Residential Revaluation Report

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1 Residential Revaluation Report 2012 Mass Appraisal of Region 5 for 2013 Property Taxes Prepared For Steven J. Drew Thurston County Assessor

2 TABLE OF CONTENTS Page No. CERTIFICATE OF APPRAISAL... 3 APPRAISAL TEAM... 4 MASS APPRAISAL CONCLUSIONS... 5 PREMISE OF THE APPRAISAL... 6 Supporting Documents Used in the Mass Appraisal... 6 CLIENT AND INTENDED USERS... 6 ASSUMPTIONS AND LIMITING CONDITIONS... 7 TRUE AND FAIR VALUE... 8 DATE OF APPRAISAL... 8 PROPERTY RIGHTS APPRAISED... 8 PERSONAL PROPERTY... 8 NOT INCLUDED IN THE APPRAISAL... 8 MARKET AREA AND PROPERTIES APPRAISED... 9 CITY AND NEIGHBORHOOD DESCRIPTION... 9 ZONING... 9 HIGHEST AND BEST USE... 9 SCOPE OF THE APPRAISAL...10 REGION 05 MAP...11 NEIGHBORHOOD MAP...12 RESIDENTIAL VALUATION PROCESS...13 Land Model Specification Land Model Calibration Multiple Regression Analysis Assumptions Validation of Region 5 Land Model

3 Region 5 Square Foot Rate Table Region 5 Acre Rate Table Building Cost Specification Construction Cost Tables Effective Age Depreciation Rate Tables Condition Neighborhood Adjustment Model Specification Neighborhood Adjustment Calibration Neighborhood Adjustment Model Validation RECONCILIATION AND CONCLUSION...26 APPENDIX...27 Group 01, Neighborhood 17U Group 03, Neighborhood 16R Group 04, Neighborhood 15R Group 05, Neighborhood 17R Group 07, Neighborhood 17T Group 08, Neighborhood 18P Group 09, Neighborhood 17S Group 11, Neighborhood 16Q Group 12, Neighborhood 17U Group 13, Neighborhood 16P Group 14, Neighborhood 16P Group 15, Neighborhood 16S Group 16, Neighborhood 17Q Sale Ratio for Region 05 Overall Multiple Regression Analysis Assumptions

4 CERTIFICATE OF APPRAISAL I certify that, to the best of my knowledge and belief: the statements of fact contained in this report are true and correct. the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial and unbiased professional analysis, opinions, and conclusions. I have no (or the specified) present or prospective interest in the property that is the subject of this report, and I have no (or the specified) personal interest with respect to the parties involved. I have no bias with respect to any property that is the subject of this report or to the parties involved with this assignment. my engagement in this assignment was not contingent upon developing or reporting predetermined results. my compensation for completing this assignment is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I have not personally inspected all of the property that is the subject of this report. Other appraisers involved in the review of property are listed on the following page. no one provided significant analytical assistance to the person(s) signing this certification. Appraiser # 035, Appraisal Analyst (signature on file) Date 3

5 APPRAISAL TEAM Often teams of appraisers complete one or more parts of a mass appraisal. Major contributors to this appraisal project include the following: Physical Inspection Team: Sales Validation: Analysis and Model Building: Final Review: 028, Senior Appraiser 050, Senior Appraiser 030, Senior Appraiser 042, Senior Appraiser 029, Senior Appraiser 037, Senior Appraiser 057, Senior Appraiser 006, Residential Appraiser (temporary) 007, Lead Appraiser 035, Appraiser Analyst 052, Chief Deputy 4

6 MASS APPRAISAL CONCLUSIONS Appraisal Date: January 1, 2012 Area Name / Number: Region 5 and corresponding neighborhoods Physical Inspection: Last inspected in 2012 Summary of Neighborhood Adjustments, Sales Ratios, and Assessed Value Changes: Sales Improved Valuation Change Sales used in Analysis: Sales used in the analysis are validated following the guidelines laid out in the Sales Verification Procedure. Multi-parcel and multi-building sales are generally excluded as not being representative of this market area. Mobile home and condominium sales are also excluded from the analysis and valuation of standard single family residential construction. Mobile home and condominium sales are analyzed separately for the purpose of appraising these property types. At the direction of the Washington State Department of Revenue, sales of bank and HUD owned property were considered in the analysis of the residential real estate market. Overall, these sales had a minimal effect, reducing assessed values an additional one or two percentage points county wide. However, because sales of repossessed property were not evenly distributed across the County, the effect of including them was more significant in some neighborhoods. The effect on values was greatest in neighborhoods where the percent of bank owned property sales was the largest. Number of Parcels in the Population: The population of residential vacant land and standard single family residences within Region 5 equals approximately 12,000 parcels. Conclusion and Recommendation: Since the values recommended in this report improve uniformity, assessment level, and equity, we recommend posting them for the 2013 Tax Roll. 5

