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HomeMy WebLinkAbout05-27-10~~ %r ~ R.`a i~'~~ 1505607121 REV-1500 EX (06-05) OFFICIAL USE ONLY PA Department of Revenue Bureauoflndividual Taxes INHERITANCE TAX RETURN County Code Year File Number PO BOX 280601 Harrisburg, PA 17128-0601 RESIDENT DECEDENT 2 1 0 9 0 8 4 3 ENTER DECEDENT INFORMATION BELOW Social Security Number Date of Death Date of Birth 2 0 2 2 0 4 9 2 7 0 8 2 7 2 0 0 9 0 1 2 9 1 9 3 0 Decedent's Last Name Suffix Decedent's First Name MI S W E E N E Y B E T T Y A (If Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name Suffix Spouse's First Name MI Spouse's Social Security Number FILL IN APPROPRIATE OVALS BELOW THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS 0 1. Original Return ~ 2. Supplemental Return ~ 3. Remainder Return (date of death 4. Limited Estate ~ 4a. Future Interest Compromise (date of ~ prior to 12-13-82) 5. Federal Estate Tax Return Required death after 12-12-82) OX 6. Decedent Died Testate ~ 7. Decedent Maintained a Living Trust 0 8. Total Number of Safe Deposit Boxes (Attach Copy of III) (Attach Copy of Trust) 9. Litigation Proceeds Received ~ 10. Spousal Poverty Credit (date of death ~ 11. Election to tax under Sec. 9113(A) between 12-31-91 and 1-1-95) (Attach Sch. O) CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED T0: Name Daytime Telephone Number H U B E R T X G I L R O Y 7 1 7 2 ~~ 3 ~,,,,3 4 1, Firm Name (If Applicable) _ ~ ~' -r--, REGISTEf~IILLS USNLY = ~~ M A R T S O N L A W O F F I C E S =~ ~ ~ First line of address , .~~ =;~ ~ --~ `~~~ ~ - ' . ,~ .:~ 1 0 E A S T H I G H S T R E E T } ~ J '''~` c ~ :~ :~ . ~ . ~ ~ ~ Second line of address ~ ~:~ c. ) - `=~ ' _ ` City or Post Office State ZIP Code QATE FILES ~ C A R L I S L E P A 1 7 0 1 3 Correspondent's a-mail address: H G I L R O Y a M A R T S O N L A W• C O M under penalties of perjury, l declare that 1 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. SI~~~T~1{tE OF PERSON RESPON ISLE FOR FILING RETURN ~T~Z ~ j/~ 560 M UNTAIN ROAD BOILING SPRINGS PA 1,7007 T E OF E R T ESENTATIVE DATE --- --- s-l 2 ~ I ~ a 10 EAST HIGH STREET CARLISLE PLEASE USE ORIGINAL FORM ONLY PA 1,7013 Side 1 1505607121 1505607121, J J 1505607221 REV-1500 EX Decedent's Social Security Number Decedent's Name: BETTY A• S W E E N E Y 2 0 2 2 0 4 9 2 7 RECAPITULATION 1. Real estate (Schedule A) ........................................ 1. 9 9 0 0 0. 0 0 2. Stocks and Bonds (Schedule B) .................................. 2. 0 . 0 0 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) ..... 3. • 4. Mortgages & Notes Receivable (Schedule D) ........................ 4. • 5. Cash, Bank Deposits & Miscellaneous Personal Property (Schedule E) ....... 5. 1 1 9 5 5 . 6 5 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested ....... 6• • 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property (Schedule G) ~ Separate Billing Requested ....... 7. • 8. Total Gross Assets (total Lines 1-7) ........................... 8. 1 1 0 9 5 5. 6 5 9. Funeral Ex enses & Administrative Costs Schedule H P ( ) ................ 9. 1 8 9 1 4 . 9 5 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) ..... ....... 10. 1 5 4 1 6 . 1, 6 11. Total Deductions (total Lines 9 & 10) .................... ....... 11. 3 4 3 3 1, . 1, 1 12. Net Value of Estate (Line 8 minus Line 11) .................. ....... 12. 7 6 6 2 4 . 5 4 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which an election to tax has not been made (Schedule J) ........... ....... 13. • 14. Net Value Subject to Tax (Line 12 minus Line 13) .................. 14. 7 6 6 2 4 . 5 4 TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2) x.o 0 0 0 15. 0. 0 0 16. Amount of Line 14 taxable 7 6 6 2 4 5 4 3 4 4 8 L 0 at lineal rate X .045 16. • 17. Amount of Line 14 taxable 0 0 0 0 0 0 at sibling rate X .12 17, . 18. Amount of Line 14 taxable 0 0 0 0 0 0 . at collateral rate X .15 1 g_ . 