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HomeMy WebLinkAbout08-06-10 (2) 1505610101 REV-1500 IXt°=-1°' ~ PA Department of Revenue PennsylvaMa Bureau of Individual Taxes °`""'"`"T°`"`"`""` PO BOxz8o6oi INHERITANCE TAX RETURN S~Secu~~ Date of Death MMDDYYYY Decedent's Last Name Suffix (N Applicable) Enter Surviving Spouse's Information Below Spouse's Last Name ~~~® Spouse's Social Security Number OFFICULL USE ONLY County Code Year File Numtter Date of Birth MMDDYYYY Decedent's First Name MI Suffix Spouse's First Name MI THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRU\TE OVALS BELOW ~ 1. Original Return O 2. Supplemental Return O 3. Remainder Return (date of death O 4. Limited Estate O prior to 12-13-82) 4a. Future Interest Compromise (date of O 5. Federal Estate Tax Return Required d eath after 12-12-82) O 6. Decedent Died Testate O (Attach Copy of Will) 7. Decedent Maintained a Living Trust _, 8. Total Number of Safe Deposit Boxes (Attach Copy of Trust) O 9. Litigation Proceeds Received O 10. Spousal Poverty Credit (date of death O 11. Election to tax under Sec 9113(A) b . etween 12-31-91 and 1-1-95) (Attach Sch. O) CORRESPONDENT - THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTUIL TAX INFORMATION SHOULD B N ame E DIRECTED TO: Daytime Telephone N b um er ~~~ First line of address Second line of address City or Post Office State Correspondent's a-mail address: Under penalties of perJury, I declare that I it is true, correct and complete. DeGareG~ SIGNATURE OF PERSON RE. It `/. ~ ~ r Side 1 L 1505610101 1505610101 J IS~ OF WILLS ~ ONLY ~ 6 _ ~,~rn t - ~` ~ _. ~Jr1 , 3m C._ ZIP COde I Z'' DATE FILED .C" ®~'~TT'T~T'1 return, including accompanying schedules and statements, and to the best of my knowledge and belief, ~~e personal representative is based on all information of which preparer has anv knowled°e_ REV-1500 EX petedent's Name: 1505610105 1. Real Estate (Schedule A) ........................................... 1. .. 2. Stocks and Bonds (Schedule B) ..................................... 2. .. 3. Closely Held Corporation, Partnership or Sole-Proprietorship (Schedule C) ... .. 3• 4. Mortgages and Notes Receivable (Schedule D) ......................... .. 4. 5. Cash. Bank Deposits and Miscellaneous Personal Property (Schedule E)..... .. 5. 6. Jointly Owned Property (Schedule F) O ~ &1~9 Requested .... ... 6. ', 7. Inter-Vivos Transfers & Miscellaneous Non-Probate Property O Separate Billing Requested.. • ~ - ~ • 7• (Schedule G) 8. Total Gross Assets (total Lines 1 through 7) .......................... 8. .. . 9. Funeral Expenses and Administrative Costs (Schedule H) ................ .. . 9. 10. Debts of Decedent, Mortgage Liabilities, and Liens (Schedule I) ........... ... 10. 11. Total Deductions (total Lines 9 and 10) .............................. ... 11. 12. Net Value of Estate (Line 8 minus Line 11) ........................... ... 12. 13. Charitable and Governmental Bequests/Sec 9113 Trusts for which 13 an election to tax has not been made (Schedule J) ...... . . 14 . . Net Value Subject to Tax (Line 12 minus Line 13) .................. . .... 14. TAX CALCULATION -SEE INSTRUCTIONS FOR 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2) X .0_ 16. Amount of Line 14 taxable at lineal rate X .0 d_d~~ 17. Amount of Line 14TaXable at sibling rate X .12 18. Amount of Line 14 taxable at collateral rate X .15 15. 16. 17. 18. 19. TAX DUE .........................................................19. 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT 1505610105 Side 2 Decedent's Social Security Number 1505610105 O REV-1500 EX Page 3 0liccedent's Complete Address: CITY ADDRESS PATRICIA A. COX UNIT 7, 1102 MARKET STREET NEW CUMBERLAND, PA 17070 File Number 21-09-1065 ZIP Tax Payments and Credits: 1. Tax Due (Page 2, Line 19) 2. CrediLslPayments A. Prior Payments _ B. Discount 3. Interest 4. ff Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAYMENT. Fill in oval on Page 2, Lble 20 to rsqueat a refund. 