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HomeMy WebLinkAbout08-04-08 (2) COMMONWEALTH OF REV 15 0 0 OFFICIAL USE ONLY ` PENNSYLVANIA DEPARTMENT OF REVENUE /+ /~y ~~~„~~~~~~~ ~ T v nnnn V RETURN FILE NUMBER DEPT. 280601 HARRISBURG, PA 17128-0601 RESIDENT DECEDENT 2 1- 0 8 0 7 3 7 _ COUNTY CODE YEAR NUMBER DECEDENT'S NAME (LAST, FIRST, AND MIDDLE INITIAL) SOCIAL SECURITY NUMBER H `Z HOOVER DOROTHY J. 1 7 9- 3 0- 3 2 3 1 ~ DATE OF DEATH (MM-DD-Year) DATE OF BIRTH (MM-DD-Year) THIS RETURN MUST BE FILED IN DUPLICATE WITH THE V 06/29/2008 09/22/1924 REGISTER OF WILLS W 0 (IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL) SOCIAL SECURITY NUMBER ~ ~ 1.Original Retum ~ 2. Supplemental Return 3. Remainder Return date of death ( prbrto 12-13-82) ~ a ~ ~ 4. Limited Estate ~ 4a. Future Interest Compromise (sate o1 death after 1z-i2-a2) ~ 5 Federal Estate Tax Retum Re ired W ~ v a m ©6. Decedent Died Testate (Aaach copy or w~B) ~ 7. Decedent Maintained a Living Trust (attach copy orTrusq . qu _ 8. Total Number of Safe Deposit Boxes a ~ 9, Litigation Proceeds Received ~ 10. Spousal Poverty Credit (Hate oraeatn between 1z-31-s1 and 1-1.95) ~ 11. Election to tax under Sec. 9113(A) (Aaach sch o) F THIS SECTION MUST BE COMPLETED. ALL CpRRESPONDENCE AN D CONFIDENTIAL TAX LNFORMATFON SHOULD BE DIRECTED TO: w NAME COMPLETE MAILING ADDRESS i MARCUS A. McKNIGHT III 60 WEST POMFRET STREET w FIRM NAME (It Applicable) ~ IRWIN & McKNIGHT p TELEPHONE NUMBER 717 249-2353 CARLISLE PA 17013 ( 1. Real Estate Schedule A) (1) 25$ 000-~ OFFICIAL USE ONLY 2. Stocks and Bonds (Schedule B) (2) . , ._ -., _, ~~ 7 , _ 3. Closely Held Corporation, Partnership or Sole-Proprietorship (3) { _ 7 - r ~ Z 4. Mortgages 8 Notes Receivable (Schedule D) 5. Cash, Bank Deposits & Miscellaneous Personal (Schedule E) (4) Property (5) _ 14, 596.56 -~ I ~, `~ _ ~ Y ~ - - ~, O 6. Jointly Owned Property (Schedule F) (6) 4a i f °~ ~'" g ~ Separate Billing Requested -`"" - _ ~~ ~ ,,; ~ 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (7) a V W tacneuwe u or ~~ 8. Total Gross Assets (total Lines 1-7) (g) 272,596.56 9. Funeral Expenses 8 Administrative Costs (Schedule H) (9) - 16, 915.60 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) (10) 805.96 11. Total Deductions (total Lines 9 & 10) 12. Net Value of Estate (Line 8 minus Line 11) 13. Charitable and Governmental BequestslSec 9113 Trusts for which an election to tax has not been made) (Schedule J) 14. Net Value Subject to Tax (Line 12 minus Line 13) (11) 17,721.56 (12) 254,875.00 (13) (t4) 254,875.00 5EE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES Z a H a O V F- 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2) 0.00 X (15) 0.00 16. Amount of Line 14 taxable at lineal rate 254,875.00 X .045 (16) 11,469.38 17. Amount of Line 14 taxable at sibling rate 0.00 X .12 (17) 0.00 18. Amount of Line 14 taxable at collateral rate 0.00 X .15 (18) 0.00 19. Tax Due (1g) 11,469.38 » ' << Decedent's STREET ADDRESS lete Address: ENOLA ROAD (3) CITY STATE ZIP NEWVILLE PA 17241 Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount 573.47 3. Interest/Penalty if applicable D. Interest E. Penalty (1) 11,469.38 Total Credits (A + g + C) (2) 573.47 Total Interest/Penalty (D + E ) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Check box on Page 1 Line 20 to request a refund 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. A. Enter the interest on the tax due. (4) ~ J~d, U 0.00 (5) 10,895.91 (5A) B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (5B) 10,895.91 Make Check Payable fo: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Yes No a. retain the use or income of the property transferred : ........................................................................... ^ b. retain the right to designate who shall use the property transferred or its income : ........................................ ^ ^X c. retain a reversionary interest; or ...................................................................................................... ^ 0 d. receive the promise for life of either payments, benefits or care? ............................................................. ^ 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? ............................................................................................... ^ ^X 3. Did decedent own an "intrust for" or payable upon death bank account or security at his or her death? ................. ^ 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation? ....................................................................................................... ^ 0 IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct and complete. Declaration of preparer other than the personal representative is based on all information of which preparer has any knowledge. SIG TURE OF PERSON RESPO SIBLE FOR FILING RETURN DATE ADDRESS 3544 ENOLA ROAD 74 LIN~'A DRIVE /a CARLISLE. PA 1713115 ~ MECHANICSBURG, PA 17050 RE NTnTniF DATE ADDRESS '60 WEST PO RET REET CARLISLE 1 013 For dates of death on or after July 1, 1994 and before January 1,1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3% [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0% [72 P.S. §9116 (a) (1.1) (ii)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are still applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: The tax rate imposed on the net value of transfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an adoptive parent, or a stepparent of'the child is 0% [72 P.S. §9116(a)(1.2)]. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5%, except as noted in 72 P.S. §9116(1.2) [72 P.S. §9116(a)(1)]. The tax rate,imposed on the net value of transfers to or for the use of the decedent's siblings is 12% [72 P.S. §9116(a)(1.3)]. Asibling is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. 0.00 REV-1502 EX + (6-98) SCHEDULE A COMMONWEALTH OF PENNSYLVANIA REAL ESTATE INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER HOOVER DOROTHY J. 21 08 0737 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 roe which is 'ointl -owned with ri ht of survivorshi must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. 3936 ENOLA ROAD, NEWVILLE, UPPER FRANKFORD TOWNSHIP, CUMBERLAND 258,000.00 COUNTY, PENNSYLVANIA TOTAL (Also enter on line 1, Recapitulation) $ 258 000.00 (If more space is needed, insert additional sheets of the same size) REV-1508 EX + ~(6-98) SCHEDULE E COMMONWEALTH OF PENNSYLVANIA CASH, BANK DEPOSITS, & MISC. INHERITANCE TAX RETURN PERSONAL PROPERTY RESIDENT DECEDENT ESTATE OF FILE NUMBER HOOVER DOROTHY J. 21 08 0737 include the proceeds of 4itigation and the date the proceeds were received by the estate. All property jointty-owned with right of survivorship must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. PERSONAL PROPERTY -APPRAISAL ATTACHED 648.00 2. ADAMS COUNTY NATIONAL BANK -CHECKING ACCOUNT #120057 3,867.35 3. ADAMS COUNTY NATIONAL BANK -CERTIFICATE OF DEPOSIT #2990321 10,081.21 TOTAL (Also enter on line 5, Recapitulation) I $ 14,596.56 (If more space is needed, insert additional sheets of the same size) REV-1511 EX+,(12-99) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN SCHEDULE H FUNERAL EXPENSES & ADMIN{STRAT{VE COSTS ESTATE OF FILE NUMBER ~-IOOVER DOROTHY J. 21 08 0737 Debts of decedent must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1. B ADMINISTRATIVE COSTS: 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 12,000.00 3, Family Exemption: (If decedents address is not the same as claimants, attach explanation) 3, 500.00 Claimant RONALD L. HOOVER Street Address 3544 ENOLA ROAD City CARLISLE State PA Zip 17015 Relationship of Claimant to Decedent SON ' 4. Probate Fees REGISTER OF WILLS 294.00 5 Accountant's Fees 6, Tax Retum Preparers Fees PATRICIA A. ROSENDALE, CPA 450.00 7. REGISTER OF WILLS -FILING FEE 30.00 8. CUMBERLAND LAW JOURNAL -ESTATE NOTICE 75.00 9. THE SENTINEL -ESTATE NOTICE 166.60 10. NOTARY FEES 25.00 11. DIVERSIFIED APPRAISALS -APPRAISAL ON REAL ESTATE 325.00 12. ROY GOTTSHALL -APPRAISAL ON PERSONAL PROPERTY 50.00 TOTAL (Also enter on line 9, Recapitulation) f $ 1 (If more space is needed, insert additional sheets of the same size) REV-1512 EX + (6-98) SCHEDULE 1 COMMONWEALTH OF PENNSYLVANIA DEBTS OF DECEDENT, INHERITANCE TAX RETURN MORTGAGE LIABILITIES & LIENS RESIDENT DECEDENT ESTATE OF FILE NUMBER HOOVER DOROTHY J. 21 08 0737 Include unreimbursed medical expenses. ITEM VALUE AT DATE NUMBER DESCRIPTfON OF DEATH 1. WESTFIELD INSURANCE -FARM INSURANCE POLICY 514.00 2. ADAMS ELECTRIC COOPERATIVE -ELECTRIC 164.00 3. EMBARQ -TELEPHONE 64.20 4. PACIFIC LIFE -REIMBURSEMENT OF PENSION 63.76 TOTAL (Also enter on line 10, Recapitulation) ~ $ 805.96 (If more space is needed, insert additional sheets of the same size) REV-1513 EX + (o_nm SCHEDULE J BENEFICIARIES COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER E R HY 1 7 7 RELATIONSHIP TO DECEDENT AMOUNT OR SHARE NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE I TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] 1. RONALD L. HOOVER Lineal 3544 ENOLA ROAD 1/2 REMAINDER CARLISLE, PA 17015 2. MARY LOU SHERIFF Lineal 74 LINDA DRIVE 112 REMAINDER & 20 MECHANICSBURG, PA 17050 ACRE FARM ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18, AS APPROPRIATE, ON REV-1500 COVER SHEET II. NON-TAXABLE DISTRIBUTIONS: 1. A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT BEING MADE 1. B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS 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) LAST ;PILL I, DOROTiIY x100V~n, of Lower Frankford Township, Cumberland County, ~=ennsylvania, declare this to be my Last 'dill and revoEce any wills previously made by me. I. I devise and bequeath the residue of my estate of whatever nature or wherever situated to my husband, Ldgar "Doc" Hoover. If c7y husband, Ldgar "Doc" Hoover does not survive rce, I dispose of my estate in the manner set forth in the following paragraphs. II. I bequeath all my husband's guns to my son, Ranald L. Iloover . III. I devise and bequeath my farm in Lower FranKford Township containing 158 acres more or less to my son, Ronald L. Hoover . '~~~~ ~.