19. Tax Due ......................................... ....... 19. 3 4 4 8. 1 0 20. FILL IN THE OVAL~IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT Side 2 1505607221 ],505607221 J REV-1500 EX Page 3 File Number Decedent's Complete Address: 21 09 0843 Tax Payments and Credits: ~. Tax Due (Page 2 Line 19) (1) 3,448.10 Z. Credits/Payments A. Spousal Poverty Credit B. Prior Payments C. Discount Total Credits (A + B + C) (2) 0.00 3. Interest/Penalty ifapplicable D. Interest E. Penalty Total Interest/Penalty (D + E) (3) 0.00 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Fill In oval on Page 2, Llne 20 b request a refund. (4) 0.00 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE (5) 3,448.1 U A. Enter the interest on the fax due. (5A) B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (5B) 3,448.10 Make Check Payable to: 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 : ...................................................................... ^ X^ b. retain The right to designate who shall use the property Transferred or its income; ............................... ^ Q c. retain a reversionary interest; or ................................................................................................ ^ 0 d. receive the promise for life of either payments, benetlts or care? ....................................................... ^ Q 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? ....................................................................................... ^ 0 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her deafh? ......... ^ Q 4. Did decedent own an Individual Retirement Account, annuity, or other non-probate property which contains a beneficiary designation? .................................................................................................. ^ IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE 1T AS PART OF THE RETURN. 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 three (3) percent (72 P.S. §9116 (a) (1.1) (i)J. 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 zero (O) percent j72 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 deafh 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 zero (O) percent (72 P.S. §9116(a)(1.2)J. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is four and one-half (4.5) percent, except as noted in 72 P, S. §9116(1.2) (72 P.S. §9116(a)(1)J. The fax rate imposed on the net value of transfers to or for the use of the decedent's siblings is twelve (12) percent X72 P.S. §9116(a)(1.3)J. 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. REV-1502 EX + (6-98) SCHEDULE A COMMONWEALTH OF PENNSYLVANIA REAL ESTATE INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER BETTY A. SWEENEY 21 09 0843 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 ro which 1s oln -owned with rj ht of survlvorshi must be disclosed on Schedule F. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. Real Estate located at 562 Mountain Road, So. Middleton Twp., PA, known as Tax Parcel No. 99,000.00 40-12-0344-039, being described in Deed dated 7/25/56 and recorded in Cumberland Co., Deed Book H, Vol 17, Pg 365 and being conveyed to Harry L. Sweeney & Betty A. Sweeney. Also being described in Deed dated 3/4/76 and recorded in Cumberland Co., Deed Book M, Vol 26, Pg 59 and being conveyed to Harry L. Sweeney & Betty A. Sweeney. Harry L. Sweeney died 8/2/1993, leaving title soley vested in Betty A. Sweeney, Decedent herein. Value is appraised value. See attached. TOTAL (Also enter on line 1, Recapitulation) ~ $ 99.000.00 (If more space is needed, insert additional sheets of the same size) S~ REV-1508 EX + (6-98) SCHEDULE E COMMONWEALTH OF PENNSYLVANIA CASH, BANK DEPOSITS, & MISC. IN RESIDENT DECEDENTRN PERSONAL PROPERTY ESTATE OF FILE NUMBER BETTY A. SWEENEY 21 09 0843 Include the proceeds of litigation and the dafe the proceeds