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HomeMy WebLinkAboutM071212o� EQ & 4� Q+Q`SON co 9`skING,�O Dave Garing Mike Smith Henry Krist Dave Daring MINUTES July 12, 2012 1820 Jefferson Street P.O. Box 1220 Port Townsend, WA 98368 Henry Hrist 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 Michael Smith and Member Henry Krist. ASSESSOR'S UPDATE Assessor Jack Westerman reviewed the process for assessing property and informed the Board on the Assessor's office role with the Board of Equalization. The 2011 revaluation area for Jefferson County is the Chimacum School District #49. Those properties were last valued in 2007 at the peak of the market. He provided and reviewed a document titled Assessor's Report Card. The sales trend seems to show that the market has decreased approximately 10% since January 1, 2011. The Assessor's office has had a difficult time assessing property due to the increase of bank foreclosures and distressed sales. The Report Card indicates that there is a 28% difference between the amount of a distressed sale and a regular sale. A foreclosure sale doesn't necessarily determine the true and fair market value. When a bank forecloses on a property they just want to get rid of it without trying to sell it for market value. He said he expects the amount of distressed sales to increase making it a challenge for his staff. Assessor Westerman explained the difference between the Port Ludlow area and area known as the Port Ludlow Master Planned Resort (MPR). The Port Ludlow area values decreased 30 % -35 %. Phone (360)385 -9100 Fax (360)385 -9382 jeftboccCa o.Jefferson.wa.us Board of Equalization Minutes — July 12 2012 Page: 2 Chairman Garing asked if the Assessor expects to get complaints from property owners that their property is valued too low? The Assessor responded that yes; he thinks some people who are trying to refinance or sell their property won't be able to get the amount they want. A document showing sales after the rolls closed in July 2011 will be provided to the Board at a later date and the Assessor's office will update this information on their website on a weekly basis through September. ASSESSMENT CORRECTION Vice - Chairman Smith moved to accept the following assessment correction. Member Krist seconded the motion which carried by a unanimous vote. APPELLANT APPEAL NO. PARCEL NO. David Zhou & Lifen Liu BOE 12 -13 -R 971 100 329 HEARINGS James & Petey McCune BOE: 12 -04 -R PN: 965 000 026 P.O. Box 1295 Corona, CA 92878 -1295 James and Petey McCune were not present. Assessor Jack Westerman represented the Assessor's Office and was sworn in by Chairman Gating. Under appeal is the land and improvement value of property located at 872 Kala Point Drive, Port Townsend. Currently, the property is assessed at $943,900 ($312,500 for the land and $631,400 for the improvements). The appellants estimate the value is $880,000 ($291,345 for the land and $588,655 for the improvements). The appellants purchased their home on September 13, 2011 for $880,000 and believe that is the true and fair market value. Assessor Westerman informed the Board that the appellants were unable to request the Board to reconvene in 2011 because the sale price was not less than 90% of the assessed value. The subject property is located in the 2012 revaluation area and the appellants will receive a new assessed value on August 1, 2012. He stated that the new value is tentatively set at $794,485 which is below the $880,000 estimate of the appellants. He suggested the Board postpone their decision until after the appellants receive their new Board of Equalization Minutes — July12, 2012 Pace: 3 assessed value, at which time the appellants will most likely agree to the lower assessed value. Hearing no further testimony, Chairman Garing closed the hearing. The Board will make a determination at a later date. Member Krist moved to adjourn the meeting at 10:55 a.m. until 9:30 a.m. on August 6, 2012. Vice - Chairman Smith seconded the motion which carried by a unanimous vote. ATTEST: �fc Io � t she R. Locke, Clerk of the$oard JEFFERSON COUNTY BO F QUALIZATION (Dave GarinC airm ike Smith, Vice Chasn Henry Krist, Member