of anticipation is fundamental to this approach. Rental income is estimated from market data, reduced for typical loss to vacancy and expenses, and capitalized by a rate an investor would use. 5
The Income Approach Pierce County typically uses, is called direct capitalization. Direct Capitalization is used to convert a single year s income expectancy into an indication of value in one direct step by dividing the income estimate by an appropriate rate. Under some circumstances the appraiser may consider more than one year s income to eliminate some of the cyclical influence that may cause a valuation to fluctuate. We call this income stabilization. The ultimate goal of the valuation process is a sound conclusion of value. This requires a reconciliation of the value indications derived from the different approaches. Consideration should be given to the relevance of the approach and the reliability of the value indication based on the quantity and quality of data. A single market transaction (i.e., sale price), or actual construction cost, or capitalized income stream for a specific property cannot be assumed to be market value. These are indications of an agreement between one buyer and one seller on the value in exchange for one particular property. While the indication may estimate market value, it should be supported by other indications of market value. Therefore, the quantity of data and the dispersion in value indications is critically important. Use of multiple independent approaches to value that result in closely clustered values is usually a sign of sound value conclusions. When value indications are substantially different, careful analysis of the valuation data used and the assumptions made is needed to determine which value indicator is the most reliable. 6
LAND VALUATION Deriving a land value estimate is an essential element of applying the three approaches to value. While the income approach is most often used, the cost and sales comparison approach also require an understanding of land value, and expected land requirements. Land value is typically derived from sales of similar properties and compared either on a square foot or unit basis. Sales are analyzed and appropriate adjustments are derived from the available data. Pierce County also develops land models by using regression analysis to calibrate the influence factors for characteristics such as size, location and allowable use, to name a few. Appraisers apply the models and in some cases further adjust the value estimate for specific influences that are underrepresented in the data used to build the model. Utilizing the income and sales comparison approach requires an understanding of the necessary land to support the business. The expected land area to building area is based on densities and parking ratios that jurisdictions require. Additional land area not needed to support the business is not typically capitalized in the rent being paid, nor present in the comparables used. An estimated value of the excess land must be added to the value derived from the income, and sales comparison approach. The cost approach does not require the use of land to building ratios. In the cost approach the land value is established separately, and added to the depreciated value of the improvements. Additional adjustments to the cost approach for factors affecting value, such as functional or economic obsolescence, are made to arrive at a final estimate of value. 7
To better understand the concepts that affect the sales comparison and income approaches, an example has been provided below. In this example imagine that Burgers R Us is paying rent for the use of the building and the typical land area. Burgers R Us is not going to pay additional rent for excess land when they only need enough land for their customers to park, therefore the rent and estimated value from the rent does not include the value of the excess land. As you can see, there are options that example B has that A doesn t. In example B the owner could expand, or possibly segregate off a portion of the land to sell. The excess land has value independent to the income stream. Therefore, excess land value must be estimated and added to the value estimate indicated by the income approach. If ground rent data is available, the appraiser may also choose to estimate the income to the excess land and capitalize its net operating income. In this process the capitalization rate would be lowered to include only the return on investment and the effective tax rate. The sales comparison approach can be similarly understood. In applying a sales comparison approach most comparables are going to have typical land to building ratios. When the subject is like example B with excess land, the value of the land must be estimated separately and added to the value indicated through the sales comparison approach. Note: If the sales are all comparable to the subject, in that they also have excess land, similar in value to the subject, the statement above would not be true. You would not need to adjust for the excess land if the sales comparables were similarly affected. Site A Typical Land to Building Ratio Site B More than Typical Land to Building Ratio 8