were received by the estate. All prope-iy jointly-owned with right of survivorship must be disclosed on Schedule F. 1 TEM NUMBER DESCRIPTION 1. F&M Trust checking 33-14383 See Attached 2. F&M Trust savings 08-00332 (11,074.48 + $1.79 accrued interest) See Attached 3. Proceeds from sale of vehicle 4. Pension benefit received after date of death, not included in F&M Trust date of death values 5. Refund of vehicle insurance 6. Comcast, refund TOTAL (Also enter on line 5, Recapitulation) I $ (If more space is needed, insert additional sheets of the same size) VALUE AT DATE OF DEATH 27 3.00 1 1,076.27 300.00 243.00 24.64 38.74 1 1.95>.6~ REV-1511 EX + (10-06) SCHEDULE H COMMONWEALTH OF PENNSYLVANIA FUNERAL EXPENSES & INHERITANCE TAX RETURN ADMINISTRATIVE COSTS RESIDENT DECEDENT ESTATE OF FILE NUMBER BETTY A. SWEENEY 21 09 0843 Debts of decedent must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1. Hollinger Funeral Home & Crematory ,Inc., Mt Holly Springs, PA 8,674.02 2. New Hope Church of God, funeral luncheon B. 1 ADMINISTRATIVE COSTS: Personal Representative's Commissions Name of Personal Representative (s) LaDonna Lee Miller StreetAddress 560 Mountain Road Cry Boiling Springs State PA Year(s) Commission Paid: 2010 2; Attorney Fees Martson Law Offices (estimated) 3, Family Exemption: (If decedent's address is not the same as claimants, attach explanation) Claimant 1,000.00 Zip 17007 4. Street Address City State Relationship of Claimant to Decedent Probate Fees Cumberland County Register of Wills 5 Accountant's Fees 6. Tax Return Preparer's Fees 6,190.00 173.00 7. Cumberland County Register of Wills, filing fee, Inheritance Tax return 1 x.00 8. Diversified Appraisal Services, appraisal fee 325.00 9. Landex, title search 0.7 10. Recorder of Deeds, copies of Deeds 1.00 11. Recorder of Deeds, recording fees 124.00 12. Additional Probate fee 12 ~ .00 13. Met Ed, electric service pending disposition of real estate > 29.9> 14. Century Link, final telephone bill l . ~ 6 15. Shipley Oil Company, fuel oil service pending dispostion of real estate 696.60 16. State Farm Insurance, homeowners insurance pending disposition of real estate 802.00 17. Robert C. Carins, 2010 real estate taxes pending disposition of real estate 230.5 18. F&M Trust, estate checks ? 1.00 TOTAL (Also enter on line 9, Recapitulation) $ ~ 8 ~~ 1.1 ~~ ~ Zip (If more space is needed, insert additional sheets of the same size) REV-1512 EX + (12-03) SCHEDULE( COMMONWEALTH OF PENNSYLVANIA DEBTS OF DECEDENT, INHERITANCE TAX RETURN MORTGAGE LIABILITIES & LIENS RESIDENT DECEDENT ~ ESTATE OF FILE NUMBER BETTY A. SWEENEY 21 09 0843 Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses. ITEM VALUE AT DATE NUMBER DESCRIPTION OF DEATH 1. Comcast, account payable ti 8.07 2. Embarq, account payable =t6.~t0 3. ~ Met Ed, account payable 4. ~ Martson Law Offices, estate planning, account payable 5. (Carlisle Redevelopment Authority, balance due on Deferred Loan dated 2/11/2002 See attached TOTAL (Also enter on line 10, Recapitulation) I $ (If more space is needed, insert additional sheets of fhe same size) 7 x.69 1 18.00 15,120.00 15,416.16 REV-1513 EX + (g-00) SCHEDULE J COMMONWEALTH OF PENNSYLVANIA BENEFICIARIES INHERITANCE TAX RETURN RESIDENT DECEDENT ESTATE OF FILE NUMBER BETTY A. SWEENEY ~ ~ n9 nRa~ 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 jindude outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)J 1. LaDonna Lee Miller Lineal 19,156.1 560 Mountain Road Boiling Springs, PA 17007 2. Harry L. Sweeney, Jr. Lineal 19.1 ~ 6.1 564 Mountain Road Boiling Springs, PA 17007 3. Margie Jo Fish Lineal 19,156.14 1328 Pine Road, Lot 13 Carlisle, PA 17015 4. Joannie Ann Leaphart Lineal 19,156.14 1113 Apple Drive, Apt. 4 Mechanicsburg, PA 17055 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 1. B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS 1. TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ONLINE 13 OF REV-1500 COVER SHEET $ (It more space is needed, insert additional sheets of the same size) C)ROG11~~L RETAINED `~`~: `~ M~BT80N DFARDOBFF WIZ.LIAM3 01T0 GILBOY & FALL~~i MARTSON LAW OFFICES 10 EAST HIGH STREET „~ CARI.ItSI.E, PA 17013 0717) 243-3341 LAST WILL A-ND TESTAMENT OF BETTY A. SWEENEY I, BETTY A. SWEENEY, of Cumberland County, Pennsylvania, declare this to be my last will and revoke any will previously made by me. ITEM ONE: I direct that all my debts and funeral expenses, including my gravemarker shall be paid from my residuary estate as soon as practicable after my decease as a part of the expense of the administration of my estate. ITEM TWO: I give, devise and bequeath my entire estate to my four children, Harry L. Sweeney, Jr., LaDonna Lee Miller, Joannie Ann Leaphart and Margie Jo Fish, share and share alike per sterpes. In the event that any of my children predeceases me or is not then living on the 61st day after my death, then I devise and bequeath that their share would go to their issue. ITEM THREE: I appoint LaDonna Lee l~liller, Executrix of this my last will. Should she fail to qualify or cease to act as Executrix, I appoint Ilarry L. Sweeney, Jr., to act as Executor with the same rights, powers and duties. ITEM FOUR: All estate, inheritance, succession and other taxes, imposed or payable by reason of my death, and interest and penalties thereon, with respect to all property comprising my gross estate for tax purposes, whether or not such property passes under this will, shall be paid out of the principal of my residuary estate, without apportionment or right of reimbursement. ITEM FIVE: I direct that my personal representative or guardian shall not be required to give bond for the faithful performance of their d~~ties in any jurisdiction. ., BETTiY A. SWEEV~Y ~~~ .f P~~GE OvE OF THREE P.A(~ES 's ITEiVI SIX: In addition to the rights and powers given to the fiduciaries by law or elsewhere in this will, I give to my Executrix during the full time necessary and for the administration of my estate the following rights and powers to be exercised in his sole discretion: A. To retain any real or personal property which may at any time form a part of my estate so long as he or she deems it advisable. B. To invest in any real or personal property without restrictions to legal investments. C. To repair, alter, improve or lease for any period of time any real or personal property and to give options for leases. D. To sell at public or private sale, for cash or credit, with or without security, to exchange or to partition real or personal property, and to give options for leases. E. To make distribution in kind. F. To compromise claims. IN TNESS WHEREOF, I have hereunto set my hand this .~,,Z.'~ da of Y 2005. SIGNED L~ ~ L~~~~~.~ BET1 A. SWEENEY The preceding instrument, consisting of this and two other typewritten pages each identified by the signature of the Testatrix was on the day and date thereof signed, published and declared by the Testatrix therein named as and for her last will, in the presence of us, who at her request, in her presence and in the presence of each of have subscribed our names. '~ PAGE '1'~VO OF THREE PAGES .~ COMMONWEALTH OF PENNSYLVANIA ss COUNTY OF CUMBERLAND • We ~Ut~ ~ ~ ~ and ~ E o~ s witnesses whose names are si ~ / • gn to the attached or for om >< eg g nstrument be><ng duly qualified according to law, do depose and say that we were present and saw the Testatrix sign and execute the instrument as her last will; that she signed willingly and executed it as her free and voluntary act for the purposes therein expressed; that each of us in the hearing and sight of the Testatrix signed the will as witnesses; and that to the best of our knowledge, the Testatrix was at the time 18 or more years of age, of sound mind and under no constraint or undue influence. Sworn