7 PREMISE OF THE APPRAISAL Supporting Documents Used in the Mass Appraisal "A mass appraisal is the process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing." 1 A mass appraisal for ad valorem taxes is a complicated process involving large amounts of data, gathered and analyzed by teams of appraisers. We do not intend this document to be a self-contained documentation of the mass appraisal but to summarize our methods, data, and to guide the reader to other documents or files, upon which we relied. These documents may include the following: Individual property records maintained in a computer database Sales ratios and other statistical studies Market studies Model building documents Real estate sales database. Previous studies and reports filed in our office. Assessor s manuals for data collection analysis. Revaluation and sales verification manuals Property Tax Advisory Publications by the Washington State Dept. of Revenue. Title 84 RCW Property Tax Laws (Washington State Law) WAC 458 (Washington Administrative Code) The Appraisal Standards Board of the Appraisal Foundation annually publishes the Uniform Standards of Professional Appraisal Practice (USPAP). These standards are written by appraisers to regulate their profession and are the minimum standards for the conduct of property appraisal in the United States. They cover real, personal, and business property. We rely upon these standards in the development and reporting of our assessed values. CLIENT AND INTENDED USERS This report was prepared for Steven J. Drew, Thurston County Assessor. Other intended users include the County Board of Equalization and the State Board of Tax Appeals. 1 USPAP, Appraisal Standards Board of the Appraisal Foundation, p. 3 6

8 ASSUMPTIONS AND LIMITING CONDITIONS The Appraisal Report, of which this statement is a part, is expressly subject to the following conditions: This revaluation is a mass appraisal assignment resulting in conclusions of market value. No one should rely on this study for any purpose other than administration and distribution of ad valorem taxation. The opinion of value on any parcel may not be applicable for any use other than ad valorem taxation. That the maps and drawings in this report are included to assist the reader in visualizing the property; however, no responsibility is assumed as to their exactness. That the legal description as given is assumed correct. No survey or search of title of the property has been made for this report, and no responsibility for legal matters is assumed. The report assumes good merchantable title and any liens or encumbrances that may exist have been disregarded. The opinions and values shown in the report apply to the subject parcels only. The assessors made no attempt to relate the conclusions of this report to any other revaluations, past, present, or future. The assumptions governing the use of multiple linear regression analysis have been met unless otherwise stated. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyl, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the value estimates is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. SPECIAL ASSUMPTIONS, LIMITING, AND HYPOTHETICAL CONDITIONS We assume that none of the subject land is contaminated or that any contamination would affect the value except as shown in individual property records or otherwise stated. Because of budget restraints, we have not inspected all comparable sales. We have inspected the interiors of only a small percentage of the properties. JURISDICTIONAL EXCEPTION Washington exempts all or a portion of the market value on specific types of property including open space, agricultural, forest, home improvement, and some low-income housing. 7

9 PURPOSE AND INTENDED USE The intended use of this appraisal is for administration of ad valorem taxation. After certification by the Assessor, these values will be used as the basis for assessment of real estate taxes payable in We do not intend the values to be used for or relied upon for any other purpose. This report serves as a record of the revaluation which is subject to review and change by the County Board of Equalization, the Washington State Board of Tax Appeals, and the courts. TRUE AND FAIR VALUE The basis of all assessments is the true and fair value of property. True and fair value means market value (Spokane etc. R. Company v. Spokane County, 75 Wash. 72 (1913): Mason County, 62 Wn. 2d (1963); AGO 57-58, No. 1/8/57; AGO 65-66, No. 65, 12/31/65) The true and fair value of a property in money for property tax valuation purposes is its "market value" or amount of money a buyer willing but not obligated to buy would pay for it to a seller willing but not obligated to sell. In arriving at a determination of such value, the assessing officer can consider only those factors which can within reason be said to affect the price in negotiations between a willing purchaser and a willing seller, and he must consider all of such factors. (AGO 65,66, No. 65, 12/31/65) Properties are appraised as of January 1, This report was completed as of May 24, DATE OF APPRAISAL PROPERTY RIGHTS APPRAISED This appraisal is of the fee simple interest in the real property. The fee simple estate is the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. 2 PERSONAL PROPERTY NOT INCLUDED IN THE APPRAISAL No personal property was included in the value. Fixtures are generally accepted as real property. Business value is intangible personal property and it is not appraised. 2 The Dictionary of Real Estate Appraisal. 3d ed. Appraisal Institute, p.140 8