LAND TO BUILDING RATIOS Land to building ratios vary from jurisdiction to jurisdiction based on the use of the property. We have provided typical ranges for these ratios that we expect to see throughout the County. Land: Building Ratios Apartments 1.5-2 : 1 Banks/Neighborhood 4-5 : 1 Banks/High Volume 7 : 1 Offices 2-3 : 1 Restaurants 10 : 1 Warehouses 2.5-4 : 1 Whse Light Ind 4 : 1 Retail Regional (Use Code 5380) 4 5 : 1 ie: Tacoma Mall Community (Use Code 5370) 3.5:1 ie: Narrows Plaza; Westgate Neighborhood (Use Code 5360) 3:1 ie: Green Firs Retail (Use Code 5395) 4:1 ie: All other miscellaneous Example: A 5,000 square foot Restaurant would typically have at least 50,000 square feet of land. PARKING TO BUILDING RATIOS FOR SHOPPING CENTERS BUILDING AREA TYPICAL PARKING REQUIREMENT 25,000 400,000 SF of GLA 4 spaces per 1,000 SF of GLA 400,000 600,000 SF of GLA 4.5 spaces per 1,000 SF of GLA 600,000 + SF of GLA 5 spaces per 1,000 SF of GLA 9
CONCLUSION The concept of market value is of paramount importance to business and real estate communities. Vast sums of debt and equity capital are committed each year to real estate investments and mortgage loans, which are based on market value estimates. Real estate taxation, litigation and legislation also reflect an ongoing, active concern with market value issues. In virtually every aspect of the real estate industry and in its regulation at local, state and federal levels, market value considerations are of vital importance and essential to our nation s economic stability. The definition of market value must be clearly understood and communicated. Careful distinction must be made between the concepts of price and that of market value. The term price usually refers to a given sale or transaction. It implies an exchange; a price is an accomplished fact. Once finalized, it represents the amount a particular purchaser agreed to pay a particular seller under the circumstances surrounding their transaction. A real estate market, on the other hand, is the interaction of a number of individuals on a number of competing transactions. No clear conclusions can be drawn regarding the appropriateness of a given price, without looking at multiple transactions of similar properties within the same market. Along these same lines, the temptation to apply inordinate weight to one particular approach to value, while underestimating the indicated results achieved through competing valuation techniques, should be avoided. It is only through a reasoned analysis that encompasses all the appropriate approaches to value that reasonable value conclusions can be achieved. 10
REFERENCES Appraisal Institute, The Appraisal Of Real Estate Twelfth Edition, 2001 Appraisal Institute The International Association of Assessing Officers, Property Appraisal And Assessment Administration, 1990 The International Association of Assessing Officers New York State, Assessor s Manual, 2002 New York State, Office of Real Property Services 11
CRITERIA AND DEFINITIONS FOR THE COMMERCIAL REVALUATION REPORT Sales Criteria: Only Valid sales are included (not all have been confirmed). Values for multi-parcel sales are summed to one line. For multi-parcel sales the predominate use is based on the abstract code with the highest value. Sale date range 01/01/2011 to 12/31/2012. Ratio is Assessed Value divided by Sale Price. Land sales improved since the sale are included using only current land value (building value removed). Sales Excluded: Exempt property, state assessed property, Single Family Residential, Residential Condominiums, Residential Land. Sales with ratios below.25 and above 1.75 are excluded. Property Use Definitions: 0-Other 851-Apt Low Rise 20 to 99 Units 920-Heavy Industrial 710-New Auto Dealer 852-Apt Low Rise 100 Units Plus 925-Trended Investment 720-Parking 861-Apartment High Rise 930-Light Industrial 730-Auto Related 862-Condo Low Rise 940-Mini Storage 740-Misc Services 863-Condo High Rise 951-Utilities 760-Restaurant 864-Condo Apartment Low Rise 952-Airplane Hangar 761-Fast Food 865-Condo Apartment High Rise 953-Marine Hangar 770-Retail Stand Alone 870-Motel 954-Religious Service 773-Strip/Flex 871-Hotel Full Service 955-Education 774-C-Store w/gas 880-MH Park 956-Recreational 775-Big Box 890-Geriatric Services 957-Government 820-Office Class C 910-Gen Warehouse 20,000 SF Plus 958-Outbuilding 821-Office Class B 911-Gen Warehouse up to 19,999 SF 959-Agricultural 822-Office Class A 912-Mega Warehouse 960-Marina 830-Medical 913-Transit Warehouse 850-Apt Low Rise up to 19 Units 914-Flex Warehouse Measures of Central Tendency: Mean is the average value or ratio. Computed by summing the values and dividing by sample size. More affected by extreme values than the median. Median is the midpoint or middle value or ratio. Note: If the number of data items is even, the median is the midpoint between the two middle values. Weighted mean is an aggregate ratio, weights each ratio in proportion to its sale price. Sum of assessed values divided by the sum of sale prices. N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Narrative Reports\ Criteria and Definitions.doc 1 of 2
