HomeMy WebLinkAbout08-29-07
REV-1500 EX + (6-00l
'*
COMMONWEALTH OF
PENNSYLVANIA
DEPARTMENT OF REVENUE
DEPT. 280601
HARRISBURG, PA 17128-0601
REV-1500
INHERITANCE TAX RETURN
RESIDENT DECEDENT
OFFICIAL USE ONLY
FILE NUMBER
2
- 0 7
062 4
""COuNrVCODE ---vEA~ - - NUMsER--
I-
Z
W
C
W
(.)
W
C
DECEDENT'S NAME (LAST. FIRST. AND MIDDLE INITIAL)
BENDER SR.
DATE OF DEATH (MM-DD-Year)
WilLIAM
DATE OF BIRTH (MM-DD-Year)
E.
SOCIAL SECURITY NUMBER
1 6 1 - 3 2 - 4 1 9 8
THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
REGISTER OF WILLS
SOCIAL SECURITY NUMBER
LLJ
I-
:.::SUl
() cr:.::
LLJ l5 ()
J:crS
() a. al
a.
<(
OS/27/2007 06/05/1938
(IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL)
[XJ 1. Original Return
D 4. Limited Estate
D 6. Decedent Died Testate (Attach copy of Will)
D 9. Litigation Proceeds Received
D 2. Supplemental Return
D 4a. Future Interest Compromise (date of death after 12.12.82)
D 7. Decedent Maintained a Living Trust (Attach copy of Trust)
D 10. Spousal Poverty Credit (date of death between 12.31.91 and 1.1.95)
D 3. Remainder Return (date of death prior 1012.13.82)
D 5. Federal Estate Tax Return Required
_ 8. Total Number of Safe Deposit Boxes
D 11. Election to tax under Sec. 9113(A) (Attach Sch 0)
THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO:
NAME COMPLETE MAILING ADDRESS
MARCUS A. McKNIGHT III 60 WEST POMFRET STREET
FIRM NAME (If Applicable)
IRWIN & McKNIGHT
TELEPHONE NUMBER
717 249-2353 CARLISLE PA 17013
I-
Z
LLJ
C
Z
o
a.
Ul
LLJ
cr
cr
o
()
z
o
j::
<(
..J
::)
l-
e::
<(
(.)
w
a:
z
o
j::
<(
I-
::)
a.
~
o
(.)
X
<(
I-
1. Real Estate (Schedule A) (1)
2. Stocks and Bonds (Schedule B) (2)
3. Closely Held Corporation, Partnership or Sole-Proprietorship (3)
4. Mortgages & Notes Receivable (Schedule D) (4)
5. Cash, Bank Deposits & Miscellaneous Personal Property (5)
(Schedule E)
6. Jointly Owned Property (Schedule F) (6)
D Separate Billing Requested
7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (7)
(Schedule G or L)
8. Total Gross Assets (total Lines 1-7)
9. Funeral Expenses & Administrative Costs (Schedule H) (9)
10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) (10)
11. Total Deductions (total Lines 9 & 10)
12. Net Value of Estate (Line 8 minus Line 11)
99,666.67
OFFICIAL USE ONLY
c':')
~--. ~l
1-;
28,984.94
I
! '-I
I .,
90'342'64l~ _
r'-:}
1..'::
:rC:'a
0.00 X _(15) 0.00
191,798.56 X .045 (16) 8,630.94
0.00 X .12 (17) 0.00
0.00 X .15 (18) 0.00
(19) 8,630.94
13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to tax has not been
made (Schedule J)
14. Net Value Subjecllo Tax (Line 12 minus Line 13)
SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES
15. Amount of Line 14 taxable at the spousal tax
rate. or transfers under Sec. 9116 (a)(1.2)
\..c;
[",)
-i
(8)
218,994.25
16, Amount of Line 14 taxable at lineal rate
22,214.82
4,980.87
(11)
(12)
(13)
27,195.69
191,798.56
17. Amount of Line 14 taxable at sibling rate
(14)
191 ,798.56
18. Amount of Line 14 taxable at collateral rate
19. Tax Due
20. 0
CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT
> > BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND RECHECK MATH < <
'UOlldoPB JO poolq J\q Ja~la~M 'IUapaOap a~1 ~I!M uowwoo UllUaJBd auo ISBallB SB~ O~MjBnpl^lpUI
UB SB 'GO ~6 uOlloas Japun 'paullap SI 5Uljqls V '[(8' ~)(B)9 ~ ~6S 'S'd U] %G ~ S! s5uljqls s,luapaoap a~llo asn a~1 JOI JO 01 SJalSUBJllO anlB^ lau a~1 uo pasodw(~r1m XBI a~l
.[( ~)(B)9 ~ ~6S 'S'd U] (G' ~)9 ~ ~6S 'S'd U U! palou SB Ida::>xa '%9'17 SI sa!JBI::>llauaq IBaU!1 s,luapaoap a~llo asn a~1 JOI JO 01 SJalSUBJllO anlB^ lau a~1 uo pasodwl alBJ XBI ~~1
'[(G' ~)(B)9~ ~6S 'S'd U] %0 SI PII~::> a~I)O IUaJBddalS B JO
'IUaJBd a^lldopB UB 'IUaJBd IBJnIBU B 10 asn a~1 JO) JO 01 ~IBap IB Ja5unoJ\ JO a5B 10 SJBaJ\ auo-J\luaMI PII~::> pasBa::>ap B WOJI SJalSUBJllO anlB^ lau a~1 uo pasodwl alBJ XBI a~l
:OOOG ' ~ J\lnr JallB JO uo ~IBap 10 salBp JO.:l
'IiJB[::>!lauaq J\IUO a~1 S! asnods 5UI^IAlnS a~1
I! ua^a alqBOljddB II!IS aJB UJnlaJ XBI B 5UII!! pUB SlaSSB 10 aJnsopslp JOI SIUaWaJ!nbaJ 1iJ0lnlBIS a~1 pUB 'XBI WOJI asnods 5u!^!A1ns B 01 JalSUBJI B Idwaxa IOU saop alnlBIS a~l
'[(11) (~'~) (B) 9 ~ ~6S 'S'd U] %0 SI asnods 5u!^!A1ns a~llo asn a~1 JOI JO 01 SJalSUBJllO anlB^ lau a~1 uo pasodwl alBJ XBI a~1 '966 ~ '~ IiJBnuBr JallB JO uo ~IBap 10 salBP JO.:l
'[(1) (~.~) (B) 9 ~ ~6S 'S'd U]
%8 SI asnods 5UI^IAlnS a~llo asn a~1 JOI JO 01 SJalSUBJllO anlB^ lau a~1 uo pasodwl alBJ XBI a~1 '966 ~ '~ IiJBnuBr aJOlaq pUB 1766 ~ '~ J\lnr JallB JO uo ~IBap )0 salBp JO.:l
8~OH 'v'd
:31Slll:l'v'O
.1:3:381$ .1:3l:1.:lV'JOd .1S 09
SS3t100V
~
('tJ/~c/s
tI N 1 tl3H10tl3t1Vd3t1d.:lO 3t1nlVN8IS
:31Slll:l'v'O
-t q'v'Ol:l d'v'8 S8NOl 0651 ~
~ ;; --:rr--t
31VO Ntln13t18NIlI.:l tlO.:l318ISNOdS3t1 NOStl3d.:lO 3t1nlVN8IS
'a5paIMOU~ .\UB SB4 JaJBdaJd 4014M 10 UOI1BWJOIU! liB UO pasBq SI a^1!B)uasaJdaJ IBUOSJad a41 UB41 J8410 JamdaJd 10 UOI)BJBpaO
'alaldwoo pUB paJJoo 'anJl SI)I 'Iallaq pUB a5paIMOU~.\W 10 Isaq a4) 0) pUB 'sIUaWa)B1S pUB salnpa40s 5ur.\UBdwoOOB 5ulpnpu! 'wn)aJ SI41 paulwBxa a^B4 11B41 aJBpap I '.\In!Jad 10 salllBuad JapUn
3^IIVIN3S
SS3t100V
'Nl::In13l::1 3H1::lO ll::l\fd S\f 11311::1 aN\f ~ 31na3HOS 3131dWOO lSnW nOA 'S3A SI SNOI1S3nO 3^08\f 3H1::lO AN\f 01l::l3MSN\f 3H1 :II
IZl 0 ...... ........................... ...... ............... ............. ................. ................... i,UOIIBu51sap IiJB[::>llauaq B SUIB1UO::>
~::>I~M J\lJadoJd alBqOJd-uou Ja~IO JO 'J\llnUUB 'Iuno::>::>v luawaJllal:lIBnpl^!pUI UB UMO Iuapa::>ap plO 'j>
IZl 0 ................. i,~IBap Ja~ JO S!~ IB J\lunoas JO lunO::>OB ~UBq ~IBap uodn alqBJ\Bd JO "JOI1SnJI UI" UB UMO Iuapaoap plO '8
IZl 0 ............. ...... ................................ ........................................... 'i,UOI\BJap!SUoo alBnbapB 5u!^!a::>aJ InO~IIM
~IBap 10 JBaJ\ auo U!~IIM J\lJadoJd JalSUBJIIUapa::>ap pip 'G96~ 'G~ Jaqwa::>ao JallB paJJnOOO ~IBap II 'G
IZl 0 ............................................................. GaJBO JO SI!lauaq 'SluaWJ\Bd Ja~l!a)O a)1j JOI aSlwoJd a~1 a^la::>aJ 'p
IZl 0 ...................................................................................................... JO :ISaJaIU! IiJBUO!SJa^aJ B U!BlaJ '0
IZl 0 ........................................ :awo::>u! SI! JO paJJalSUBJI J\lJadoJd a~1 asn IIB~S O~M alBU5!sap 011~5u a~1 U!BlaJ 'q
IZl 0 ........................................................................... :paJJaISUBJI J\lJadoJd a~llo awo::>ul JO asn a~1 UIBlaJ 'B
ON saA :PUB JalSUBJI B a~Bw Iuapa::>ap plO '~
S)l~018 31\fI~dO~dd\f 3Hl NIIIXII N\f ~NI~\fld A8 SNOI1S3nO ~NIMOll0:l3Hl ~3MSN\f 3S\f31d
00'0
lN3Dtf 'S11/M :/0 l:J31S/D3l:J :01 alqfJAfJd >pa40 a>ffJW
(89) '3na 3:lN\fl\f8 a~1 S! S!~l 'V9 + 9 aU!llo IBIOI a~1 JalU3 '8
(V9) 'anp XBI a~1 uo ISaJalUI a~1 Jalu3 'V
(9) '3na X\fl a~1 sl S!~l 'aouaJalllp a~1 Jalua 'G aU!l UB~I JalBaJ5 SI 8 aU1l + ~ aUI11l9
(j>) punJaJ e tsanbaJ Ot 0<: aU!1 ~ a6ed uo xoq >toa4:l
'lN3WA\fdl::l3^O a~1 S! SI~l 'a::>uaJall!p a~1 Jalua '8 aUll + ~ aU1l UB~I JalBaJ5 SI G aUI11I 'j>
(8) (3 + 0) J\IIBuad/lSaJaIUIIBIOl
.\IIBuad3
ISaJalUI '0
alqBOljddB II J\IIBuad/lSaJalUI '8
68'66~'9
68'66 ~ 'g
00'0
9~n817
(G)
(J + 8 + V) Sj!paJJ IBjOl
5151' ~8v
lunOOSIO 'J
sluawJ\Bd JO!Jd '8
IlpaJJ .\lJa^Od IBsnods 'v
sluaw.\Bd/sllpaJJ 'G
(6 ~ aU!l ~ a5Bd) ano XB 1 '~
:Sl!P'U~ pUB SluaW~Bd XB.L
176'089'8
( ~)
8~OH I 'v'd I :31Slll:l'v'O
dlZ 31'\11S All8
O'v'Ol:l d'v'8 S8NOl 0651 ~
SS31:100V 1331:11S
:ssaJ alaldwo slua a:>a
pp"
~ I
p
a
REV-1502 EX + (6-98)
.
SCHEDULE A
REAL ESTATE
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
FILE NUMBER
BENDER. SR. WILLIAM E. 21 07 0624
All real property owned solely or as a tenant in common must be reported at fair market value. Fair market value is defined as the price at which property would be
exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts.
Real property which is iointly-owned with riQht of survivorship must be disclosed on Schedule F.
ITEM
NUMBER
1.
DESCRIPTION
1590 LONGS GAP ROAD, NORTH MIDDLETON TOWNSHIP, PENNSYLVANIA
APPRAISAL ATTACHED
VALUE AT DATE
OF DEATH
92,000.00
2.
LOT ON MULBERRY AVENUE, BOROUGH OF CARLISLE, PENNSYLVANIA
APPRAISAL ATTACHED - $23,000.00
7,666.67
1/3 INTEREST WITH WILBUR L. BENDER AND ROBERT BENDER BY DEED DATED
JUNE 8,1995 AND RECORDED IN DEED BOOK 125, PAGE 10
TOTAL (Also enter on line 1, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
99 666.67
REV. '508 E{ . (~.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE E
CASH, BANK DEPOSITS, & MISC.
PERSONAL PROPERTY
ESTATE OF
BENDER. SR.
FILE NUMBER
WilLIAM E. 21 07
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointly-owned with right of survivorship must be disclosed on Schedule F.
0624
ITEM
NUMBER
1.
DESCRIPTION
VALUE AT DATE
OF DEATH
12,105.85
PRINCIPAL BANK
2.
M&T BANK - CHECKING ACCOUNT #402869
16,629.09
3.
PERSONAL PROPERTY
250.00
TOTAL (Also enter on line 5, Recapitulation) $
(If more space is needed, insert additional sheets of the same size)
28 984.94
REV-1510 EX + (6-98)
'w
COMMONW EAL TH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE G
INTER-VIVOS TRANSFERS &
MISC. NON-PROBATE PROPERTY
ESTATE OF
BENDER. SR.
WILLIAM
E.
FILE NUMBER
21 07
0624
This schedule must be completed and filed if the answer to any of questions 1 through 4 on the reverse side of the REV-1500 COVER SHEET is yes.
DESCRIPTION OF PROPERTY
ITEM INCLUDE THE NAME OF THE TRANSFEREE, THEIR RELATIONSHIP TO DECEDENT AND DATE OF DEATH % OF DECO'S EXCLUSION TAXABLE
NUMBER THE DATE OF TRANSFER ATTACH A COPY OF THE DEED FOR REAL ESTATE VALUE OF ASSET INTEREST VALUE
IIF APPLICABLE!
1. M&T BANK 90,342.64 100. 90,342.64
IRA #035004200166260
TOTAL (Also enter on line 7 Recapitulation) $ 90.342.64
(If more space is needed, insert additional sheets of the same size)
REV-1511 EX + (12-99)
.
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
BENDER. SR.
SCHEDULE H
FUNERAL EXPENSES &
ADMINISTRATIVE COSTS
WILLIAM
E.
Debts of decedent must be reported on Schedule I.
FILE NUMBER
21
07
0624
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
1. HOFFMAN-ROTH FUNERAL HOME 9,103.05
2. EBY GRANITE WORKS 250.00
B. ADMINISTRATIVE COSTS:
1. Personal Representative's Commissions
Name of Personal Representative (s)
Social Security Number(s)/EIN Number of Personal Representative(s)
Street Address
City State Zip
Year(s) Commission Paid:
2. Attorney Fees IRWIN & McKNIGHT 7,800.00
3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) 3,500.00
Claimant WILLIAM E. BENDER,JR.
Street Address 1590 LONGS GAP ROAD
City CARLSILE State P A Zip 17013
Relationship of Claimant to Decedent SON
4. Probate Fees REGISTER OF WILLS 258.00
5. Accountant's Fees
6. Tax Return Preparer's Fees PATRICIA A. ROSENDALE, CPA 350.00
7. REGISTER OF WILLS - FILING FEE 30.00
8. NOTARY FEES 15.00
9. CUMBERLAND LAW JOURNAL - ESTATE NOTICE 75.00
10. THE SENTINEL - ESTATE NOTICE 154.77
11. RECORDER OF DEEDS - FILING FEE (2) 79.00
12. DIVIERSIFIED APPRAISAL SERVICES - APPRAISAL ON REAL ESTATE (2) 600.00
TOTAL (Also enter on line 9, Recapitulation) $ 22214.82
(If more space is needed, insert additional sheets of the same size)
REV-1512 E~+ (6-98)
.
SCHEDULE.
DEBTS OF DECEDENT,
MORTGAGE LIABILITIES & LIENS
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
BENDER. SR.
FILE NUMBER
WILLIAM
E.
21
07
0624
Include unreimbursed medical expenses.
ITEM
NUMBER DESCRIPTION
1. LANC HMA PHYS MGMT - MEDICAL
VALUE AT DATE
OF DEATH
465.21
2. CARLISLE HMA PHYSICIAN MANAGEMENT - MEDICAL
44.34
3. MOFFITT HEART AND VASCULAR - MEDICAL
544.72
4. KINETIC IMAGING, INC. - MEDICAL
8.78
5. PP&L - ELECTRIC
681.04
6. ROBIN K. SOLLENBERGER - TAXES
88.13
7. CARLISLE REGIONAL MEDICAL CENTER - MEDICAL
1,060.94
8. KINETIC IMAGING, INC. - MEDICAL
42.40
9. IRWIN & McKNIGHT - PRIOR LEGAL FEES FOR DEEDS, LIVING WILL AND POA
478.00
10. PURCHASE OF OXYGEN MONITOR - MEDICAL
187.50
11. FAMILY HOME MEDICAL - MEDICAL
133.82
12. EMBARQ - TELEPHONE
76.33
13. STATE FARM INSURANCE - CAR INSURANCE PREMIUM
198.67
14. WEST SHORE EMS - CARLISLE - AMBULANCE
82.18
15. YORK WASTE DISPOSAL, INC. - TRASH
41.67
TOTAL (Also enter on line 10, Recapitulation) $
4 980.87
(If more space is needed, insert additional sheets of the same size)
,~""",.(*
COMMONWEALTH OF PENNSYLVANIA
INHERITANCE TAX RETURN
RESIDENT DECEDENT
ESTATE OF
NUMBER
1.
SCHEDULE J
BENEFICIARIES
SR
FILE NUMBER
?1 07
RELATIONSHIP TO DECEDENT
Do Not List Trustee(s)
OR?4
AMOUNT OR SHARE
OF ESTATE
1/3 REMAINDER
1/3 REMAINDER
1/3 REMAINDER
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET
II. NON-TAXABLE DISTRIBUTIONS:
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE
WilliAM
E.
NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY
TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under
Sec. 9116 (a) (1.2)]
1.
KATHY A. SMITH
28 EAST MAIN STREET
NEWVILLE, PA 17241
DELLA M. BENDER
42 N. EAST STREET
CARLISLE, PA 17013
WILLIAM E. BENDER
1590 LONGS GAP ROAD
CARLISLE PA 17013
Lineal
Lineal
2.
Lineal
3.
1.
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS
1.
TOTAL OF PART II - ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET $
(If more space is needed, insert additional sheets of the same size)
f
'"
..
APPRAISAL REPORT
1590 LONGS GAP ROAD
CARLISLE, PENNSYL VANIA
PREPARED FOR
THE ESTATE OF WILLIAM E. BENDER
BY
LARRY E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYL VANIA
17013-3052
(717) 249-2758
,.
, ,
-. '
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION:
1590 Longs Gap Road
Carlisle, Pennsylvania
TAX PARCEL NUMBER:
29-05-0425-022
IMPROVEMENTS:
One-story detached converted mobile home.
PROPERTY RIGHTS:
Fee simple interest.
OWNERSHIP HISTORY:
The subject property is owned by William E. Bender, Jr.,
Della M. Bender, Kathy A. Smith and Douglas R. Smith.
The property was transferred on May 11, 2007 for a
reported consideration of $1.00 and ownership transferred
on Deed Book 280, Page 787. No sales of the property
have taken place during the preceding three years.
SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an
estimation of the property's highest and best use,
consideration of all three approaches to value, and the
application of those relevant to the valuation of the
subject.
OBJECTIVE:
To estimate the market value of the subject property as
unencumbered.
EFFECTIVE DATE:
May 27, 2007.
HIGHEST AND BEST USE:
Continued use as a single-family residence.
COST APPROACH:
N.A.
SALES APPROACH:
$92,000
INCOME APPROACH:
N.A.
FINAL VALUE CONCLUSION: $92,000
2
..'
,.
APPRAISAL CERTIFICATION
I hereby certify that upon application for valuation by:
THE ESTATE OF WILLIAM E. BENDER
the undersigned personally inspected the following described property:
All that certain piece or parcel of land, with the improvements thereon erected, situate
in North Middleton Township, Cumberland County, Pennsylvania, bounded and described as
follows:
Beginning at a point in the center of Long's Gap Road between lands now or formerly
of William DeWalt and lands of Emfred, Inc.; thence by the center of the road South 60
degrees 50 minutes East, a distance of276.37 feet to a spike in said road; thence by the center
of the same road South 47 degrees 50 minutes East, a distance of 173.63 feet to a spike; thence
along lands now or formerly of Emfred, Inc. and lands now or formerly of Robert 1. Karper
and Paul E. Boldosser South 66 degrees 44 minutes 40 seconds West, a distance of 1,588.85
feet to a post; thence along lands now or formerly of Christ Brownawell South 69 degrees 55
minutes West, a distance of 528 feet to a point in the Meeting House Run; thence by the center
of the Meeting House Run North 23 degrees 20 minutes 10 seconds West, a distance of699.87
feet to a point in the Meeting House Run; thence along lands now or formerly of Carl
Shoemaker North 79 degrees 10 minutes East, a distance of 455 feet to a point; thence North 25
degrees 10 minutes East, a distance of275 feet to a point; thence North 41 degrees 40 minutes
East, a distance of 284.00 feet to a point; thence North 60 degrees 10 minutes East, a distance
of 474 feet to a stake; thence along lands now or formerly of Paul S. Morris South 46 degrees
50 minutes East, a distance of 701.27 feet to a spike in the center of said Long's Gap Road, the
place of beginning.
Containing 32.981 acres, more or less and being in accordance with a survey of Thomas
A. Neff, Registered Surveyor, dated April 27, 1967.
To the best of my knowledge and belief the statements contained in this report are true
and correct, and that neither the employment to make this appraisal nor the compensation is
contingent upon the value reported, and that in my opinion the Market Value as of May 27,
2007 is:
NINETY - TWO THOUSAND DOLLARS
$92,000
The property was appraised as a whole, subject to the contingent and limiting conditions
3
"
outlined herein.
~~~
Certified General App
GA-000014-L
4
"
INTENDED USE OF THE APPRAISAL
The intended use of this appraisal is to estimate the Market Value of the subject
property as of May 27,2007.
Market Value is defmed as the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller,
each acting prudently, knowledgeably and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the
passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and each acting in what
he considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto.
e. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions granted
by anyone associated with the sale.
Source: Office of the Comptroller of the Currency, 12 CFI ~34.42(f).
HIGHEST AND BEST USE
Highest and Best Use is defmed by the Appraisal Terminology and Handbook,
published by the Appraisal Institute, as "the most profitable likely use to which a property can
be put". The opinion of such use may be based on the highest and most profitable continuous
use to which the property is adapted and needed, or likely to be in demand, in the reasonable
near future.
However, elements affecting value that depend upon events or a combination of
occurrences which, while within the realm of possibility, are not fairly shown to be reasonably
probable, should be excluded from consideration. Also, if the intended use is dependent on an
uncertain act of another person, the intention cannot be considered.
Based on the above defmition and after seeing the site, neighborhood, and area, it is my
opinion that the present use of the subject is its Highest and Best Use.
5
"
SITE DATA
ADDRESS: 1590 Longs Gap Road
TOWNSHIP: North Middleton
COUNTY: Cumberland
STATE: Pennsylvania
LOT SIZE: 32.981 acres.
SEWERS: On-site septic system.
WATER: On-site well.
ELECTRICITY: PP&L
LANDSCAPING: Typical for the area, with a sodded lawn, trees and shrubs.
DETRIMENTAL INFLUENCES
None. Pride of ownership is evident throughout the neighborhood.
DESCRIPTION OF IMPROVEMENTS
GENERAL DESCRIPTION: One-story detached converted mobile home containing approxi-
mately 968 square feet of gross living area above grade.
CONDITION:
Exterior: Fair
Interior: Fair
ROOMS:
First Floor:
Living room, eat-in kitchen, three bedrooms and a full
bathroom.
Crawlspace
Basement:
EXTERIOR:
Walls:
Sash:
Gutters:
Roof:
Storm units:
Wood and wood paneling.
W ood- framed, single-glazed.
None
Gable, with shingles.
None
6
'!
, '
INTERIOR, PRINCIPAL ROOMS: Flooring:
Walls:
Ceilings:
KITCHEN:
Cabinets:
Counters:
Walls:
Flooring:
Sink:
BATHROOM:
Flooring:
Walls:
Bathtub:
Lavatory:
Water closet:
HEATING:
Trim:
Hardwood
Wood paneling.
Suspended acoustical tile blocks and
paneling.
Wood, stained and varnished.
Vinyl-clad wood.
Formica
Painted wood paneling.
Vinyl
Double-bowl, porcelain.
Unfmished plywood.
Drywall, not taped or fmished.
Shower stall.
Pedestal sink.
One-piece.
Oil-fired forced hot air.
COOLING:
Central air conditioning.
HOT WATER:
Electric, 52-gallon.
ELECTRIC:
Circuit breaker system, 1 DO-ampere.
OTHER: Attached to the front of the dwelling is a large covered porch. Also
located on the site is a pavilion, one-car garage, storage building and poultry house, all of
which are considered to be in poor condition.
GENERAL CONDITION: The dwelling is considered to be in fair condition on the interior
and on the exterior, with mechanical systems appearing to be adequate and functioning
properly.
7
. .
}.
THE APPRAISAL PROCESS
Three approaches to value are generally included in an appraisal report. These
techniques include the cost approach, sales comparison approach, and income approach to
value.
The cost approach to value is based on the assumption that the reproduction cost of a
building plus land value, tends to set the upper limit to value. A key assumption is that a newly
constructed building would have advantages over the existing building, therefore an evaluation
focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to
a new facility. Due to the age of the subject improvements, the cost approach is considered to
be inappropriate and has, therefore, not been included in the development of this appraisal
report.
The sales comparison approach to value assumes that under normal conditions, a given
number of parties acting intelligently and voluntarily, tend to set a pattern from which value
can be estimated. Application of this approach relies on a comparison of the subject with a
sufficient number of recent transactions of comparable properties in the market, based on a
common unit, such as price per square foot of building area.
The income approach concerns itself with present worth of the future potential benefits
of a property. The initial estimate involves the net income, which a fully informed person is
justified in assuming the property will produce during its remaining useful life. This estimated
net income is then capitalized into a value estimate, based upon the level of risk as compared
with that of a similar type and class. Since homes similar to the subject are not typically
utilized as income-producing investment properties, the income approach to value is considered
to be inappropriate and has, therefore, not been included in the development of this appraisal
report.
8
, .
.
, .
SALES COMPARISON APPROACH
In arriving at this conclusion of the value of the subject property, the appraiser made a
survey of properties that have sold in the area of the subject property.
Consideration was given and adjustments were made on each comparable sale as to
time of sale, size, location, as well as all other factors that might affect value. A resume of
some of the sales considered by the appraiser is as follows:
SALE NO.1:
Location:
Date of Sale:
Sale Price:
Size:
Unit Price:
SALE NO.2:
Location:
Date of Sale:
Sale Price:
Size:
Unit Price:
SALE NO.3:
Location:
Date of Sale:
Sale Price:
Size:
Unit Price:
307 Zion Road, Mt. Holly Springs.
January 4, 2007.
$59,900
864 square feet.
$69.33 per square foot.
22 Weist Road, Newville.
September 5, 2006.
$65,000
924 square feet.
$70.35 per square foot.
2 Middle Acres, Newville.
May 30, 2006.
$66,900
1,120 square feet.
$59.73 per square foot.
The appraiser, in addition to the sales listed, also considered several additional sales in
arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this
page are dollar adjustments reflecting market reaction to those items of significant variation
between the subject and comparable properties. If a significant item in the comparable
property is superior to, or more favorable than, the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the comparable is
inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus
increasing the indicated value of the subject.
After making all of the necessary adjustments, it is the appraiser's considered opinion
that the indicated value of the subject property by the Sales Comparison Approach is $92,000.
9
,.
"
SALES COMPARISON ANALYSIS
ITEM SUBJECT COMPARABLE #1 COMPARABLE #2 COMPARABLE #3
1590 Long's Gap Rd. 307 Zion Road 22 Weist Road 2 Middle Acres
Address Carlisle Mt. Holly Springs Newville Newville
Proximity to Subject
Sale Price
Price / Sq. Ft. GLA N.A. $69.33 $70.35 $59.73
Data Source Inspection Courthouse & Central Penn MLS Courthouse & Central Penn MLS Courthouse & Central Penn MLS
ADJUSTMENTS DESCRIPTION DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. DESCRIPTION $ Adjust.
Sales or Financing
Concessions None FHA -2,000 None
Date of Sale I Time As of 5-27-07 1-4-07 9-5-06 5-30-06
Location Average Similar Similar Similar
Site I View 32.981 acres 1.11 acre +31,900 .46 acre +32,500 .77 acre +32,200
Design and Appeal Converted mb!. home Similar Similar Similar
Construction Wood Aluminum Aluminum Aluminum
Age 43 years 36 years 22 years 20 years
Condition Fair Superior -6,000 Superior -6,500 Superior -6,700
Above Grade Tot. I Bed. Bath Tot. I Bed. I Bath Tot. Bed. I Bath Tot. Bed. I Bath
Room Count
5 I 3 I 5 I 3 , 1 4 2 I 1 +2,000 4 2 I 2
Gross Living Area 968 square feet 864 square feet +2,100 924 sq uare feet 1,120 square feet -3,000
Basement &Finished
Rooms Below Grade Crawlspace Similar Similar Similar
Functional UtilitY Average Similar Similar Similar
Heatinsz I Cooling Oil FHA w/cen. air Oil-fired FHA +2,000 Heat DumD Similar
G8I'alZe I Camort One-car gara2e One-car camort +2,000 None +3,000 None +3,000
Porches, Patios Porch, stor. bldg., Porch, storage Porch, wood deck, Porch, wood deck,
Pools, etc. Davilion, Doultrv hs. building. +500 two stora2e bld2s. stora2e bldl/;.
Special Energy Typical for the
Efficient Items rel/;ion. Similar Similar Similar
Fireplace( s) None None None None
Other (e.g. kitchen
equip., remodeling) Built-ins. Similar Similar Similar
Net Adi. (total) +32,500 +29,000 +25,500
Indicated Value
of Subject 92,400 94,000 92,400
FINAL INDICA TED VALUE OF SUBJECT PROPERTY: $92,000
10
, .
,.
CORRELA TION
Correlation may be defined as "the bringing together of parts in a proper relationship."
The parts of this appraisal report are the following approaches to value your appraiser used:
Value Indicated by Cost Approach
Value Indicated by Sales Comparison Approach
Value Indicated by Income Approach
N.A.
$92,000
N.A.
These approaches are representative of the market value of the subject property. I have
carefully reexamined each step in each method, and I believe the conclusions accurately reflect
the attitude of typical purchasers of this type property in this neighborhood. It is my belief that
this reexamination has confirmed the original conclusions.
The Cost Approach will result in an excellent estimate if all elements are figured
accurately, because no prudent person will pay more for a property than the cost to produce a
substitute property with equal desirability and utility. Purchasers of the type of dwelling
typical of the subject property are more concerned with amenities than with hypothetical
replacement of the property. Due to the age of the subject improvements, the Cost Approach is
considered to be inappropriate and has not been included in this appraisal report.
The Sales Comparison Approach was based on several recent sales of properties similar
to that of the subject, all of which are located in the same general area. The adjusted sales
prices are most consistent under comparison. This approach is the most reliable because it
reflects the reactions of typical buyers and sellers in the market.
The Income Approach is most applicable to income producing properties or properties
that are primarily utilized for income producing purposes. Purchasers of income producing
properties are willing to pay no more for a particular property than the net operating income
will support. Since the majority of properties similar to the subject are not utilized for income
producing purposes, this approach to value has not been included in this appraisal report.
Therefore, as a result of this appraisal and analysis, it is this appraiser's considered
judgment and opinion that the Market Value of the subject property, as of May 27,2007, is:
NINETY-TWO THOUSAND DOLLARS
$92,000
11
, .
\-
UNDERLYING ASSUMPTIONS AND LIMITING
CONDITIONS SUBJECT TO THIS APPRAISAL
1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to
the title, which is assumed to be marketable. The property is appraised as though under
responsible ownership.
2. The legal description used herein is correct.
3. I have made no survey of the property, and the boundaries are taken from records
believed to be reliable.
4. I assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. I assume no responsibility for
such conditions or for engineering which might be required to discover such factors.
5. The information, estimates, and opinions furnished to me and contained in this report
were obtained from sources considered reliable and believed to be true and correct.
However, no responsibility for accuracy can be assumed by me.
6. This report is to be used in its entirety and only for the purpose for which it was
rendered.
7. Neither all nor any part of the contents oJ this report (especially any conclusions as to
value, the identity of the appraiser or the fIrm with which he is connected) shall be
reproduced, published, or disseminated to the public through advertising media, public
relations media, news media, sales media, or any other public means of communication,
without the prior written consent and approval of the appraiser.
8. This appraisal was prepared for the exclusive use of the client identified in this appraisal
report. The information and opinions contained in this appraisal set forth the
appraiser's best judgment in light of the information available at the time of the
preparation of this report. Any use of this appraisal by any other person or entity, or
any reliance or decisions based on this appraisal are the sole responsibility and at the
sole risk of the third party. The appraiser accepts no responsibility for damages
suffered by any third party as a result of reliance on or decisions made or actions taken
based on this report.
12
, .
,.
CERTIFICATE OF APPRAISAL
Your appraiser hereby certifies that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. I have no present of prospective interest in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
6. My compensation for completing this assignment is not contingent upon the
development or 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.
7. To the best of my knowledge and belief, the statements of fact contained in this
appraisal report, upon which the analyses, opinions, and conclusions expressed herein
are based, are true and correct.
8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of
my assignment or by the undersigned) affecting the analyses, opinions, and conclusions
contained in this report.
9. This appraisal report has been made in conformity with the Uniform Standards of
Professional Appraisal Practice adopted by the Appraisal Standards Board of the
Appraisal Foundation, and is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the National Association of Realtors
Appraisal Section.
13
. -
,
.
"
10. No one other than the undersigned prepared the analyses, conclusions, and
opinions concerning real estate that are set forth in this appraisal report.
~~
Certified General Appraiser
GA-000014-L
14
. .
,"
PRIVACY NOTICE
Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1,2001, appraisers,
along with all providers of personal [mancial services are now required by federal law to
inform their clients of the policies of the firm with regard to the privacy of client nonpublic
personal information. As professionals, we understand that your privacy is very important to
you and are pleased to provide you with this information.
In the course of performing appraisals, we may collect what is known as "nonpublic
personal information" about you. This information is used to facilitate the services that we
provide to you and may include the information provided to us by you directly or received by
us from others with your authorization.
We do not disclose any nonpublic personal information obtained in the course of our
engagement with our clients to nonaffiliated third parties, except as necessary or as required by
law. By way of example, a necessary disclosure would be to our independent contractors, and
in certain situations, to unrelated third party consultants who need to know that information to
assist us in providing appraisal services to you. All of our independent contractors and any
third party consultants we engage are informed that any information they see as part of an
appraisal assignment is to be maintained in strict confidence within the firm. A disclosure
required by law would be a disclosure by us that is ordered by a court of competent jurisdiction
with regard to a legal action to which you are a party.
We will retain records relating to professional services that we have provided to you for
a reasonable time so that we are better able to assist you with your needs. In order to protect
your nonpublic personal information from unauthorized access by third parties, we maintain
physical, electronic and procedural safeguards that comply with our professional standards to
insure the security and integrity of your information.
15
,
,
'. .
,"
LARRY E. FOOTE
REAL ESTATE APPRAISER
EXPERIENCE:
1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa.
Principal Broker, LaRue Development Company, Carlisle, Pa.
1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa.
1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa.
Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile
home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office
buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers,
warehouses, and manufacturing facilities.
EDUCATION:
Bachelor of Business Administration, Pennsylvania State University, 1976.
Associate Bachelor of Business Administration, Harrisburg Area Community
College, 1974.
Diploma, Carlisle Senior High School, 1965.
Certificate, Pennsylvania Realtors Institute, GRI I, GRl II, GRl III.
Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104,
CI105.
Standards of Professional Practice, American Institute of Real Estate Appraisers.
Real Estate Appraisal Principles, American Institute of Real Estate Appraisers.
Residential Valuation, American Institute of Real Estate Appraisers.
Appraisal Procedures, Appraisal Institute.
Principles of Income Property Appraising, Appraisal Institute.
Case Studies in Real Estate Valuation, Appraisal Institute.
Report Writing and Valuation Analysis, Appraisal Institute.
PROFESSIONAL LICENSES:
General Appraiser #GA-000014-L, Commonwealth of Pennsylvania.
Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania.
PROFESSIONAL DESIGNA nONS:
GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl-
vania Association of Realtors.
CRS: Certified Residential Specialist, awarded by the Realtors National Market-
ing Institute of the National Association of Realtors.
CCIM: Certified Commercial Investment Member, awarded by the Realtors
National Marketing Institute of the National Association of Realtors.
PROFESSIONAL ORGANIZATION AFFILIATIONS:
National Association of Realtors Appraisal Section.
Greater Harrisburg Association of Realtors.
Pennsylvania Association of Realtors.
National Association of Realtors.
Realtors National Marketing Institute.
16
.,'
,-
PAST CLIENTS:
Borough of Carlisle
Keystone Financial Mortgage
Cornerstone Federal Credit Union
Pennsylvania State Bank
Commerce Bank
Cumberland-Perry Association for Retarded Citizens
Carlisle Suburban Authority
Members 1st Federal Credit Union
Pennsylvania National Bank
Evans Financial Corporation
Greenawalt & Company, CPA
Smith's Transfer Corporation
Carlisle Department of Parks and Recreation
Executive Relocation Services
Carlisle Area School District
Messiah Homes, Incorporated
ERA Eastern Regional Services
Pennsylvania Turnpike Commission
Chase Home Mortgage Corporation
Defense Activities Federal Credit Union
Pennsylvania State Employees Credit Union
PNC Mortgage Corporation
F &M Trust Company
National City Mortgage Corporation
Washington Mutual Home Loans, Inc.
Prudential Relocation Services
Lender's Choice
Market Intelligence, Incorporated
United Telephone Employees Federal Credit Union
Cumberland County Commissioners
Allstate Enterprises Mortgage Corporation
Dickinson College
PPG Industries, Incorporated
Gettysburg College
Redevelopment Authority of Cumberland County
Record Data Appraisal Services, Incorporated
First United Federal Savings Association
Fulton Bank
United States Marshall Service
GMAC Mortgage Corporation
Orrstown Bank
Letterkenny Federal Credit Union
BancPlus Mortgage Corporation
Coldwell Banker Relocation Services, Incorporated
Central Pennsylvania Savings Bank
Mellon Bank
Provident Home Mortgage Corporation
Drovers Bank
17
American Home Bank
Trans Union
M&T Mortgage Corporation
Cody Financial Mortgage Services
Waypoint Bank
Northwest Savings Bank
Blue Ball National Bank
Adams County National Bank
Countrywide Home Loans
Aarrow Mortgage
Various law firms and individuals
.~
, .
PHOTOGRAPHS OF THE SUBJECT IMPROVEMENTS
18
.'
"
PHOTOGRAPHS OF THE SUBJECT IMPROVEMENTS
19
.'
.'
MOBILE HOME REMOVED FROM SITE
COMPARABLE SALE NO, 1
COMPARABLE SALE NO, 2
. ,..-,. l ~"
COMPARABLE SALE NO, 3
20
"
, .
APPRAISAL REPORT
LOT ON MULBERRY AVE.
CARLISLE, PENNSYL VANIA
PREPARED FOR
THE ESTATE OF WILLIAM E. BENDER
BY
LARRY E. FOOTE
DIVERSIFIED APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYL VANIA
17013-3052
(717) 249-2758
"
,..
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION:
Mulberry Avenue
Carlisle, Pennsylvania
TAX PARCEL NUMBER:
02-21-0318-297
IMPROVEMENTS:
None on site.
PROPERTY RIGHTS:
Fee simple interest.
OWNERSHIP HISTORY:
The subject property is owned by William E. Bender, Jr.,
Della M. Bender, Kathy A. Smith and Douglas R. Smith.
The property was transferred on May 11, 2007 for a
reported consideration of $1.00 and ownership transferred
on Deed Book 280, Page 784. No sales of the property
have taken place during the preceding three years.
SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an
estimation of the property's highest and best use,
consideration of all three approaches to value, and the
application of those relevant to the valuation of the
subject.
OBJECTIVE:
To estimate the market value of the subject property as
unencumbered.
EFFECTIVE DATE:
May 27, 2007.
HIGHEST AND BEST USE:
Use as a multi-family dwelling building site.
COST APPROACH:
N.A.
SALES APPROACH:
$23,000
INCOME APPROACH:
N.A.
FINAL VALUE CONCLUSION: $23,000
2
,.
."
APPRAISAL CERTIFICATION
I hereby certify that upon application for valuation by:
THE ESTATE OF WILLIAM E. BENDER
the undersigned personally inspected the following described property:
All that certain piece or parcel of land, with the improvements thereon erected, situate
in the First Ward of the Borough of Carlisle, Cumberland County, Pennsylvania, bounded and
described as follows:
Beginning at a point a point on the Northern side of Mulberry Avenue, said point being
100 feet 8 inches measured westwardly along the Northern side of Mulberry Avenue from the
Western side of North East Street; thence in a Northerly direction along the Western side ofa
private alley 15 feet wide, and parallel with North East Street, 100 feet to a point, the
Southwestern comer of two private alleys 15 feet wide; thence in a Westerly direction along the
Southern side of the second private alley 15 feet wide, 56 feet to a point; thence in a Southerly
direction 100 feet to a point on the Northern side of Mulberry Avenue; thence in an Easterly
direction along the Northern side of Mulberry Avenue, 56 feet to the place of beginning.
. To the best of my knowledge and belief the statements contained in this report are true
and correct, and that neither the employment to make this appraisal nor the compensation is
contingent upon the value reported, and that in my opinion the Market Value as of May 27,
2007 is:
TWENTY -THREE THOUSAND DOLLARS
$23,000
The property was appraised as a whole, subject to the contingent and limiting conditions
outlined herein.
~~
Certified General Appraiser
GA-000014-L
3
" '
,,,
INTENDED USE OF THE APPRAISAL
The intended use of this appraisal is to estimate the Market Value of the subject
property as of May 27,2007.
Market Value is defmed as the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller,
each acting prudently, knowledgeably and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the
passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and each acting in what
he considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of fmancial
arrangements comparable thereto.
e. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions granted
by anyone associated with the sale.
Source: Office of the Comptroller of the Currency, 12 CFI ~34.42(f).
HIGHEST AND BEST USE
Highest and Best Use is defined by the Appraisal Terminology and Handbook,
published by the Appraisal Institute, as "the most profitable likely use to which a property can
be put". The opinion of such use may be based on the highest and most profitable continuous
use to which the property is adapted and needed, or likely to be in demand, in the reasonable
near future.
However, elements affecting value that depend upon events or a combination of
occurrences which, while within the realm of possibility, are not fairly shown to be reasonably
probable, should be excluded from consideration. Also, if the intended use is dependent on an
uncertain act of another person, the intention cannot be considered.
Based on the above definition and after seeing the site, neighborhood, and area, it is my
opinion that use of the subject for construction of a multi-family dwelling is its Highest and
Best Use.
4
"
:
."
SITE DATA
ADDRESS:
Mulberry A venue
BOROUGH:
Carlisle
COUNTY:
Cumberland
STATE:
Pennsylvania
LOT SIZE:
5,600 square feet
SEWERS:
Public utility.
WATER:
Public utility.
ELECTRICITY:
PP&L
ZONING:
R4, Town Center Residential District.
DESCRIPTION OF THE SITE
The subject site consists of a vacant tract of land containing 5,600 square feet of gross
area, located on Mulberry A venue. This tract of land is rectangular in shape and contains 56
linear feet of macadam road frontage along Mulberry A venue. The tract also contains 100
linear feet of gravel frontage along a private alley on the eastern side of the site and 56 linear
feet of gravel frontage along a private alley located at the rear of the site. The tract extends 100
feet in depth. The site is improved with a concrete sidewalk and concrete curbing along
Mulberry Avenue.
The topography of the site is level throughout. There does not appear to be any
drainage problems, and according to Federal Emergency Management Agency map number
425382-0004-B, the site is not located in an area which is prone to flooding.
In the absence of core boring, it has been assumed that there are no mineral deposits of
a commercial nature underlying the subject site. For the same reason, it is assumed that there
are no unusual sub-soil conditions that would adversely affect the subject site.
Access to the site is via Mulberry Avenue, and visibility of the site from this roadway is
considered to be good.
5
"
.."
.
."
THE APPRAISAL PROCESS
Three approaches to value are generally included in an appraisal report. These
techniques include the cost approach, sales comparison approach, and income approach to
value.
The cost approach to value is based on the assumption that the reproduction cost of a
building plus land value, tends to set the upper limit to value. A key assumption is that a newly
constructed building would have advantages over the existing building, therefore an evaluation
focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to
a new facility. Since the subject consists of a vacant lot, the cost approach has not been
included in the development of this appraisal report.
The sales comparison approach to value assumes that under normal conditions, a given
number of parties acting intelligently and voluntarily, tend to set a pattern from which value
can be estimated. Application of this approach relies on a comparison of the subject with a
sufficient number of recent transactions of comparable properties in the market, based on a
common unit, such as price per square foot.
The income approach concerns itself with present worth of the future potential benefits
of a property. The initial estimate involves the net income, which a fully informed person is
justified in assuming the property will produce during its remaining useful life. This estimated
net income is then capitalized into a value estimate, based upon the level of risk as compared
with that of a similar type and class. Since vacant lots similar to the subject are generally not
used for income-producing purposes, the income approach to value is considered to be
inappropriate and has, therefore, not been included in the development of this appraisal report.
6
, .
...
,
,,,
SALES COMPARISON APPROACH
In arriving at this conclusion of the value of the subject property, the appraiser made a
survey of properties that have sold in the area of the subject property.
Consideration was given and adjustments were made on each comparable sale as to
time of sale, size, location, as well as all other factors that might affect value. A resume of
some of the sales considered by the appraiser is as follows:
SALE NO.1:
Location:
Parcel No.:
Date of Sale:
Deed Ref.:
Sale Price:
Size:
Unit Price:
Grantor:
Grantee:
SALE NO.2:
Location:
Parcel No.:
Date of Sale:
Deed Ref.:
Sale Price:
Size:
Unit Price:
Grantor:
Grantee:
SALE NO.3:
Location:
Parcel No.:
Date of Sale:
Deed Ref.:
Sale Price:
Size:
Unit Price:
Grantor:
Grantee:
North Bedford Street, Carlisle.
02-20-1800-014
January 3, 2005.
Deed Book 266, Page 4834.
$4,500
.18 acre irregular shaped lot.
$.57 per square foot.
Allen Gourley.
Gnanachandra M. Chianniah.
East Liberty A venue, Carlisle.
03-21-0320-043
May 18, 2005.
Deed Book 268, Page 4666.
$40,000
.05 acre rectangular shaped lot.
$18.37 per square foot.
Robert H. Barrett.
Eugene E. Quigley.
West Locust Avenue, Carlisle.
05-20-1798-302
August 23,2005.
Deed Book 270, Page 2776.
$25,000
.17 acre rectangular shaped lot.
$3.19 per square foot.
Carlisle Area Religious Council.
David and Joyce Raudabaugh.
7
, .
~
..
The appraiser, in addition to the sales listed, also considered several additional sales in
arriving at his fmal opinion of value. On the Sales Comparison Analysis form that follows this
page are dollar adjustments reflecting market reaction to those items of significant variation
between the subject and comparable properties. If a significant item in the comparable
property is superior to, or more favorable than, the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the comparable is
inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus
increasing the indicated value of the subject.
After making all of the necessary adjustments, it is the appraiser's considered opinion
that the indicated value of the subject property by the Sales Comparison Approach is $23,000.
8
,,,
~
"
SALES COMPARISON ADJUSTMENTS
The appraiser has analyzed comparable sales and has developed dollar adjustments,
reflecting market reaction to those items of significant variation between the subject and
comparable properties. If a significant item in the comparable property is superior to, or more
favorable than the subject property, a minus (-) adjustment is made, thus reducing the indicated
value of the subject; if a significant item in the comparable is inferior to, or less favorable than
the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the
subject.
SALE # 1 SALE #2 SALE #3
Sale Price 4,500 40,000 25,000
Time +450 +4,000 +2,500
Location -20,000
Shape +2,250
Size +4.356 +6.970 -4.356
Net Adjustment +7.056 -9.030 -1.856
Indicated Value: 11,556 30,970 23,144
9
"
~
,..
CORRELA TION
Correlation may be defmed as "the bringing together of parts in a proper relationship."
The parts of this appraisal report are the following approaches to value your appraiser used:
Value Indicated by Cost Approach
Value Indicated by Sales Comparison Approach
Value Indicated by Income Approach
N.A.
$23,000
N.A.
These approaches are representative of the market value of the subject property. I have
carefully reexamined each step in each method, and I believe the conclusions accurately reflect
the attitude of typical purchasers of this type property in this neighborhood. It is my belief that
this reexamination has confirmed the original conclusions.
The Cost Approach will result in an excellent estimate if all elements are figured
accurately, because no prudent person will pay more for a property than the cost to produce a
substitute property with equal desirability and utility. Purchasers of the type of dwelling
typical of the subject property are more concerned with amenities than with hypothetical
replacement of the property. Since the subject consists of a vacant tract of land, the Cost
Approach is considered to be inappropriate and has not been included in this appraisal report.
The Sales Comparison Approach was based on several recent sales of properties similar
to that of the subject, all of which are located in the same general area. The adjusted sales
prices are most consistent under comparison. This approach is the most reliable because it
reflects the reactions of typical buyers and sellers in the market.
The Income Approach is most applicable to income producing properties or properties
that are primarily utilized for income producing purposes. Purchasers of income producing
properties are willing to pay no more for a particular property than the net operating income
will support. Since the majority of properties similar to the subject are not utilized for income
producing purposes, this approach to value has not been included in this appraisal report.
Therefore, as a result of this appraisal and analysis, it is this appraiser's considered
judgment and opinion that the Market Value of the subject property, as of May 27, 2007, is:
TWENTY-THREE THOUSAND DOLLARS
$23,000
10
"
"
....
UNDERL YING ASSUMPTIONS AND LIMITING
CONDITIONS SUBJECT TO THIS APPRAISAL
1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to
the title, which is assumed to be marketable. The property is appraised as though under
responsible ownership.
2. The legal description used herein is correct.
3. I have made no survey of the property, and the boundaries are taken from records
believed to be reliable.
4. I assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. I assume no responsibility for
such conditions or for engineering which might be required to discover such factors.
5. The information, estimates, and opinions furnished to me and contained in this report
were obtained from sources considered reliable and believed to be true and correct.
However, no responsibility for accuracy can be assumed by me.
6. This report is to be used in its entirety and only for the purpose for which it was
rendered.
7. Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraiser or the fIrm with which he is connected) shall be
reproduced, published, or disseminated to the public through advertising media, public
relations media, news media, sales media, or any other public means of communication,
without the prior written consent and approval of the appraiser.
8. This appraisal was prepared for the exclusive use of the client identifIed in this appraisal
report. The information and opinions contained in this appraisal set forth the
appraiser's best judgment in light of the information available at the time of the
preparation of this report. Any use of this appraisal by any other person or entity, or
any reliance or decisions based on this appraisal are the sole responsibility and at the
sole risk of the third party. The appraiser accepts no responsibility for damages
suffered by any third party as a result of reliance on or decisions made or actions taken
based on this report.
11
"
~
....
CERTIFICA TE OF APPRAISAL
Your appraiser hereby certifies that:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
3. I have no present of prospective interest in the property that is the subject of this report,
and no personal interest with respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
6. My compensation for completing this assignment is not contingent upon the
development or 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.
7. To the best of my knowledge and belief, the statements of fact contained in this
appraisal report, upon which the analyses, opinions, and conclusions expressed herein
are based, are true and correct.
8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of
my assignment or by the undersigned) affecting the analyses, opinions, and conclusions
contained in this report.
9. This appraisal report has been made in conformity with the Uniform Standards of
Professional Appraisal Practice adopted by the Appraisal Standards Board of the
Appraisal Foundation, and is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the National Association of Realtors
Appraisal Section.
12
~
"
...
10. No one other than the undersigned prepared the analyses, conclusions, and
opinions concerning real estate that are set forth in this appraisal report.
~J~
Certified General Appraiser
GA-OOOOI4-L
13
0'"
~
"
PRIVACY NOTICE
Pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1,2001, appraisers,
along with all providers of personal financial services are now required by federal law to
inform their clients of the policies of the firm with regard to the privacy of client nonpublic
personal information. As professionals, we understand that your privacy is very important to
you and are pleased to provide you with this information.
In the course of performing appraisals, we may collect what is known as "nonpublic
personal information" about you. This information is used to facilitate the services that we
provide to you and may include the information provided to us by you directly or received by
us from others with your authorization.
We do not disclose any nonpublic personal information obtained in the course of our
engagement with our clients to nonaffiliated third parties, except as necessary or as required by
law. By way of example, a necessary disclosure would be to our independent contractors, and
in certain situations, to unrelated third party consultants who need to know that information to
assist us in providing appraisal services to you. All of our independent contractors and any
third party consultants we engage are informed that any information they see as part of an
appraisal assignment is to be maintained in strict confidence within the firm. A disclosure
required by law would be a disclosure by us that is ordered by a court of competent jurisdiction
with regard to a legal action to which you are a party.
We will retain records relating to professional services that we have provided to you for
a reasonable time so that we are better able to assist you with your needs. In order to protect
your nonpublic personal information from unauthorized access by third parties, we maintain
physical, electronic and procedural safeguards that comply with our professional standards to
insure the security and integrity of your information.
14
.....
loot.
.'
LARRY E. FOOTE
REAL ESTATE APPRAISER
EXPERIENCE:
1979-Present: Chief Appraiser, Diversified Appraisal Services, Carlisle, Pa.
Principal Broker, LaRue Development Company, Carlisle, Pa.
1976-1979: Associate Broker, Colonial Realty, Carlisle, Pa.
1972-1976: Realtor Associate, Jack Gaughen Realtor, Carlisle, Pa.
Appraisal experience included undeveloped land, farms, building lots, single-family dwellings, mobile
home parks, medical centers, nursing homes, motels, apartment buildings and complexes, office
buildings, service stations, veterinary clinics, rehabilitation centers, retail buildings, daycare centers,
warehouses, and manufacturing facilities.
EDUCATION:
Bachelor of Business Administration, Pennsylvania State University, 1976.
Associate Bachelor of Business Administration, Harrisburg Area Community
College, 1974.
Diploma, Carlisle Senior High School, 1965.
Certificate, Pennsylvania Realtors Institute, GRI I, GRI II, GRI III.
Certificate, Realtors National Marketing Institute, CI 101, CI 102, CI 103, CI 104,
CI 105.
Standards of Professional Practice, American Institute of Real Estate Appraisers.
Real Estate Appraisal Principles, American Institute of Real Estate Appraisers.
Residential Valuation, American Institute of Real Estate Appraisers.
Appraisal Procedures, Appraisal Institute.
Principles of Income Property Appraising, Appraisal Institute.
Case Studies in Real Estate Valuation, Appraisal Institute.
Report Writing and Valuation Analysis, Appraisal Institute.
PROFESSIONAL LICENSES:
General Appraiser #GA-OOOOI4-L, Commonwealth of Pennsylvania.
Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania.
PROFESSIONAL DESIGNATIONS:
GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the Pennsyl-
vania Association of Realtors.
CRS: Certified Residential Specialist, awarded by the Realtors National Market-
ing Institute of the National Association of Realtors.
CCIM: Certified Commercial Investment Member, awarded by the Realtors
National Marketing Institute of the National Association of Realtors.
PROFESSIONAL ORGANIZATION AFFILIATIONS:
National Association of Realtors Appraisal Section.
Greater Harrisburg Association of Realtors.
Pennsylvania Association of Realtors.
National Association of Realtors.
Realtors National Marketing Institute.
15
..'
t-'
.
^-"
PAST CLIENTS:
Borough of Carlisle
Keystone Financial Mortgage
Cornerstone Federal Credit Union
Pennsylvania State Bank
Commerce Bank
Cumberland-Perry Association for Retarded Citizens
Carlisle Suburban Authority
Members 1 st Federal Credit Union
Pennsylvania National Bank
Evans Financial Corporation
Greenawalt & Company,CPA
Smith's Transfer Corporation
Carlisle Department of Parks and Recreation
Executive Relocation Services
Carlisle Area School District
Messiah Homes, Incorporated
ERA Eastern Regional Services
Pennsylvania Turnpike Commission
Chase Home Mortgage Corporation
Defense Activities Federal Credit Union
Pennsylvania State Employees Credit Union
PNC Mortgage Corporation
F&M Trust Company
National City Mortgage Corporation
Washington Mutual Home Loans, Inc.
Prudential Relocation Services
Lender's Choice
Market Intelligence, Incorporated
United Telephone Employees Federal Credit Union
Cumberland County Commissioners
Allstate Enterprises Mortgage Corporation
Dickinson College
PPG Industries, Incorporated
Gettysburg College
Redevelopment Authority of Cumberland County
Record Data Appraisal Services, Incorporated
First United Federal Savings Association
Fulton Bank
United States Marshall Service
GMAC Mortgage Corporation
Orrstown Bank
Letterkenny Federal Credit Union
BancPlus Mortgage Corporation
Coldwell Banker Relocation Services, Incorporated
Central Pennsylvania Savings Bank
Mellon Bank
Provident Home Mortgage Corporation
Drovers Bank
16
American Home Bank
Trans Union
M&T Mortgage Corporation
Cody Financial Mortgage Services
Waypoint Bank
Northwest Savings Bank
Blue Ball National Bank
Adams County National Bank
Countrywide Home Loans
Aarrow Mortgage
Various law firms and individuals
,-'"
eI~
PHOTOGRAPH OF THE SUBJECT SITE
17
"....
.~
~ .
~;f
STREET SCENES AT THE SUBJECT PROPERTY
18
,...
July 6, 2007
Marcus A. McKnight, III
Irwin & McKnight Law Offices
West Pomfret Professional Building
60 West Pomfret Street
Carlisle, PA 17013-3222
RE: Estate of William E. Bender, Sr.
]. Title of account: William E. Bender
2. Opened on 05/04/2006
3. No change of ownership.
4. No accounts closed.
5. Interest paid this year: $180.92.
6. Date of Death Balance: $12, I 05.85. (See attached Statement)
We have retained a copy of the Death Certificate. We are returning the original, for family use.
Thank you,
Principal Bank
Des Moines, IA 50392-0040/ (800) 672-3343/ www.principalbank.com
Member FDIC / Equal Housing lender
A member of the Principal Financial Group@
.- '!'. ~ rlJ M&f Bank
499 Mitchell Road, Millsboro, DE 19966 Mail Code DE-MB-12
Phone (888) 502-4349
Fax (302) 934-2955
July 5, 2007
Law Offices
Irwin & McKnight
West Pomfret Professional Building
60 West Pomfret Street
Carlisle, Pennsylvania 17013-3222
~~~~uw~~
.Jlli 0\, 7 2nO'!
' ........_. j 1 V J
l' fll
~. .. -'-" ,
IT'0 (~: ,\.r, V ?'\J1G' H'l~
-,- - , -., - i'}:. I~_ .;;,'~~ ''li 1
Re: Estate 0(- William E Bender allda William F Bender Sr
Social Securitv: 161-32-4198
Date of Death: Mav 27.2007
Dear Sir or Madam:
Per your inquiry dated July 02,2007, please be advised that at the time of death, the above-named decedent had on deposit
with this bank the following:
1.
Type of Account
Checking Account
Account Number
Ownership (Names oj)
402869
formerly KeyStone Financial # 402869
Carolyn M Bender * cleCeU'ii' J
William F Bender Sr *
Opening Date
09/01/67 Closed 07/02/07
Balance on Date of Death
$16,629.09
Accrued Interest
$
0.00
Total
$16,629.09
2.
Type of Account
IRA
Account Number
035004200166260
formerly KeyStone Financial # 00017700013431
Ownership (Names oj)
William E Bender *
Carolyn M Bender, Beneficiary * dect'Q~.J
Opening Date
05/01/99
Balance on Date of Death
$89,911.43
Accrued Interest
$ 431.21
Total
$90,342.64
....
VI
~
Please be advised, there was no safe deposit box found for the above decedent.
* If upon reviewing the information above, you believe there are additional accounts not referenced, please provide
us with an account number and/or the name of any possible joint account holder. For any additional information on
the above accounts, including ownership and any changes, closures and/or reimbursement of funds, please call the
High Street Carlisle Office # 717-240-4536.
Sincerely,
o/fl~a~
Nancy Clagett
Records Management
-
,If '., ~
Hoffman-Roth Funeral Home & Crematory, Inc.
2! <) North Hanover Street
Carlisle. PAl 7013
(717)243-4511
June 13, 2007
William E. Bender Jr.
1590 Longs Gap Rd.
Carlisle. PAl 70 13
The Funeral Service for William E. Bender Sr.
15057-125
We sincerely appreciate the confidence you have placed in us and will continue to assist you in every way we can. Please
feel free to contact us I f you have any questions Il1 rcgaru to Lhi;, ;,ldl~in.:nL
THE FOLLOWING IS AN ITEMIZED STATEMENT OF THE SERVICES. FACILITIES. ACTOMOTIVE EQUlP~lENT.
AND MERCHANDISE THAT YOU SELECTED WHEN MAKING THE FUNERAL ARRANGEMENTS.
OUR SERVICE:
Tradillonal FUlleral Service Package. . . . . .
FUNERAL !laME SERVICE CHARGES
SYji.)ij.OO
S31}1'0.OO
SELECTED MERCHANDISE:
Christian II Casket . . . . . . . . . . . . . . . . . . . . .
Monticello Intenncnt Receptacle. . . . . . . . . . . . . . . . .
T.lIE COST OF OUR SERVICES, EQUIPMENT. AND MERCHANDISE
11-1 A T YOU IIA VE SELECTED . . . . . . . . . . . . .
~::>"O(ln
S 122000
$7540.00
Cuh Advances
Opening Grave & Maintenance Fee~R()ck in Grave.
Newspaper Obituary NOllce- Sentinel. .
Newspaper Obituary Notice - Patriot News
Clergy Offering . . . . . . .
Certified Copies of Death Certificates.
flowers. . . . . . . . . .
S900.00
Sl0710
5205.15
~ ~ Of\. 'v,
';"V\1.'-IV
S60.00
S 190.80
TOT.\L C.\Sl! \nV"~CFS .\'10 SPECIAl CHARGES.
$1563.05
Total
TOlal Cost .
$') I 03 ,05
TOTAL AMOUNT DUE
$9103.05
ThIs st~tcment !s !H!t and p~YlJblp. In filII within 30 days of receipt.
- - - -.. -........... -...... -................ -.......... ---...................... -.......... -.......................
Please return this portion with your Remittance
$
Amount Enclosed
Service 10 # 15051.125
William E. Bender Sr.