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HomeMy WebLinkAboutM080411• ok EQU41 Dave Garing Henry Krist Michael Smith 1820 Jefferson Street P.O. Box 1220 Port Townsend, WA 98368 Dave baring Henry Krist MINUTES August 4, 2011 Michael Smith Chairman Vice - Chairman Member Chairman Dave Garing called the meeting to order at 11:00 a.m. in the presence of Vice - Chairman Henry Krist and Member Michael Smith. ASSESSMENT CORRECTION AND PETITION WITHDRAWAL Vice - Chairman Krist moved to accept the following assessment correction and petition withdrawal. Member Smith seconded the motion which carried by a unanimous vote. APPELLANT Henri Ramon James & Marleen Yelaca Rodger & Jill Schmitt 536 Lawrence Street Port Townsend, WA 98368 APPEAL NO. BOE 11 -10 -R BOE 11 -22 -R HEARINGS BOE: 11 -09 -R PARCEL NO. 965 000 067 951 900 002 PN: 988 800 501 Rodger Schmitt was present. Appraiser John Pray represented the Assessor's Office. After explaining the hearing process Chairman Garing swore in both parties. Under appeal is the land and improvement value of property located at 536 Lawrence Street, Port Townsend. Currently, the property is assessed at $698,255 ($242,875 for the land and $455,380 for the improvements). The appellant estimates the value is $630,000 ($220,500 for the land and $409,500 for the improvements). The Appellant reviewed the items that he submitted as part of his appeal. He stated that the Assessor's Phone (360)385 -9100 Fax (360)385 -9382 jeffbocc*co.jefferson.wa.us Board of Equalization Minutes - August 4, 2011 Page: 2 fact sheet indicated that the basement is 100% finished and that is not the case. In answer to a question about actual and effective age, the Assessor's Representative provided a definition. In the process of refinancing he found that the current value of his home has decreased significantly. He feels the comparable sales in the area show that his property is valued too high. He understands that he is appealing the value as of the assessment date of January 1, 2009. He did not realize that he needed to provide an appraisal as of that date. The market survey provided by the Appellant goes back to 2007. Appraiser Pray said the subject property sold in April, 2008 for $780,000 prior to the assessment date of January 1, 2009. Which is roughly a 10% decrease from the purchase price in 2008. The August 2010 appraisal submitted by the Appellant showed a value of $630,000 which is also a 10% decrease from the assessment date. This decrease shows that values were on the decline, but the value as of January 1, 2009 was correct. Pictures of the basement, provided in the Appellant's appraisal, show that the basement is drywalled. The Assessor's Office considers this a finished basement. Appraiser Pray stated that in the Appellant's appraisal the square footage of the basement is 855 square feet at a value of $65 per foot for a total of $55,575. The Assessor's Office shows a value of $68,000 for the same square footage. He also stated that the appraisal indicates that the home has been remodeled at a cost of $30,000. He discussed the Appellant's comparable sales. Comparable sale #2 is similar and like the subject property is situated on a double lot. However, comparable sale #2 does not have a basement. The Appellant replied that the basement was not drywalled at the time of the assessment (1/1/09) and currently is only 2/3 drywalled. He would not consider that a finished basement. The additional $30,000 (remodel) was the installation of solar panels. Comparable sale 93 sold for $760,000 in May 2010, has an Assessory Dwelling Unit (ADU) and a better view. Member Smith asked the Assessor's Representative if he gave a location adjustment to the subject property? Appraiser Pray replied that yes he gave a negative 15% adjustment for location. Chairman Garing asked the Appellant if he feels he paid fair market value? He replied no that he feels he paid more. Between the purchase date and the fee appraisal was a decrease of 10 %. Which supports the statement of the Assessor's Representative that the value has dropped at a rate of 10% per year. Hearing no further testimony, Chairman Gating closed the hearing. The Board will make a determination at a later date. Shane & Sara Stevenson BOE: 11 -16 -R PN: 001074 014 30 Lindsey Lane Port Townsend, WA 98368 Shane and Sara Stevenson were present. Appraiser Dennis Pownall represented the Assessor's Office. After explaining the hearing process Chairman Garing swore in both parties. Under appeal is the land and improvement value of