CRITERIA AND DEFINITIONS FOR THE COMMERCIAL REVALUATION REPORT Measures of Uniformity: Standard deviation square root of the variance, assuming a normal data distribution. Approx. 68% will lie within +/- 1 standard deviation of the mean Approx. 95% will lie within +/- 2 standard deviation of the mean Approx. 99% will lie within +/- 3 standard deviation of the mean Price Related Differential (PRD) - calculated by dividing the mean by the weighted mean PRD > 1.03 indicates relative under appraisal of higher value parcels (assessment regressivity) PRD < 0.98 indicates relative over appraisal of higher value parcels (assessment progressivity) Coefficient of Dispersion (COD) - Represents the average percent difference from the median most widely used measure of uniformity in ratio studies. IAAO standards are: 10.0 or less for properties in newer relatively homogeneous areas 15.0 or less for properties in older, heterogeneous areas 20.0 or less for vacant land. Coefficient of Variation (COV) standard error divided by the mean of the dependent variable. It expresses the standard deviation as a percentage, making comparison among groups easier. Approx. 68% will lie within one COV% of the mean ratio Approx. 95% will lie within two COV of the mean ratio Approx. 99% will lie within three COV% of the mean ratio Labels: The letter N represents the number of cases reported in statistical reports. N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Narrative Reports\ Criteria and Definitions.doc 2 of 2
Statistical Summary Report for the Commercial Revaluation Introduction The Commercial Revaluation Report is presented to assist Assessor-Treasurer staff in answering questions regarding assessed value changes on commercial/industrial property in Pierce County. It also assists the County Board of Equalization in understanding the value changes. The report includes a summary of the revaluation process, a sales trend report, sales ratio statistics, a value change report and a sales listing by use group. Assessed values reported are as of January 1 st,. Valuation Standards For ad valorem tax purposes, the Pierce County Assessor-Treasurer is required by law to annually list all property as of January 1 st of each year, at one hundred percent of the true and fair market value of land and improvements. County assessors are authorized to place any property that increased in value due to new construction on the assessment rolls up to August 31 st of each year and the value shall consider the characteristics of the property as of July 31 st of that year. Mass appraisal standards are used to establish assessed values. The definition of Mass appraisal is the process of valuing a group of properties as of a given date, using standard methods, and allowing for statistical testing 1. Sales from the previous year(s) are statistically analyzed to establish new land and improvement values and evaluate the accuracy of the assessments. Property Records Property characteristic records are maintained for all properties in Pierce County. These records are established when parcels or improvements are initially added to the assessment rolls. Characteristics such as building square footage, style, quality and condition are used to establish improvement records. Improvement records usually include sketches of buildings and photos. Characteristics such as land size, amenities, and functional issues are collected to establish land records. Pierce County is on a six year physical inspection cycle, meaning one sixth of the county is subject to physical inspection each year. During the physical inspection cycle, an appraiser observes the property and verifies that the assessor s property characteristic data is accurate. When changes are made to pertinent characteristics (examples: new construction, condition changes, demolition, etc.) the property is reappraised. 1 Source: Property Assessment and Administration; The International Association of Assessing Officers; Editors, Joseph K. Eckert, PH.D, Robert J. Gloudemans & Richard R Almy N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Narrative Reports\ Commercial Statistical Changes.doc Page 1 of 4
Location Analysis Commercial sales data is stratified into three primary categories for the purpose of market trend and sales analysis. First: The County is divided into 9 geographical market areas/neighborhoods. The location of each commercial market area/neighborhood is shown on the map following this document. The areas listed are Tacoma North, Tacoma South, Tacoma CDB, Tacoma Port, Peninsula, North County, East County, West County, and Central County. These market areas are further divided into 48 sub neighborhoods for valuation purposes. Second: Commercial land is stratified by LEA (Land Economic Area), and land use; Multiple Unit, Commercial, Commercial Other, and Industrial. LEAs are used for land sale analysis and application of land valuation models. Third: Commercial improvements are stratified by specific use groups like Retail, Office, or General Warehousing. Analysis by location and use group allows the Assessor to isolate the physical, economic, governmental, and social factors that affect the real estate market. Statistical Trend The county is on a six year physical inspection cycle, with 1/6th of the county being subject to physical inspection each year. The 5/6 th not physically inspected, is statistically updated, or trended. This trend is developed from sales ratios. The ratio of assessed value to sale price (AV SP) provides the information needed to determine the accuracy of the assessed values. Sales ratio analysis is