5. If Line 1 + Line 3 is greakr than Line 2, enter the difference. This is the TAX DUE. Make check (1) 1 1 , 809.28 Total Credits (A + B) (2) (3) (4) (5) 1 1 , 809.28 to: REGISTER OF WILLS, AGENT. • 1 ecedent make a transfer and: a. retain the use or income of the fxoperty transferred : Yes N,~/ ............................................................................ b. retain the right to designa~ who shall use the P~rtY transferred or its income : .............................. .............. ^ ^ ....... JQ c. retain a reversionary interest; or ........................... ........................................................................ ....... ^ ..... d. receive the promise for fife of either payments, benefits or pre? .......................... ...................... .............. ^ 2. If death occurred after Dec. 12, 1982, did decedent transfer ........ property within one year of death .............. without repining adequate consideration? ............. 3. Did decedent own an in trust for" or payable-upon.death bank acxbunt or security at his or her death? . 4 ^ ..... /^' . Did decedent own an individual retirement account, annuity or other non-probate property, which ........ contains a beneficary designation? ........................................................................................................... ............. ^ d 8. PLEASE ANSWER THE FOLLOWING QUESTIONS BY PLACING AN "X" IN THE APPROPRIATE BLOCKS 1 D'd IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE R AS PART OF THE RETURN. For dates of death on or after July 1, 1994, and before Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving sparse is 3 percent [72 P.S. §9116 (a) (1.1) (i)]. For dates of death on or after Jan. 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent (72 P.S. §9116 (a) (1.1) (ii)J. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disdosure of assets and filing a tax return are still applicable even if the surviving spouse is the onty 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 21 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 percent (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 percent, except as noted in 72 P.S. §9116(1.2) p2 P.S. §9116(a)(111. • The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent [72 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 bloat or adoption. REV-1502 EX+ (8-98) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCNEpYLE A REAL ESTATE v~ FILE NUMBER PATRICIA A COX 21-09-1065 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 )olntly-owned with right of gurvivorship must be disclosed on Schedule F. ITEM NUMBER VALUE AT DATE DES(:RIPTIAAI t~ I SEE ATTACHED TOTAL (Also enter on line 1 Recapitulation) I S (If more space Is needed, Insert adddlonal sheets of the same size) r SCHEDULE A In re Estate of Patricia A. Cox (N0.21-09-1065 and SSN 182-34-4639) Unit #7 1102 Market Street New Cumberland, PA 17070 $124,000.00* * See Appraisal Report from Mark Heckman Real Estate Appraisers attached hereto as Exhibit "A". • Mark Heckman Real Estate Appraisers . { 1309 Bridge Street, New Cumberland, PA 17070 APPRAISAL OF ~, ..:;=y J~ '' Single Family Residential Appraisal LOCATED AT: 1102 Market Street, Unit #7 New Cumberland, PA 17070-1675 FOR: Steven Howell, Esq. 619 Bridge Street New Cumberland, PA 17070 BORROWER: WA AS OF: November 8, 2009 BY: Mark W. Heckman, General Appraiser GA000666L 7) 774-7202 FAX f7171 77a-naRa FMAII hc,.4m.~~.~.~.....:....-_m__.~___. __. Mark Heckman Real Estate Appraisers UNIFORM RESIDENTIAL APPRAISAL REPORT Lerder/Clienr .Rtwvun Hnwnll can - leper N/A - ~--•- -- rwuress o I a rsn0 a sweet Ivew Cumberland PA 17070 iser Mark W. Heckm n G era) A riser Address 1309 Brid a Street New Cumb nand PA 17070 Locatbn Urban Suburban Rurel Predominant Single family housing Present land use y6 Land use change Built up X Over 75% 25.75% ^ Under 25% occupancy PRICE AGE One ~mi s(aoo> (xe) y 81% X Notlprey ^ Ltkey Gravth rate Rapki X Stable 3bw X Owner 120 Low NeW 2d family 2% In process Property values Increasing Stable Dedining Tenant 450 H' h 100+ M p u Hamiy 2% To: Demand/suppy Shortage X hbelarpe Ovanppy X Varart(O&%) Predomhant Commerdal 10% Market time Urxkr 3 mos. X 3~ mos. Over s mos. vacenl ar sx 150-250 25-50 Vacant 5% Note: Raee and the racial composition of tha neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: The Sub•ect roe is located in the New Cumberland boron h. Insufficient sales in close ' roximi to the sub ect roe r uire the a raiser to extend search arameters. Factors that affect the marketablltty of the properties In the neighborhood (proxlmtty to employment and amenities emplo ment st bilit , y a y, appeal to market, etc.): This suburban nei hborhood has most ublic utilities available relative) acre access to em to meet and services and is coin etitive " with other nei hborhoods in the attars) area. Most have similar amenities. Market activi indicates avers a or better l i acc ance n the market ace. No unfavorable factors were observed which would adverse) affect marketabili Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/su ppy, and marketing time --such as data on competitNe properties for sale in the neighborhood, description of the prevalence of sales and financing concessions etc ): ' , . Market conditions in the sub ect's nei hborhood has been favorable in recent ears due to consistent) low mort a e interest rates . Housin values have a reciated at a moderate rate as well. However the market in this area has slowed and residential dwellin s are bein marketed for Ion er eriods~ icall 120 da s or less. A raisers have also encountered more seller concessions/assistance than in recent ears. If interest rates sta at a moderate level and the local econom remains the same home rices should continue to remain stable. ProJeet Information for PUDs (If applicable) - - Is the developer/bulkier in control of the Home Owners' Association (HOA)? YES NO Approximate total number of units in the subject project Approximate total number of units for sale in the subject project Describe common elements and recreational facilities: Dimensbns See I al descri tiOn . Topography BBSicall Level Ste area Condominium Comer Lot Yes X No Sae T ical for area Specific zoning clasattication and description Commercial C2 shape Rectan ular Zoning wmppenoe X^ Legal ^ Legal rlorrconbnrling (Grendfatltered use) Ille al N i g o inn ng Dreina9e ears ad uate H treat 8 bed use as im wed: X Present use Other use a hin View Avers e Utilities Pubpc Other Off-eke Improvements Type Public PrHate Landscaphg T iCal Eledridty ~ 200 AMPS Street Asphalt X ^ ^ Drivew s rt A h LJ ay u ace s alt Gas X slab/gutter Concrete ~ ^ Apparent easemerds T ical utili easement Water X^ Sidewalk Concrete LX J ^ FEMA Spade) Fbad Hazard Area Yes X No Sankary sewer Street lights None ~ ^ FEMA Zone X Map Date 03/16/2009 ~~ ~~ X Ape None FEMA Ma No. 420366 0301 E Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning, use, etc.): Site has avers e site im rovements avers a landsca in and ical maintenance. The site im rovements and services to the site are ad uate and acc table in this market. There are no a arent adverse easements encroachments or other adverse conditions on this site . GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Unps 1 Foundatbn Concrete Slab NO Area Sq.Ft. 600 Roof No. of Stories 2 Exterbr Walls Vin I OawlSpeoe NO % Finished 0% Ceipng Q Type (Def./Att.) Detached Roof surface Arch. Shin le Basement 100% Ceipng Unfinished Walls Q Design (style) 2 Sto Gutters 8 Dwnspts. Aluminium sum Pump Yes Walls Concrete Fbor ^ ExbtinglProposed Existin yYmdow Type Double Insul. Dampness None noted Fbor Concrete None Q Age (Yrs.) 4 StaMScreens NO/Yes Settlement None noted outside Erlby No u ~ , ,,,, Effective A e re. 4 Manufaduled House NO Infedation None noted e ROOMS Fo er Liv Dhin Kttdlen Den Faml Rm. Rec. Rm. Bedrooms # Baths Laund • Other Area Ft Basement . . X Level 1 1 1 600 .5 • Level2 600 3 1 600 • FmLshed area above redo contains: 5 Rooms• 3 Bedroom s • 1.5 Bat s ~ 1 200 S u 40 are Feet of Gross Livln Area INTERIOR Materiels/Condttbn HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE: Fbors C t Vin I/Aver8 a Type FA Refrigerator }n.