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Home My WebLink AboutM061313C EQUgI O�ww�SON e° O �9`r�lING�° Dave Garing Michael Smith Henry Krist 1820 Jefferson Street P.O. Box 1220 Port Townsend, WA 98368 Dave Garing Henry Krist MINUTES June 13, 2013 Michael Smith Chairman Vice - Chairman Member Chairman Dave Garing called the meeting to order at 9:35 a.m. in the presence of Vice - Chairman Michael Smith and Member Henry Krist. EQUALIZATION The Washington State Department of Revenue has granted permission to reconvene the Jefferson County Board of Equalization in order to equalize property located in Jefferson County. On October 23, 2012 and January 28, 2013 testimony was heard by the Jefferson County Board of Equalization relating to the appeal of 15 parcels purchased by the appellant for $110,000 (BOE 12-21 - LO through BOE 12- 35 -LO). During the course of the hearings it became apparent that significant valuation errors had occurred with respect to these parcels and one other within the immediate area. The appellant presented evidence establishing a prima facie case for his property and parcel 4966 000 304 all located along Hadlock Bay Road, Port Hadlock. In addition to oral testimony, the appellant presented testimony from his real estate agent, a letter from the listing broker dated May 1, 2012 summarizing the sales history, a parcel map, and a list of vacant land sales during 2011 and 2012 in which comparable sales were identified for consideration. Specifically, under appeal are three parcels that were originally appraised by the Assessor on January 1, 2011. Two parcels were valued at $16,000 and one at $8,000 all of which were overruled, as recommended by the Assessor's representative, and reduced to a value of $4,000. Parcel #966 000 304 is adjoined to the three parcels, is the same size, and is valued at $8,000. The Assessor's representative examined the market -based evidence and stipulated that a significant overvaluation does exist for the remaining one parcel. The Assessor's representative asserts that as of January 1, 2011 the true and fair market value of the remaining parcel (Parcel 4966 000 304) is $4,000. Vice - Chairman Smith moved to equalize the following parcel: Parcel # Property Owner Name Current Assessed Value Equalized Value 966 000 304 Shaun & Eleanor O'Kinsella $8,000 $4,000 Member Krist seconded the motion which carried by a unanimous vote. The property owners will be notified in writing of the equalization. Phone (360)385 -9100 Fax (360)385 -9382 jeffbocc&o.jefferson.wa.us Board of Equalization Minutes — June 13, 2013 Page: 2 DETERMINATIONS Per WAC 458 -14- 095(4) post hearing deliberations of the Board of Equalization are not recorded. The Board began post hearing deliberations at 9:35 a.m. At the conclusion of the deliberations the Board resumed the regular meeting at 11:15 a.m. and the following actions were taken. Herbert & Eve Laeger BOE: 12 -71 -R PN: 978 802 029 81 Crystal Court Port Ludlow, WA 98365 The appellants' property consists of a 2,289 square foot, single story home located at 81 Crystal Court in Port Ludlow. The appellants do not contest the Assessor's land valuation of $135,000 but estimate the true and fair market value of the improvements to be $180,000 for a total valuation of $315,000. The appellants stated they purchased the home in November 2012 for $315,000. In addition to oral testimony, the appellants' petition offered five comparable properties that sold between August 2011 and December 2012 ranging in price from $300,000 to $330,000. They also included eight additional Port Ludlow properties for consideration that sold between July and December 2010 ranging in price from $200,000 to $300,000. The Assessor's representative submitted an appraisal worksheet for the property; five comparable property sales located in the immediate neighborhood that occurred between March 2009 and December 2012; maps showing the location of the comparable property sales, including those submitted by the appellant; valuation worksheets for all comparable property sales listed by the Assessor and the appellant; and sales affidavits for both the Assessor's and appellants' comparable property sales. The Assessor's representative feels that the five comparable property sales he provided are more reliable indicators of the appellants' property value. All five comparable sales are in the same neighborhood as the appellants' property (Olympic Terrace Division 2 PHI); they are all new homes that were built for Port Ludlow Associates, LLC in 2007 and 2008 but never occupied; they have similar architectural style, square footage, and landscaping; and they sold between March 2009 and December 2012 ranging in price from $319,000 to $496,000. He stated that the appellants' comparable property sales only include the lowest price sale in this neighborhood and the others are not located within the Port Ludlow Master Planned Resort. After reviewing all the information submitted, the Board concurred that the appellants did not present clear, cogent, and convincing evidence necessary to overcome the presumptive correctness of the value established by the Assessor. Member Krist moved to sustain the Assessor's valuation of $384,580 ($ I35,000 for the land and $249,580 for the improvements). Vice - Chairman Smith seconded the motion which carried by a unanimous vote. (See also minutes of June 5, 2013) Board of Equalization Minutes — June 13 2013 Page: 3 Richard Chapa BOE: 12 -73 -R PN: 985 203 609 1151 V Street Port Townsend, WA 98368 Under appeal is the land and improvement value of property located at 1151 V Street, Port Townsend. The Assessor valued the property as of January 1, 2009 at $412,260 ($122,500 for the land and $289,760 for the improvements). The appellant asserts the true and fair market value of his