done by adjusting the land and building assessed values of sold properties until an acceptable level and uniformity of the sales ratios is achieved. Reports included in this book indicate the quality of the assessment and are broken into several categories based on location and use. Valuation Models The commercial team physically inspects 1/6 th of the county each year. The statistical team supports this effort by providing base land, cost and income models that appraisers use to begin their valuation of each property. Models are simply mathematical formulas that replicate changes in value based on property characteristics. A model can be a set of cost tables or a complex formula derived using multiple regression analysis. The goal is to create tools that appraisers can use to quickly estimate value for various properties. N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Narrative Reports\ Commercial Statistical Changes.doc Page 2 of 4
Land Valuation Commercial land models developed from sales in the same use category are referred to as Land Economic Areas (LEAs). For example: Sales of industrial land are analyzed together from across the county to develop a model for industrial land. Commercial sales are used for commercial models and so on. Basic formulas that estimate value based on size and location are developed for each of these uses. Adjustments are then developed for characteristics such as shape, topography, busy street etc. Appraisers use these models as a starting place. The model gives them general direction as to the influences in the market and how they affect value. The appraiser makes further adjustments to account for additional influences that are not defined in the model or are not average or typical for the area. Cost Approach The majority of commercial properties in Pierce County are valued by a market adjusted cost approach. The cost approach begins with a replacement cost new for the improvements. Depreciation is then subtracted for physical wear and tear and for functional or economic obsolescence. The land value is then added to the depreciated value of the improvements to arrive at total property value. Marshall & Swift cost rates provided by the CAMA software vendor are utilized as the basis for the cost approach 2. The statistical team makes changes in the rate tables to calibrate the cost rates to our Pierce County market using Marshall & Swift Cost Multipliers and local sales in the Pierce County market area. Market Approach The market or sales comparison approach is the process of developing valuation criteria from sales of comparable properties and applying it to the subject property(s). Private appraisers commonly rely on this approach for single family appraisal. In mass appraisal sales can be used to develop models or calibrate cost tables. Pierce County uses a market adjusted cost approach for most properties. This process seeks to replicate the results from individual appraisals as in the private appraisal industry. Appraisers may use value indications ($ per square foot or unit) when appraising the 1/6 th of the county in the physical inspection area, but they will use these indications to help guide them in making adjustments to the cost or income approach. It is important to note that the Pierce County Assessor Treasurer converted property characteristics from the legacy CAMA system into the current system in March of 2003. Commercial values from the legacy system were converted into the new CAMA system as Market Override Values. When properties are inspected or reviewed by the 2 Marshall and Swift cost rates are provided with our Computer Assisted Mass Appraisal (CAMA) system, by the vendor, Colorado Custom Ware, Inc. Marshall and Swift is a nationally recognized provider of cost rates for the appraisal industry. N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Narrative Reports\ Commercial Statistical Changes.doc Page 3 of 4
Commercial Team, market override values from the legacy system are removed and replaced by a market adjusted cost or income model values. Properties remaining on market override for the assessment year are trended to January 1 st market values. Income Approach The income approach is applied by the commercial team in a uniform manner using models developed for specific property types. The Statistical team has developed base income models for Retail, Apartments, Office, and Warehouse property types. These models are developed from income and expense statements, data we are provided during appeals and third party data we purchase. As in the land valuation and the cost approach, these income models provide a starting place for the commercial appraiser. There are many influences in the market that are not represented in the data we analyzed to create the model, so the commercial appraiser must adjust these models for specific influences such as location or access. Adjustments to the base income model result in override income values which are trended annually based on sales ratio analysis. 2012 Revaluation Summary Statistics and Value Change Report Summary ratio statistics and assessed value percent change reports are provided in the following sections of this book. The ratio statistics include two years of sales (2011 and 2012). The assessed value change report shows average value change statistics from 2012 to by neighborhood, city, school district and fire district. N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Narrative Reports\ Commercial Statistical Changes.doc Page 4 of 4
