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HomeMy WebLinkAboutM120308ok EQQ4Z, ,Pz 4 N eoG O (w �'SkING'�o William S. Marlow Richard A. Broders Dave Garing William S. Marlow MINUTES December 3, 2008 1820 Jefferson Street P.O. Box 1220 Port Townsend, WA 98368 Richard A. Broders Dave Garing Chairman Vice - Chairman Member Chairman William S. Marlow called the meeting to order at 9:30 a.m. in the presence of Vice - Chairman Richard A. Broders and Member Dave Garing. DETERMINATIONS Mark Getzendaner BOE: 08 -114 -R PN: 902 133 007 5825 Old Gardiner Road Port Townsend, WA 98368 The Board considered the information submitted by both parties. The Assessor's office used two "comparable" property sales located to the north of the subject property. As noted by the appellant, these are not directly comparable; the primary difference being that the comparable properties are not impacted by the mud flats at the end of Discovery Bay. The comparable properties are, however, high -bank parcels, whereas the subject property is low bank. No comprehensive analysis of how these differing factors affect the value was presented by either parry. The differing factors tend to offset each other to some degree, but, lacking any specific market evidence for those factors, or for the other issues presented by the appellant in his "Attachment A ", the Board must hold to the Assessor's presumption of correctness (mandated by State law). The appellant referred to a sale located south of the subject property by stating it was an "aberration ". No details were given, however, the Board is aware of this sale as it was used as a comparable property in other cases recently heard. Since it was not used as a comparable property sale by either party in this case, the Board did not consider that sale in its determination to uphold the Assessor's valuation in this case. Vice - Chairman Broders moved to sustain the Assessor's valuation of $463,335 ($249,760 for the land and $213,575 for the improvements). Chairman Marlow seconded the motion. Vice - Chairman Broders and Chairman Marlow voted for the motion. Member Gating abstained from voting as he was not present at the hearing. The motion carried. (See also minutes of December 1, 2008) Phone (360)385 -9100 Fax (360)385 -9382 jeftbocca&oJefferson.wa.us Board of Equalization Minutes - December 3, 2008 Page: 2 Denise & Larry Williamson BOE: 08- 123 -LO PN: 902 231 006 615 Whidby Street Port Angeles, WA 98362 The Board considered the information submitted by both parties. Based on the sale price of this parcel in May 2006 and the testimony regarding market conditions and values during the four -year revaluation cycle, the Board determined that the Assessor's value represents the fair market value of this parcel as of the assessment date of January 1, 2008. Vice - Chairman Broders moved to sustain the Assessor's valuation of $149,250 (land only). Chairman Marlow seconded the motion. Vice - Chairman Broders and Chairman Marlow voted for the motion. Member Gating abstained from voting as he was not present at the hearing. The motion carried. (See also minutes of December 1, 2008) Curtis & Bonnie Knudsen BOE: 08- 127 -LO PN: 948 400 009 2623 Galloway Street SE Olympia, WA 98501 The Board considered the information submitted by both parties. The appellants presented one comparable property sale that occurred in the Eagle Crest Development in June 2008 (lot 6 View Ridge Drive). They also indicated that a Real Estate agent had given them a market evaluation for the subject property in August 2008 suggesting a value of less than $200,000, but, no supporting documentation was provided to the Board. The appellants stated the subject property was purchased for $124,000 within the last 5 years, but, no specific date of sale was supplied. The Assessor's representative cited three comparable property sales that occurred within the four year revaluation period; one improved property and two vacant land parcels that were all adjacent to the subject property. During a site visit to View Ridge Drive, the Board conducted a physical inspection of the comparable properties cited by both the appellants and the Assessor's representative. The Board believes the three sales listed by the Assessor's representative are more similar to the subject property than lot 6, in terms of true and fair market value. Particularly, in terms of view quality due to topographical differences. The Assessor's representative also acknowledged that a site and view quality adjustment of +50% appearing on the Assessor's worksheet for parcel #948 400 009 should not have been included and confirmed this adjustment was not applied to the calculations of the subject property. It is the finding of the Board to sustain the Assessor's valuation of this property. Member Gating moved to sustain the Assessor's valuation of $262,360 (land only). Vice - Chairman Broders seconded the motion which carried by a unanimous vote. (See also minutes of December 1, 2008) George A. Koch P.O. Box 879 Chimacum, WA 98325 BOE: 08 -100 -R PN: 901 193 007 The Board considered the information submitted by both parties. The subject property is a single - family residence located on 7.26 acres. The appellant presented two neighboring land sales of 40 acres and 23 Board of Equalization Minutes - December 3, 2008 Page: 3 acres, using the former to assert the land value of the subject property to be $40,000. The Case - Shiller Home Price Indices was also offered showing a national decline in single - family home prices in metropolitan areas during the last year of -17.7% with a -8.8% decline in the Seattle area. It is not clear how the variability in these composite values might be credibly applied to a rural home in Jefferson County. The Assessor's represenative cited two comparable property sales. The first was a single - family residence located on 1.1 acres and the second was a 5.4 acre parcel of vacant land. The Assessor's representative offered testimony acknowledging that the 5.4 acre parcel should be considered more comparable to the subject property and made the following recommendation: 1. A -15% site access adjustment should be applied to the subject property. 2. A -10% site quality adjustment should be applied to the subject property. 3. The rate of $7,000 per unimproved acre should be applied to the subject property, as used in valuing comparable property sale #2 based on code 1575. It is the determination of the Board that the Assessor apply all three recommendations to the subject property for a new land value of $92,070. Sufficient evidence was not presented to overcome the Assessor's presumption of correctness in the determination of true and fair market value of $118,380 for the improvements. Therefore, the new total valuation is $210,450. Member Garing moved to overrule the Assessor's valuation of $231,590 ($113,210 for the land and $118,380 for the improvements) and reduce it to $210,450 ($92,070 for the land and $118,380 for the improvements). Vice - Chairman Broders seconded the motion which carried by a unanimous vote. (See also minutes of December 1, 2008) Vice - Chairman Broders moved to adjourn the meeting until 9:30 a.m. Monday, December 8, 2008. Member Gating seconded the motion which carried by a unanimous vote. ATTF�T: Erin Lundgren, C erk of the ard JEFFERSON COUNTY BOARD OF EQUALIZATION William Ch � Richard A. Broders, Vice - Chairman Dave Garin , e