( IV. I devise and bequeath my Earn in Upper T'rankford Township containing 20 acres more or less to my daughter, I:{ary Lou Sheriff. '~; ~~""~'' 1 • R^3 V. I f.orgivc any debt which may be owing by my daughter, Mary Lou Sheriff, at the time of my death. VI. I devise and bequeath all of the residue of my estate -, ,~ M` in equal shares to My son, tlonald L. :Ioover and my daughter, i+iary Lou Sheriff. If either my son or daughter is deceased, his or her share shall go to his or her children. VII. X11 estate, inheritance, succession and other taxes r.. imposed or ~;ayablc by reason of r:~y de~1t.1, and interest and penal- ties thereon, with res;~~ect to all i,rot~erty coriprisin~: z~y g-ross estate for death tax purr•oses, whether or not such ;~ro~erty ,passes undcx this will, shall be Maid out of ny estate as if such taxes were administrative expenses, without a;~I~ortionnent or right of reimbursement. I authorize My xecutor to lay all such taxes at such time or times as nay be deni:~ed advisable. VIII.. I aljpoint the harmers Trust ro::l1,any, Carlisle, a. to be guardian of the estate of any beneficiaries as may be minors. In addition to all ~~ovvers granted by law, I authorize and direct that my said guardian may pay any part or all of the principal of the guardian estate which said guardian, in its discretion, shall be deemed necessary or advisable for the care, maintenance, suphort, education or General welfare of such beneficiary including any illness or emcroency which nay befall him. IX. I appoint ny husband Edgar "Doc`" hoover, to be executor of this my will. In the event he fails to qualify or ceases to act, I appoint my son, Ronald L. 3oover and my daughter, :~Yary Lou Sheriff, to be executors. X I direct that neither my Executor nor Guardian need file bond in this or any other jurisdiction. Iii ~'~IT?•~:r~S 'a~Ii~3~OF, I have hereunto set my hand and seal to this my Last ~,9i11 this 19th day of December, 1J30. The preceding; instrument consisting of this one page and one other, each identified by the signature of tl:e testator, was on the date thereof signed, published and declared by Dorothy IIoover, the testator herein, as and for her Last '~di11, in the presence of us, who at her request, in her presence, and. in the presence of each other, have subscribed our Hanes as witnesses hereto. STli~% OF FLI~;i~i SYLV~~ T~, . . U COUi3TY OI' C L'i.i;3%i2Lr^.~: D . . °~Te, Dorothy Hoover, trances I. Del Luca and GeorCe Faller, the testator and tiaitnesses, respectively, whose na:.ies are signed to the attached or fore~oinU instrument, being first duly sworn, do hereby declare to the undersigned authority that the testator signed and executed the instrurlent as her Last f`Till and that she had signed jvillingly, and that she executed. it as her free and voluntary act for the purposes therein expressed, and that each of the witnesses, in the presence and hearing of the testator, signed the will as witness and that to the best of his (cnowledge the testator tivas at that ti:~e eighteen years of age or older of sound mind and under no constraint or undue influence. ~~ ~~~~~ ..~ ~. ;'~itne~ s SUBSCRIi3ED, sworn to and ac~nosvledged before me by Dorothy Hoover, the testator, and subscribed and sworn to before tae by Frances H. Del Duca and George L. Faller, witnesses, this ~!~'~ day of December, 180. `h G 1 ~'~ ~^ ~ `~ '~£ - G '~ 'v'otary ( u a.c ~ ~; -; e :.i, Pa .:x ;. a'L_ ~, .,. ..y APPRAISAL REPORT 3936 ENOLA ROAD NEWVILLE, PENNSYLVANIA PREPARED FOR THE ESTATE OF DOROTHY J. HOOVER BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAST HIGH STREET, SUITE 101 CARLISLE, PENNSYLVANIA 17013-3052 (717) 249-2758 COPY. SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: TAX PARCEL NUMBER: IMPROVEMENTS: PROPERTY RIGHTS: 3936 Enola Road Newville, Pennsylvania 43-04-0387-054 Two-story detached single-family dwelling. Fee simple interest. OWNERSHIP HISTORY: The subject property is owned by Dorothy J. Hoover. The property was purchased in April, 1966 for a reported con- sideration of $6,000 and ownership transferred on deed reference 21-Y-140. 