and subscribed to before me this ~,"'~ day of •~.rc,~.y ,Zoos. /~ No ry Public P~otarial Spat i3oro ~C ~,Iiberl irrJ rC~ nty1~ T:x ; ~';; J:.;ne I U ~GCifi M~;mt;cr, ~~r;rsylvanra ~qss '~""`""" '~ cx;iaticn ctNotasi~$ COMMONWEALTH OF PENNSYLVANIA COUNTY OF CUMBERLAND ss I, BETTY A. SWEENEY, whose name is signed to the attached instrument, having been duly qualified according to law, do hereby acknowledge that I signed and executed the instrument as my last will; that I signed it as my free and voluntary act for the purposes therein expressed. ,~ ~ , . / ~~ Swo a d affirmed to and acknowledged before me this ~~ da of y ~ .._..._...~ ... ti.__~._.._..._.__ ~. ~.. _ 2005. -~, ~,~~~~~ ~, , ~~ ~ ~a ~~I ~ 1 ~ , I J':.t C. Si)!'~ ~.-~~li lil(I ~~'~ili1 1,~;'~r ~~~~ _ otary P bl>tc PAGE THREE OF THREE PAGES APPRAISAL REPORT 562 MOUNTAIN ROAD BOILING SPRINGS, PENNA. PREPARED FOR THE ESTATE OF BETTY A. SWEENEY BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAST HIGH STREET, SUITE 101 CARLISLE, PENNSYLVANIA 17013-3052 (717) 249-2758 ~~ ~~~~~ ~ t SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: TAX PARCEL NUMBER: 562 Mountain Road Boiling Springs, Pennsylvania 40-12-0344-039 IMPROVEMENTS: One-story detached single-family dwelling, detached garage and detached mobile home. PROPERTY RIGHTS: Fee simple interest. OViJNERSHIP HISTORY: The subject property is owned by Betty A. Sweeney. The property was purchased on July 25, 1956 for $1.00 on deed reference 17-H-365 and on Mazch 4, 1976 for $100.00 on deed reference 26-M-59. SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the subject's azea, 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 mazket value of the subject property as unencumbered. EFFECTIVE DATE: August 27, 2009. HIGHEST AND BEST USE: Continued use assingle-family residences. COST APPROACH: N.A. SALES APPROACH: $99,000 INCOME APPROACH: N.A. FINAL VALUE CONCLUSION: $99,000 2 ,; ." _ ' ... ;.. ,. TI= ~`AIUATI~11~- PRQC~S~ ~' - ~ - Tha valuation process is defiiTie~. in The Appru~a~ o.,~`Rea~ Estate as published by the " `, Appraisal Institute, as "a"systematic set: ofpracedures~ ari appraiser follows to provide answers - to a elientls questions about real property value.' = Tt consists of a settee ofsteps that are appropriate to a specific ands particular appraisal. ~. , ent that be . , assignm gins v~ntb~ ~ client engaging a real estate appraiser~tu d~yelop ari opinion of value:,.fo~ ~ speci~G. property as o~ a given effective date and ends when tl~ appraiser. coin~unicates an ~" reports the final conclusions and opinions to the clienfik M1j5 :" I)efinitioa of the' Apprnisal I'~oblem~~~ _ ,., ~, ; - The first step in the appraisal process includes the presentation of the fallowing ~~ ~~ ~`. IdentifiCatiod of the client;, the imendtd use; and the intended users of thei appraisal ~, ~ ~ " -, - . ~,: The purpose of the appraisal, including a definition of the value being reported. 3.' I~eterminatior~ of the effective datd of the a sisal" hp ~~~~ ~~ `° 4 1" x~ta0~ assumptions: that are applicable to the appraisal ass~nrnent. " 5. Hypotheticai~conditi©ns: that~ar~ applicably to the appraisal assign~nent+ ~~ ,. , Scope of V~Vorl~~: ~ .. . ~. , _ 3cope~of work is defined in the;Uni .. form Standards of Professional Practice as being, ' "the "and extent of research and anal ses~ in an asst ~. ~ y `gnment--~ 'T'his includes the degxee and ~.. _- " extent of research and the data. that is deemed ~as: necessary to develops a credible- opinion.: of" value for the gropert~C b~iti~ appraised .