{ None ^ FFeplace(s)# Wells D alUAvera a Fuel Gas Ra a/Oven ~XJ Sta ^ Pata ~ None X^ Garege #ofcars p p Trim/Fhish Wood/Avera a CondpbnAv Dis sal ~~~ Dro Stair ^ Deck X Beth Fkxx Vin I/Averse COOLING Dishwasher X^ Scuttle X Porch ^ Attached D t h d Bath Wainscot Fiber lass/Avera Central Yes Fan/Haod ^ Fbor ~ Fence ^ boas 6 P rrr l/A e ac e Buitt-In JJ~~i pal ane verse Other None Microwave XO Heated lll CaxikbnAv Washer er Finished ~rp~ Drivewa 2 Addttionel features (special energy efficient ttems, etc.): The subieCt has two off-street parkinfy spaces• kitchen has a center i har sland with breakfast Condttion of the Improvements, depreciation (physical, functional, and external), repairs needed, quality of construction remodeling/additions, etc.: These In1DfOVemantS ara of avwrano nu~lihi fromn .4e~~.....,..d .si,._. _.._____ _ _,_._ _ _ .. _ or Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject property: No adverse environmental conditions were observed in the improvements, on the site. or in the Fredde Mac Fam ro 8-90 PAGE 1 OF 2 FanrYa Mee Fdm 1004 es9 AotlucM wine ACI wee•e, ale.Z{1.8727rwY.atlwW.wm Mark Heckman Real Estate Appraisers yatuatbn ssetlon UNIFORM RESIDENTIAL APPRAISAL REPART C,IIMAItU SIIE VALDE, , , , , °O ^~• r rVG1VIQIRtlI • _ $ Comments on Cost Approach (such as source of t , cos estimate, ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA, the 9 _ 1.200 Sq. Ft. ~ $ _ $ 0 estimated remaining economic lire of the ro rt Bsmt. 600 - p Pe Y)~ sq. Ft ~ $ . - 0 Because of a lack of com arable land sales data to establish Dec d 0 market value of the sub'ect site the Cost A roach cannot sq Ft ~ $ . . 0 be considered an accurate indicator of value . Total Estimated Cost New , , , . _ ............ $ 0 Less Physical Fundbnal External Est. Remaining Econ. LNe: 46 10n = $ 0 Depredated Value of Improvements ................... _ $ 0 "As-is" Value of Ske Improvements , , , , , . , , . , . • . _ $ INDICATED VALUE BY COST APPROACH • • • • ....... = 0 ITEM SUBJECT COMPARABLE N0. 1 COMPARABLE N0.2 COMPARABLE N0.3 1102 Market Street, Unit #7 142U 15th Street 1745 Weatherburn Drive 605 Canvasbach Drive Address New Cumberland New Cumberland New Cumberland Etters R' to sub 0.30 miles NW 0 99 miles SSW . 4.88 miles SSE ~~ ~~ N/A $ 129 000 $ 1 19 900 $ 135 000 PrioelGnoss LN. Area $ 0.00 ~ $ 105.39 7J $ 115 29 7J . $ 101.66 ~ Data and~or Inspection Assessment Records &MLS Assessment Records &MLS Assessment Records &MLS VerlNrxitbn sources ASSesReC&MLS sesSment Records &MLS Assessment Records &MLS Assessment Records &MLS VAUJEAQNISTMENfS DESCRIPTION DESCRIPTION . - S whnant DESCRIPTION + - = wtmera DESCRIPTION . - 6 Sales a Finandng Cash Conventional Cash Concessbns None Known ~ Seller Assist ~ -1 798 None Known Date of Sala/Time 3/16/2009 ~ 10/29/2009 ~ 4/16/2009 Locatbn Suburban/Av Suburban/Av Suburban/Av Suburban/Av LeasslnltLFee Fee Sim le Fee Sim le Fee Sim le Fee Sim le site Condominium Condominium ~ Condominium Condominium view Avera a Avera a Avera e ~ Avera e ' nand al 2 Sto /Attached 2 /Semi-Det ~ -5 000 1.5 S /Semi-Det ~ -5 000 2 Sto /Attached dCa~ehumon Avera a Avera a Avera a Avera e ' e 4 Years 20 Years ~ +5 000 20 Years ~ +5 000 7 Years ' CondNbn Avera a Avera e ~ Avera e ~ Avera e Above Grede Taal ' Btrma ' Batlu Total ' Burma ' Baeu i Total ' Bdrma ' Banta ~ Total ' BGma ' Balha ~ Room Count 1 5~ 3~ 1 50 4~ ~ . 2 1.50' 5~ 2~ 2.00' -1,500 6~ 3~ 2.50' -2,500 . Gross Liv Area 1 200 Ft 1224 Ft ~ ~ . . . . 1 040 .Ft. 2 400 1 328 .Ft. ~ -1 900 Basement&Fin'shed Full Basement Full Basement None +5,000 None +5,000 Rooms Bebw Grade Unfinished Recreation Rm ~ -8 000 None None Fundbnal Uri Avera a Avera e ~ Avera e ~ Avera e Heati /Coolin Gas FA CA EHP CA ~ EHP CA ~ Gas FA CA ; E EtNdeM name T ical for A e T ical for A e ~ T ical for A e ~ T ical for A e ' tiara elCa Off St Parkin Off St Parkin ~ Off St Parkin ~ 1 Car Att tiara e ~ -4 000 - Porch, Patb, Deck, Deck Deck Patio Patio Fire s etc. None None ~ None ~ 1 Fire lace ~ -2 500 Fence, Pool, etc. None None ~ None ~ Priva Fence ~ -1 000 Other None None ~ None ~ None ; ' Net Ad . total + ' $ 8 000 X + ~ $ 4 102 + X - 6900 Adjusted sales Prke of Com reble $ 121 000 $ 124 002 $ 128 100 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc. ): See Attached Addendum. ITEM SUBJECT COMPARABLE N0. 