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: July 29, 2008. HIGHEST AND BEST USE: Continued use as asingle-family residence. COST APPROACH: N.A. SALES APPROACH: $258,000 INCOME APPROACH: N.A. FINAL VALUE CONCLUSION: $258,000 2 APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF DOROTHY J. HOOVER the undersigned personally inspected the following described property: All that certain piece or parcel of land, with the improvements thereon erected, situate in Carlisle, Cumberland County, Pennsylvania, bounded and described as follows: Beginning at a post in the public road leading from Bloserville to Entlerville; thence South 75 Y2 degrees West 42.3 perches to stones; thence along said road South 86 degrees West 2.5 perches to a stone; thence by lands now or formerly of Curtis Raudabaugh and Tillie Raudabaugh, his wife, North 23%z degrees West 61 perches to a lime stone; thence by lands now or late of James A. Boord and wife Narth 65'/2 degrees East 64.2 perches to a stone; thence by lands now or formerly of George Bosler South 38 degrees East 32 perches to a post; thence by the same South 66'/2 degrees West 26.5 perches to a point; thence by the same South 15 degrees East 13.2 perches to a point; thence by same South 38 degrees East 25 perches to the place of beginning. Containing 20 acres and 83 perches, more or less. 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 July 29, 2008 is: TWO HUNDRED FIFTY-EIGHT THOUSAND DOLLARS $258,000 The property was appraised as a whole, subject to the contingent and limiting conditions outlined herein. Larry E. Foote Certified General Appraiser GA-000014-L INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to estimate the Market Value of the subject property as of 3uly 29, 2008. Market Value is defined 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 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 the present use of the subject is its Highest and Best Use. 4 SITE DATA ADDRESS: 3936 Enola Road TOWNSHIP: Upper Frankford COUNTY: Cumberland STATE: Pennsylvania LOT SIZE: Approximately 20 acres. SEWERS: On-site septic system. WATER: On-site well. ELECTRICITY: Adams Electric 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: Two-story detached single-family dwelling containing approxi- mately 1,072 square feet of gross living area above grade. CONDITION: Exterior: Fair to average. Interior: Fair ROOMS: First Floor: Living room, eat-in kitchen, storage room and a full bath- room. Second Floor: Three bedrooms. Basement: Full, with concrete floor. EXTERIOR: Foundation: Stone and concrete block. Walls: Aluminum siding. Sash: Wood-framed, single-glazed and vinyl-clad thermopanes. Gutters: Galvanized steel and painted aluminum. Roof: Gable, with standing seam steel. 5 INTERIOR, PRINCIPAL ROOMS: Flooring: Carpet Walls: Plaster and wood paneling. Ceilings: Drywall, plaster and acoustical tile. Trim: Wood, painted. KITCHEN: Cabinets: Wood, natural finish. Counters: Formica Walls: Vinyl over plaster. Flooring: Vinyl Sink: Double-bowl, stainless steel. BATHROOM: Flooring: Carpet Walls: Plaster, papered. Bathtub: Built-in. Lavatory: Vanity Water closet: Two-piece. Medicine cabinet: Wall-mounted. CONSTRUCTION: Joists: Wood Beams: Wood Columns: Wood Plumbing: Copper and iron. HEATING: Oil-fired hot air. COOLING: None HOT WATER: Electric, 52-gallon. ELECTRIC: Circuit breaker system, 100-ampere. OTHER: There is a fireplace located in the basement. Attached to the exterior of the dwelling is a covered porch and alean-to that is used as a carport and storage area. Also located on the site is a detached metal storage building and a small detached frame barn. GENERAL CONDITION: The dwelling is considered to be in fair condition on the interior and fair to average condition on the exterior, with mechanical systems appearing to be adequate and functioning properly. There are no heat ducts to the second floor and two bedrooms have no closets. The storage building is in good condition and the barn is in fair condition. 6 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 anew 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 asincome-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. 7 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: 500 North Mountain Road, Newville. August 1, 2007. $284,204 1,610 square feet. $176.52 per square foot. SALE NO. 2: Location: 381 Kerrsville Road, Carlisle. Date of Sale: May 18, 2007. Sale Price: $199,000 Size: 1,940 square feet. Unit Price: $102.58 per square foot. SALE NO. 3: Location: Date of Sale: Sale Price: Size: Unit Price: 889 Greenspring Road, Newville. May 15, 2008. $141,000 2,590 square feet. $54.44 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 Compazison Approach is $258,000. 8 SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE # 1 COMPARABLE #2 COMPARABLE #3 Address 3936 Enola Road Newville 500 North Mountain Road Newville 381 Kerrsville Road Cazlisle 889 Greenspring Road Newville Proximity to Subject Sale Price Price 1 Sq. Ft. GLA N.A. N.A. 1.1 miles $284,204 $176.52 7.02 miles $199,000 $102.58 11.71 miles $141,000 $54.44 Data Source Inspection Courthouse records Courthouse & Central Penn MLS Courthouse & Central Penn MLS ADJUSTMENTS DESCRIPTION DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. Sales or Financing Concessions None None None Date of Sale /Time As of 7-29-08 8-1-0? 5-18-07 5-15-08 Location Average Similar Similar Inferior +14,100 Site /View 20 acres 12.50 acres +22,500 14.93 acres +15,200 10.03 acres +14,100 Design and Appeal Two-story detached Similar Similar Similar Construction Aluminum siding Vinyl siding Wood and brick Wood Age 118 years 144 years 108 years 138 years Condition Fair to average Superior -28,400 Similar Inferior +14,100 Above Grade Room Count Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath 6 3 1 7 4 1 -2,000 9 3 2 -8,000 8 4 I -4,000 Gross Living Area 1,072 square feet 1,610 square feet -21,500 1,940 square feet -34,700 2,590 square feet -60,700 Basement &Finished Raoms Below Grade Full basement Partial basement +1,000 Partial basement +1,000 Similar Functional U[ili Aver a Similar Similar Similar Heatin / Coolin Oil-fired hot air Similar Similar Oil-fired hot water Gera e / C ort C ort with store a Two-car ar e -8,000 One-car are a -3,000 None +2,000 Porches, Patios Pools, etc. Porch, slot. bldg., small bam. 2 enclosed porches, atio, store a bld . +10,000 Porch, encl. porch, bam, b1d s/fair cond. Three porches, scot a buildin +10,000 Special Energy Efficient Items Typical for the re ion. Similar Similar Similar Fin; laces Fire lace in basement None +500 None +500 Two fire laces -1,000 Other (e.g. kitchen equip., remodeling) Net Ad'. total Indicated Value of Subject Built-ins. Similar -25,900 258,304 Similar -27,000 172,000 Similar +7,400 148,400 FINAL INDICATED VALUE OF SUBJECT PROPERTY: $258,000 Comparable sale #1 has been given the most consideration in arriving at my final opinion of value, due to it's proximity to the subject property. 