10 MARKET AREA AND PROPERTIES APPRAISED The subject of this mass appraisal is the residential property (excluding mobile homes and condominiums) contained in the market area designated as Region 5. Regions are generally influenced by the same broad market trends. This area includes approximately 12,000 properties and is shown on the map on page 11 of this report. Our property records contain photographs, sketches, legal descriptions and other characteristics of land and buildings on each property. CITY AND NEIGHBORHOOD DESCRIPTION Region 5 includes the east side of Olympia and its adjoining urban growth areas to the north and south. This region is further broken into 14 residential neighborhoods that are designed to reflect similar land and building characteristics and neighborhood amenities. The neighborhoods and their codes are shown on page 12. They are all considered to be stable in terms of the life cycle of a neighborhood. ZONING Thurston County exercises jurisdiction over land use and community planning. The regulations for use and development can be found in its ordinances. We show property zoning as a land characteristic on our digital maps. HIGHEST AND BEST USE True and fair value -- Highest and best use. Unless specifically provided otherwise by statute, all property shall be valued on the basis of its highest and best use for assessment purposes. Highest and best use is the most profitable, likely use to which a property can be put. It is the use which will yield the highest return on the owner's investment. Any reasonable use to which the property may be put may be taken into consideration and if it is peculiarly adapted to some particular use, that fact may be taken into consideration. Uses that are within the realm of possibility, but not reasonably probable of occurrence, shall not be considered in valuing property at its highest and best use. [WAC (3)] The highest and best use concept is based upon traditional appraisal theory and reflects the attitudes of typical buyers and sellers. The market sets the highest and best use based on the theory of wealth maximization for the owner with consideration given to community goals. To estimate highest and best use, four elements are considered: 1. Possible use. What uses of the site in question are physically possible? 2. Permissible legal use. What uses of the site are permitted by zoning and deed restrictions? 3. Feasible use. Which possible and permissible uses will produce a net return to the owner of the site? 9

11 4. Highest and best use. Among the feasible uses, the use which will produce the highest net return or the highest present worth? The highest and best use of the land or site if vacant and available for use may be different from the highest and best use of the improved property. This is true when the improvement is not an appropriate use, but it contributes to the total property value. For the purpose of this appraisal the highest and best use of all vacant and improved property is considered to be single family residential or related to a single family residential use. SCOPE OF THE APPRAISAL Under state law, the assessor receives a copy of each Real Estate Excise Tax Affidavit and is therefore privy to the sale price, date, and description of all real estate sales. Our staff compiles and verifies this data into our sales database as explained in our sales verification procedure. Thurston County is on a six-year revaluation cycle. Every property is revalued annually. At least once each six years, each property is inspected and its data refreshed. The assessor collects property characteristic data as discussed in our Residential Data Standards Manual. The last physical inspection of residential property in Region 5 was conducted this year in the fall of 2011 and completed in the spring of A region map is included on next page followed by a map of the neighborhoods within the region. The appraisal considers the cost approaches to value with sales used to calibrate the model to a specific neighborhood. Neighborhood adjustments are widely used to adjust for time and location and are a normal and standard part of the cost approach to value. The Marshall Swift cost manual provides what they call current cost multipliers and local area multipliers to adjust for time and location. Because this is a national valuation service, we fine tune their cost rates even further to consider differences between neighborhoods and local market trends. Whether we make these adjustments to the raw land and cost rates or to the preliminary cost values, does not impact the mathematical calculation and does not affect the final result. It is more convenient to apply the time and location adjustments to the preliminary cost values, because it makes the statistical updating of values from year to year much easier. A market model (strict sales approach) has not been developed for 2012 due to time and budget limitations. The use of an income approach was not considered to be applicable because homes in this area are not typically purchased for their income potential. The flow chart on page 13 describes the land model developed as part of the mass appraisal process and how it is used in the sales adjusted cost approach. The model is discussed in more detail starting on page

