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Home My WebLink AboutM041315♦� 4W 0k EQU&.� Dave Garing Henry Krist Mike Smith 1820 Jefferson Street P.O. Box 1220 Port Townsend, WA 98368 Dave Gari MINUTES Henry Krist April 13, 2015 Michael Smith Chairman Vice -Chairman Member Chairman Dave Garing called the meeting to order at 10:30 a.m. in the presence of Vice -Chairman Henry Krist and Member Michael Smith. HEARING Darby & Phoebe Huffman BOE: 14-107-R PN: 948 328 404 P.O. Box 446 Port Townsend, WA 98368 Darby Huffman was present along with Real Estate Agent Michelle Sandoval. Appraiser Charley Hough represented the Assessor's Office. After explaining the hearing process, Chairman Garing swore in all parties. Under appeal is the value of property located at 2009 4th Street, Port Townsend. The property was assessed as of January 1, 2014 and is currently valued at $342,750 ($64,500 for the land and $278,250 for the improvements). The appellants did not provide an estimate of value on their petition form. Mr. Huffman stated the property consisting of a building and two lots was listed for sale for $400,000 and was on the market for 273 days. They purchased the building and one lot for $200,000 and Habitat for Humanity purchased the second lot for $40,000. Real Estate Agent Sandoval discussed the lack of comparable property sales. She stated that the Assessor's office offered a listing of a comparable property that she feels is a good comparable, however it has been listed for sale for over 800 days without an offer. Discussion continued regarding sales of comparable properties compared to their assessed value. She argued that if a commercial property located on Sims Way sold for 89% of the assessed value, then the appellants' property, that does not front a major thoroughfare, should be valued at $178,000. A property located on Washington Street sold for 75% of its assessed value and if you used those figures and the current value of the appellants' property, the value would be $257,000. _ Appraiser Hough stated that when he visited the appellants' property he observed that the building was in good condition and the roof was fairly new. He talked to the appellant on the phone who indicated there was some dry rot and water in the crawl space. But he was unable to verify that information. The building consists of 3,320 square feet and is valued at $83.81 per square foot. Habitat for Humanitv paid Phone (360)385-9100 Fax (360)385-9382 jeftbocc&o.jefferson.wa.us Board of Equalization Minutes — April 13, 2015 Page: 2 $40,000 for lot 8 to be able to access their property behind lot 8. He provided a brief history of the property and discussed the following comparable property sales and one Real Estate listing: Comparable Property #1 Parcel No.: 948 328 403 Location: Eisenbeis Addition Block 284, Lots 6 & 7 Value: $40,950 Sale Date: August 31, 2012 Sale Price: $42,800 Comparable Property #2 Parcel No.: 948 331 902 Location: 449 McPherson Street, Port Townsend Value: $163,654 Sale Date: August 31, 1993 Sale Price: $87,500 Comparable Property #3 Parcel No.: 948 331 803 Location: 2115 Sims Way, Port Townsend Value: $264,115 Sale Date: June 16, 2014 Sale Price: $472,780 Comparable Property #4 Parcel No.: 948 325 704 Location: Eisenbeis Addition Block 257, Lots 5, 6 & 7 Value: $332,690 Sale Date: March 18, 2004 Sale Price: $518,000 Comparable Property #5 Parcel No.: 948 325 703 Location: 2001 Sims Way, Port Townsend Value: $402,270 Sale Date: January 17, 2005 Sale Price: $460,000 Comparable Property #6 Parcel No.: 948 325 806 Location: 1929 Sims Way, Port Townsend Value: $233,685 Sale Date: September 30, 2005 Sale Price: $275,000 Board of Equalization Minutes — April 13, 2015 Page: 3 Comparable Property #7 Parcel No.: 948 325 802 Location: Eisenbeis Addition Block 258, Lots 2 & 3 Value: $294,640 Sale Date: July 27, 2007 Sale Price: $435,000 Comparable Property #8 Parcel No.: 948 328 501/948 328 503/948 328 504 Location: 221 Thomas Street, Port Townsend Value: $114,976 Sale Date: January 28, 2004 Sale Price: $79,500 Comparable Property #9 Parcel No.: 948 327 706 Location: 305 Grant Street, Port Townsend Value: $48,300 Sale Date: August 6, 2012 Sale Price: $30,000 Comparable Property #10 Parcel No.: 948 327 702 Location: Eisenbeis Addition Block 277, Lot 3 Value: $37,800 Sale Date: August 6, 2012 Sale Price: $30,000 Comparable Property #10 (Real Estate Listin Parcel No.: 948 328 305 Location: 328 Thomas Street, Port Townsend Value: $129,150 Listing Price: $187,000 as of November 2, 2012 Listing Price: $160,000 as of March 17, 2015 Chairman Garing asked the appellants to provide a breakdown of their estimate of value. The appellants said they feel the improvement value should be $140,000 and the land value should be $60,000. The Assessor's representative stated that the appellants' property is in a good location and easily accessible with the installation of the roundabouts. He feels the cost per square foot of $83.81 is a fair value. Vice -Chairman Krist asked what type of business is the building being used for? The appellants replied that the building is zoned Industrial/Commercial which means you can make and sell products in the same building. Their business is one of a few that is allowed in this type of zoning. They would like to be able to sell coffee and pastries but that type of retail is not allowed. Board of Equalization Minutes — April 13, 2015 Page: 4 Discussion ensued regarding the cost per square foot of the Assessor's comparable property sales. The appellants testified that a portion of the original building was not sealed correctly and has some dry rot that needs to be replaced. Hearing no further testimony, Chairman Garing closed the hearing. The Board will make a determination at a later date. NOTICE OF ADJOURNMENT Vice -Chairman Krist moved to adjourn the meeting at 11:55 a.m. Member Smith seconded the motion which carried by a unanimous vote. ATTE L slie R. Lock , Clerk of the Board JEFFERSON COUNTY BOARD OF EQUALIZATION kg,Dave Gar* hai Henry Krist, Vice -Chaff an ichael Smith, Mem er