Commercial Land Trends - PI Year 1 PI Year PI1 NBHD LEA Data 501 502 503 504 505 506 606 101 2012 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1051 2012 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.80 0.80 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.80 0.80 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 201 2012 Land Attribute 0.74 0.74 0.95 0.74 0.95 0.74 0.57 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.74 0.74 0.95 0.74 0.95 0.74 0.57 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 301 2012 Land Attribute 0.81 0.81 1.05 0.81 1.05 0.81 0.62 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.81 0.81 1.05 0.81 1.05 0.81 0.62 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 401 2012 Land Attribute 1.07 1.07 1.07 1.07 1.07 1.07 1.07 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.07 1.07 1.07 1.07 1.07 1.07 1.07 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\ Commercial Land Trends.xls
Commercial Land Trends - PI Year 2 PI Year PI2 NBHD LEA Data 301 303 305 602 604 801 802 803 804 805 806 102 2012 Land Attribute 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 0.95 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1052 2012 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 202 2012 Land Attribute 0.77 0.77 0.42 0.42 0.42 0.69 0.69 0.69 0.69 0.69 0.69 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.77 0.77 0.42 0.42 0.42 0.69 0.69 0.69 0.69 0.69 0.69 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 212 2012 Land Attribute 0.73 0.73 0.73 Trend Factor 1.00 1.00 1.00 Land Attribute 0.73 0.73 0.73 Override % Change 1.00 1.00 1.00 302 2012 Land Attribute 0.77 0.77 0.42 0.42 0.42 0.69 0.69 0.69 0.69 0.69 0.69 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.77 0.77 0.42 0.42 0.42 0.69 0.69 0.69 0.69 0.69 0.69 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 402 2012 Land Attribute 0.97 0.97 0.97 0.97 0.97 0.87 0.87 0.87 0.87 0.87 0.87 Trend Factor 1.00 1.00 1.00 1.00 1.00 0.90 1.00 1.00 1.00 1.00 0.90 Land Attribute 0.97 0.97 0.97 0.97 0.97 0.78 0.87 0.87 0.87 0.87 0.78 Override % Change 1.00 1.00 1.00 1.00 1.00 0.90 1.00 1.00 1.00 1.00 0.90 412 2012 Land Attribute 0.87 0.87 0.87 Trend Factor 1.05 1.05 1.05 Land Attribute 0.91 0.91 0.91 Override % Change 1.05 1.05 1.05 N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\ Commercial Land Trends.xls
Commercial Land Trends - PI Year 3 PI Year PI3 NBHD LEA Data 901 902 903 904 905 906 103A 2012 Land Attribute 0.95 0.95 0.95 0.95 0.95 0.95 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.95 0.95 0.95 0.95 0.95 0.95 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1053 2012 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.80 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.80 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 203A 2012 Land Attribute 0.95 1.03 1.03 1.12 1.03 0.95 Trend Factor 1.00 1.00 0.80 1.00 1.00 1.00 Land Attribute 0.95 1.03 0.82 1.12 1.03 0.95 Override % Change 1.00 1.00 0.80 1.00 1.00 1.00 303A 2012 Land Attribute 0.95 1.03 1.03 1.12 1.03 0.95 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.95 1.03 1.03 1.12 1.03 0.95 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 403A 2012 Land Attribute 0.78 0.78 0.87 0.78 0.78 0.78 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.78 0.78 0.87 0.78 0.78 0.78 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\ Commercial Land Trends.xls
Commercial Land Trends - PI Year 4 PI Year PI4 NBHD LEA Data 201 202 203 204 205 206 104A 2012 Land Attribute 1.35 1.35 1.35 1.35 1.35 1.35 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.35 1.35 1.35 1.35 1.35 1.35 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1054 2012 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.80 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.80 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 204A 2012 Land Attribute 1.00 1.00 1.04 1.04 1.04 1.04 Trend Factor 1.00 0.80 1.00 1.00 1.00 1.00 Land Attribute 1.00 0.80 1.04 1.04 1.04 1.04 Override % Change 1.00 0.80 1.00 1.00 1.00 1.00 304A 2012 Land Attribute 1.04 1.04 1.04 1.04 1.04 1.04 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.04 1.04 1.04 1.04 1.04 1.04 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 404A 2012 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\ Commercial Land Trends.xls
Commercial Land Trends - PI Year 5 PI Year PI5 NBHD LEA Data 401 402 403 404 405 406 701 702 703 704 705 1055 2012 Land Attribute 1.00 1.00 0.80 0.80 1.00 0.80 1.00 1.00 1.00 1.00 1.00 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.00 1.00 0.80 0.80 1.00 0.80 1.00 1.00 1.00 1.00 1.00 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 105A 2012 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 205A 2012 Land Attribute 0.90 1.00 0.70 1.00 1.00 0.75 1.90 1.90 1.00 1.00 1.00 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.90 1.00 0.70 1.00 1.00 0.75 1.90 1.90 1.00 1.00 1.00 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 215A 2012 Land Attribute 1.00 1.00 Trend Factor 1.00 1.00 Land Attribute 1.00 1.00 Override % Change 1.00 1.00 305 2012 Land Attribute 0.86 0.86 0.77 1.28 1.42 0.77 0.86 0.86 0.86 0.86 0.86 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.86 0.86 0.77 1.28 1.42 0.77 0.86 0.86 0.86 0.86 0.86 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 405A 2012 Land Attribute 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85 0.85 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\ Commercial Land Trends.xls