1 COMPARABLE N0.2 COMPARABLE N0 3 . Date, Price and Data February 2, 2006 None within the prior year of None within the prior year of None within the prior year of Stwrceforpriorsales $133,900 above sale date. above sale date. above sale date . wlltYn earofa feel Coun Records Coun Records Coun Records Coun Records Anaysis of any current agreement of sale, optbn, tx listing of the subjtrct property and anaysis of any prior sales of subject and oxrparablBS wthh ane year of the date d appraisal Accordin to the coun assessment records the sub'ect roe has not transferred within the ast three ears Accordin to the . information in the r Tonal multi le listin service the sub'ect roe has not been listed for sale within the st three ears . INDICATED VALUE BY SALES COMPARISON APPROACH ....................................... , , , , , , , , , , , , , , $ 124 000 INDICATED VALUE BY INCOME APPROACH K ble Estimated Market Rent Mb. x Gross Rent Mu ' - 7his appaisal arcade X "as Is" subject to the repats, aterations, nspedbrta a condtbns listed bebw subject to complatbn Par Plans and toms ~~ . CondtbnsofAppraisal: See Attached Addendum. Flnat RecondNatbn: See Attached Addendum. • - The purpose of this appraisal is to estknate the market value of the real property that is the subject of this report, based on the above conditbns and the certNratbn ooMirgent , and inking conditions, and m~ket value deflnRbn that are stated'n the attached Freddie Mac Form 4391Fennie Mee Form 10048 (Reused ) , I lwE) ESTIMATE THE MARKET VALUE, A8 DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF T }NS REPORT, AS OF NOVem b@r 8 2009 (WENCH IS THE DATE OF INSPECTION AND THE EFFECTNE DATE OF THE REPORT) TO BE $ 124 000 APPRAIS R: SUPERVI (O I ) ~ ~ , Signature i?~1 S' natrse l`""'-"' ~ ®pid Did Not RName tt S d a e _a ou ers. PA Cert Resid R E ADpr Name M W Heck a PA C . m n, ert. General R.E. Inspect Property D te R t Si d 08/ a epor nne 04/2010 Date Re S ned 08/04/2010 State Certirx:atbn # RL139741 State PA State Certificatbn # GA000666L State PA Or St t Li a e cense # cmro n" e.e.~ l ,,......,_ ., FreA6a Mac Form 70 B~ai - - ---- `•~ `~"•""~ StatA PAGE 2 OF 2 Famie Mae Form 1001 8-93 Pr"duetl ulna AGI aaaWre, eo0.2N,8717 ava,adwW.ewn Mark Heckman Real Estate Appraisers ' Borrower: WA - --- -- Property Address: 1102 Market Street Unft #7 File No.: 1102Market City New Cumberland ~~ NO State PA Zio 17070-1675 Lender Steven Howell Esq Comments on Salea Comparison After a thorough search of all available market data, the three sales used are considered to be the best indicators of value. All three sales are considered to be reliable indicators of value, and are weighted similarly in the final reconciliation. Appropriate adjustments have been made for all differences. Comparable sales used are all closed sales. Days on the market: Comparable No. 1: 8 Days; Comparable No. 2: 28 Days; Comparable No. 3:17 Days. It is noted that Comparable Sale Nos. 1 and 2 have two bedrooms while the subject has three. Other sales with three bedrooms were significantly different in location, size, age and design, and were not used for that reason. Those chosen are the best available. All three comparable sales are located in the West Shore School Distrtct. It is typical to see up to 6% in seller concessions. The appraiser adjusts for a portion of those concessions, approximately 50%. Comparable Sale No. 1 has a monthly condominium fee of $75. Comparable Sale No. 2 has a monthly condominium fee of $128. Comparable Sale No. 3 has a monthly condominium fee of $69. 1102 Market Street, Unit 6 is currently on the market for $129,900, has been listed for 53 days, and is located next door to the subject property. Condkions of Appraisal This appraisal report has been prepared with the property in "as is" condkion. The appraiser considered only those items that were permanently attached to the property as realty. Any items not so affixed, such as refrigerators, washers, dryers, above ground swimming pools, etc., were not included in the estimate of the market value. No personal property has been included in this valuation. THE APPRAISER MAKES THE HYPOTHETICAL ASSUMPTION THAT THE CONDITION OF THE SUBJECT PROPERTY AS OF NOVEMEBER 8, 2009 WAS IN AVERAGE CONDITION. ACTUAL DATE FOR THE PROPERTY INSPECTION IS JULY 28, 2010. Final