Residential Revaluation Report

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

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... 14 Land Model Calibration... 14 Multiple Regression Analysis Assumptions... 15 Validation of Region 5 Land Model... 15 1

Region 5 Square Foot Rate Table... 17 Region 5 Acre Rate Table... 18 Building Cost Specification... 19 Construction Cost Tables... 19 Effective Age... 20 Depreciation Rate Tables... 20 Condition... 21 Neighborhood Adjustment Model Specification... 22 Neighborhood Adjustment Calibration... 22 Neighborhood Adjustment Model Validation... 23 RECONCILIATION AND CONCLUSION...26 APPENDIX...27 Group 01, Neighborhood 17U1... 27 Group 03, Neighborhood 16R1... 29 Group 04, Neighborhood 15R2... 30 Group 05, Neighborhood 17R1... 31 Group 07, Neighborhood 17T1... 32 Group 08, Neighborhood 18P1... 33 Group 09, Neighborhood 17S1... 34 Group 11, Neighborhood 16Q1... 36 Group 12, Neighborhood 17U2... 37 Group 13, Neighborhood 16P2... 38 Group 14, Neighborhood 16P1... 39 Group 15, Neighborhood 16S2... 40 Group 16, Neighborhood 17Q1... 41 Sale Ratio for Region 05 Overall... 42 Multiple Regression Analysis Assumptions... 43 2

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

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

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

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

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

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 2013. 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, 2012. This report was completed as of May 24, 2012. 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

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 458-07-30 (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

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 2012. 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 14. 10

REGION 05 MAP 11

NEIGHBORHOOD MAP 12

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

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

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

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

Region 5 Square Foot Rate Table 17

Region 5 Acre Rate Table 18

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

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

The graph below shows the relationship between the percent good, actual age, and effective age. 120 Percent Good 100 80 60 40 20 0 0 10 20 30 40 50 60 70 80 Eff. Age 0 10 42 87 103 114 123 130 140 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

120 100 80 60 40 20 0 Percent Good by Condtion Rating 0 10 20 30 40 50 60 70 80 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

Final Ratios for 16P1: Mean 0.923 Median 0.924 Weighted Mean 0.926 Price Related Differential 0.997 Coefficient of Dispersion 0.044 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 0.927 Median 0.925 Weighted Mean 0.916 Price Related Differential 1.012 Coefficient of Dispersion 0.083 Assessment Uniformity by Neighborhood 23

Assessment Uniformity by Quality Grade Assessment Uniformity by Building Style 24

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

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 -$13,470-6.84-15.10-0.71 Median $202,300 -$14,250-6.85-14.97-1.63 16P1 Mean $199,938 -$17,220-5.01-7.20-1.10 Median $183,450 -$12,900-6.69-16.33-0.23 16P2 Mean $216,798 -$14,154-4.58-24.61.89 Median $215,475 -$15,050-7.03-24.74 -.93 16Q1 Mean $229,310 -$18,851-8.24-24.49-0.44 Median $222,950 -$19,450-8.26-24.99-0.35 16Q2 Mean $298,714 -$8,243-3.55-9.87.73 Median $316,950 -$7,600-2.81-10.10.54 16R1 Mean $211,816 -$23,933-10.43-16.31-6.83 Median $195,650 -$22,475-10.10-15.47-6.49 16S2 Mean $112,889 -$19,988-16.78-20.18-11.52 Median $118,450 -$21,850-16.53-22.21-13.15 17Q1 Mean $194,326 -$40,223-17.17-29.12-12.15 Median $192,275 -$40,150-17.44-29.29-12.61 17R1 Mean $169,793 -$23,260-14.11-23.63-0.68 Median $153,600 -$20,125-12.70-23.53-0.87 17S1 Mean $195,608 -$25,565-11.26-28.12-5.74 Median $193,950 -$26,400-12.05-28.26-6.24 17T1 Mean $179,394 -$4,108-2.43-3.32-0.50 Median $169,200 -$4,100-2.97-3.70-1.99 17U1 Mean $158,625 -$32,726-16.97-22.62-14.16 Median $156,700 -$32,825-17.54-24.98-14.22 17U2 Mean $189,752 -$20,477-9.93-21.63-3.85 Median $175,400 -$19,150-9.96-21.65-4.02 18P1 Mean $313,579 -$21,900-5.51-3.95-8.07 Median $324,900 -$23,800-6.82-3.53-8.45 Total Mean $204,202 -$21,081-9.05-18.65-4.80 Median $191,800 -$20,750-10.06-22.21-4.50 26

Group 01, Neighborhood 17U1 APPENDIX Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 01 39160001400 17U1.10 TS 2756 01/06/2011 324900 292720 39160000100 17U1.11 TS 2592 11/03/2011 284900 280197 39160000500 17U1.11 TS 2160 12/29/2011 211000 209258 68960000600 17U1.08 TS 1800 02/01/2012 172500 173924 83020001800 17U1.33 TS 2090 07/21/2011 187000 177739 84910000800 17U1 1.11 RN 1968 09/09/2011 219000 211770 40530000300 17U1.24 RN 1583 04/22/2011 200000 185143 83020004400 17U1.24 RN 1397 10/28/2011 160000 156038 31250000300 17U1.46 RN 1416 06/08/2011 176450 166255 66950000100 17U1.29 RN 1252 05/12/2011 153000 142897 62170001400 17U1.26 SE 1555 02/08/2012 120142 121134 62170009700 17U1.23 RN 1333 02/01/2011 165000 150019 39150000300 17U1.22 RN 1396 08/03/2011 153000 146686 62170004200 17U1.19 RN 1371 02/07/2012 159000 160312 84930003500 17U1.28 RN 1368 04/19/2011 155000 143486 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

Group 02, Neighborhood 16Q2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 02 40610002100 16Q2.31 TS 5023 07/26/2011 602000 572187 38390006100 16Q2.65 TS 3610 12/14/2011 653344 647951 47250003200 16Q2.55 TS 2957 12/06/2011 470000 466121 64850006400 16Q2.26 OS 3324 08/04/2011 465000 445810 47250008500 16Q2.26 RN 2765 08/16/2011 400000 383492 83360006400 16Q2.12 TS 3315 09/01/2011 402460 389173 39280000300 16Q2.19 TS 3016 07/15/2011 427000 405854 37030001100 16Q2.12 TS 3176 11/11/2011 375000 368810 53490000200 16Q2.16 RN 2063 02/14/2012 405000 408343 38390006000 16Q2.74 RN 2732 08/24/2011 539900 517619 64850008900 16Q2.21 TS 3034 01/31/2011 345000 310829 83360005600 16Q2.13 TS 3299 02/15/2011 408950 371820 53490001400 16Q2.15 TS 2870 09/27/2011 345900 334480 83360000100 16Q2.11 TS 3315 03/02/2011 403249 369965 53490002500 16Q2.20 TS 2645 02/01/2012 345000 347848 64850004900 16Q2.24 TS 2589 03/11/2011 389900 357718 83360004000 16Q2.16 RN 1842 03/11/2011 373222 342417 64850012000 16Q2.19 TS 2473 08/23/2011 384000 368153 40610001500 16Q2.19 OS 2394 11/14/2011 355000 349140 83360007700 16Q2.12 TS 2877 01/05/2012 356690 356690 83360007300 16Q2.14 TS 2877 08/31/2011 354950 340301 83360006200 16Q2.10 TS 2820 02/10/2012 350915 353811 83360002400 16Q2.12 TS 2824 06/10/2011 361630 340736 83360006700 16Q2.13 TS 2824 06/14/2011 356950 336327 83360007100 16Q2.12 TS 2817 09/20/2011 354950 343231 64850008400 16Q2.26 RN 1997 05/23/2011 295000 275521 37030011400 16Q2.12 TS 2810 06/22/2011 349000 328836 65610007700 16Q2.29 TS 2591 07/28/2011 325000 308905 64850004400 16Q2.25 RN 2400 06/06/2011 335000 315645 83360001900 16Q2.13 RN 1794 08/05/2011 334950 321127 37030006600 16Q2.09 TS 2486 01/17/2012 315000 315000 38350000200 16Q2.39 TS 2438 08/05/2011 383000 367194 83360007800 16Q2.11 TS 2486 12/12/2011 299950 297474 83360000600 16Q2.12 TS 2426 06/27/2011 309950 292042 37030006100 16Q2.08 TS 2478 09/09/2011 332500 321522 37030006300 16Q2.07 TS 2478 01/17/2012 310000 310000 83360001800 16Q2.14 RN 1968 01/04/2011 305950 275647 83360005500 16Q2.14 RN 1968 06/07/2011 312950 294869 83360000800 16Q2.13 RN 1928 12/07/2011 314950 312350 37030008400 16Q2.11 TE 2485 06/08/2011 275582 259660 83360001600 16Q2.11 RN 1737 10/04/2011 289950 282770 83360006500 16Q2.11 RN 1722 11/01/2011 287655 282906 37030011300 16Q2.07 TE 1772 02/23/2011 259950 236349 37030011200 16Q2.07 TE 1858 09/23/2011 225000 217572 37030011000 16Q2.09 TE 1858 09/01/2011 225000 217572 37030011100 16Q2.06 TM 1858 01/23/2012 190000 190000 37030009400 16Q2.06 TE 1664 05/27/2011 220000 205473 37030010500 16Q2.04 TM 1529 05/04/2011 200000 186794 37030010800 16Q2.04 TM 1529 04/15/2011 200000 185143 37030009300 16Q2.04 TM 1529 09/01/2011 200000 193397 37030001900 16Q2.15 0 01/11/2011 85000 60724 40610000700 16Q2.26 0 02/03/2011 117500 86739 28

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 03 37840000200 16R1.36 TS 6038 02/08/2011 750000 681906 37840000900 16R1.52 TS 3348 08/01/2011 580000 556064 36320001800 16R1.26 TS 3854 07/25/2011 380000 361181 12825110900 16R1 1.65 TS 3642 04/07/2011 478000 442492 84700000200 16R1.20 RN 2330 01/05/2012 276900 276900 45220201500 16R1.34 RN 2405 09/09/2011 300000 290095 45220201000 16R1.26 TS 2610 10/26/2011 272500 265752 36320004700 16R1.34 RN 1852 07/27/2011 252000 239520 39360000800 16R1.34 RN 1723 11/28/2011 297100 292196 36320000500 16R1.36 RN 2244 09/28/2011 201500 194847 39370002400 16R1.27 OS 2179 07/25/2011 285000 270886 45220100100 16R1.25 SL 2162 11/21/2011 263000 258658 53000000700 16R1.25 RN 2244 08/23/2011 225000 215714 58800100500 16R1.29 RN 1828 03/08/2012 185000 188054 39360001000 16R1.29 RN 1709 06/24/2011 266750 251338 55550000300 16R1.36 SE 1993 04/18/2011 214320 198399 45230002300 16R1.28 RN 1868 10/13/2011 250000 243810 58800100100 16R1.29 RN 1720 09/16/2011 229000 221439 36320000800 16R1.36 SL 1835 04/26/2011 210000 194400 74100000200 16R1.17 RN 1370 03/01/2012 209000 212450 58800201000 16R1.26 RN 1540 07/01/2011 229000 217659 83800000100 16R1.22 RN 1576 02/10/2011 157000 142746 12824411100 16R1.28 RN 1585 10/18/2011 166000 161890 45230002600 16R1.26 RN 1424 11/22/2011 146590 144170 65930002700 16R1.25 0 01/10/2011 125000 89300 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

Group 04, Neighborhood 15R2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 04 76800100100 15R2.78 OS 4252 06/14/2011 792000 746241 33400000600 15R2.46 OS 3155 07/21/2011 620000 589296 38860400100 15R2.38 RN 2573 06/16/2011 355900 335337 33400009000 15R2.74 OS 2166 10/26/2011 475000 463238 41300000501 15R2.21 RN 2580 02/02/2012 348000 350872 33400008400 15R2.14 OS 2176 12/12/2011 327000 324301 38810000204 15R2.17 TS 1914 02/07/2012 255000 257105 83700003403 15R2.22 RN 1999 07/26/2011 320000 304153 82200300219 15R2.19 OS 2430 12/14/2011 260000 257854 83700003802 15R2.65 TS 1740 01/05/2012 200000 200000 62700300100 15R2.17 RN 1635 03/21/2011 214000 196337 82200300114 15R2.16 RN 1700 10/07/2011 203000 197973 83700004302 15R2.23 RN 1493 10/28/2011 215000 209676 38860101400 15R2.19 RN 1541 06/29/2011 230000 216711 61301100600 15R2.53 RN 1232 06/24/2011 230000 216711 38810000205 15R2.18 RN 1150 02/09/2011 233000 211845 62700100200 15R2.15 RN 1240 03/05/2012 192000 195169 62700301300 15R2.25 RN 1340 04/21/2011 235000 217543 46200000900 15R2.27 RN 1323 06/15/2011 172500 162533 31900100800 15R2.24 RN 1448 01/30/2012 192962 192962 38820001404 15R2.25 RN 1263 08/26/2011 176000 168737 83700000604 15R2.27 RN 1175 10/24/2011 207500 202362 41000000700 15R2.07 OS 1466 05/18/2011 141900 132530 33400003400 15R2.17 SL 1044 10/19/2011 250000 243810 33400006000 15R2.19 RN 1092 10/25/2011 179900 175445 33400003200 15R2.25 OS 1287 02/03/2011 227000 206390 31900200101 15R2.15 RN 867 08/31/2011 129000 123676 38820001303 15R2.15 RN 858 04/20/2011 199900 185050 76900200300 15R2.15 RN 1150 04/21/2011 126000 116640 36600102300 15R2.16 OS 1238 12/08/2011 107400 106514 09940015000 15R2.44 RN 1522 09/22/2011 236000 228208 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

Group 05, Neighborhood 17R1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 05 11830110402 17R1 2.43 RN 2465 10/31/2011 499900 487522 12701110101 17R1 1.33 OS 3849 08/09/2011 540000 517715 11831110413 17R1.40 TS 2321 03/17/2011 290000 266064 11830140200 17R1 1.76 RN 1816 03/02/2012 235000 238879 50000901400 17R1.23 RN 1654 09/12/2011 220000 212737 11832320402 17R1.53 RN 1319 07/28/2011 219000 208154 11819340900 17R1 3.00 TS 1288 09/12/2011 232000 224340 76001300400 17R1.12 TS 1469 07/27/2011 177000 168234 76002100300 17R1.24 0 06/29/2011 42000 35003 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

Group 07, Neighborhood 17T1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 07 11808120101 17T1 11.7 RN 1870 01/11/2012 417000 417000 59450001800 17T1.82 RN 1761 07/19/2011 225000 213857 11808110300 17T1 4.07 OS 2430 08/15/2011 329000 315422 82070000300 17T1.27 RN 1432 11/07/2011 186500 183421 58900000301 17T1.30 RN 1602 03/29/2011 210000 192667 56801600301 17T1 1.52 OS 1497 10/25/2011 225000 219429 11807120201 17T1.46 RN 1056 12/16/2011 167000 165622 59450000300 17T1 4.36 RN 924 02/29/2012 119000 119982 09400049000 17T1 3.56 0 09/14/2011 134000 121243 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

Group 08, Neighborhood 18P1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 08 55610003000 18P1.40 TS 3563 10/19/2011 495000 482743 55610009900 18P1.38 RN 2726 03/21/2011 475000 435794 55610008700 18P1.32 RN 2798 08/01/2011 490000 469778 55610005000 18P1.31 RN 2778 07/14/2011 499900 475143 55610007300 18P1.38 RN 2392 11/14/2011 465000 457324 55610018000 18P1.36 TS 2522 03/30/2011 470000 431207 59280000100 18P1.31 RN 2676 12/07/2011 440000 436368 55610017100 18P1.30 RN 2644 06/30/2011 475000 447556 55610100102 18P1.30 TS 3166 07/27/2011 467287 444145 55610009600 18P1.34 RN 2564 07/01/2011 430000 408705 55610021000 18P1.32 RN 2396 05/20/2011 400000 373588 80470002500 18P1.12 TS 2524 11/21/2011 360000 354057 80470002700 18P1.14 TS 2588 09/12/2011 301000 291062 59280002900 18P1.18 TS 2485 02/02/2011 339900 309040 59280000500 18P1.17 OS 2360 06/27/2011 329000 309991 55610002700 18P1.32 OS 2104 06/16/2011 416500 392436 59280003200 18P1.20 RN 1801 05/11/2011 338000 315682 59280001500 18P1.21 RN 2190 02/12/2012 349500 352385 47120002800 18P1.15 TS 2032 10/19/2011 305000 297448 80470008200 18P1.18 OS 2052 06/20/2011 327000 308107 80470006100 18P1.08 TE 2186 11/21/2011 288500 283738 51570001200 18P1.17 TE 1712 11/01/2011 272500 268002 51570000100 18P1.22 TE 1712 05/25/2011 290000 270851 51570000700 18P1.16 TE 1712 10/11/2011 265000 258438 80470005500 18P1.08 TE 1521 10/24/2011 223000 217478 55610011900 18P1.28 0 12/13/2011 175000 170835 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

Group 09, Neighborhood 17S1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 09 72730000500 17S1.73 CP 4324 03/01/2011 664500 609653 36950407700 17S1.23 TS 4352 10/20/2011 534000 520777 36950001400 17S1.32 SL 3073 03/01/2011 425000 389921 36950305700 17S1.26 TS 3109 01/06/2011 462500 416691 36950407800 17S1.21 TS 2641 05/25/2011 399900 373494 57560001900 17S1.13 TS 2978 06/21/2011 299900 282573 36950201500 17S1.31 CL 2488 05/16/2011 375000 350238 57560001800 17S1.13 TS 2911 06/14/2011 299900 282573 57560001200 17S1.12 TS 2897 01/28/2011 307500 277043 57560001700 17S1.14 TS 2717 05/10/2011 299900 280097 57560002000 17S1.14 TS 2717 01/04/2011 309900 279206 36950001300 17S1.27 TS 2698 04/06/2011 300000 277715 36950000400 17S1.26 TS 2579 08/01/2011 305000 292413 61960002400 17S1.09 TE 2868 02/13/2012 243000 245006 36950200300 17S1.22 TS 2585 01/12/2011 290000 261277 57450008300 17S1.21 RN 2223 01/09/2012 272000 272000 66790000400 17S1.09 TS 2291 10/11/2011 234950 229132 70540000900 17S1.19 RN 2127 05/25/2011 257000 240030 70540003200 17S1.20 RN 2098 01/23/2012 204000 204000 66790003900 17S1.09 TS 1951 07/22/2011 226000 214808 66790003600 17S1.08 TS 2148 03/08/2012 235000 238879 72710000700 17S1.07 TS 2136 11/07/2011 237000 233088 51580001800 17S1.15 TS 2184 01/26/2011 245000 220734 57450001100 17S1.22 TS 2289 07/15/2011 285900 271741 66790003800 17S1.09 TS 2004 02/15/2012 215000 216775 62870000600 17S1.22 RN 2078 03/02/2012 269000 273441 66790000500 17S1.09 TS 1981 11/03/2011 219000 215385 66790000200 17S1.08 TS 1981 11/14/2011 210000 206533 66790000300 17S1.09 TS 1981 12/07/2011 217500 215705 70540001100 17S1.18 RN 1892 09/28/2011 269500 260602 57450007700 17S1.19 TS 2156 01/04/2011 320000 288305 66790000600 17S1.08 TS 1981 11/15/2011 200000 196698 66790001100 17S1.16 TS 2333 01/04/2012 244950 244950 84630001400 17S1.19 TS 2106 01/11/2011 260000 234248 60940001200 17S1.17 TS 2372 01/10/2011 299000 269385 66790000800 17S1.09 TS 1882 12/20/2011 207950 206234 84630001900 17S1.18 RN 1928 03/11/2011 235200 215787 71190007200 17S1.19 TP 2281 06/22/2011 272000 256285 50560000200 17S1.23 RN 1926 02/10/2011 250000 227302 60940004400 17S1.17 RN 1816 09/29/2011 191199 184886 36960003000 17S1.17 RN 2012 05/18/2011 290000 270851 36950001800 17S1.26 SL 1934 09/07/2011 230000 222406 34

Group 09, Neighborhood 17S1 cont. Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 09 70540003500 17S1.19 RN 1567 07/25/2011 215000 204353 70540002500 17S1.19 SL 2231 08/16/2011 195199 187143 39320003100 17S1.26 RN 1884 07/26/2011 227500 216233 60940003000 17S1.14 RN 1785 07/05/2011 221000 210055 36950002400 17S1.23 RN 1740 09/21/2011 191000 184694 71190007700 17S1.18 RN 1682 11/01/2011 211000 207517 51580002100 17S1.15 SL 1638 07/01/2011 240000 228114 51580004100 17S1.13 TS 1794 09/08/2011 230000 222406 83230000100 17S1.10 TS 1813 03/04/2011 189900 174226 39320001900 17S1.20 RN 1500 02/02/2011 224900 204481 36960004000 17S1.20 RN 1645 09/29/2011 242000 234010 36960001200 17S1.21 RN 1479 07/29/2011 219990 209095 51580006500 17S1.13 RN 1472 04/21/2011 177820 164611 32240002000 17S1.07 TE 1799 07/12/2011 175000 166333 83230004200 17S1.10 RN 1312 11/03/2011 182500 179487 83230001400 17S1.10 RN 1312 04/18/2011 217000 200880 43060003100 17S1.14 RN 1352 03/01/2012 175000 177889 43060001400 17S1.13 RN 1274 07/11/2011 184900 175743 72710005500 17S1.07 0 06/22/2011 35500 29586 66790001100 17S1.16 0 10/27/2011 41000 38073 66790000400 17S1.09 0 06/22/2011 41000 34169 66790003300 17S1.10 0 11/20/2011 41000 39048 66790003800 17S1.09 0 10/26/2011 41000 38073 66790002800 17S1.13 0 02/01/2012 41000 41976 66790002900 17S1.10 0 11/21/2011 41000 39048 66790003700 17S1.08 0 11/22/2011 41000 39048 66790003400 17S1.08 0 11/20/2011 41000 39048 66790002100 17S1.09 0 12/23/2011 41000 40024 66790004400 17S1.10 0 02/01/2012 41000 41976 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

Group 11, Neighborhood 16Q1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 11 12836240601 16Q1 2.74 RN 4203 09/26/2011 835000 807432 54950007200 16Q1 1.36 TS 4221 09/13/2011 1135000 1097528 12836120104 16Q1 4.29 RN 2700 12/13/2011 800000 793397 35580002200 16Q1.25 TS 3444 02/10/2011 515000 468242 54950006700 16Q1.77 RN 1646 08/02/2011 550000 527302 82200800313 16Q1.11 TS 3066 05/20/2011 346990 324078 82180001600 16Q1.31 TS 2620 06/14/2011 369000 347680 50920000500 16Q1.14 TS 2712 05/05/2011 351000 327823 12836420102 16Q1 1.18 RN 1638 01/11/2012 399500 399500 82200800314 16Q1.11 TS 2699 06/08/2011 331990 312809 54950004200 16Q1.25 TS 2914 02/01/2011 310900 282673 31360000400 16Q1.59 RN 2021 06/15/2011 340000 320356 54950000900 16Q1.24 TS 2156 06/03/2011 320000 301511 50920000800 16Q1.12 TS 2321 01/10/2011 280950 253123 76250000100 16Q1.22 RN 2058 03/02/2012 265000 269375 82200600106 16Q1.15 TS 2380 10/01/2011 336000 327680 12825440407 16Q1.47 RN 1508 12/15/2011 355000 352070 31360000300 16Q1.45 RN 2288 05/24/2011 317000 296068 50920001100 16Q1.13 RN 1776 04/11/2011 299000 276789 84870000800 16Q1.77 SL 2039 05/23/2011 335000 312880 31360000100 16Q1.56 SL 1988 11/01/2011 290000 285213 09470013000 16Q1.27 RN 1878 09/07/2011 235000 227241 41100001000 16Q1.22 RN 2132 05/09/2011 262000 244700 66970000700 16Q1.28 TS 1952 07/05/2011 250000 237619 70760003500 16Q1.14 RN 1676 07/08/2011 241000 229065 36130001300 16Q1.12 TS 1976 01/14/2011 215000 193705 62120000300 16Q1.25 RN 1606 06/29/2011 227000 213885 75500201300 16Q1.19 RN 1269 07/12/2011 225000 213857 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

Group 12, Neighborhood 17U2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 12 49050002100 17U2.20 TS 2733 01/11/2012 296500 296500 34910000300 17U2.23 TS 2092 09/08/2011 265000 256251 49050003000 17U2.26 TS 2406 07/22/2011 245000 232867 60870001000 17U2.13 TS 2103 10/07/2011 250000 243810 34910003100 17U2.25 TS 1885 11/18/2011 249000 244890 34910003300 17U2.29 TS 1900 07/27/2011 257500 244748 75850000300 17U2.23 TS 1828 08/11/2011 274000 262692 72110006500 17U2.34 RN 1874 07/14/2011 207000 196749 65030000600 17U2.13 RN 1780 06/16/2011 220000 207289 72120004100 17U2.29 SL 2236 01/13/2012 179900 179900 65030000400 17U2.13 RN 1696 03/08/2012 220900 224547 77750001000 17U2.26 RN 1550 09/16/2011 199950 193349 60890005100 17U2.16 TS 1645 04/05/2011 180000 166629 65290000400 17U2.36 RN 1492 06/09/2011 210000 197867 72130001500 17U2.25 RN 1735 06/07/2011 161325 152004 31820000200 17U2.12 RN 1337 01/26/2012 160000 160000 60890001600 17U2.14 RN 1289 05/19/2011 197500 184459 75830001400 17U2.12 RN 1250 02/07/2011 175000 159111 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

Group 13, Neighborhood 16P2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 13 44170004100 16P2.42 TS 2878 04/08/2011 365000 337886 44190014900 16P2.14 TS 3623 01/04/2011 315365 284129 44190011800 16P2.12 TS 3576 05/19/2011 330000 308210 44170000300 16P2.49 TS 2541 09/24/2011 267000 258185 44190014000 16P2.15 TS 2926 05/24/2011 249500 233025 44170004600 16P2.35 RN 2176 11/08/2011 277000 272427 44190003800 16P2.23 TS 2671 06/07/2011 273680 257868 44190003600 16P2.11 TS 2671 12/27/2011 246400 244366 44190009700 16P2.10 TS 2478 03/09/2011 278660 255660 44190009300 16P2.10 TS 2478 05/10/2011 265105 247600 44190013500 16P2.09 TS 2476 08/23/2011 225000 215714 44190011700 16P2.11 TS 2242 02/03/2011 240000 218210 44190012100 16P2.11 TS 2320 12/06/2011 242800 240796 44190001200 16P2.11 TS 2332 04/13/2011 240515 222648 44190013900 16P2.12 TS 2304 04/19/2011 232100 214859 44190010300 16P2.10 TS 2320 01/04/2011 237725 214179 44190012500 16P2.10 TS 2360 04/26/2011 210000 194400 44190001100 16P2.10 TS 2140 10/31/2011 232900 227133 44190008500 16P2.10 TS 2120 08/22/2011 257530 246902 44190003100 16P2.09 TS 2064 12/27/2011 215500 213721 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

Group 14, Neighborhood 16P1 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 14 37990016100 16P1.35 TS 2743 07/15/2011 399000 379240 41420000500 16P1.32 TS 2739 11/11/2011 440000 432737 37990014200 16P1.34 TS 2221 04/19/2011 389000 360103 37990016900 16P1.52 RN 2016 05/10/2011 335000 312880 37990009100 16P1.45 TS 2168 11/22/2011 307000 301932 76270005200 16P1.10 TS 2140 12/14/2011 229950 228052 76270008400 16P1.08 TS 2140 07/19/2011 234500 222887 76270008000 16P1.08 TS 2140 09/28/2011 229950 222358 76270008800 16P1.09 TS 2140 06/22/2011 219950 207242 37010007600 16P1.11 TS 2060 03/22/2011 217000 199089 76270008300 16P1.08 TS 2050 06/23/2011 219950 207242 76270008700 16P1.08 TS 2050 04/19/2011 222950 206388 76270008500 16P1.08 TS 1990 08/10/2011 212500 203730 37010013600 16P1.09 TS 1900 12/13/2011 183000 181490 76270007800 16P1.12 TS 1831 10/12/2011 209950 204751 76270008200 16P1.08 TS 1831 07/14/2011 206000 195798 76270008600 16P1.11 TS 1831 06/22/2011 195000 183733 44920000400 16P1.29 RN 1660 09/06/2011 219900 212640 62650001700 16P1.34 RN 1398 09/21/2011 210000 203067 37980002900 16P1.29 RN 1456 03/05/2012 181500 184496 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

Group 15, Neighborhood 16S2 Group Parcel ID NBHD Acres Style SFLA Sale Date Sale Price Trended SP 15 84100800400 16S2.23 RN 1459 03/12/2011 380000 348635 66301000101 16S2.63 TS 1957 07/27/2011 239900 228019 53200000302 16S2.07 TE 1616 07/01/2011 148500 141146 66301700900 16S2.11 RN 1040 02/13/2012 153000 154263 43500101300 16S2.14 RN 1055 05/02/2011 90000 84057 32800200100 16S2.32 0 10/07/2011 47500 44109 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