Page of 6 6. This question requires solving for the answers requested in a thru 61, below, and neatly showing your work with appropriate labels in 69 Subject Property - You are appraising a 400 acre irrigated farm with a current valuation date Improvements contribute $320,000 to the property value. The property is not located within an irrigation district, all irrigation water is obtained from on-site wells and related pumping systems. The entire property needs leveling County zoning for properties in this area is AG (General Agriculture). The property is located in a known flood hazard area Market Data Sale 1 340 acres sold recently (1 month ago) for $3.400.000. Building improvements contributed S275.000 to the price The property is not located in an irrigation district, irrigation water is obtained from on-site wells and related pumping systems Supplemental leveling was needed for the entire property at the time of this sale. County zoning for properties in this area is AG (General Agriculture) The property is not located in a known flood hazard area Sale 2 520 acres sold 1 year ago for S4 750.000 Building improvements dontributed S180,000 to the price. The property is located in Coldwater Irrigation District; all irrigation water is obtained from Coldwater Irrigation District. Supplemental leveling was needed for the entire property at the time of this sale County zoning for properties in this area is AG (General Agriculture) The property is not located in a known food hazard area Sale 3460 acres sold 2 years ago for 53.533 000 Building improvements contributed $170,000 to the price. The property is not located in an irrigation district, Irrigation water is obtained from on-site wells and related pumping systems. The property was well leveled County zoning in this area is AG (General Agriculture) The property is located in a known flood hazard area Your market analysis leads you to the following conclusions: 1. Market Conditions Change Time: Land values have increased at an annual compound rate of 3 25% for the last few years. No time adjustment is necessary for sales that occurred less than three months ago 2. Property Size Current and prices (after time adjustment) are 5% higher for each 60 acres smaller than 400 acres, and 5% lower for each 60 acres larger than 400 acres 3. Leveling Supplemental leveling cost has remained steady for the past three years at 5450/gross acre 4. Water Source: Land located in Coldwater Irrigation District sells for 51 250/acre more than land outside the district 5. Flood Hazard Land located in a known food hazard area sells for $1.000 per acre less than land located outside a known flood hazard area ARE 145-Homework 2 Page 4 6a. (4 Points Each): What is the indicated land only sale price per acre for each sale at the time of sale? Be Careful! Read the instructions on page one of the homework again! Round to the nearest whole dollar Sale 1: $ Sale 2: $ Sale 3: S 6b. (4 Points Each): What is the land only time-adjusted price per acre for each sale? Round to the nearest whole dollar Sale 1: $ Sale 2: $ Sale 3: S 60. (4 Points Each): What is the S/acre adjustment for size differences for each sale? Round to the nearest whole dollar Be sure to include + or - for your answer Sale 1: S Sale 2: $ Sale 3: S 6d. (4 Points Each): What is the Sacre adjustment for flood hazard differences for each sale? Round to the nearest whole dollar. Be sure to include + or - for your answer Sale 1: S Sale 2: $ Sale 3: $ 6e (4 Points): What is the concluded land Slacre value for the subject property after all applicable adjustments (not just those in 6b thru 6d)? Round to the nearest $10/acre. 61. (4 Points): What is the subject property value? Round to the nearest $10,000 ARE 145 - Homework 69. (6 Points): Neatly show and label all of your work showing how you arrived at your conclusions. Add additional worksheet(s), if necessary I Page of 6 6. This question requires solving for the answers requested in a thru 61, below, and neatly showing your work with appropriate labels in 69 Subject Property - You are appraising a 400 acre irrigated farm with a current valuation date Improvements contribute $320,000 to the property value. The property is not located within an irrigation district, all irrigation water is obtained from on-site wells and related pumping systems. The entire property needs leveling County zoning for properties in this area is AG (General Agriculture). The property is located in a known flood hazard area Market Data Sale 1 340 acres sold recently (1 month ago) for $3.400.000. Building improvements contributed S275.000 to the price The property is not located in an irrigation district, irrigation water is obtained from on-site wells and related pumping systems Supplemental leveling was needed for the entire property at the time of this sale. County zoning for properties in this area is AG (General Agriculture) The property is not located in a known flood hazard area Sale 2 520 acres sold 1 year ago for S4 750.000 Building improvements dontributed S180,000 to the price. The property is located in Coldwater Irrigation District; all irrigation water is obtained from Coldwater Irrigation District. Supplemental leveling was needed for the entire property at the time of this sale County zoning for properties in this area is AG (General Agriculture) The property is not located in a known food hazard area Sale 3460 acres sold 2 years ago for 53.533 000 Building improvements contributed $170,000 to the price. The property is not located in an irrigation district, Irrigation water is obtained from on-site wells and related pumping systems. The property was well leveled County zoning in this area is AG (General Agriculture) The property is located in a known flood hazard area Your market analysis leads you to the following conclusions: 1. Market Conditions Change Time: Land values have increased at an annual compound rate of 3 25% for the last few years. No time adjustment is necessary for sales that occurred less than three months ago 2. Property Size Current and prices (after time adjustment) are 5% higher for each 60 acres smaller than 400 acres, and 5% lower for each 60 acres larger than 400 acres 3. Leveling Supplemental leveling cost has remained steady for the past three years at 5450/gross acre 4. Water Source: Land located in Coldwater Irrigation District sells for 51 250/acre more than land outside the district 5. Flood Hazard Land located in a known food hazard area sells for $1.000 per acre less than land located outside a known flood hazard area ARE 145-Homework 2 Page 4 6a. (4 Points Each): What is the indicated land only sale price per acre for each sale at the time of sale? Be Careful! Read the instructions on page one of the homework again! Round to the nearest whole dollar Sale 1: $ Sale 2: $ Sale 3: S 6b. (4 Points Each): What is the land only time-adjusted price per acre for each sale? Round to the nearest whole dollar Sale 1: $ Sale 2: $ Sale 3: S 60. (4 Points Each): What is the S/acre adjustment for size differences for each sale? Round to the nearest whole dollar Be sure to include + or - for your answer Sale 1: S Sale 2: $ Sale 3: S 6d. (4 Points Each): What is the Sacre adjustment for flood hazard differences for each sale? Round to the nearest whole dollar. Be sure to include + or - for your answer Sale 1: S Sale 2: $ Sale 3: $ 6e (4 Points): What is the concluded land Slacre value for the subject property after all applicable adjustments (not just those in 6b thru 6d)? Round to the nearest $10/acre. 61. (4 Points): What is the subject property value? Round to the nearest $10,000 ARE 145 - Homework 69. (6 Points): Neatly show and label all of your work showing how you arrived at your conclusions. Add additional worksheet(s), if necessary