Commercial Land Trends - PI Year 6 PI Year PI6 NBHD LEA Data 101 102 103 104 105 106 1056 2012 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.80 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.80 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 106 2012 Land Attribute 1.87 1.87 1.87 1.87 1.87 1.87 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.87 1.87 1.87 1.87 1.87 1.87 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 106A 2012 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.00 1.00 1.00 1.00 1.00 1.00 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 206 2012 Land Attribute 1.26 1.26 1.26 1.26 1.26 1.26 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.26 1.26 1.26 1.26 1.26 1.26 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 206A 2012 Land Attribute 0.85 0.85 0.85 0.75 0.85 0.85 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.85 0.85 0.85 0.75 0.85 0.85 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 216A 2012 Land Attribute 1.00 1.00 Trend Factor 1.00 1.00 Land Attribute 1.00 1.00 Override % Change 1.00 1.00 306 2012 Land Attribute 1.07 1.07 1.07 1.07 1.07 1.07 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.07 1.07 1.07 1.07 1.07 1.07 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 406 2012 Land Attribute 1.18 1.18 1.18 1.18 1.18 1.18 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 1.18 1.18 1.18 1.18 1.18 1.18 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 406A 2012 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.90 Trend Factor 1.00 1.00 1.00 1.00 1.00 1.00 Land Attribute 0.80 0.80 0.80 0.80 0.80 0.90 Override % Change 1.00 1.00 1.00 1.00 1.00 1.00 N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\ Commercial Land Trends.xls
Commercial Improvement Value Trends (Cost, Income, Market) NBHD NBHDEXT NBHDDESC 2012 NBHD ADJ NBHD ADJ COST TREND INCOME TREND MARKET TREND 101 0 Commercial Other 0.90 0.90 0.00% 0.00% 0.00% 101 720 Parking 0.99 0.99 0.00% 0.00% 0.00% 101 730 Auto Related 0.99 0.99 0.00% 0.00% 0.00% 101 740 Misc Services 0.87 0.87 0.00% 0.00% 0.00% 101 760 Restaurant 0.79 0.79 0.00% 0.00% 0.00% 101 761 Fast Food 0.90 0.90 0.00% 0.00% 0.00% 101 770 Retail Stand Alone 0.80 0.80 0.00% 0.00% 0.00% 101 773 Strip/Flex 0.96 0.96 0.00% 0.00% 0.00% 101 774 C-Store w/gas 0.99 0.99 0.00% 0.00% 0.00% 101 775 Big Box 0.85 0.85 0.00% 0.00% 0.00% 101 820 Office Class C 0.95 0.95 0.00% 0.00% 0.00% 101 821 Office Class B 0.95 0.95 0.00% 0.00% 0.00% 101 830 Medical 0.95 0.95 0.00% 0.00% 0.00% 101 850 Apt Low Rise up to 19 Units 0.99 0.99 0.00% 0.00% 0.00% 101 851 Apt Low Rise 20 to 99 Units 0.90 0.90 0.00% 0.00% 0.00% 101 852 Apt Low Rise 100 Units Plus 0.99 0.99 0.00% 0.00% 0.00% 101 863 Condo High Rise 0.72 0.72 0.00% 0.00% 0.00% 101 864 Condo Apartment Low Rise 0.90 0.95 5.00% 0.00% 0.00% 101 865 Condo Apartment High Rise 0.90 0.95 5.00% 0.00% 0.00% 101 880 MH Park 0.90 0.90 0.00% 0.00% 0.00% 101 890 Geriatric Services 0.81 0.81 0.00% 0.00% 0.00% 101 910 Gen Warehouse 20,000 to 199,999 SF 0.89 0.89 0.00% 0.00% 0.00% 101 911 Gen Warehouse up to 19,999 SF 0.89 0.89 0.00% 0.00% 0.00% 101 914 Flex Warehouse 0.89 0.89 0.00% 0.00% 0.00% 101 930 Light Industrial 0.81 0.81 0.00% 0.00% 0.00% 101 940 Mini Storage 0.76 0.76 0.00% 0.00% 0.00% 101 951 Utilities 0.90 0.90 0.00% 0.00% 0.00% 101 954 Religious Service 0.90 0.90 0.00% 0.00% 0.00% 101 955 Education 0.81 0.81 0.00% 0.00% 0.00% 101 956 Recreational 0.81 0.81 0.00% 0.00% 0.00% 101 957 Government 0.81 0.81 0.00% 0.00% 0.00% 101 958 Outbuilding 0.81 0.81 0.00% 0.00% 0.00% 101 959 Agricultural 0.90 0.90 0.00% 0.00% 0.00% 102 0 Commercial Other 0.90 0.90 0.00% 0.00% 0.00% 102 720 Parking 0.99 0.99 0.00% 0.00% 0.00% 102 730 Auto Related 0.99 0.99 0.00% 0.00% 0.00% 102 740 Misc Services 0.87 0.87 0.00% 0.00% 0.00% 102 760 Restaurant 0.79 0.79 0.00% 0.00% 0.00% 102 761 Fast Food 0.90 0.90 0.00% 0.00% 0.00% 102 770 Retail Stand Alone 0.80 0.80 0.00% 0.00% 0.00% 102 773 Strip/Flex 0.96 0.96 0.00% 0.00% 0.00% 102 774 C-Store w/gas 0.99 0.99 0.00% 0.00% 0.00% 102 775 Big Box 0.85 0.85 0.00% 0.00% 0.00% 102 820 Office Class C 0.95 0.95 0.00% 0.00% 0.00% 102 821 Office Class B 0.95 0.95 0.00% 0.00% 0.00% 102 830 Medical 0.95 0.95 0.00% 0.00% 0.00% 102 850 Apt Low Rise up to 19 Units 0.99 0.99 0.00% 0.00% 0.00% 102 851 Apt Low Rise 20 to 99 Units 0.90 0.90 0.00% 0.00% 0.00% 102 852 Apt Low Rise 100 Units Plus 0.99 0.99 0.00% 0.00% 0.00% N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\Commercial Improvement Trends.xls 1 of 28