~ ; , . - Data Collection and: Analysisz T'Tie appraiser must gather and analyzemarket area data. subject pm~erty data,. and . , _. ;; comparable property data that i~ relative and' relevant to the appraisal assignment: .. Development ancT Application of T'raditional~App~o$e6es~ tai Values TTi~ appraises must; eonside~~whic~ of the three-traditional approaches to value are= ... , " a lica~l relevan ~° and'neces - PP eery for developing ~ cxedibl~ opiriio~ o€valu~ for tt~e~ sub~eet ro , ::.These ~ traditional aches: to~:value include the. host A ac Sales. P ~: . ~ aPpm p~ ~ Comparison Approach add Income Capitalizatioit A~p~roach. Whew twa pr. more of these ~~ a aches to value are devel'o pp `. _ PPm ped, the a raises must determine the amount of emphasis and- - , consideration tci be ven tai each of th ose approached to values since one or mare. may Dave greater significance iI~ the appraisal of i~ specific property. Reconciliation of Value Indications and Final Opinion of Value. 1"le final step tit the valuation process, is tfe reconciliation; of the.. valuo indications develo b .. ped ~ the appraiser.:: Reconciliation is the analysis of alternative conclusions. to arrive at a final. value estimate:: Reconciliation- is required because different value indications result from the use of multiple approaches to value and. within the application of a single approach.. The final- value estunate is note derived supply by applying: technical and quantitative ~a: procedures, rather, it involves the exercise of judgment, and the value conclusion reached must be consistent with market thinking. 4 APPRAISAL CERTIFICATION I hereby certify that upon application for valuation by: THE ESTATE OF BETTY A. SWEENEY the undersigned personally inspected the following described property: All those certain pieces or parcels of land, with the improvements thereon erected, situate in South Middleton Township, Cumberland County, Pennsylvania, bounded and described as follows: TRACT NO. 1: Beginning at a point in the center line of the road leading from Boiling Springs To Mt. Holly Springs at line of land now or formerly of Tony Refosky; thence by lands of the said Tony Refosky in a northerly direction 276 feet to a point; thence by the same in an easterly direction 75 feet to lands now or formerly of Jacob W. I. Sweeney; thence by lands of the said Sweeney in a southerly direction 300 feet to the center of the aforementioned public road; thence by the center line of said road in a westerly direction 75 feet to the place of beginning. TRACT NO. 2: Beginning at a point in the center of Township Route 53 8 at lands now or formerly of Harry L. Sweeney and Betty A. Sweeney, his wife; thence along the said lands of Harry L. and Betty A. Sweeney, North 63 degrees 16 minutes West 349.56 feet to an iron pin at land now or formerly of Tony Rafalskey and Christine Refalskey, his wife; thence by the said lands now or formerly of Tony and Christine Refalskey, North 14 de ees 54 ~' minutes 55 seconds West 41.07 feet to an iron pin at lands now or formerly of Jack M. and Viola R. Kiracofe; thence by lands of said Jack M. and Viola R. Kiracofe, South 63 degrees 16 minutes East 379.89 feet to a point in the center of Township Route 538 there is a reference iron pin along this line 12.4 feet from the center of the said road); thence by the center of the said road, South 38 degrees 03 minutes 55 seconds West 30.84 feet to a point in the center of h id t e sa road, the point and 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 August 27, 2009 is: NINETY-NINE THOUSAND DOLLARS $99,000 The property was appraised as a whole, subject to the contingent and limiting conditions 5 outlined herein. [] it i~ it I~ J N Larry E. Foote Pa. Certified General Appraiser GA-000014-L 6 INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to estimate the Market Value of the subject property as of August 27, 2009. 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 rofitable li p kely 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 with' in 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. ~~ ~~ N 7 r~ -~ SITE DATA ADDRESS: TOWNSHIP: COUNTY: STATE: LOT SIZE: SEWERS: WATER: ELECTRICITY: LANDSCAPING: 562 Mountain Road South Middleton Cumberland Pennsylvania Approximately .87 acre. Two on-site septic systems. On-site well. Met-Ed. 