Reconciliation THE APPRAISER HEREBY CERTIFIES THAT THIS REPORT HAS BEEN PREPARED IN COMPLIANCE WITHIN THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE(USPAP), THAT THE APPRAISER IS A DISINTERESTED PARTY AND THAT THE VALUE STATED IN THIS REPORT IS ACCURATE TO BEST OF THE APPRAISER'S ABILITY, AND THIS VALUE HAS NOT BEEN PREDETERMINED. See attached appraiser's certification and Statement of Limiting Conditions. The appraiser considered only those items that were permanently attached to the property as realty. Any items not so affixed such as refrigerators, washers, dryers, above ground swimming pools, etc., were not included in the estimate of market value. The opinion of value stated in this appraisal is based upon market conditions present as of the effective date. This appraisal assumes a reasonable marketing period for the subject property of four months. The Sales Comparison Analysis reflects recent activity in the market place and is given the most weight. The Income Approach is inappropriate because few single family houses are rented in this market. The Cost Approach is not considered an accurate indicator of value due to insufficient site information for Condominiums. This appraisal is based on readily observable conditions and is not to be considered as a thorough home inspection to analyze or warrant the subject property and/or its mechanical systems. Addendum Page 1 of 1 File No. 1102Market DEFINITION OF MARKET VALUE: 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: (1) buyer and seller are typically motivated; (2) both parties are well Informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) 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. `Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative finanGng adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the markets reacfion to the financing or concessions based on the Appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the folbwing conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizJng the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such Items that were frrnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. rrecaie mac roan 439 ~-83 Page 1 of 2 Fannie Mae Farm 10046 E93 APPRAISERS CERTIFICATION: The Appraiser certfies and agrees that: File No. 1102Market 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales wmparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to , or more favorable than, the subject property, i have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and in~rmaflon in the appraisal report are true and correct. 3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions spedfied in this form. 4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a spedfic valuation, or the need to approve a spedfic mortgage loan. 7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the recondliation section. 8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effed of the adverse conditions on the marketability of the subjed property. 9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and condusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 1102 Market Street Unit #7 New Cumberland PA 17070-1675 APPRAISER: Signature: ~~t!iaoJ Name: Raetta Souders. PA Cert. Resid R E ~ r Date Signed: 08/04/2010 State Certiflgfion #: RL139741 or State License #: State: PA Expiration Date of Certifigtion or License: 6/30/2011 SUPERVISORY APPRAISER (only If required) Signature: ~ (1~i~G%~--~--~-`~ Name: Marc W. Heckman. PA Cert. General R.E. or. Date Signed: 08/04/2010 State Certification #: GAOOO666L ar State License #: State: Expiration Date of Certification or License: 6/30/2011 X^ Did ^ Did Not Inspect Property GA000666L Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 100486-93 APPRAISAL AND REPORT IDENTIFICATION This Appraisal Report is gar g of the following types: ^ Self Contained (A written report prepared under Standards Rule 2-2(a), pursuant to the Scope of Work, as disclosed elsewhere in this report.) XQ Summary (A written report prepared under Standards Rule 2-2(b), pursuant to the Scope of Work, as disclosed elsewhere in this report.) ^ Restricted Use (A written report prepared under Standards Rule 2-2(c), pursuant to the Scope of Work, as disclosed elsewhere in this report, restricted to the stated intended use by the spedfied client or intended user.) Comments on Standards Rule 2-3 I certify that, to the best of my knowledge and belief: • The statements of fact contained in this report are true and corcect. • The reported analyses, opinions, and conclusions are limited onry by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions and conclusions. • I have no (or the spedfled) present or prospective interest in the property that is the subject of this report, and no (or the specified) personal interest with respect to the parties involved. • I have no bias with respect to the properly that is the subject of this report or the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the 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 ocxtmence of a subsequent event directly related to the intended use of this appraisal. • My analyses, opinions and oondusfons were developed and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. • I have (or have not) made a personal inspection of the property that is the subject of this report. • No one provided significant real property appraisal assistance to the person signing this certification. (If there are exceptions, the name of each individual providing significant real property appraisal assistance is stated elsewhere in this report.) Comments on Appraisal and Report Identification Note any USPAP related issues requiring disclosure and any State mandated requirements: for APPRAISER: Sgneture: ~.~L.1rl~o~taQJ Name: Raetta'Souders, PA Cert. Resid. R E Appr Date Signed: 08/04/2010 State Certification #: RL139741 or State Lcense #: State: PA Expretion Date of Certfication or License: 6/30/2011 EtledNe Date of Appraisal: November 8, 2009 SUPERVISOR~^4PPRAISER (only if requir Signature Name: Mafk W. Heckman, PA Cert. General R E Appr Date Signed: 08/04/2010 State Certificaton #: GAOOO666L or State License #: Stets: Expretan Date of Certification or License: 6/30/2011 S~u~horY Appraiser inspedan of Subject Property: LJ Did Not ^ Exterior-ony from street ®Interiar and l~derior Proeuwa w:p nd •eMwr•, sao.z~.ern wrw~.•chwb.o•m u8PAP00 ro7i0e CI AA~m wu DIMENSION I LQT enneun~ m SUBJECT PROPERTY PHOTO ADDENDUM FRONT VIEW OF SUBJECT PROPERTY Appraised Date: November e, 2009 Appraised Value: $124,000 REAR VIEW OF SUBJECT PROPERTY Living Room Powder Room Bedroom Bedroom Bath Bedroom COMPARABLE PROPERTY PHOTO ADDENDUM COMPARABLE SALE #1 142U 15th Street New Cumberland Sale Date: 3/16/2009 Sale Price: $ 129,000 COMPARABLE SALE #2 1745 Weatherbum Drive New Cumberland Sale Date: 10/29/2009 Sale Price: $ 119,900 PLAT MAP (717) 774-7202 FAX (717) 774-0383 EMAIL LOCATION MAP . 1 ~. - ~ ~- ---- . Subject _ ,. , sl ~ 1102 Market Street, Vnit #7 ~ New Cumberland, PA 17070-1675 r aE ilY Comparable Sale 2 a, +~~ ~ +~ ~ ,-~~, 1745 Weattlerbum Drive ',~`~,:~ ~ ~ ` ` `~ t New Cumberland, PA 17070-2218 "' ~`~~ ~. ~ ~~;~~ ;~ sw ' _ (0.99 miles SSW) ~* `::_, t7~ %~ ~,~; :. ~~,-.~-, //r r, f + ~ ~ 5 ~ Rol ,~ ,~ /~"(} r , ~ ~~~ ~ z ~ ,=a ~ ` ,a, ~ ~ 9hil Corp ~":, ~ ~ ~ i x ~ r~,~ ~ z ,. ~~, ' '`•,h LL..~~ ~ ~ri ~,, c ~ '~~~~ ~ ,~b ', ~ h f 1 3i :~'S ~'~ ~y rt ~h ~, ~ f j A ~Y~ ,K~~ r .2 ', ~,s~ ~" ,.~v ~ ~~. ~y ~ M V\ I y f v 7?Y ~ ~... 1 Y1 p~~ "~ 0.' $t^k K 9x +& }rt, L ~ ~ „ 1 ~' .,~ ^,. \~ ! 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I how Nt Imy Iwd end ollJdr ss>il. ~ ~'y c~rtl~- ~t 11ra p~Cily dtlw C~tarNM MrMn k w 11olowir I O ~ - ~ M..Ilur ~~ . a~TM ~ ~wriv~w- ct~uirrYOFC„~ ~ . ~h+8o~t ~ "~ ~ ~ ~' p• ~~ ~ ~ ~roon~'s dlle~r d ~s trd - ~,_.~_. tin ~tdair rtg-h~I ar~d 11» s~M d1A~ a>tid ollbi-.ll~ diM~ ahow weiNan, ! .; I~condltr In Cumberland County PA _,- .~ A r. ~ ~!!_ . /. AMY^•. e...,~'F 1 ' ~ .,~~~ 1 '. ~ Y ~ ~~.. .. •y' Recorder of Dcecls e~c 272 r~~.5;;~ 7) 774-7202 FAX (717) 774-0383 EMAIL heckmanappraisers~comcast.net REK150B E%+(1S7) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN PATRICIA A COX SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY 21_nU_1n~5 Indude the proceeds of litigation and the date the proceeds were received by the estate. All property Joirrtlyowned with the right of survivorship moat be disclosed on Schedule F. NUMBER I DESCRIPTION I VALUE AT DATE OF DEATH SEE ATTACHED TOTAL (Also enter on line 5, Recapitulation) I ; more space Is needed, insert additional sheets of the same size) Y SCHEDULE E In re Estate of Patricia A. Cox (N0.21-09-1065 and SSN 182-34-4639) 1. Fidelity Investments $165,335.69* 2. Holy Spirit Hospital Severance Package $ 17,663.67 3. US Treasury Payment to Decedent $ 1,404.20 4. Farmington Administrative Services $ 14.30 5. Members ls` Federal Credit Union $ 4,574.37 6. 2005 Saturn Vue $ 6,608.00 7. Erie Refund $ 266.00 $195,866.23 * Entire balance of 401 (k) is taxable since owner could close out plan at age 59 '/z and Decedent was age 67 at time of death. REV•f511 EX+(10-06) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCMEpULE N FUNERAL EXPENSES & ADMINISTRATNE COSTS wrwrc ~r PATRICIA A COX A. I FUNERAL EXPENSES: t. B. 1 2. 3. 4. 5. 6. 7. SEE ATTACHED FILE NUMBER 21-09-1065 Debts of decedent must be reported on Schedule I. ADMINISTRATIVE COSTS: Personal Representative's Commissions Name of Personal Representative(s) Street Address City Year(s) Commission Paid: State Zip Attorney Fees Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City State Zip Relationship of Claimant to Decedent Probate Fees Accountant's Fees Tax Return Preparer's Fees TOTAL (Also enter on line 9 Recapitulation) I $ (If more space is needed, insert additional sheets of the same size) SCHEDULE H In re Estate of Patricia A. Cox (N0 .21-09-1065 and SSN 182-34-4639) Funeral Expenses: 1. Parthemore Funeral Home $ 10,525.13 2. Old Town Florist $ 295.60 3. Fee for Priest $ 100.00 4. Funeral Luncheon $ 365.00 5. Gingrich Memorials $ 3 650.00 6. Holy Cross Cemetery $ 950.00 Administrative Costs: 1. Steven Howe Register Patriot News Law Journal Register ll, Esquire $ 711.28 $ 20.00 (extra short certificates) $263.28 $ 75.00 353.00 $711.28 2. Mark Heckman Real Estate Appraisal $ 450.00 3. Legal Fees to Steven Howell, Esquire $ 3,000.00 4. Final Probate Fees $ 50.00 $ 20,097.01 REV-1512 EX+(t2-03) COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCNEpYLE 1 DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS w~hi~vr PBTRICIA A COX FILE NUMBER 21-09-1065 Report debts incurred by the decedent prior to death which remained unpaid as of the date of death, including unreimbursed medical expenses. ITEM NUMBER DESCRIPTION VALUE AT DATE OF DEATH 1. SEE ATTACHED TOTAL (Also enter on line 10, Recapitulation) 3 (If more space is needed, insert additional sheets of the same size) f SCHEDULE I In re Estate of Patricia A. Cox (N0.21-09-1065 and SSN 182-34-4639) 1. 2. PPL Borough of New Cumberland $ $ 528.94 170.36 3. Pennsylvania American Water Company $ 138 53 3. Members 1 S` FCU (Credit Card) $ . 465.78 4. Members 1 S` FCU (Caz Loan) $ 3 294.25 5. Members ls` FCU (Home Equity) $ 25,678.84 6. UGI $ 609.53 7. Erie Insurance $ 338 00 8. T Mobile Cellulaz Carrier $ . 180 48 9. New Cumberland Ambulance $ . 71.00 10. Center for Kidney Disease $ 140 55 11. Camp Hill Emergency Physicians $ . 62.86 12. Spirit Physician Services $ 317 36 13. Borough of New Cumberland $ . 249 72 14. PPL $ . 520 78 15. West Shore Anesthesia Associates $ . 26 52 16. Holy Spirit Hospital $ . 1,096.29 17. West Shore Pathology $ 62 56 18. County Real Estate Taxes $ . 853 32 19. West Shore School Taxes $ . 1 225.68 20. Verizon $ , 145 36 21. Jack Gaughen Realtor $ . 1 100.00 22. PENNDOT $ , 36.00 22. Pennsylvania America Water Company $ 27.99 $ 37,340.70 r ~ REV-1513 EX+ (9-00) COMMONWEALTH OF PENNSYLVANIA I BENEFICIARIES INHERITANCE TAX RETURN RESIDENT DECEDENT wrwi~ yr FILE NUMBER PATRICIA A COX 21-09-1065 NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY RE Dol Not List Trustee(s) ENT AMOOF ESTATE I TAXABLE DISTRIBUTIONS [include outright spousal distributions, and transfers under Sec. 9116 (a) (1.2)] 1. AMY L. FELTON UNIT 7 1102 MARKET STREET NEW CUMBERLAND PA 17070 D UGHTER 100 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 TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET I $ (If more space is needed, insert additional sheets of the same size)