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Home My WebLink AboutM073113• M Dave Garing Henry Krist Mike Smith 1820 Jefferson Street P.O. Box 1220 Port Townsend, WA 98368 Dave Garing Henry Krist Michael Smith MINUTES July 31, 2013 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. APPROVAL OF MINUTES (2012 BOE SEASON) Vice - Chairman Krist moved to approve the minutes of June 5 and 13, 2013. Member Smith seconded the motion which carried by a unanimous vote. HEARINGS Wolfe Family Trust BOE: 13 -01 -LO PN: 001 063 008 Joseph Wolfe, Judith Smith Wolfe, 13 -02 -R 001 063 021 Dean Rollings P.O. Box 1032 Port Townsend, WA 98368 Joseph Wolfe and Dean Rollings were present. Appraiser Charley Hough represented the Assessor's Office. After explaining the hearing process Chairman Gating swore in both parties. Under appeal are two waterfront parcels located off of Porter Lane in Port Townsend. Following is the current assessment and the appellant's estimate of value for the parcels under appeal: Parcel No. Current Assessed Value Appellants' Estimate of Value 001 063 008 $356,495 (Land Only) $250,000 001 063 021 $611,700 ($290,560 Land & $321,140 Imp) $550,280 ($229,140 Land & $321,140 Imp) Phone (360)385 -9100 Fax (360)385 -9382 jeffbom&o.jefferson.wa.us Board of Equalization Minutes — July 31, 2013 Page: 2 BOE 13 -01 -LO (001 063 008) Mr. Wolfe stated that he and Mr. Rollings are neighbors separated by a vacant lot. They purchased the vacant lot together to create a buffer between their properties. The lot had been listed for sale for several years before they purchased it for $250,000. They feel that amount is the current fair market value. Appraiser Hough said the property under appeal was assessed as of January 1, 2012. He provided the following documents for review: Area map of appellants' property and comparable property sales; Field sheet for appellants' property; Tax affidavit showing the property was purchased by the appellants on April 16, 2013 for $250,000; Tax affidavit showing the property was purchased on February 22, 2006 for $545,000 by the previous owner; Field sheet and tax affidavit for nine (9) comparable property sales that sold during the period of 1990 to 2013 (used to show the uniformity of the waterfront footage base rate of $2,100); Field sheets and tax affidavits for the two comparable property sales submitted by the appellants (also valued at the same waterfront footage base rate of $2,100) The appellants appreciated receiving the documents presented by the Assessor's representative but stated the sales of comparable property occurred over a span of 30 years. They are concerned with the "current" value. Appraiser Hough responded that he provided the field sheet for each comparable property to show that they were all assessed as of January 1, 2012 and to show the uniformity of the waterfront footage base rate of $2,100. The tax affidavits were provided as a reference of ownership. All the neighboring waterfront properties are equitably valued as of January 1, 2012. Discussion continued regarding how the Assessor calculates residual acreage. BOE 13 -02 -R (00 1063 021) The appellants stated they are appealing only the land value of this parcel. Their estimate of value is based on the valuation of an adjacent lot that is nearly identical to this parcel. The adjacent lot sold in 2008 and the valuation was reduced by the Assessor's Office because the sale price was less than 90% of the assessed value. They feel their parcel should be reduced in value as well. The appellants presented a fee appraisal report for three (3) comparable property sales. Appraiser Hough provided the same information for this appeal as he did for the previous appeal. He stated that the owners of the adjacent lot appealed their value in 2008 and received a 21 % reduction in value which should have been removed when reassessed in 2012. He reviewed the following comparable property sales: Board of Equalization Minutes — July 31, 2013 Page: 3 Comparable Property #1 Parcel No.: 101 324 015 Location: 35 Rainshadow Drive, Port Townsend Value: $267,575 Sale Date: August, 2007 Sale Price: $398,500 Comparable Property 92 Parcel No.: 002 244 007 Location: Discovery Crest Place, Port Townsend Value: $263,255 Sale Date: December, 2006 Sale Price: $375,000 Comparable Property #3 Parcel No.: 002 121 007 Location: 207 Pond Road, Port Townsend Value: $394,680 Sale Date: May, 2006 and September, 2012 Sale Price: $200,000 and $420,000 Comparab] Parcel No.: Location: Value: Sale Date: Sale Price: e Property #4 001 063 008 313 Porter