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Home My WebLink AboutM120808ok EQ%, r William S. Marlow Richard A. Broders Dave Garing Wiliam S. Marlow MINUTES December 8, 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 Gazing. DETERMINATIONS Beckett Point Fishermen's Club: KCH Enterprises, LLC BOE: 08 -47 -LO PN: 932 200 109 Keith & Cynthia Hansen 08 -48 -LO 932 200 616 970 Beckett Point Road Port Townsend, WA 98368 Vernon E. Barnett & Emily D. Holmes ROE: 08 -102 -R PN: 932 200 730 P.O. Box 1964 08- 103 -LO 932 200 729 Port Townsend, WA 98368 Edward & Rosemarie Edwards BOE: 08 -146 -R PN: 932 200 726 2410 - 35th Street Port Townsend, WA 98368 William & Patricia Sahlinger BOE: 08 -147 -R PN: 932 200 604 890 Beckett Point Road 08 -148 -R 932 200 401 Port Townsend, WA 98368 Clyde & Colleen McQueen BOE: 08 -149 -R PN: 932 200 722 1562 E. Garfield Street Seattle, WA 98112 John & Michelle Brooks BOE: 08 -150 -R PN: 932 200 721 1811 - 38th Avenue E. Seattle, WA 98112 The Board considered the information submitted by all parties. The appellants assert that the Assessor's valuation of improved property and land leased to the appellants by the Beckett Point Fishermen's Club Phone (360)385 -9100 Fax (360)385 -9382 jeffbocc@co.jefferson.wa.us Board of Equalization - December 8, 2008 Page: 2 does not reflect its true and fair market value. The appellants did not provide any comparable sales but explained they have made a significant investment in a large on -site septic system that has not realized its expected potential. This improvement does not necessarily enhance the value of all tax parcels owned by the appellants' corporation in the same way since individual authorization to connect to the system must be obtained from the owner's association. Testimony was also presented showing that a significant expense would be required prior to initiating future improvements due to compliance with a wide range of various governmental agencies at the local, state, and tribal level. The Assessor presented seven comparable Beckett Point home sales and the sales of their respective leases for the purpose of determining the true and fair market value of improvements, as well as to show the effect these improvements have on the value of the leased lots they occupy. Four home sales (February 2006 to July 2007) fronted the salt water, included the lease of a single lot, and ranged in price from $199,425 to $399,000. A non - waterfront home with a single lot lease sold (June 06) for $220,000. Two non - waterfront homes leased with double lots sold for $300,000 (Oct. 08) and $495,950 (Feb. 07). The Assessor has acknowledged the additional cost and difficulty associated with improving vacant land owned by the Beckett Point Fishermen's Club in a series of graduated valuation adjustments as high as -90 %. The Assessor has also declined to ascribe these identical negative adjustments to similar parcels when adjacent to improved properties leased in the name of the same person. The consequence of this method has resulted in the appearance that a vacant lot's market value is determined by the name of the leaseholder rather than the market characteristics of the property. The Assessor believes that the leased value of improved property is significantly enhanced when a lessee also holds the lease to an adjacent lot; a negative adjustment to a vacant lot is a positive adjustment to the improved property. These adjustments should be viewed within the context of current highest and best use rather than a singular comparison of individual parcels that do not incorporate the recognition of mutual interest. The Board has carefully considered all written evidence and oral testimony offered by the appellants and Assessor that is within the scope of authority granted to the Jefferson County Board of Equalization in the Revised Code of Washington. Based on all available evidence, the Board made the following determinations for the Beckett Point Fisherman's Club properties. KCH Enterprises, LLC BOE: 08 -47 -LO PN: 932 200 109 Keith & Cynthia Hansen 08 -48 -LO 932 200 616 Vice - Chairman Broders moved to sustain the Assessor's valuation of $90,000 for parcel #932 200 109 (land only) and $90,000 for parcel 4932 200 616 (land only). Member Gating seconded the motion which carried by a unanimous vote. (See also minutes of December 2, 2008) Vernon E. Barnett & Emily D. Holmes BOE: 08 -102 -R PN: 932 200 730 08- 103 -LO 932 200 729 Vice - Chairman Broders moved to sustain the Assessor's valuation of $90,000 for parcel #932 200 729 (land only), and to overrule only the improvement value of parcel #932 200 730 as recommended by the Assessor's representative in order to reflect the actual structures on parcel, and reduce it from $99,780 to $60,975. The land value of parcel #932 200 730 remains the same at $190,000 for a new total valuation of $250,975. Member Gazing seconded the motion which carried by a unanimous vote. (See also minutes of December 2, 2008). Edward & Rosemarie Edwards William & Patricia Sahlinger Clyde & Colleen McQueen John & Michelle Brooks V-1111AKII-Iff 1VO BOE: 08 -147 -R 08 -148 -R BOE: 08 -149 -R BOE: 08 -150 -R Member Gating moved to sustain the Assessor's valuations as follows: PN: 932 200 726 PN: 932 200 604 932 200 401 PN: 932 200 722 PN: 932 200 721 Edward and Rosemarie Edwards, parcel #932 200 726, $368,065 ($280,000 for the land and $88,065 for the improvements). William and Patricia Sahlinger, parcel 4932 200 604, $398,520 ($280,000 for the land and $118,520 for the improvements) and parcel #932 200 401, $420,240 ($280,000 for the land and $140,240 for the improvements). Clyde and Colleen McQueen, parcel #932 200 722, $536,890 ($280,000 for the land and $256,890 for the improvements). John and Michelle Brooks, parcel #932 200 721, $296,910 ($190,000 for the land and $106,910 for the improvements). Vice - Chairman Broders seconded the motion which carried by a unanimous vote. (See also minutes of December 2, 2008). Vice - Chairman Broders moved to adjourn the meeting until 10:00 a.m. Tuesday, December 9, 2008. Member Garing seconded the motion which carried by a unanimous vote. ATTEST: Eri un gren Cler of the Boa JEFFERSON COUNTY BOARD OF EQUALIZATION William S. Marlow, Vice - Chairman 0 Dave Garin tuber