12 REGION 05 MAP 11

13 NEIGHBORHOOD MAP 12

14 RESIDENTIAL VALUATION PROCESS Cost Approach Land Model Base Land Rates (applied within PI area based on Market Area and lot size) Adjustment Rates (applied within PI area based on land characteristics) Cost Land Value Bldg Model Cost Rates (applied countywide to building characteristics, updated annually) Cost Building Value Depreciation Rates (rcnld) (applied countywide based on condition and effective age, updated as needed) Statistical Update of Update Model Cost Land Value Final Land Value Cost Approach by Nbhd (all areas updated annually) Cost Building Value Final Building Value (all areas updated annually) Sales Approach Sales Model Final Land Value from Final Land Value Statistically Updated Cost Approach (updated annually) Residual Bldg Value Final Bldg Residual Value (updated annually) 13

15 COST APPROACH Land Model Specification A multiplicative model format is used in the development of base land rates and adjustment rates. Land Model Format: LV = b 0 X SQFT b1 X LINVIEW b2 X b 3 LI3 X b 4 LI4 X b 5 LI5 X... Where: Continuous Variables = SQFT, LINVIEW Binary Variables LI3, LI4, LI5... = Land Influences (i.e. region, view, wetlands, etc.) b 0, b 1, b 2, b 3, b 4, b 5... = Regression Coefficients Note: Approval to deviate from our normal process to develop and update the land model for the Physical Inspection Area was obtained from the Department of Revenue. The model from the previous cycle was kept in place and statistically updated as part of the neighborhood calibration process. Land Model Calibration Multiplicative model calibrated using log-linear MRA Logarithms are used to convert a multiplicative equation to a linear form. Standard Multiplicative form: SP/SQFT = a * SQFT b * c NBHD *... Log Linear form: LN(SP/SQFT) = LN(a) + (b * LN(SQFT)) + (LN(c) * NBHD) +... Log Linear form has the same form as a standard linear equation: Linear equation: Y = a + (b * X) + (c * Z) We can then calibrate the Log-Linear form using standard multiple regression analysis. The calibrated model is then converted back to its Standard Multiplicative form by applying the antilog function. EXP[LN(SP/SQFT)] = EXP[LN(a) + (b * LN(SQFT))] Region 5 Land Model see Region 5 work files for model coefficients and other output 14

16 Multiple Regression Analysis Assumptions Multiple regression analysis is based on several assumptions regarding the data going into the model and the output from the calibration process. These assumptions are validated to determine the accuracy of the model and identify any limitations that may exist. A detailed discussion of the MRA assumptions is included in the Appendix. Validation of Region 5 Land Model Normal Distribution of the Residual Errors Total number of sales = 1733 (from 1/1/03 12/31/05 trended to 1/1/06) Region 5 sales = 101 The residual errors are for the most part normally distributed. While the frequency distribution illustrates output from the square foot land model, similar results were obtained for the acreage model. 15

17 Constant Variance of the Residual Errors The residual errors are for the most part are distributed evenly along the range of values. Similar results were obtained for the acreage model. Comparison of Predicted and Actual Sale Price per Sq. Ft. The values predicted by the model accurately reflects actual trended sale prices. Similar results were obtained for the acreage model. 16

18 Region 5 Square Foot Rate Table 17

19 Region 5 Acre Rate Table 18

20 Building Cost Specification Model Format for RCNLD: BV = [(c 1 X Q 1 ) + (c 2 X Q 2 ) + (c 3 X Q 3 ) +... ] X Pct. Good Where: Building Components = Q 1, Q 2, Q 3... Costs per unit = c 1, c 2, c 3... Construction Cost Tables Marshall Swift cost rates, adjusted to the current year and local area, are used to determine the replacement cost of each residential improvement. Adjustments can also be made for various structure types and for other building components based on locally advertised building costs. The complete set of rate tables is too lengthy to include here. However, an example of the rates for the main floor level of a residence by quality grade is shown below. The complete set of rate tables is stored within the Sigma CAMA System. 19

21 Effective Age The effective age of a building is largely based on its overall condition. It is a measure of how old a building looks and not how old it actually is. As a result, any type of maintenance, repair, remodel, or renovation will tend to reduce the effective age. The more extensive the maintenance or repair work the more the effective age is reduced. This concept suggests that a very old building can be brought back to almost new condition, thereby reducing the effective age to a level that is typical of much newer construction. Depreciation Rate Tables Periodically, the depreciation tables are calibrated using residential sales representing all years of construction. The most recent estimates of the land values are subtracted from the sale prices to determine the residual building values. These values are compared to the replacement cost new to arrive at an estimate of the percent good, which is then correlated with the effective age of the building to produce a set of depreciation tables. An example table for a stick built house is show below. The depreciation rates are expressed as a percent good. DEPRECIATION TABLE 1 (2011DEP) 20

22 The graph below shows the relationship between the percent good, actual age, and effective age. 120 Percent Good Eff. Age Actual Age Condition Because many properties are in better or worse condition than what is typical for their age, we need a method to adjust the depreciation rate accordingly. There are two ways to accomplish this. One is to adjust the effective age and the other is to adjust the condition rating to raise or lower the amount of depreciation that is applied. Adjusting the effective age would involve a fairly complex set of instructions and calculations for different situations that may be encountered. Minor remodels, major renovations, and building additions would require different adjustment techniques. Even with these procedures in place, there would be substantial appraiser judgment involved that would open the door for inconsistencies in the way effective age is determined and depreciation is applied. A better method is to establish guidelines for determining the condition rating to apply to each property. In general, if an improvement to a parcel of land is typical for its age and has received average maintenance, it would be considered to be in average condition. If the improvement has had less than average maintenance, it will be in less than average condition. If the improvement has received better than average maintenance, it will be in better than average condition. The following graph shows the effect that the condition rating has on the percent good curve. It summarizes the relationship between effective age, building condition, and the rate of depreciation. 21

23 Percent Good by Condtion Rating Effective Age VPr % Good Pr % Good Fr % Good Av % Good Gd % Good VGd % Good Exc % Good Neighborhood Adjustment Model Specification The equation for the neighborhood adjustment has an additive model format but without the constant term. V = b 1 (LV) + b 2 (BV) Where: b 1 and b 2 are based on a combination of regression analysis and appraiser judgment Neighborhood Adjustment Calibration Initially regression coefficients are developed to apply to both land (b 1 ) and building (b 2 ) values within each neighborhood. A preliminary adjustment to the neighborhood land values is determined first by considering only available vacant land sales within the region. After making the initial adjustment to the land value, the coefficient for the building value (rcnld) can be determined. This again produces a preliminary adjustment or starting point for determining the final neighborhood building trend. Next, each neighborhood within the region is analyzed to consider its unique characteristics, amenities, and market conditions. This final adjustment to the neighborhood land and building values is largely based on the appraiser s analysis of individual sales ratios guided by the region wide sales analysis. An iterative process of adjusting the initial coefficients is applied to each neighborhood to reach the desired level of assessment, PRD, and COD. As an example, final adjustments for neighborhood 16P1 are shown below. Final ratios for Neighborhood 16P1 in Region 5: o b 1 = 0.82 land value adjustment o b 2 = 0.75 building value adjustment 22

24 Final Ratios for 16P1: Mean Median Weighted Mean Price Related Differential Coefficient of Dispersion The sales ratio analysis of each neighborhood in Region 5 is included in the appendix along with the list of the sales that were used in the analysis. Neighborhood Adjustment Model Validation Neighborhood trends were calibrated using 362 sales that took place between 1/1/11 to 3/31/12 trended to 1/1/12. Overall Region 5 Ratio Statistics (New Value / Trended Sale Price) Mean Median Weighted Mean Price Related Differential Coefficient of Dispersion Assessment Uniformity by Neighborhood 23

25 Assessment Uniformity by Quality Grade Assessment Uniformity by Building Style 24

26 Assessment Uniformity by Year Built Assessment Uniformity by Square Feet of Living Area 25

27 RECONCILIATION AND CONCLUSION Considering the quantity and quality of data and the reliability of the various models as shown in the performance tests above, we have concluded that the Sales Adjusted Cost Approach produces an accurate estimate of market value. Summary of Region 5 Inventory Statistics FINAL NBHD STATS VALUE ($) chgamt (%) chgperc (%) chglnd (%) chgimp 15R2 Mean $206,697 -$13, Median $202,300 -$14, P1 Mean $199,938 -$17, Median $183,450 -$12, P2 Mean $216,798 -$14, Median $215,475 -$15, Q1 Mean $229,310 -$18, Median $222,950 -$19, Q2 Mean $298,714 -$8, Median $316,950 -$7, R1 Mean $211,816 -$23, Median $195,650 -$22, S2 Mean $112,889 -$19, Median $118,450 -$21, Q1 Mean $194,326 -$40, Median $192,275 -$40, R1 Mean $169,793 -$23, Median $153,600 -$20, S1 Mean $195,608 -$25, Median $193,950 -$26, T1 Mean $179,394 -$4, Median $169,200 -$4, U1 Mean $158,625 -$32, Median $156,700 -$32, U2 Mean $189,752 -$20, Median $175,400 -$19, P1 Mean $313,579 -$21, Median $324,900 -$23, Total Mean $204,202 -$21, Median $191,800 -$20,

28 Group 01, Neighborhood 17U1 APPENDIX Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP U1.10 TS /06/ U1.11 TS /03/ U1.11 TS /29/ U1.08 TS /01/ U1.33 TS /21/ U RN /09/ U1.24 RN /22/ U1.24 RN /28/ U1.46 RN /08/ U1.29 RN /12/ U1.26 SE /08/ U1.23 RN /01/ U1.22 RN /03/ U1.19 RN /07/ U1.28 RN /19/ Sales Ratios for Neighborhood Group 01 (Based on New Value / Trended Sale Price) Mean.92 Median.93 Weighted Mean.91 Price Related Differential 1.01 Coefficient of Dispersion.07 27

29 Group 02, Neighborhood 16Q2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP Q2.31 TS /26/ Q2.65 TS /14/ Q2.55 TS /06/ Q2.26 OS /04/ Q2.26 RN /16/ Q2.12 TS /01/ Q2.19 TS /15/ Q2.12 TS /11/ Q2.16 RN /14/ Q2.74 RN /24/ Q2.21 TS /31/ Q2.13 TS /15/ Q2.15 TS /27/ Q2.11 TS /02/ Q2.20 TS /01/ Q2.24 TS /11/ Q2.16 RN /11/ Q2.19 TS /23/ Q2.19 OS /14/ Q2.12 TS /05/ Q2.14 TS /31/ Q2.10 TS /10/ Q2.12 TS /10/ Q2.13 TS /14/ Q2.12 TS /20/ Q2.26 RN /23/ Q2.12 TS /22/ Q2.29 TS /28/ Q2.25 RN /06/ Q2.13 RN /05/ Q2.09 TS /17/ Q2.39 TS /05/ Q2.11 TS /12/ Q2.12 TS /27/ Q2.08 TS /09/ Q2.07 TS /17/ Q2.14 RN /04/ Q2.14 RN /07/ Q2.13 RN /07/ Q2.11 TE /08/ Q2.11 RN /04/ Q2.11 RN /01/ Q2.07 TE /23/ Q2.07 TE /23/ Q2.09 TE /01/ Q2.06 TM /23/ Q2.06 TE /27/ Q2.04 TM /04/ Q2.04 TM /15/ Q2.04 TM /01/ Q /11/ Q /03/

30 Sales Ratios for Neighborhood Group 02 (Based on New Value / Trended Sale Price) Mean.92 Median.92 Weighted Mean.91 Price Related Differential 1.01 Coefficient of Dispersion.07 Group 03, Neighborhood 16R1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP R1.36 TS /08/ R1.52 TS /01/ R1.26 TS /25/ R TS /07/ R1.20 RN /05/ R1.34 RN /09/ R1.26 TS /26/ R1.34 RN /27/ R1.34 RN /28/ R1.36 RN /28/ R1.27 OS /25/ R1.25 SL /21/ R1.25 RN /23/ R1.29 RN /08/ R1.29 RN /24/ R1.36 SE /18/ R1.28 RN /13/ R1.29 RN /16/ R1.36 SL /26/ R1.17 RN /01/ R1.26 RN /01/ R1.22 RN /10/ R1.28 RN /18/ R1.26 RN /22/ R /10/ Sales Ratios for Neighborhood Group 03 (Based on New Value / Trended Sale Price) Mean.95 Median.92 Weighted Mean.94 Price Related Differential 1.00 Coefficient of Dispersion.10 29

31 Group 04, Neighborhood 15R2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP R2.78 OS /14/ R2.46 OS /21/ R2.38 RN /16/ R2.74 OS /26/ R2.21 RN /02/ R2.14 OS /12/ R2.17 TS /07/ R2.22 RN /26/ R2.19 OS /14/ R2.65 TS /05/ R2.17 RN /21/ R2.16 RN /07/ R2.23 RN /28/ R2.19 RN /29/ R2.53 RN /24/ R2.18 RN /09/ R2.15 RN /05/ R2.25 RN /21/ R2.27 RN /15/ R2.24 RN /30/ R2.25 RN /26/ R2.27 RN /24/ R2.07 OS /18/ R2.17 SL /19/ R2.19 RN /25/ R2.25 OS /03/ R2.15 RN /31/ R2.15 RN /20/ R2.15 RN /21/ R2.16 OS /08/ R2.44 RN /22/ Sales Ratios for Neighborhood Group 04 (Based on New Value / Trended Sale Price) Mean.95 Median.92 Weighted Mean.92 Price Related Differential 1.04 Coefficient of Dispersion.14 30

32 Group 05, Neighborhood 17R1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP R RN /31/ R OS /09/ R1.40 TS /17/ R RN /02/ R1.23 RN /12/ R1.53 RN /28/ R TS /12/ R1.12 TS /27/ R /29/ Sales Ratios for Neighborhood Group 05 (Based on New Value / Trended Sale Price) Mean.93 Median.92 Weighted Mean.94 Price Related Differential.99 Coefficient of Dispersion.10 31

33 Group 07, Neighborhood 17T1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP T RN /11/ T1.82 RN /19/ T OS /15/ T1.27 RN /07/ T1.30 RN /29/ T OS /25/ T1.46 RN /16/ T RN /29/ T /14/ Sales Ratios for Neighborhood Group 07 (Based on New Value / Trended Sale Price) Mean.90 Median.92 Weighted Mean.90 Price Related Differential 1.02 Coefficient of Dispersion.09 32

34 Group 08, Neighborhood 18P1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP P1.40 TS /19/ P1.38 RN /21/ P1.32 RN /01/ P1.31 RN /14/ P1.38 RN /14/ P1.36 TS /30/ P1.31 RN /07/ P1.30 RN /30/ P1.30 TS /27/ P1.34 RN /01/ P1.32 RN /20/ P1.12 TS /21/ P1.14 TS /12/ P1.18 TS /02/ P1.17 OS /27/ P1.32 OS /16/ P1.20 RN /11/ P1.21 RN /12/ P1.15 TS /19/ P1.18 OS /20/ P1.08 TE /21/ P1.17 TE /01/ P1.22 TE /25/ P1.16 TE /11/ P1.08 TE /24/ P /13/ Sales Ratios for Neighborhood Group 08 (Based on New Value / Trended Sale Price) Mean.94 Median.93 Weighted Mean.94 Price Related Differential 1.00 Coefficient of Dispersion.07 33

35 Group 09, Neighborhood 17S1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP S1.73 CP /01/ S1.23 TS /20/ S1.32 SL /01/ S1.26 TS /06/ S1.21 TS /25/ S1.13 TS /21/ S1.31 CL /16/ S1.13 TS /14/ S1.12 TS /28/ S1.14 TS /10/ S1.14 TS /04/ S1.27 TS /06/ S1.26 TS /01/ S1.09 TE /13/ S1.22 TS /12/ S1.21 RN /09/ S1.09 TS /11/ S1.19 RN /25/ S1.20 RN /23/ S1.09 TS /22/ S1.08 TS /08/ S1.07 TS /07/ S1.15 TS /26/ S1.22 TS /15/ S1.09 TS /15/ S1.22 RN /02/ S1.09 TS /03/ S1.08 TS /14/ S1.09 TS /07/ S1.18 RN /28/ S1.19 TS /04/ S1.08 TS /15/ S1.16 TS /04/ S1.19 TS /11/ S1.17 TS /10/ S1.09 TS /20/ S1.18 RN /11/ S1.19 TP /22/ S1.23 RN /10/ S1.17 RN /29/ S1.17 RN /18/ S1.26 SL /07/