Lane, Port Townsend $356,495 February, 2006 and April, 2013 $545,000 and $250,000 Comparable Property 05 Parcel No.: 002 133 007 Location: 630 Goss Road, Port Townsend Value: $499,180 Sale Date: July, 2006 Sale Price: $270,000 Appraiser Hough stated that as of January 1, 2012 the property values located in School District #50 were reduced approximately 24 %. Discussion continued regarding the Real Estate listing history on neighboring properties. Hearing no further testimony, Chairman Garing closed the hearing. The Board will make a determination at a later date. Board of Equalization Minutes — July 31, 2013 Page: 4 Thomas Rice BOE: 13 -05 -LO PN: 938 100 427 84 Grenville Court 13 -06 -LO 938 100 430 Port Townsend, WA 98368 Thomas Rice was present. Appraiser Charley Hough represented the Assessor's Office. After explaining the hearing process Chairman Garing swore in both parties. Under appeal are two unimproved, water view lots located in Cape George Colony, Port Townsend. Following is the current assessment and the appellant's estimate of value for the parcels under appeal: Parcel No. Current Assessed Value Appellant's Estimate of Value 938 100 427 $120,000 (Land Only) $80,000 938 100 430 $60,000 (Land Only) $40,000 The appellant testified that he purchased the two adjacent lots in January 2013 for $113,000. He indicated the lots had been listed together on the open market for $329,000 in 2007, $225,000 in 2009, and $150,000 in 2012. He also stated that one of the parcels does not meet the building code requirement to install a drainfield and there are water runoff issues in this area. The appellant plans on installing a septic system on parcel 938 100 430 and building a home on parcel 938 100 427. It was noted that the appellant purchased the two parcels for $113,000 but he recognizes a greater combined value of $120,000 in his petition. The appellant did not provide the Board with any additional market sales data to support his contention of value. He feels that the value should be the purchase price. Both parcels have a water view. Appraiser Hough explained that each parcel was assessed at a base land value rate of $120,000 as of January 1, 2012. A negative adjustment of 50% was applied to the value of Parcel 938 100 430 because of its use for a drainfield resulting in a value of $60,000. He also noted that the Department of Community Development rescinded a restrictive covenant placed on both lots, thereby separating them into two individual and distinct parcels. He provided an appraisal worksheet, a map of the immediate vicinity with notations of comparable property sales, four sales of comparable property that occurred between June 2010 and May 2012, and appraisal worksheets with sales affidavits for the four comparable property sales. Appraiser Hough acknowledged that three of the comparable properties which sold are improved property, however, he explained that these sales demonstrate the uniform base land value rate for waterfront view property in this neighborhood. Member Smith explained the four year revaluation cycle currently used by Jefferson County. The appellant's properties were valued as of January 1, 2012. Hearing no further testimony, Chairman Garing closed the hearing. The Board will make a determination at a later date. Board of Equalization Minutes — July 31, 2013 Page: 5 KBW Profit Sharing Trust BOE: 13 -09 -LO PN: 990 400 499 Kevin Weed P.O. Box 980032 Park City, UT 84098 Kevin Weed was not present. Appraiser Robert Shold represented the Assessor's Office and was sworn in by Chairman Garing. Under appeal is the land value of property located off of Puget Loop in Port Ludlow. Currently, the property is assessed at $42,250. The appellant estimates the value is $18,000. On the petition form the appellant wrote the following reason for appealing the valuation of his parcel: "I) Purchase price $18, 000 (see closing statement); 2) Value cited by Assessor on adjoining lot also purchased for $18, 000 (see closing statement). " Appraiser Shold stated when reviewing this case he found that an error was made and the value should be $19,500 which reflects the same value as surrounding properties. Hearing no further testimony, Chairman Garing closed the hearing. The Board will make a determination at a later date. Vice Chairman Krist moved to adjourn the meeting at 11:20 a.m. Member Smith seconded the motion which carried by a unanimous vote. ATTE T: Leslie R. Locke, Clerk of the Board JEFFERSON COUNTY BOARD OY EQUALIZATION r Dave ing, hai an Henry Krist, Vice -Ch 'rman �l� l �iVlichael Smith, mber