Land Codes: Generally, identifies the highest and best use of the property as residential or commercial, unless otherwise deemed as special use. For commercial it will also break down the land segments for the purpose of applying uniform rates and adjustments to a parcel of land within a neighborhood.
Site Codes: Generally, describes the more specific use of the property.
Unit Type: Identifies the type of measurement used for land valuation.
Units: A numeric value representing the total units of land as defined in the unit type field.
Size Factor: Adjustments for lots smaller than the base lot established for the neighborhood. The reasoning for this adjustment is that most lots in a residential subdivision will sell for the same or nearly the same price even though there are minor differences in size. When improved with a house, the total package or selling price is typically the same. Minor lot size variations below the base lot have little impact on the selling price.
Site Factor: An adjustment to the land segment based on the site code.
Appr O/R Factor: The factor used to adjust the base lot value for a negative or positive influence affecting the land.
Appr O/R Reason: Describes the type of influence affecting the property.
Total Adjustments: Calculated by the following formula:
Unit Price: The base price per unit for a neighborhood or an area prior to any adjustments.
Adjusted Unit Price: Calculated by the following formula:
Value: Calculated by the following formula: