Kitsap County Assessor

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1 Kitsap County Assessor Narrative for Countywide Model Tax Year: 2018 Appraisal Date: 1/1/2017 Property Type: Condominium Boat Slip Updated 6/8/2017 by CM20 Area Overview Countywide models are for properties located throughout Kitsap County, rather than by neighborhood. Property Type Overview Kitsap County has four marinas divided for individual sale as condominium (condo) slips. One condo is in Poulsbo, two are on Bainbridge Island, and one is in Bremerton. The Bremerton condo slips lack the correct Department of Natural Resource (DNR) tidelands lease necessary for individual slip sales. We have considered the sale restriction for the Bremerton project, Bridgeview Marina, and valued the project as a marina. Economic Overview: The current market has stabilized with sales transactions occurring annually in all three condo slip marinas. Paired sales analysis was completed annually. s volume were 15 sales in 2013, ten in 2014, ten in 2015, and 19 sales in Valuation Summary Approach Used: Market/s Comparison Analysis and Conclusion Summary: The three approaches to value were considered. The cost approach was given little consideration in the appraiser's final analysis. Cost approach components such as replacement cost new, effective age, and depreciation are difficult to accurately calculate in a mass appraisal model. The market/sales comparison approach was determined to be the best method for valuing these properties. The income approach was given little consideration in the appraiser s final analysis. Insufficient data from the market was received to accurately calculate a model. Model Calibration Preliminary Ratio Analysis: Analysis of 54 sales resulted in a mean ratio of 84%, a median ratio of 80%, and a coefficient of disperson (COD) of Market/s Comparison Approach Data and Analysis s: Range of Dates: 1/1/2013 to 12/31/2016. A total of 54 local sales, and 0 regional sales, and 0 national sales were used in the sales analysis. Additional information is provided on the sales analysis data sheet. Kitsap County attempts to review, analyze, and validate via telephone, mail, or in person interviews, all commercial sales within the county for inclusion or exclusion in our market/sales approach. Market/s Rates: s ranged from $368 to $2851 per lineal foot. Winslow Wharf had 21 sales with a mean ratio of 98%, a median ratio of 99%, and a COD of Poulsbo Yacht Club had 26 sales with a mean ratio of 92%, a median ratio of 91%, and a COD of Updated 6/8/2017 by CM20

2 Property type: Condominium Boat Slip (continued) Eagle Harbor had 7 sales with a mean ratio of 98%, a median ratio of 98%, and a COD of Model Validation Final Ratio Analysis: Analysis of 54 sales resulted in a mean ratio of 95%, a median ratio of 96%, and a coefficient of disperson (COD) of Sources Kitsap County Board of Equalization appeal documentation. Washington State Board of Tax appeal documentation. Kitsap County income and expense surveys. Kitsap County sales questionaires. The Dictionary of Real Estate Appraisal, Appraisal Institute, Third Edition, 1993 Property Appraisal and Assessment Administration, IAAO, 1990 Glossary for Property Appraisal and Assessment, IAAO,1997 LoopNet - loopnet.com Commercial Brokers Association - commercialmls.com Updated 6/8/2017 by CM20

3 KITSAP COUNTY ASSESSOR Tax Year 2018 Model Definition - Condominium Slips - All Types Label Location Draft depth Slip Type Covered or Open Examples Superior End of Dock Excellent Side Tie Covered Typical Inferior Easy Access/ Exit Small Slip / Limited Open Area Typical / Adequate Shallow/ Limited Use Slip or Side Slip or Side Not Covered Not Covered , , , All Eagle Harbor; Many at Winslow Wharf and Poulsbo Yacht Club , , , , , , , , , The guidelines here are designed to assist in the uniform classification of properties. Appraiser judgment is an integral part of the process and should be given considerable weight. 2. Do not consider privately owned Boat Houses "covered" in the model. Boat houses are valued separately as personal property.

4 KITSAP COUNTY ASSESSOR Tax Year 2018 Condominium Boat Slip Model Rates Winslow Wharf Eagle Harbor Poulsbo Yacht Club Rent Class A Rent Class A Rent Class A From To Typical Superior From To Typical From To Typical Superior Inferior 0 25 $1, $1, $1, $1, $1, $1,283 Rent Class B Rent Class B Rent Class B $2, $1, $317 $ $2, $1, $324 $736 $ $2, $1, $368 $889 $ $2, $1,342 Rent Class C Rent Class C Rent Class C $2, $1, $ $2, $1, $576 $1, $2, $1, $700 $1, $2, $1,391 Rent Class D Rent Class D Rent Class D $2,999 $3, $1, $ $3,071 $3, $1, $1, $3,187 $3, $1, $1, $3,305 $3, $1,435 Rent Class E Rent Class E Rent Class E $3,422 $4, $1, $1, $1,482

5 Tax Year 2018 Countywide Condominium Slips s from 01/01/2013 to 12/31/2016 No. Neighborhood - Vicinity Account Number Units (LF) Winslow Wharf s Excise VC Date Price TrendedS Trended ale price s per price Assessed Value Bainbridge Condo Slips EX00372 L 1/10/2013 $52,500 $65,625 $2,051 $65,090 $2,034 99% Bainbridge Condo Slips EX01755 L 3/22/2013 $95,000 $118,750 $2,969 $114,040 $2,851 96% Bainbridge Condo Slips EX02758 L 4/26/2013 $47,500 $59,375 $1,979 $59,070 $1,969 99% Bainbridge Condo Slips EX03769 L 6/7/2013 $80,000 $100,000 $3,333 $59,070 $1,969 59% Bainbridge Condo Slips EX05142 L 7/26/2013 $41,500 $51,875 $1,853 $51,880 $1, % Bainbridge Condo Slips EX06944 L 10/1/2013 $42,000 $52,500 $1,875 $51,880 $1,853 99% Bainbridge Condo Slips EX08816 L 12/27/2013 $48,000 $60,000 $2,000 $59,070 $1,969 98% Bainbridge Condo Slips EX01600 L 3/18/2014 $35,000 $43,750 $1,458 $59,070 $1, % Bainbridge Condo Slips EX02197 L 4/14/2014 $42,000 $52,500 $1,875 $51,880 $1,853 99% Bainbridge Condo Slips EX02481 L 4/9/2015 $45,000 $45,000 $1,875 $44,330 $1,847 99% Bainbridge Condo Slips EX02768 L 4/27/2015 $59,000 $59,000 $1,967 $59,070 $1, % Bainbridge Condo Slips EX02771 L 4/27/2015 $59,000 $59,000 $1,967 $59,070 $1, % Bainbridge Condo Slips EX03780 L 6/1/2015 $100,000 $100,000 $2,778 $92,740 $2,576 93% Bainbridge Condo Slips EX04425 L 6/24/2015 $98,000 $98,000 $2,722 $92,740 $2,576 95% Bainbridge Condo Slips EX05569 L 8/1/2015 $52,000 $52,000 $1,857 $51,880 $1, % Bainbridge Condo Slips EX01721 L 3/18/2016 $43,500 $43,500 $1,813 $44,330 $1, % Bainbridge Condo Slips EX02121 L 3/25/2016 $60,000 $60,000 $2,000 $59,070 $1,969 98% Bainbridge Condo Slips EX05046 L 6/30/2016 $52,000 $52,000 $1,857 $51,880 $1, % Bainbridge Condo Slips EX05168 E 6/30/2016 $47,000 $47,000 $1,958 $44,330 $1,847 94% Bainbridge Condo Slips EX06977 L 9/6/2016 $63,000 $63,000 $2,100 $59,070 $1,969 94% Bainbridge Condo Slips EX07357 L 9/28/2016 $62,000 $62,000 $2,067 $59,070 $1,969 95% $ per Ratio Count 21 Median 99% Mean 98% AAD 0.05 COD 5.44 Page 1

6 No. Neighborhood - Vicinity Account Number Units (LF) Poulsbo Yacht Club s Excise VC Date Price Trended s price price per Assessed Value Poulsbo Yacht Club EX04022 L 6/17/2013 $15,000 $15,000 $ $13,250 $368 88% Poulsbo Yacht Club EX05697 L 8/16/2013 $80,000 $80,000 $1,143 $80,640 $1, % Poulsbo Yacht Club EX06200 L 9/5/2013 $44,000 $44,000 $917 $33,600 $700 76% Poulsbo Yacht Club EX06499 L 9/13/2013 $45,000 $45,000 $900 $38,350 $767 85% Poulsbo Yacht Club EX07370 L 10/22/2013 $27,500 $27,500 $625 $25,340 $576 92% Poulsbo Yacht Club EX07333 L 10/22/2013 $70,000 $70,000 $1,458 $63,220 $1,317 90% Poulsbo Yacht Club EX07944 L 11/13/2013 $15,000 $15,000 $417 $13,250 $368 88% Poulsbo Yacht Club EX08396 L 12/10/2013 $70,000 $70,000 $1,458 $63,220 $1,317 90% Poulsbo Yacht Club EX03105 L 5/13/2014 $25,000 $25,000 $568 $25,340 $ % Poulsbo Yacht Club EX03895 L 6/23/2014 $71,250 $71,250 $1,188 $69,120 $1,152 97% Poulsbo Yacht Club EX06255 L 9/19/2014 $45,000 $45,000 $900 $38,350 $767 85% Poulsbo Yacht Club EX06465 L 10/1/2014 $45,000 $45,000 $938 $33,600 $700 75% Poulsbo Yacht Club EX06657 L 10/1/2014 $36,000 $36,000 $750 $33,600 $700 93% Poulsbo Yacht Club EX06942 L 10/7/2014 $67,250 $67,250 $1,401 $63,220 $1,317 94% Poulsbo Yacht Club EX08137 L 12/11/2014 $75,000 $75,000 $1,250 $69,120 $1,152 92% Poulsbo Yacht Club EX02276 L 4/6/2015 $37,500 $37,500 $781 $33,600 $700 90% Poulsbo Yacht Club EX03371 L 5/20/2015 $36,000 $36,000 $750 $33,600 $700 93% Poulsbo Yacht Club EX04172 L 6/18/2015 $12,000 $12,000 $333 $13,250 $ % Poulsbo Yacht Club EX06586 L 9/1/2015 $75,000 $75,000 $1,071 $80,640 $1, % Poulsbo Yacht Club EX01240 L 2/24/2016 $52,250 $52,250 $1,045 $38,350 $767 73% Poulsbo Yacht Club EX02324 L 4/3/2016 $20,000 $20,000 $455 $25,340 $ % Poulsbo Yacht Club EX03470 L 5/19/2016 $40,000 $40,000 $833 $33,600 $700 84% Poulsbo Yacht Club EX03963 L 6/8/2016 $75,000 $75,000 $1,250 $69,120 $1,152 92% Poulsbo Yacht Club EX04874 L 7/1/2016 $40,000 $40,000 $800 $38,350 $767 96% Poulsbo Yacht Club EX08028 L 10/20/2016 $43,500 $43,500 $870 $38,350 $767 88% Poulsbo Yacht Club EX09159 L 11/29/2016 $28,500 $28,500 $648 $25,340 $576 89% $ per Ratio Count 26 Median 91% Mean 92% AveDev 0.07 COD 8.18 Page 2

7 No. Neighborhood - Vicinity Account Number Units (LF) Eagle Harbor s Excise VC Date Price Trended s price price per Assessed Value Bainbridge Condo Slips EX04196 L 7/3/2014 $45,000 $45,000 $1,184 $30,600 $805 68% Bainbridge Condo Slips EX00686 L 2/2/2016 $30,000 $30,000 $789 $30,600 $ % Bainbridge Condo Slips Multi-Parcel EX03494 D 5/25/2016 $2,800,000 $2,800,000 $848 $2,743,570 $831 98% Bainbridge Condo Slips EX03991 L 6/1/2016 $26,500 $26,500 $576 $38,390 $ % Bainbridge Condo Slips EX05291 L 7/15/2016 $35,000 $35,000 $833 $34,450 $820 98% Bainbridge Condo Slips EX06635 L 8/31/2016 $50,000 $50,000 $1,190 $34,450 $820 69% Bainbridge Condo Slips EX07824 L 10/13/2016 $50,000 $50,000 $833 $52,700 $ % $ per Ratio Count 7 Median 98% Mean 98% AveDev 0.17 COD Page 3