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Home My WebLink AboutM081605 '" 1820 Jefferson Street P.O. Box 1220 Port Townsend, WA 98368 James A. DeLeo William S. Marlow Richard A. Broden MINUTES August 16, 2005 William S. Marlow Richard A. Broders James A. DeLeo Chairman Vice-Chairman Member Chairman William S. Marlow called the meeting to order at 10:30 a.m. in the presence of Vice-Chairman Richard A. Broders and Member James A. DeLeo. HEARINGS Bishop Park Port Townsend, LLC c/o Property Research Ltd. W. Scott Phinney/Christopher Robinson 1 Mount Jefferson Terrace Lake Oswego, OR 97035 BOE: 05-09-C PN: 948320501 No representative of Bishop Park Port Townsend, LLC was present. Appraiser Robert Shold represented the Assessor's office and was sworn in by Chairman Marlow. The property under appeal consists of a low-income housing development known as Bishop Park Apartments located at 819 Hancock Street, Port Townsend. On the petition form the appellant stated: "This is a low-income housing project subject to government restrictions. It should be valued based upon proper consideration of the impact of those restrictions. The capitalization rate should be higher than that for conventional properties to reflect the increased risk relating to government control of many of the owner's traditional ownership rights. The Washington Court of Appeals has ruled that these restrictions must be considered in the valuation process. Actual, not market, income must be used for valuation. The rental income shown on the operating statement reflects the maximum rents the project can charge as of the assessment date pursuant to its governmental regulatory agreements. Tax credits and interest subsidies, if any, should be ignored as intangibles or financial provisions that are not part of the real property valuation under Washington law." Currently, the property is assessed at $1,016,400 ($426,500 for the land and $589,900 for the improvements). The appellant estimates the value is $340,000 ($200,000 for the land and $140,000 for the improvements). Mr. Shold stated this is a subsidized housing project for senior citizens and consists of30 units. In November 2002 this property sold for $960,978. The appellant disputes that the purchase was a fair market sale, but rather, the appellant states it was a "preservation transaction", a term unknown to Mr. Shold. He noted that the fact that this property is subsidized, was taken into consideration during the valuation process. Phone (360)385-9100 Fax (360)385-9382 jefibocC@Co.jefferson.wa.us Board of Equalization Minutes - August 16, 2005 Page: 2 After reviewing all the information submitted and hearing the testimony of the Assessor's representative, Chairman Marlow closed the hearing. The Board will conduct a physical inspection of the property and make a determination at a later date. Kenneth Olson & Nevia Olson- Burroughs 734 S. Royal Eagle Point, OR 97524 BOE: 05-05-R PN: 983 400 70S Mr. Olson was present. Appraiser Charlie Hough represented the Assessor's office. After an explanation of the hearing process, both parties were sworn in by Chairman Marlow. The property under appeal is a residential parcel located at 131 E. Spruce, Port Ludlow. As written on the petition form, the appellant's reason for appealing the assessed value of his property is "1968 kit trailers do not increase in value. Insurance will only cover this age trailer for $16,000." Photographs and the insurance declarations page were provided as evidence in support of the age of the trailer and maximum insurable value. Mr. Olson questions how the assessed value of the trailer (improvements) can be $22,195, when he in unable to insure it for that amount. He estimates the value of the trailer to be $17,600. Mr. Hough presented comparable property sales which were used as a basis in assessing the value ofMr. Olson's property. Mr. Olson noted that the comparable property sales information does not include the assessed values of the comparable properties being used. After reviewing all the information submitted and hearing the testimony of both parties, Chairman Marlow closed the hearing. The Board will conduct a physical inspection of the property and make a determination at a later date. Ke Chiung & Hea-Sook Chen 18809 - 33'. Avenue NE Seattle, W A 98155 BOE: 05-08-R PN: 935 700 020 Ms. Chen was present. Appraiser Dennis Pownall represented the Assessor's office. After an explanation of the hearing process, both parties were sworn in by Chairman Marlow. The property under appeal consists of a residence located at 221 N. Beach Drive, Port