36 Group 09, Neighborhood 17S1 cont. Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP S1.19 RN /25/ S1.19 SL /16/ S1.26 RN /26/ S1.14 RN /05/ S1.23 RN /21/ S1.18 RN /01/ S1.15 SL /01/ S1.13 TS /08/ S1.10 TS /04/ S1.20 RN /02/ S1.20 RN /29/ S1.21 RN /29/ S1.13 RN /21/ S1.07 TE /12/ S1.10 RN /03/ S1.10 RN /18/ S1.14 RN /01/ S1.13 RN /11/ S /22/ S /27/ S /22/ S /20/ S /26/ S /01/ S /21/ S /22/ S /20/ S /23/ S /01/ Sales Ratios for Neighborhood Group 09 (Based on New Value / Trended Sale Price) Mean.93 Median.93 Weighted Mean.92 Price Related Differential 1.01 Coefficient of Dispersion.08 35

37 Group 11, Neighborhood 16Q1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP Q RN /26/ Q TS /13/ Q RN /13/ Q1.25 TS /10/ Q1.77 RN /02/ Q1.11 TS /20/ Q1.31 TS /14/ Q1.14 TS /05/ Q RN /11/ Q1.11 TS /08/ Q1.25 TS /01/ Q1.59 RN /15/ Q1.24 TS /03/ Q1.12 TS /10/ Q1.22 RN /02/ Q1.15 TS /01/ Q1.47 RN /15/ Q1.45 RN /24/ Q1.13 RN /11/ Q1.77 SL /23/ Q1.56 SL /01/ Q1.27 RN /07/ Q1.22 RN /09/ Q1.28 TS /05/ Q1.14 RN /08/ Q1.12 TS /14/ Q1.25 RN /29/ Q1.19 RN /12/ Sales Ratios for Neighborhood Group 11 (Based on New Value / Trended Sale Price) Mean.89 Median.92 Weighted Mean.87 Price Related Differential 1.03 Coefficient of Dispersion.09 36

38 Group 12, Neighborhood 17U2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP U2.20 TS /11/ U2.23 TS /08/ U2.26 TS /22/ U2.13 TS /07/ U2.25 TS /18/ U2.29 TS /27/ U2.23 TS /11/ U2.34 RN /14/ U2.13 RN /16/ U2.29 SL /13/ U2.13 RN /08/ U2.26 RN /16/ U2.16 TS /05/ U2.36 RN /09/ U2.25 RN /07/ U2.12 RN /26/ U2.14 RN /19/ U2.12 RN /07/ Sales Ratios for Neighborhood Group 12 (Based on New Value / Trended Sale Price) Mean.93 Median.92 Weighted Mean.93 Price Related Differential 1.00 Coefficient of Dispersion.08 37

39 Group 13, Neighborhood 16P2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP P2.42 TS /08/ P2.14 TS /04/ P2.12 TS /19/ P2.49 TS /24/ P2.15 TS /24/ P2.35 RN /08/ P2.23 TS /07/ P2.11 TS /27/ P2.10 TS /09/ P2.10 TS /10/ P2.09 TS /23/ P2.11 TS /03/ P2.11 TS /06/ P2.11 TS /13/ P2.12 TS /19/ P2.10 TS /04/ P2.10 TS /26/ P2.10 TS /31/ P2.10 TS /22/ P2.09 TS /27/ Sales Ratios for Neighborhood Group 13 (Based on New Value / Trended Sale Price) Mean.92 Median.92 Weighted Mean.92 Price Related Differential 1.00 Coefficient of Dispersion.06 38

40 Group 14, Neighborhood 16P1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP P1.35 TS /15/ P1.32 TS /11/ P1.34 TS /19/ P1.52 RN /10/ P1.45 TS /22/ P1.10 TS /14/ P1.08 TS /19/ P1.08 TS /28/ P1.09 TS /22/ P1.11 TS /22/ P1.08 TS /23/ P1.08 TS /19/ P1.08 TS /10/ P1.09 TS /13/ P1.12 TS /12/ P1.08 TS /14/ P1.11 TS /22/ P1.29 RN /06/ P1.34 RN /21/ P1.29 RN /05/ Sales Ratios for Neighborhood Group 14 (Based on New Value / Trended Sale Price) Mean.92 Median.92 Weighted Mean.93 Price Related Differential 1.00 Coefficient of Dispersion.04 39

41 Group 15, Neighborhood 16S2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP S2.23 RN /12/ S2.63 TS /27/ S2.07 TE /01/ S2.11 RN /13/ S2.14 RN /02/ S /07/ Sales Ratios for Neighborhood Group 15 (Based on New Value / Trended Sale Price) Mean.95 Median.92 Weighted Mean.90 Price Related Differential 1.06 Coefficient of Dispersion.10 40

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