Commercial Improvement Value Trends (Cost, Income, Market) NBHD NBHDEXT NBHDDESC 2012 NBHD ADJ NBHD ADJ COST TREND INCOME TREND MARKET TREND 102 864 Condo Apartment Low Rise 0.90 0.95 5.00% 0.00% 0.00% 102 880 MH Park 0.90 0.90 0.00% 0.00% 0.00% 102 890 Geriatric Services 0.81 0.81 0.00% 0.00% 0.00% 102 911 Gen Warehouse up to 19,999 SF 0.89 0.89 0.00% 0.00% 0.00% 102 912 Mega Warehouse 200,000 SF Plus 0.81 1.00 23.00% 40.00% 0.00% 102 914 Flex Warehouse 0.89 0.89 0.00% 0.00% 0.00% 102 920 Heavy Industrial 0.82 0.82 0.00% 0.00% 0.00% 102 930 Light Industrial 0.81 0.81 0.00% 0.00% 0.00% 102 940 Mini Storage 0.76 0.76 0.00% 0.00% 0.00% 102 951 Utilities 0.90 0.90 0.00% 0.00% 0.00% 102 954 Religious Service 0.90 0.90 0.00% 0.00% 0.00% 102 955 Education 0.81 0.81 0.00% 0.00% 0.00% 102 956 Recreational 0.81 0.81 0.00% 0.00% 0.00% 102 957 Government 0.81 0.81 0.00% 0.00% 0.00% 102 958 Outbuilding 0.81 0.81 0.00% 0.00% 0.00% 102 959 Agricultural 0.90 0.90 0.00% 0.00% 0.00% 103 0 Commercial Other 0.90 0.90 0.00% 0.00% 0.00% 103 720 Parking 0.99 0.99 0.00% 0.00% 0.00% 103 730 Auto Related 0.99 0.99 0.00% 0.00% 0.00% 103 740 Misc Services 0.87 0.87 0.00% 0.00% 0.00% 103 760 Restaurant 0.79 0.79 0.00% 0.00% 0.00% 103 761 Fast Food 0.90 0.90 0.00% 0.00% 0.00% 103 770 Retail Stand Alone 0.80 0.80 0.00% 0.00% 0.00% 103 774 C-Store w/gas 0.99 0.99 0.00% 0.00% 0.00% 103 775 Big Box 0.85 0.85 0.00% 0.00% 0.00% 103 820 Office Class C 0.95 0.95 0.00% 0.00% 0.00% 103 821 Office Class B 0.95 0.95 0.00% 0.00% 0.00% 103 850 Apt Low Rise up to 19 Units 0.99 0.99 0.00% 0.00% 0.00% 103 851 Apt Low Rise 20 to 99 Units 0.90 0.90 0.00% 0.00% 0.00% 103 852 Apt Low Rise 100 Units Plus 0.99 0.99 0.00% 0.00% 0.00% 103 880 MH Park 0.90 0.90 0.00% 0.00% 0.00% 103 910 Gen Warehouse 20,000 to 199,999 SF 0.89 0.89 0.00% 0.00% 0.00% 103 911 Gen Warehouse up to 19,999 SF 0.89 0.89 0.00% 0.00% 0.00% 103 912 Mega Warehouse 200,000 SF Plus 0.81 1.00 23.00% 40.00% 0.00% 103 914 Flex Warehouse 0.89 0.89 0.00% 0.00% 0.00% 103 920 Heavy Industrial 0.82 0.82 0.00% 0.00% 0.00% 103 930 Light Industrial 0.81 0.81 0.00% 0.00% 0.00% 103 940 Mini Storage 0.76 0.76 0.00% 0.00% 0.00% 103 951 Utilities 0.90 0.90 0.00% 0.00% 0.00% 103 954 Religious Service 0.90 0.90 0.00% 0.00% 0.00% 103 955 Education 0.81 0.81 0.00% 0.00% 0.00% 103 956 Recreational 0.81 0.81 0.00% 0.00% 0.00% 103 957 Government 0.81 0.81 0.00% 0.00% 0.00% 103 958 Outbuilding 0.81 0.81 0.00% 0.00% 0.00% 103 959 Agricultural 0.90 0.90 0.00% 0.00% 0.00% 104 0 Commercial Other 0.90 0.90 0.00% 0.00% 0.00% 104 710 New Auto Dealer 0.81 0.81 0.00% 0.00% 0.00% 104 720 Parking 0.99 0.99 0.00% 0.00% 0.00% 104 730 Auto Related 0.99 0.99 0.00% 0.00% 0.00% N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\Commercial Improvement Trends.xls 2 of 28
Commercial Improvement Value Trends (Cost, Income, Market) NBHD NBHDEXT NBHDDESC 2012 NBHD ADJ NBHD ADJ COST TREND INCOME TREND MARKET TREND 104 740 Misc Services 0.87 0.87 0.00% 0.00% 0.00% 104 760 Restaurant 0.79 0.79 0.00% 0.00% 0.00% 104 761 Fast Food 0.90 0.90 0.00% 0.00% 0.00% 104 770 Retail Stand Alone 0.80 0.80 0.00% 0.00% 0.00% 104 773 Strip/Flex 0.96 0.96 0.00% 0.00% 0.00% 104 774 C-Store w/gas 0.99 0.99 0.00% 0.00% 0.00% 104 775 Big Box 0.85 0.85 0.00% 0.00% 0.00% 104 820 Office Class C 0.95 0.95 0.00% 0.00% 0.00% 104 821 Office Class B 0.95 0.95 0.00% 0.00% 0.00% 104 850 Apt Low Rise up to 19 Units 0.99 0.99 0.00% 0.00% 0.00% 104 851 Apt Low Rise 20 to 99 Units 0.90 0.90 0.00% 0.00% 0.00% 104 852 Apt Low Rise 100 Units Plus 0.99 0.99 0.00% 0.00% 0.00% 104 863 Condo High Rise 0.97 0.97 0.00% 0.00% 0.00% 104 864 Condo Apartment Low Rise 0.90 0.95 5.00% 0.00% 0.00% 104 870 Motel 0.78 0.78 0.00% 0.00% 0.00% 104 871 Hotel Full Service 0.81 0.81 0.00% 0.00% 0.00% 104 880 MH Park 0.90 0.90 0.00% 0.00% 0.00% 104 910 Gen Warehouse 20,000 to 199,999 SF 0.89 0.89 0.00% 0.00% 0.00% 104 911 Gen Warehouse up to 19,999 SF 0.89 0.89 0.00% 0.00% 0.00% 104 914 Flex Warehouse 0.89 0.89 0.00% 0.00% 0.00% 104 930 Light Industrial 0.81 0.81 0.00% 0.00% 0.00% 104 940 Mini Storage 0.76 0.76 0.00% 0.00% 0.00% 104 951 Utilities 0.90 0.90 0.00% 0.00% 0.00% 104 953 Marine Hangar 0.90 0.90 0.00% 0.00% 0.00% 104 954 Religious Service 0.90 0.90 0.00% 0.00% 0.00% 104 955 Education 0.81 0.81 0.00% 0.00% 0.00% 104 956 Recreational 0.81 0.81 0.00% 0.00% 0.00% 104 957 Government 0.81 0.81 0.00% 0.00% 0.00% 104 958 Outbuilding 0.81 0.81 0.00% 0.00% 0.00% 104 960 Marina 0.90 0.90 0.00% 0.00% 0.00% 105 0 Commercial Other 0.90 0.90 0.00% 0.00% 0.00% 105 710 New Auto Dealer 0.81 0.81 0.00% 0.00% 0.00% 105 720 Parking 0.99 0.99 0.00% 0.00% 0.00% 105 730 Auto Related 0.99 0.99 0.00% 0.00% 0.00% 105 740 Misc Services 0.87 0.87 0.00% 0.00% 0.00% 105 760 Restaurant 0.79 0.79 0.00% 0.00% 0.00% 105 761 Fast Food 0.90 0.90 0.00% 0.00% 0.00% 105 770 Retail Stand Alone 0.80 0.80 0.00% 0.00% 0.00% 105 771 Regional Mall 0.90 0.90 0.00% 0.00% 0.00% 105 773 Strip/Flex 0.96 0.96 0.00% 0.00% 0.00% 105 774 C-Store w/gas 0.99 0.99 0.00% 0.00% 0.00% 105 775 Big Box 0.85 0.85 0.00% 0.00% 0.00% 105 820 Office Class C 0.95 0.95 0.00% 0.00% 0.00% 105 821 Office Class B 0.95 0.95 0.00% 0.00% 0.00% 105 822 Office Class A 0.95 0.95 0.00% 0.00% 0.00% 105 830 Medical 0.95 0.95 0.00% 0.00% 0.00% 105 850 Apt Low Rise up to 19 Units 0.99 0.99 0.00% 0.00% 0.00% 105 851 Apt Low Rise 20 to 99 Units 0.90 0.90 0.00% 0.00% 0.00% 105 852 Apt Low Rise 100 Units Plus 0.99 0.99 0.00% 0.00% 0.00% N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\Commercial Improvement Trends.xls 3 of 28