Ludlow. Ms. Chen stated she is paying more taxes than other property owners in her neighborhood with newer and larger homes. Her home does not front on Hood Canal, but rather, is located on the channel side. Some properties on the Hood Canal side are paying less taxes, yet their property is worth $45,000 more than the properties on the channel side. She noted that the property right next door to her property sold for $219,500. She paid $315,000 for her property in October 2004. Currently, the property is assessed for $282,980 ($93,000 for the land and $189,980 for the improvements). She estimates the value to be $223,000 ($93,000 for the land and $130,000 for the improvements) . ; Board of Equalization Minutes - AU2ust 16, 2005 Pa2e:2 After reviewing all the information submitted and hearing the testimony ofthe Assessor's representative, Vice-Chairman Broders closed the hearing. The Board will conduct a physical inspection of the property and make a determination at a later date. Kenneth Olson & Nevia Olson- Burroughs 734 S. Royal Eagle Point, OR 97524 BOE: 05-05-R PN: 983400 70S Mr. Olson was present. Appraiser Charlie Hough represented the Assessor's office. After an explanation of the hearing process, both parties were sworn in by Chairman Marlow. The property under appeal is a residential parcel located at 131 E. Spruce, Port Ludlow. As written on the petition form, the appellant's reason for appealing the assessed value of his property is "1968 kit trailers do not increase in value. Insurance will only cover this age trailer for $16,000." Photographs and the insurance declarations page were provided as evidence in support of the age of the trailer and maximum insurable value. Mr. Olson questions how the assessed value ofthe trailer (improvements) can be $22,195, when he in unable to insure it for that amount. He estimates the value of the trailer to be $17,600. Mr. Hough presented comparable property sales which were used as a basis in assessing the value of Mr. Olson's property. Mr. Olson noted that the comparable property sales information does not include the assessed values of the comparable properties being used. After reviewing all the information submitted and hearing the testimony of both parties, Chairman Marlow closed the hearing. The Board will conduct a physical inspection of the property and make a determination at a later date. Ke Chiung & Hea-Sook Chen 18809 - 33'. Avenue NE Seattle, W A 98155 BOE: 05-08-R PN: 935700020 Ms. Chen was present. Appraiser Deunis Pownall represented the Assessor's office. After an explanation of the hearing process, both parties were sworn in by Chairman Marlow. The property under appeal consists ofa residence located at 221 N. Beach Drive, Port Ludlow. Ms. Chen stated she is paying more taxes than other property owners in her neighborhood with newer and larger homes. Her home does not front on Hood Canal, but rather, is located on the channel side. Some properties on the Hood Canal side are paying less taxes, yet their property is worth $45,000 more than the properties on the channel side. She noted that the property right next door to her property sold for 5219,500. She paid $315,000 for her property in October 2004. Currently, the property is assessed for $282,980 ($93,000 for the land and $189,980 for the improvements). She estimates the value to be $223,000 ($93,000 for the land and $130,000 for the improvements) . ' Board of Equalization Minutes - AU2ust 16, 2005 Pa2e:3 Mr. Pownall explained that all property must be assessed at 100% of its fair market value. He noted that the current assessment of Ms. Chen's property is lower than the amount she paid for it. In fact, the assessment is lower than the amount the previous owner paid for the property. In his opinion, the property is assessed lower than its current market value. In regard to the assessments of the neighboring parcels, Mr. Pownall stated they are smaller properties and have assessments lower than the appellant's property which explains why their taxes are lower. After reviewing all the information submitted and hearing the testimony of the both parties, Chairman Marlow closed the hearing. The Board will conduct a physical inspection of the property and make a determination at a later date. Meeting adjourned. Attcrr , . , 'i f. ',.r/'~ j'- I 'p. .~.i",. l, . ,') _ ( / { ", . / / ' ( (< 'u.'.~(> ;~~: -~rt.__""'/ 1- / ._'~.j"" ............ /, -J Erin K. Lundgren, Clerk ofthe Board JEFFERSON COUNTY BOARD OF EQUALIZATION [, ' William S. Mfloa Chran ~J-I A(3~ Richard A. Broders, Vice-Chairman C f1~-d J~DeLeo, Member l i "j V