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<br />'" <br /> <br /> <br />1820 Jefferson Street <br />P.O. Box 1220 <br />Port Townsend, WA 98368 <br /> <br />James A. DeLeo <br /> <br />William S. Marlow <br /> <br />Richard A. Broden <br /> <br />MINUTES <br />August 16, 2005 <br /> <br />William S. Marlow <br />Richard A. Broders <br />James A. DeLeo <br /> <br />Chairman <br />Vice-Chairman <br />Member <br /> <br />Chairman William S. Marlow called the meeting to order at 10:30 a.m. in the presence of Vice-Chairman <br />Richard A. Broders and Member James A. DeLeo. <br /> <br />HEARINGS <br /> <br />Bishop Park Port Townsend, LLC <br />c/o Property Research Ltd. <br />W. Scott Phinney/Christopher Robinson <br />1 Mount Jefferson Terrace <br />Lake Oswego, OR 97035 <br /> <br />BOE: 05-09-C <br /> <br />PN: 948320501 <br /> <br />No representative of Bishop Park Port Townsend, LLC was present. Appraiser Robert Shold represented <br />the Assessor's office and was sworn in by Chairman Marlow. The property under appeal consists of a <br />low-income housing development known as Bishop Park Apartments located at 819 Hancock Street, Port <br />Townsend. On the petition form the appellant stated: "This is a low-income housing project subject to <br />government restrictions. It should be valued based upon proper consideration of the impact of those <br />restrictions. The capitalization rate should be higher than that for conventional properties to reflect the <br />increased risk relating to government control of many of the owner's traditional ownership rights. The <br />Washington Court of Appeals has ruled that these restrictions must be considered in the valuation process. <br />Actual, not market, income must be used for valuation. The rental income shown on the operating <br />statement reflects the maximum rents the project can charge as of the assessment date pursuant to its <br />governmental regulatory agreements. Tax credits and interest subsidies, if any, should be ignored as <br />intangibles or financial provisions that are not part of the real property valuation under Washington law." <br />Currently, the property is assessed at $1,016,400 ($426,500 for the land and $589,900 for the <br />improvements). The appellant estimates the value is $340,000 ($200,000 for the land and $140,000 for <br />the improvements). <br /> <br />Mr. Shold stated this is a subsidized housing project for senior citizens and consists of30 units. In <br />November 2002 this property sold for $960,978. The appellant disputes that the purchase was a fair <br />market sale, but rather, the appellant states it was a "preservation transaction", a term unknown to Mr. <br />Shold. He noted that the fact that this property is subsidized, was taken into consideration during the <br />valuation process. <br /> <br />Phone (360)385-9100 Fax (360)385-9382 <br />