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HomeMy WebLinkAboutM0216121. 69 Dave Garing Henry Krist Michael Smith 1820 Jefferson Street P.O. Box 1220 Port Townsend, WA 98368 Dave Garing Henry Krist MINUTES February 16, 2012 Michael Smith Chairman Vice - Chairman Member Chairman Dave Gating called the meeting to order at 9:30 a.m. in the presence of Vice - Chairman Henry Krist and Member Michael Smith. Per WAC 458 -14- 095(4) post hearing deliberations of the Board of Equalization are not recorded. At the conclusion of the deliberations the Board resumed the regular meeting and the following action was taken. DETERMINATIONS Tim Loika BOE: 11 -61 -R PN: 994 800 101 2395 NW Estaview Circle Corvallis, OR 97330 The Board considered the information presented by the appellant and the Assessor's representative. The property is a partially completed waterfront home off of Brighton Street in Port Hadlock. The Assessor has determined fair market value of the property to be $369,935 as of July 31, 2011. Improvements on this parcel are valued at $124,810 with the land valued at $245,125. In addition to the 1,728 square foot home, the property also includes a 600 square foot garden shed valued at $36,000 and a gazebo valued at $1,500. The appellant asserts the improvements on this parcel should be valued at $100,000 and the land value to be $147,000. In contesting the Assessor's determination of fair market value the appellant cited construction costs from Lexar Homes (Also Known as Highline Homes) (but did not purchase the home under appeal from them) and argued that the property was valued higher than other neighborhood assessments made by the Assessor. He did not offer specific comparable sales data in supporting his contentions. The Assessor's representative in attendance at the hearing was not the actual field appraiser for this property but feels a comparison between the square footage costs of a Lexar home is not reflective of the full cost of new construction on the property. He also stated that he did not agree with the field appraiser's new construction completion factor of 40% and would have given it a 46% completion value. The Assessor's Loreseritative also acknowledged that the inclusion of the gazebo in the improved value Phone (360)385 -9100 Fax (360)385 -9382 jeffbocc&o.jefferson.wa.us Board of Equalization Minutes - February 16, 2012 Page: 2 of the property was an obvious error. The Jefferson County Board of Equalization orders that the value of the gazebo be removed from the listed improvements to this property. The Board finds the appellant did not present clear, cogent, or convincing evidence indicating the Assessor had erred in valuing other improvements on this parcel or the value of the land; assessments on neighboring properties are not evidence of market value. Vice - Chairman Krist moved to overrule Assessor's valuation of $369,935 ($245,125 for the land and $124,810 for the improvements) and reduce the value to $368,435 ($245,125 for the land and $123,310 for the improvements). Member Smith seconded the motion which carried by a unanimous vote. (See also minutes of February 14, 2012) John Wood BOE: 11 -58 -R PN: 821265 038 P.O. Box 65377 Port Ludlow, WA 98365 The Board considered the information presented by the appellant and the Assessor's representative. The appellant contends that the property should be assessed at a value of $240,000. This is based on the appellant's purchase of the property for $240,000 in August, 2011. The appellant appeared at the hearing, but presented no evidence in support of his position. The Board noted that the sale of the property to appellant was a sale by a bank through foreclosure. The Board also noted that the appellant had an appraisal of the property done, but did not submit that appraisal to the Board. The Assessor valued the property as of the assessment date, January 1, 2011. Member Smith moved to sustain the Assessor's valuation of $306,830 ($105,400 for the land and $201,430 for the improvements). Vice - Chairman Krist seconded the motion which carried by a unanimous vote. (See also minutes of February 14, 2012) Marsh Anderson, LLC BOE: 11 -34 -R PN: 901014 003 403 Peabody Port Angeles, WA 98362 The Board considered the information presented by the appellants and the Assessor's representative. The appellants and their representative, a Washington State General Certified Appraiser with an MAI designation attended the hearing offering extensive testimony. They were appealing the Assessor's valuation of $3,899,840 on property known as the Port Hadlock Marina. The appellant's petition listed their initial estimate of true and fair market value as $2,000,000, but noted that this estimate was subject to revision as additional information became available. Their professionally prepared appraisal was completed as of September 8, 2011 and included 87 pages of documentation plus addendums. It contained seven (7) comparable sales of marinas located in the Puget Sound region. Four (4) of the sales Board of Equalization Minutes - February 16, 2012 Page: 3 occurred within the current assessment cycle with one sale pending. Their final opinion of true and fair market value was cited as $3,021,044 consisting of $2,648,189 for the "As Is" marina leasehold real property with an additional $372,855 for the fee simple upland real property. The appellants contend that the appraiser did not adequately separate the value of the land, the value of the improvements, and "business enterprise value ". The appellants stressed that the concept of subtracting the enterprise value of the business to isolate the real property interest is particularly important when considering the specialty use of a business such as a marina. The Assessor's representative presented a Real Estate Excise Tax Affidavit showing that the marina was purchased by the appellants in January 2011 for $4,275,000. The property was assessed as of January 1, 2011 for a total valuation of $3,899,840 with improvements valued at $2,700,000 and land valued at $1,199,840. The Assessor's representative acknowledged that adjustments for excess front footage were not properly accounted for in the initial determination of fair market value and he stipulated that the appellant's appraisal accurately reflects the true and fair market value of the property as of January 1, 2011. The Jefferson County Board of Equalization has carefully considered the evidence and testimony presented by the appellants and the Assessor's representative. Based on all evidence, testimony and recommendations, Vice - Chairman Krist moved to overrule Assessors valuation of $3,899,840 ($1,199,840 for the land and $2,700,000 for the improvements) and reduce the value to $3,021,044 ($372,855 for the land and $2,648,189 for the improvements). Member Smith seconded the motion which carried by a unanimous vote. (See also minutes of February 14, 2012) Donald Johnston BOE: 11 -31 -LO PN: 021202 025 6344 NE 130' Place 11 -32 -LO 021202 026 Kirkland, WA 98034 The Board considered the information for both parcels presented by the appellant and the Assessor's representative. BOE 11- 31 -LO: The appellant contends that the property should be assessed at a value of $7,500. He did not appear at the hearing and presented no evidence in support of his position other than his petition. The Assessor valued the property at $17,500 as of the assessment date of January 1, 2011. The Board notes that the Assessor had a base value for this property of $35,000 which was reduced by 50% due to the fact that the lot serves as a septic drainfield. BOE 11- 32 -LO: The appellant contends that the property should be assessed at a value of $15,000. He did not appear at the hearing and presented no evidence in support of his position other than his petition. The Assessor valued the property at $35,000 as of the assessment date of January 1, 2011. Board of Equalization Minutes - February 16, 2012 Page: 4 The Board finds that the appellant did not present clear, cogent, and convincing evidence necessary to overcome the presumptive correctness of the value established by the Assessor for both parcels. Member Smith moved to sustain the Assessor's valuation for both parcels as shown below: Appeal Number Parcel Number Assessor's Valuation BOE 11 -31 -LO 021 202 025 $17,500 BOE 11 -32 -LO 021 202 026 $35,000 Vice - Chairman Krist seconded the motion which carried by a unanimous vote. (See also minutes of February 14, 2012) Vice - Chairman Krist moved to adjourn the meeting at 11:55 a.m. until the next scheduled meeting. Member Smith seconded the motion which carried by a unanimous vote. F . Locke, Cler of the oard JEFFERSON COUNTY �BOARD OF EQUALIZATION Dave Garin ', C Henry Krist, Vice -Chaff an Michael Smith, Member