Commercial Improvement Value Trends (Cost, Income, Market) NBHD NBHDEXT NBHDDESC 2012 NBHD ADJ NBHD ADJ COST TREND INCOME TREND MARKET TREND 105 870 Motel 0.78 0.78 0.00% 0.00% 0.00% 105 890 Geriatric Services 0.81 0.81 0.00% 0.00% 0.00% 105 911 Gen Warehouse up to 19,999 SF 0.89 0.89 0.00% 0.00% 0.00% 105 914 Flex Warehouse 0.89 0.89 0.00% 0.00% 0.00% 105 930 Light Industrial 0.81 0.81 0.00% 0.00% 0.00% 105 940 Mini Storage 0.76 0.76 0.00% 0.00% 0.00% 105 951 Utilities 0.90 0.90 0.00% 0.00% 0.00% 105 954 Religious Service 0.90 0.90 0.00% 0.00% 0.00% 105 955 Education 0.81 0.81 0.00% 0.00% 0.00% 105 956 Recreational 0.81 0.81 0.00% 0.00% 0.00% 105 957 Government 0.81 0.81 0.00% 0.00% 0.00% 105 959 Agricultural 0.90 0.90 0.00% 0.00% 0.00% 106 0 Commercial Other 0.90 0.90 0.00% 0.00% 0.00% 106 720 Parking 0.99 0.99 0.00% 0.00% 0.00% 106 730 Auto Related 0.99 0.99 0.00% 0.00% 0.00% 106 740 Misc Services 0.87 0.87 0.00% 0.00% 0.00% 106 760 Restaurant 0.79 0.69-13.00% -10.00% -10.00% 106 761 Fast Food 0.90 0.90 0.00% 0.00% 0.00% 106 770 Retail Stand Alone 0.80 0.70-13.00% -10.00% -10.00% 106 772 Power Center 0.90 0.90 0.00% 0.00% 0.00% 106 773 Strip/Flex 0.96 0.96 0.00% 0.00% 0.00% 106 774 C-Store w/gas 0.99 0.99 0.00% 0.00% 0.00% 106 820 Office Class C 0.95 0.95 0.00% 0.00% 0.00% 106 821 Office Class B 0.95 0.95 0.00% 0.00% 0.00% 106 822 Office Class A 0.95 0.95 0.00% 0.00% 0.00% 106 830 Medical 0.95 0.95 0.00% 0.00% 0.00% 106 850 Apt Low Rise up to 19 Units 0.99 0.99 0.00% 0.00% 0.00% 106 851 Apt Low Rise 20 to 99 Units 0.90 0.95 5.00% 7.00% 7.00% 106 852 Apt Low Rise 100 Units Plus 0.99 1.12 13.00% 15.00% 15.00% 106 864 Condo Apartment Low Rise 0.90 0.95 5.00% 8.00% 8.00% 106 870 Motel 0.78 0.78 0.00% 0.00% 0.00% 106 880 MH Park 0.90 0.90 0.00% 0.00% 0.00% 106 890 Geriatric Services 0.81 0.81 0.00% 0.00% 0.00% 106 910 Gen Warehouse 20,000 to 199,999 SF 0.89 0.93 5.00% 8.00% 8.00% 106 911 Gen Warehouse up to 19,999 SF 0.89 0.89 0.00% 0.00% 0.00% 106 912 Mega Warehouse 200,000 SF Plus 0.81 1.00 23.00% 40.00% 0.00% 106 914 Flex Warehouse 0.89 0.89 0.00% 0.00% 0.00% 106 920 Heavy Industrial 0.82 0.82 0.00% 0.00% 0.00% 106 930 Light Industrial 0.81 0.81 0.00% 0.00% 0.00% 106 940 Mini Storage 0.76 0.76 0.00% 0.00% 0.00% 106 951 Utilities 0.90 0.90 0.00% 0.00% 0.00% 106 953 Marine Hangar 0.85 0.85 0.00% 0.00% 0.00% 106 954 Religious Service 0.90 0.90 0.00% 0.00% 0.00% 106 955 Education 0.81 0.81 0.00% 0.00% 0.00% 106 956 Recreational 0.81 0.81 0.00% 0.00% 0.00% 106 957 Government 0.81 0.81 0.00% 0.00% 0.00% 106 958 Outbuilding 0.81 0.81 0.00% 0.00% 0.00% 106 959 Agricultural 0.90 0.90 0.00% 0.00% 0.00% 106 960 Marina 0.85 0.85 0.00% 0.00% 0.00% N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\Commercial Improvement Trends.xls 4 of 28
Commercial Improvement Value Trends (Cost, Income, Market) NBHD NBHDEXT NBHDDESC 2012 NBHD ADJ NBHD ADJ COST TREND INCOME TREND MARKET TREND 201 0 Commercial Other 0.90 0.90 0.00% 0.00% 0.00% 201 720 Parking 0.99 0.99 0.00% 0.00% 0.00% 201 730 Auto Related 0.90 0.90 0.00% 0.00% 0.00% 201 740 Misc Services 0.87 0.87 0.00% 0.00% 0.00% 201 760 Restaurant 0.79 0.79 0.00% 0.00% 0.00% 201 761 Fast Food 1.00 1.00 0.00% 0.00% 0.00% 201 770 Retail Stand Alone 0.80 0.80 0.00% 0.00% 0.00% 201 773 Strip/Flex 0.89 0.89 0.00% 0.00% 0.00% 201 774 C-Store w/gas 0.99 0.99 0.00% 0.00% 0.00% 201 775 Big Box 0.85 0.85 0.00% 0.00% 0.00% 201 820 Office Class C 0.85 0.85 0.00% 0.00% 0.00% 201 821 Office Class B 0.92 0.92 0.00% 0.00% 0.00% 201 830 Medical 0.94 0.94 0.00% 0.00% 0.00% 201 850 Apt Low Rise up to 19 Units 1.03 1.03 0.00% 0.00% 0.00% 201 851 Apt Low Rise 20 to 99 Units 0.99 1.04 5.00% 7.00% 7.00% 201 852 Apt Low Rise 100 Units Plus 0.94 1.06 13.00% 15.00% 15.00% 201 863 Condo High Rise 0.72 0.72 0.00% 0.00% 0.00% 201 890 Geriatric Services 0.92 0.92 0.00% 0.00% 0.00% 201 910 Gen Warehouse 20,000 to 199,999 SF 0.89 0.93 5.00% 8.00% 8.00% 201 911 Gen Warehouse up to 19,999 SF 0.89 0.89 0.00% 0.00% 0.00% 201 930 Light Industrial 0.81 0.81 0.00% 0.00% 0.00% 201 940 Mini Storage 0.85 0.85 0.00% 0.00% 0.00% 201 951 Utilities 0.90 0.90 0.00% 0.00% 0.00% 201 954 Religious Service 0.90 0.90 0.00% 0.00% 0.00% 201 955 Education 0.81 0.81 0.00% 0.00% 0.00% 201 956 Recreational 0.81 0.81 0.00% 0.00% 0.00% 201 957 Government 0.81 0.81 0.00% 0.00% 0.00% 201 958 Outbuilding 0.81 0.81 0.00% 0.00% 0.00% 201 959 Agricultural 0.90 0.90 0.00% 0.00% 0.00% 202 0 Commercial Other 0.90 0.90 0.00% 0.00% 0.00% 202 710 New Auto Dealer 0.81 0.81 0.00% 0.00% 0.00% 202 720 Parking 0.99 0.99 0.00% 0.00% 0.00% 202 730 Auto Related 0.90 0.90 0.00% 0.00% 0.00% 202 740 Misc Services 0.87 0.87 0.00% 0.00% 0.00% 202 760 Restaurant 0.79 0.79 0.00% -10.00% -10.00% 202 761 Fast Food 1.00 1.00 0.00% 0.00% 0.00% 202 770 Retail Stand Alone 0.80 0.80 0.00% -10.00% -10.00% 202 773 Strip/Flex 0.89 0.89 0.00% 0.00% 0.00% 202 774 C-Store w/gas 0.99 0.99 0.00% 0.00% 0.00% 202 775 Big Box 0.85 0.85 0.00% 0.00% 0.00% 202 820 Office Class C 0.85 0.85 0.00% 0.00% 0.00% 202 821 Office Class B 0.92 0.92 0.00% 0.00% 0.00% 202 830 Medical 0.94 0.94 0.00% 0.00% 0.00% 202 850 Apt Low Rise up to 19 Units 1.03 1.03 0.00% 0.00% 0.00% 202 851 Apt Low Rise 20 to 99 Units 0.99 1.04 5.00% 7.00% 7.00% 202 852 Apt Low Rise 100 Units Plus 0.94 1.06 13.00% 15.00% 15.00% 202 864 Condo Apartment Low Rise 0.81 0.85 5.00% 8.00% 8.00% 202 870 Motel 0.86 0.86 0.00% 0.00% 0.00% 202 880 MH Park 1.03 1.03 0.00% 0.00% 0.00% N:\APPRAISAL\STATISTICAL\Revaluation_Reports\\Commercial\Trends\Commercial Improvement Trends.xls 5 of 28