9 CORRELATION 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 N.A. Value Indicated by Sales Comparison Approach $258,000 Value Indicated by Income Approach 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 properly 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 July 29, 2008, is: TWO HUNDRED FIFTY-EIGHT THOUSAND DOLLARS $258,000 ]0 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. 1 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 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, aze 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. ~~x~ Larry E. Foote Certified General Appraiser GA-000014-L 13 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 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-000014-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. FROFESSIONAL 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 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 1S` 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 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 16 17 PHOTOGRAPHS OF THE SUBJECT PROPERTY 18 PHOTOGRAPHS OF THE SUBJECT PROPERTY 19 wVl~ll <~~. ~. ._-. CUMrA~',1,~.~ ---- Mw?nv~sz. a~~n _ ~, ~ ~~ ~~' '~ 20 ~ y .... /' r ~ -' I ~ 'Q~ f ~`_ /~~~.s-.r~`~~~ ~' '' : "`mo'o ~- ~`~p ~ ~... ~ - ~: ' .. _ ~~ __ _ ~_ ~~~~~~ ~~ f~ ~~ ~-~ _ ~ ~~~ 'r ~,J ~- __. -- // ---- - - --- -- - --~'~--l / __ _ _ _ __ -~ j w i ' ' i _ _`. _._... __ ....... _ _ _. _._ .._ __ _ .___-_._.-_-___-.____.__.._-~~+~-._S=mil ~'.--...-/_!~ -r -__~./,T'~-G~"G•_~~~i~ .____.--. .. .. _..... __._._ ..._.. ... .J. _.. _.._._. I 1 ~~ ~ ~, ... _ .Y__ ._. .__ .r-- ~___ .... _~ _. i ..-~ ,, ~ ~ ~ ~ ~?_ I ` __ .. -~- t_ _____ --- __ - _ __ ' t r - -~- . - - _ _.__ _ __ _ __ __ _~ f ~ ~ _ ,~ ~, . j r i ~ / ,. { •; i f ~ 1 l --- _ _ ~~~% _ __ _. _ _ ____ _ __ __ _ _ _ _ _ _ _ __._. _ __ _ _ __- ._-- _ .- `__ _ _-- _ j ~"' r. _..~ .J_~-'?-~%%~ cif ~~ ~~. _._ --- -- /' ~ , ~' ~ . `~ ~ .~_ _. ._. --- - - ~il?AGC; --- e - ----- ---- - j - ~ 1 ~ 1 .. ' __ __- - 1 ~ ~~ ~ --- !~__ 3 r ~ r i . ~ 'o ~ ~ ~ ._ ~ 1 ,. - ~ ~ii~7~2~-1f`ie~C.~~r'I- - r. ! ~' %~jbir-`~'.- y. _~__~.._ _.. _ ___- - -. _ _ __ ~ t~- E ~-~_..)_ __- -_- _ _._... .._ ~C.J iI ~ L%' .- , ~j ' G..~~ ---- _ -- -- _ --- --~- - ~l i .__Gr ~____ __.____`_ _ _ . ___.... _-------__- . _ _-___ _ _-_.._ _ _ _ r i-~ /1 :/ r - _ ~ ~ ,, ,-; i Tl _ __ _ _ __ _ _ _ _ _ _ _ ~ l" ~~,~,~ e ~ ~. ~s ~~ ~z-~'- f, ;~ , %" ~3 ~~ ~~ ~o ~~ ~~ ~ 331.00 + ./ ---- 2 94.00 + ~ 23.00+ 648• ,~~ ~ ~~~, ~%~, /~ ~~~~, ~~o°~ >- ~~~ ~ ~ /~~ ~ 0• Q ADAMS GOLJN'IY NATIONAL BANK Jt~~ly 16, 2008 ~. Irwin & McKight `'``~'" Attn: Marcus A McKnight III 60 W Pomfret St Carlisle PA 17013-3222 Re;: Estate of Dorothy J Hoover Dear Mr. McKnight The following information is being provided as per your request: Acct. Type Account No. Account Accrued Ownership Date Principal on Interest to Opened D.O.D. D.O.D. Esteem 120057 $3,867.26 $0.09 Individual 1/25/85 Checking Account Ce~~tificate of 2990321 $10,000.00 $81.21 Individual 9J4198 Deposit Inquiries concerning ACNB Corporation stock information should be directed to the Registrar and Transfer Company at 1-800-368-5948. If you need any additional information, please contact me at (717)339-5122. Sincerely, f? ,~ r ~ r ~.. ~~~ Barbara J Warner Adams County~Adational Bank Deposit Services Representative II