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9 <br /> RELATIONSHIP OF VALUE OF DEVELOPMENT RIGHTS <br /> TO MARKET VALUE AND AGRICULTURAL VALUE <br /> Total Market <br /> Value <br /> Total Market <br /> Value of Value <br /> Development <br /> Rights <br /> Value of <br /> Development <br /> Rights <br /> ............................................................ ............................................................................................. <br /> Agricultural Agricultural <br /> Value Value <br /> High Low <br /> Development Development <br /> Pressure Pressure <br /> Shown on Table 3.1 are the average agricultural and forestry use values per acre, by township, <br /> for parcels participating in the Preferential Assessment/Deferred Taxation Program.Combined,use values <br /> for farm and forest vary from$452 per acre in Chapel Hill Township to$252 in Little River Township.The <br /> average use value for the county as a whole is$306. <br /> The assessed market value of properties participating in the Preferential Assessment/Deferred <br /> Taxation Program is also shown on the table. The values are based on land sales in the county and are <br /> adjusted every eight years as part of a re-valuation process. Such adjustments bring the"assessed"values <br /> in line with the actual"market"value. <br /> Since the last re-valuation occurred in 1993, the assessed values shown may not match the <br /> prevailing market values of property in the county. Adjusting the assessed value may be accomplished <br /> through application of an "assessment ratio" or the ratio of assessed value compared to the actual sales <br /> price. As an example, if the assessed value of a parcel was $90,000, and it sold for $100,000, the <br /> assessment ratio would be 0.90 ($90,000/$100,000). <br />