property located on Lindsey Lane, Port Townsend. Board of Equalization Minutes - August 4, 2011 Page: 3 Currently, the property is assessed at $451,385 ($161,760 for the land and $289,625 for the improvements). The appellants estimate the value is $315,000 ($100,000 for the land and $215,000 for the improvements). Mr. Stevenson discussed fair market value and the process of using comparable sales to determine current values. The 2008 comparable sales used by the Assessor's Office are obsolete and do not show the current value of the property. He feels there is a discrepancy on the acreage of his property. His appraisal shows 2.98 acres and the Assessor's plat map shows 2.231 acres. The Appellants purchased the home in June, 2011 for $315,000 and the fee appraisal value is $320,000. The independent fee appraisal used current comparable sales. He understands that the Assessor's Office is on a 4 year cycle, but doesn't feel that is the proper way of assessing fair market value. Appraiser Pownall discussed the 4-year cycle and agrees that the market has declined, but the assessed value as of January 1, 2008 was correct. As for the discrepancy on the acreage, Appraiser Pownall responded that the Assessor's Office records show the same amount of acreage (2.98) as the Appellant. He then discussed the comparable sales he used in valuing the subject property. Mr. Stevenson informed the Board that a structure shown in the photos is no longer on the property. Appraiser Pownall responded that the structure was not included in the improvement value. Member Smith explained to the Appellants that the County is on a four year cycle and the Board of Equalization is bound by law to uphold the value as of the assessment date (1/1/08). The subject property will be assessed in 2012. Hearing no further testimony, Chairman Gating closed the hearing. The Board will make a determination at a later date. Francis & Victoria Cavallero BOE: 11 -14 -R PN: 001275 030 1165 Woodland Drive Port Townsend, WA 98368 Francis and Victoria Cavallero were present. Appraiser Dennis Pownall represented the Assessor's Office. After explaining the hearing process Chairman Garing swore in all parties. Under appeal is the land and improvement value of property located at 1165 Woodland Drive, Port Townsend. Currently, the property is assessed at $1,685,850 ($232,600 for the land and $1,453,250 for the improvements). The appellants estimate the value to be $1,400,000 (No breakdown was provided). Ms. Cavallero said they listed their property `recreationally'. Meaning they weren't serious about selling, but if a buyer came along and the price was right, they would sell. She was surprised to see that the Assessor's Office used the listing price in determining the value. Their property is very unique and Board of Equalization Minutes - August 4, 2011 Page: 4 is set up to raise and train Dressage horses. They were hoping to find a buyer from California who has a passion for raising horses. If the Assessor's Office is going to use the listing price as the current value she wonders if they should ask an outrageous amount in order to drive the value up. Again, this property is unique and they had a hard time finding comparable sales. Appraiser Pownall informed the Board and the Appellants that the assessment date of this property is January 1, 2008 and will be reassessed in 2012. He was not the Appraiser who assessed the subject property in 2008. He discussed both the 2008 and 2011 fee appraisals submitted by the Appellants. He agrees with the 2011 value listed in the Appellant's fee appraisal. However, he feels that the assessed value as of January 1, 2008 is correct. Ms. Cavallero does not want to argue the 2008 value and is willing to drop the appeal if Appraiser Pownall agrees with the 2011 value determined in the fee appraisal. She stated that they more concerned about future taxes. Appraiser Pownall said that listing prices do not determine fair market value, but thet provide a guideline. He will be visiting the subject property in 2012 and will be using the Appellant's fee appraisal as a reference when determining the January 1, 2012 value. Hearing no further testimony, Chairman Gating closed the hearing. The Board will make a determination at a later date. Vice - Chairman Krist moved to adjourn the meeting until the next scheduled meeting. Member Smith seconded the motion which carried by a unanimous vote. ATT T: �,� ft slie R. Locke, Cl of the Board JEFFERSON COUNTY BOARD OF EQUALIZATION v Henry Krist, Vice -Char Michael Smith, Member