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HomeMy WebLinkAboutM041312• ok EQU'Z., O Dave Garing Henry Krist Michael Smith 1820 Jefferson Street P.O. Box 1220 Port Townsend, WA 98368 Dave Garing Henry Krist MINUTES April 13, 2012 Michael Smith Chairman Vice - Chairman Member Chairman Dave Garing called the meeting to order at 9:30 a.m. in the presence of Vice - Chairman Henry Krist and Member Michael Smith. ASSESSMENT CORRECTIONS P Vice - Chairman Krist moved to accept the following assessment corrections. Member Smith seconded the motion which carried by a unanimous vote. APPELLANT APPEAL NO. PARCEL NO. Northwest Watershed Institute HOE 11 -53 -LO 801 282 002 " BOE 11 -54 -LO 801 282 003 " BOE 11 -55 -LO 801 294 001 " BOE 11 -56 -LO 801 332 001 " BOE 11 -547LO 801 332 004 HEARING Herbert Pruzan BOE: 11 -62 -R PN: 990 300137 Pruzan Building Co., LLC P.O. Box 9386 Seattle, WA 98109 Herbert Pruzan was not present. Appraiser Robert Shold represented the Assessor's office and was sworn in by Chairman Garing. Under appeal is the land and improvement value of property located off of Hood Way, Port Ludlow. Currently, the property is assessed at $170,000 ($50,000 for the land and $120,000 for the improvements). The appellant estimates the value is $118,000 ($50,000 for the land and $68,000 for Phone (360)385 -9100 Fax (360)385 -9382 jeftboce&o.jefferson.wa.us Board of Equalization Minutes - April 13, 2012 Page: 2 the improvements) On the petition form the appellant wrote the following reason for appealing the valuation: `The condo unit was the subject of a foreclosure and had been totally trashed. It was not habitable. FNMA had offered it at $130,000 with no takers. Price was subsequently reduced to $118, 000 which we paid. True and fair market value should be what we paid for the property in as much of it was offered for months and we were the only buyers ". Appraiser Shold informed the Board that the subject property is a condo unit located in the Port Ludlow Admiralty Condominiums. The assessment date for this condo is January 1, 2011. There were not a lot of comparable property sales. The exterior of the units are always maintained, however, since the Appraiser does not inspect the interior, they are not aware of the improvements or lack thereof on the inside of the residence. This property was listed for $119,000 for quite a while before the appellant purchased it for $118,000. The appellant is in the process of remodeling at an estimated cost of $50,000. Appraiser Shold recommends reducing the assessed value from $170,000 to $118,000 due to the current condition of the condo unit. Once the renovation is finished and all the improvements are complete, the Assessor's staff will determine a new fair market value. Hearing no further testimony, Chairman Gating closed the hearing. The Board will make a determination at a later date. DETERMINATION Herbert Pruzan BOE: 11 -62 -R PN: 990 300 137 Pruzan Building Co., LLC P.O. Box 9386 Seattle, WA 98109 The Board considered the information presented by the appellant and the Assessor's representative. The appellant wasn't able to attend the hearing, but Herbert L Pruzan, the manager of the family investment firm, did submit a letter to the Board of Equalization. The letter dated April 3, 2012 and the taxpayer petition requested a reduction in the Assessor's determination of value from $170,000 to $118,000. The appellant accepted the Assessor's valuation of the land which was $50,000, but requested a reduction in the improvements from $120,000 to $68,000. The basis of the request was that the Port Ludlow condominium which was the subject of a foreclosure by the FNMA was in such poor condition as to be inhabitable. The unit is 40 years old and was originally listed with a local Realtor for $135,000. The appellant stated that he was told there was no interest in the property at that price, and the improvement value was subsequently reduced to $120,000. He purchased the property for $118,000 in December, 2011 and estimated that $50,000 would be necessary to bring the property into a habitable Board of Equalization Minutes - April 13, 2012 Page: 3 condition. He stated that the unit would probably be worth approximately $170,000 when the renovations are completed. The representative from the Assessor's office stated that the interior of the property was not inspected for the January 1, 2011 valuation date. He also said that few comparable sales were available at that time. A second inspection was later made, and while access was not available to the interior of the unit, it was under renovation. After examining evidence presented by the appellant, the Assessor's representative acknowledged the poor condition of the property's interior improvements and concurred with the valuation recommended by the appellant. Based on all evidence, testimony and recommendations, Member Smith moved to overrule the Assessor's valuation of $170,000 ($50,000 for the land and $120,000 for the improvements) and reduce it to $118,000 ($50,000 for the land and $68,000 for the improvements). Vice - Chairman Krist seconded the motion which carried by a unanimous vote. (See also hearing earlier in minutes) Vice - Chairman Krist moved to adjourn the meeting until the next scheduled meeting. Member Smith seconded the motion which carried by a unanimous vote. 7 slic. Locke, Cterk of the Board JEFFERSON COUNTY BOARD OF EQUALIZATION Dave Gating, hat an Henry Kest, Vice - Chairman Michael Smith, Member