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 single-family dwelling containing approxi- mately 864 square feet of gross living area above grade. Attached to the front and side of the dwelling is a covered porch and an enclosed furnace room with laundry hookups is attached to the rear of the dwelling. CONDITION: Exterior: Average to good. Interior: Average to good. ROOMS.: First Floor: Living room, kitchen with dining area, two bedrooms and a full bathroom. Basement: Crawlspace. EXTERIOR: Foundation: Concrete block. Walls: Stone veneer and aluminum siding. Sash: Wood-framed, single-glazed. Gutters: Aluminum, painted. S Roof: Gable, with shingles. INTERIOR, PRINCIPAL ROOMS: Flooring: Carpet Walls: Wood paneling. Ceilings: Drywall Trim: Wood, stained and varnished. KITCHEN: Cabinets: Oak, natural finish. Counters: Formica Walls: Wood paneling. Flooring: Vinyl Sink: Double-bowl, stainless steel. BATHROOM: Flooring: Vinyl Walls: Vinyl sheathing. Bathtub: Built-in, with shower. Lavatory: Vanity Water closet: Two-piece. Medicine cabinet: Wall-mounted. HEATING: Oil-fired hot water. HOT WATER: Heated by the furnace. ELECTRIC: Circuit breaker system, 200-ampere. OTHER: On-site parking is provided by a detached oversized one-car garage with electrical service and an attached one-car carport. This building is considered to be in average condition. Also located on the site is a 910 square foot 1977 mobile home. This mobile home is divided into a living room, eat-in kitchen, two bedrooms and a full bathroom. Attached to the exterior of this mobile home are two enclosed porches. The mobile home is considered to be in fair to average condition. 9 THE APPRAISAL PROCESS Three approaches to value aze 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 compazed 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 parCies 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 compazable properties in the market, based on a common unit, such. as price per squaze 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 similaz type and class. Since homes similaz to the subject aze 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. 10 ~, 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 azea 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: 3 65 Old State Road, Gardners. September 9, 2009. $88,000 822 squaze feet. $99.1p per square foot. SALE NO. 2: Location: 70 Meadowbrook Road, Cazlisle. Date of Sale: January 16, 2009. Sale Price: $86,500 Size: 810 squaze feet. Unit Price: $106.79 per square foot. SALE NO. 3 Location: Date of Sale: Sale Price: Size: Unit Price: 62 Cave Hill Drive, Carlisle. May 16, 2008. $83,500 864 square feet. $96.64 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 compazable 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 $99,000. 11 fw SALES COMPARISON ANALYSIS ITEM SUBJECT COMPARABLE # 1 COMPARABLE #2 COMPARABLE #3 Address 562 Mountain Road Boiling Springs 365 Old State Road Gardners 70 Meadowbrook Road Carlisle 62 Cave Hill Drive Carlisle Proximity to Subject Sale Price Price / Sq. Ft. GLA N.A. N.A. 588,000 599.10 586,500 S 106.79 583,500 S%.64 Data Source Interior and exterior ins ion. Courthouse, Central Penn MLS and exterior ins ion. Courthouse, Central Penn MLS and exterior ins coon. Courthouse, Central Penn MLS and exterior ins lion. ADJUSTMENTS DESCRIPTION DESCRIPTION S Adjust. DESCRIPTION S Adjust. DESCRIPTION S Adjust. Sales or Financing Concessions None None None Date of Sale /Time As of 8-27-09 9-9-09 1-16-09 5-16-08 Location Average Similar Similar Similar Site /View .87 acre .. .55 acre +2,000 .31 acre +4,000 .34 acre +4,000 Design and Appeal One-story detached Similar Similar Similar Construction Stone and aluminum Aluminum siding +1,000 Aluminum siding +1,000 Vinyl siding +1,000 Age 52 years 84 years 59 