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BOOK 0 PAG[ 858 <br />(construction quality, condition, etc.) to facilitate valuation and promote <br />equalization. <br />B. Valuation <br />1. Land pricing. This initial step in the valuation process prices all land as if <br />vacant, with emphasis on location, the utilization of highest and best use <br />standards, and the recognition of other impacts (zoning, soils, flood zone, etc.) <br />on utility. <br />2. Cost Study. A comparative analysis is performed utilizing the cost approach to <br />valuation, using information from local builders, published resources <br />(NCDOR, Marshall & Swift, etc.), and other sources. This approach is <br />designed to provide support for replacement cost and depreciation schedules. <br />3. Ratio analysis. Statistical mapping, utilizing regression analysis, will provide <br />support for valuation from a comparative approach. This aspect of valuation <br />will review all sales occurring within the county since the previous <br />revaluation to discern component assessment, which, in turn, can be applied <br />on a mass basis to similar improvements (see Assessment Standards, above). <br />It is utilizing the standards extracted through this process that the Contractor <br />will apply valuations to county properties to ensure at least a median ratio of <br />99% sale to assessment values on January 1, 2007. <br />4. Data entry. Contractor will direct the entry of all data reflecting value <br />modifications into the County's existing software platform. <br />C. Review <br />1. Select field data audit. Contractor and County will produce documentation <br />and perform field visits on ten percent of all properties within the county <br />to audit field canvassing and compare valuation results to ensure reliability <br />and validity. <br />