property to be $351,008 ($104,300 for the land and $246,708 for the improvements). The appellant appeared at the hearing and stated he purchased the propery on August 9, 2012 for $351,000. He also submitted a fee appraisal that determines the value as of May 20, 2013 to be $360,000. The appellant agreed that the value established by the Assessor, as of January 1, 2009, is correct. However, he feels the purchase price indicates the current value. The Assessor's representative testified that the Assessor's Office is in the process of re- assessing property values within the City of Port Townsend and the appellant will receive a change of value notice in August. Using current market valuation data, the Assessor's representative estimates property values will decrease 15% - 20% within the City of Port Townsend. The Board is required to determine the fair market value as of the valuation date, which in this case is January 1, 2009. The Board does not consider the appellant's purchase price, paid over three years after the valuation date or the appraisal as of May 2013, to be persuasive evidence of the property's value as of January 1, 2009. After reviewing all the information submitted, the Board concurred that the appellant did not present clear, cogent, and convincing evidence necessary to overcome the presumptive correctness of the value established by the Assessor. Member Krist moved to sustain the Assessor's valuation of $412,260 ($122,500 for the land and $289,760 for the improvements). Vice- Chairman Smith seconded the motion which carried by a unanimous vote. (See also minutes of June 5, 2013) Chris & Laurie Malan BOE: 12 -72 -R PN: 921 191 035 740 North Northridge Drive Bountiful, UT 84010 Under appeal is the land and improvement value of property located at 3135 Oak Bay Road, Port Hadlock. The appellants assert the true and fair market value of the property to be $335,000 ($229,475 for the land and $105,525 for the improvements). The Assessor valued the property as of January 1, 2011 at $460,840 ($315,675 for the land and $145,165 for the improvements). The appellants were not available to present oral testimony but indicated on their petition form that they purchased the property in October 2012 for $335,000. They also provided an inspection report done prior to their purchase showing a number of deficiencies in the property. _ Board of Equalization Minutes — June 13 2013 Page: 4 The Assessor's representative provided three comparable property sales in the area of the appellants' property supporting the valuation. He testified that the appellants' property is located on a large waterfront lot with an unobstructable view. The Board is required to determine the fair market value as of the valuation date, which in this case is January 1, 2011. The Board does not consider the appellants' purchase price, paid over two years after the valuation date, to be persuasive evidence of the property's value. After reviewing all the information submitted, the Board concurred that the appellants did not present clear, cogent, and convincing evidence necessary to overcome the presumptive correctness of the value established by the Assessor. Vice - Chairman Smith moved to sustain the Assessor's valuation of $460,840 ($315,675 for the land and $145,165 for the improvements). Member Krist seconded the motion which carried by a unanimous vote. (See also minutes of June 5, 2013) Eric Lund & Joy Pollock BOE: 12 -74 -R PN: 984 600 202 1029 W. San Antonio Street San Marcos, TX 78666 Under appeal is the land and improvement value of property located at 630 Roosevelt Street, Port Townsend. The appellants were not available to present oral testimony, but their petition states they purchased their property in August 2012 for $405,000 and request that the value be reduced from the January 1, 2009 assessed valuation of $477,870 ($217,000 for the land and $260,870 for the improvements) to $405,000 ($217,000 for the land and $188,000 for the improvements). Their appeal is based on their purchase price and three comparable property sales presented in their written petition. The Assessor's representative submitted an appraisal worksheet for the property, a map showing the location of the property, and the sales report for all properties that sold in the City of Port Townsend between July 2012 and July 2013. He also presented a flyer indicating that the property was listed by real estate professionals on the open market for $565,000 just after the reassessment was completed and it included some unique and custom features that the appellants' comparable sales did not include. It was also noted that the sale of the appellants' property in August 2012 for $405,000 does not define its value in 2009. The Assessor's representative explained that Port Townsend properties were reassessed as of January 1, 2013, and a 15 -20% reduction will be applied to most properties. As a result, it is likely that the new valuation of the property will be very close to, or even below, the valuation requested by the appellants. After reviewing all the information submitted, the Board concurred that the appellants did not present clear, cogent, and convincing evidence necessary to overcome the presumptive correctness of the value established by the Assessor. Board of Equalization Minutes — June 13 2013 Page: 5 Member Krist moved to sustain the Assessor's valuation of $477,870 ($217,000 for the land and $260,870 for the improvements). Vice - Chairman Smith seconded the motion which carried by a unanimous vote. (See also minutes of June 5, 2013) Member Krist moved to adjourn the meeting at 11:20 a.m. Vice - Chairman Smith seconded the motion which carried by a unanimous vote. ATT ST Zslie hocZerk oard JEFFERSON COUNTY BOARD OF EQUALIZATION Dave Ga ine. hair a Smith. Vice -Ch an Henry Krist, Member