years 69 years Condition Average to good Similar Similar Similar Above Grade C Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath ount Room 4 2 1 4 2 1 4 2 1 5 2 l'/: -3,000 Gross Living Area 864 square feet 822 square feet 810 square feet 864 square fcet Basement &Finished Rooms Below Grade Crawlspace Full basement -5,000 Full basement -5,000 Crawlspace Functional Utili Av Similar Similar Similar Heatin / Coolin Oil-fined hot water Oil FHA w/cen. air -2,000 Oil FHA Oil FHA w/cen. air -2 000 Garage /Carport One-car garage, one- car c None +10,000 None . +10,000 Two-car a -1,000 Porches, Patios Pools etc. Wraparound porch, enclosed mech. room Porch, wood deck, sto a buildin Porch, patio, two stor a buildin -500 Porch, wood deck +500 Special Energy Efficient Items Typical for the re 'on. Similar Similar Similar Fi 1 s None None None None Other (e.g. kitchen equip., remodeling) Net Ad'. total Indicated Value of Subject 910 square foot 1977 mobile home. None +5,000 +11,000 99,000 None +5,000 +14 500 101,000 None +5,000 +4 500 88 000 FINAL INDICATED VALUE OF SUBJECT PROPERTY: $99,000 12 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 $99,000 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 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 August 27, 2009, is: NINETY-NINE THOUSAND DOLLARS $99,000 13 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 properly, and the boundaries aze 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 finm 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 under the extraordinary assumption that any easements or rights of way of record have no adverse impact upon the highest and best use or value herein reported. A title search was not requested nor included in the scope of work for this assignment. 9. 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. 14 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) ai~ecting 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. 15 10. No one other than the undersigned prepazed the analyses, conclusions, and opinions concerning real estate that aze set forth in this appraisal report. Larry E. Foote Pa. Certified General Appraiser GA-000014-L 16 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. 17 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, C[ 104, CI 1 O5. Standards of Professional Practice, American [nstitute 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. 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. 18 fJ J it i~ i~ i~ 20 PHOTOGRAPHS OF THE SUBJECT IMPROVEMENTS ~. .~;.- 21 PHOTOGRAPHS OF THE SUBJECT IMPROVEMENTS I^ ^ ^ 22 COMPARABLE SALE NO. 3 MA~-QYEf~ ~.r:. .a ~, ~. l ;~ ~,` /~~~ ~~~1 ,~ ~, !' Ss~`. , ~~ . . __ ; _.-.. , , NO{rp~;~~~`~ ate.. - ,o ~~ s, .. ~~ ti O 200! lN~pOuwl Ino. --`` ~~ V~ oo~ G' h ~a . . Q; ~' e+ Subject ~. f~ Q 7 V o~~n 4~ ~`5~1~\ 51 MapOW 0200YN74vTEQ a TNeAtiM 23 u N '7 Q cam! / ~n ~7 OCT-08-2009 12:51 FROM-REDEVELOP:.,;. T d3 HOUSING AUTHORITY +7172494071 T-528 F.~001/003 41,/MdCK~11VV/ ~? K1< R7~V,711~/V /11~/V ~r~./nsst~~vs~s rr+n^ ~~~~w~ ^.. ~edevelppmant Authority of the County of Cumberland (717) 249A789 or 1-8bb-b83.5907 FAX: ~717j ?9.4071 October 8, 2009 VtA FAX: 243-1$~Q Hubert X. Gilroy, Esquire Martson Law Office 10 East High Street Carlisle, PA 17013 RE: Estate of Betty A. Sweeney Dear Hubert: F-498 Housin8 Authority of the County of Cumberland Enclosed please find a copy of an Agreement to Amend Note for the loan secured by the Qeferred Loan Open End Mortgage. The total amount due and owing upon sale of this property is $15,120. if you have any further questions, please do not hesitate to contact me. Very truly yours, hristopher C. hlouston, Esquire pireetor of Real Estate pevelopment kb Enclosure G:iUserslCHOUSTOM1act8.doc BETTER PLACES, GETTER L1VES...THROUGH INNOVATION AND DEDICATfON 114 N. HANOYER ST.-STE 104 • CARLISLE, PA 17013.2445 wwW CCHRA.COM WAG `~ ~`''~ R b~~