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HomeMy WebLinkAbout11-28-11Ex (ot-,o) .J REV-1500 1505610143 ' OFFICIAL USE ONLY PA Department of Revenue Pennsylvania county code rear Fiie Number Bureau of Individual Taxes DEPARTMENT OP REVENUE Po Box.2soso~ INHERITANCE TAX RETURN 21 11 0 0 610 Harrisburg, PA 17128-0601 RESIDENT DECEDENT ENTER DECEDENT INFORMATION BELOW Date of Birth Social Security Number Date of Death 177 16 0446 05 13 2011 09 24 1922 Decedent's Last Name Suffix Decedent's First Name MI HEBERLIG HELEN M (If Applicable) Enter Surviving Spouse's Information Below MI Spouse's Last Name Suffix Spouse's First Name Spouse's Social Security Number THIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS FILL IN APPROPRIATE OVALS BELOW 3, Remainder Retum (date of death ® 1. Original Retum ^ 2. Supplemental Retum ^ prior to 12-13-82) 4. Limited Estate ^ qa, Future Interest Compromise ^ 5. Federal Estate Tax Retum Required ^ (date of death after 12-12-82) ® 6 Decedent Died Testate ^ ~, (AD ~eC VYiof Tnest) Living Trust ~ _ 8. Total Number of Safe Deposit Boxes (Attach Copy of Will) ^ 9. Litigation Proceeds Received 1 p, Spousal Poverty Credit (date of death ^ 11. Election to tax under Sec. 9113(A) ^ between 12-31-91 and i-1-95) (Attach Sch. O) CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED TO: Name Daytime Telephone Number JAMES M ROBINSON 717 245 9688 First line of address 129 SOUTH PITT STREET Second line of address City or Post Office State ZIP Code CARLISLE PA 17013 REGISTER~F WILLS US~mNLY _ ~;~ ~ ~_ ~j-~T~ ~y cr . - _ 1 J G:~ :. a l ,~~~~~ ~ CJ~~-~ - ~~ (_~ -Tl _ ,- r„- _ ==- DA~T ED ~: ~- - _~ r ,,. --; !:7 ,i_ ~ C`7 a-t --r-1 t7 rn robinson turolaw.com Correspondertt's a-mail address: 1 Under penalties of perjury, I dedare that.l have examined this return, inducting accompanying schedules and statements, and to the best of my knowledge and belief, it is true, coned and complete. De~laratxxt~f preparer other than the personal representative is based on all information of which preparer has any knowledge. HATE Susan E. 4407 Chestnut Street, Camp Hill, PA 17011 i-a~- SIG RE OF PREPARE R T REPRESENTATIVE DATE James M Robinson J I - a, ~- ~ A D SS South Pi Street, Carlisle, PA 17013 Side 1 1505610143 1505610143 1505610243 REV-1500 EX Decedent's Social Security Number oeceaenrsName: HEBERLIG, HELEN M 177 16 0446 RECAPITULATION 73,000.00 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 8 Notes Receivable (Schedule D) .......................................................... 4. 18,517.60 5. Cash, Bank Deposits ~ Miscellaneous Personal Property (Schedule E) ................ 5. 6. Jointly Owned Property (Schedule F) ^ Separate Billing Requested ............. 6. 7 Inter-Vivos Transfers 8~ Miscellaneous Non-Probate Property . (Schedule G) ^ Separate Billing Requested ............. 7. 8 9 1, 5 1 7. 6 0 8. Total Gross Assets (total Lines 1-7) ....................................................................... . -- ---- 12,62 . 9. Funeral Expenses & Administrative Costs (Schedule H) ........................................ . 9. 23,153.75 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) ............................... . 10. 35,774.56 11. Total Deductions (total Lines 9 & 10) ..................................................................... . 11 . 12 55,743.04 12. Net Value of Estate (Line 8 minus Line 11) ........................................................... .. . 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) ............................................... . 1a 55,743.04 TAX COMPUTATION -SEE INSTRUCTIONS FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 15 (a)(1.2) X .00 16. Amount of Line 14 taxable 5 5 7 4 3. 0 4 16. 2, 5 0 8. 4 4 , at lineal rate X •045 17. Amount of Line 14 taxable 17 at sibling rate X .12 18. Amount of Line 14 taxable 18 at collateral rate X .15 19. 2, 5 0 8. 4 4 19. Tax Due .................................................................................................................. ... 20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT. 1505610243 Side 2 1505610243 REV-1500 EX Page 3 Decedent's Complete Address: Heberlig, Helen M 1044 S. Pitt Street Carlisle Tax Payments and Credits: 1. Tax Due (Page 2, Line 19) 2. Credits/Payments A. Prior Payments B. Discount 3. Interest 4. If Line 2 is greater than Lin Checknbox oo Page 2 Line 20 tto request a refundPAYMENT. 5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE. 0.00 (3) 0.00 (4) (5) 2,508.44 Make Check Payable to: REGISTER OF WILLS, AGENT. PLEASE ANSWER THE FOLLOWING 4UESTIONS BY PLACING AN "X" NN THE APPROPRIATE BLOCKS Yes No 1. Did decedent make a transfer and: a. retain the use or inceme of the property transferred :.................................................................................. b. retain the right to designate who shall use the property transferred or its income :.................................... ^~ c. retain a reversionary interest; or .................................................................................................................. d. receive the promise for life of either payments, benefds or care? ........................ . 2. If death occurred after December 12, 1982, did decedent transfer property within one year of death without receiving adequate consideration? ................................................................................................................... 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death?......... ^ 0 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 IT 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 spouse is 3 percent p2 P.S. §9196 (a) (1.1) (i)]. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 0 percent p2 P.S. §9116 (a) (1.1) (n)]. 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 deatph on or after July 1, 2000: y • adoptive parent, or a steppare t oflthe cFi Id is 0 perrcent [72 P S. §9116 (a) (9.2)~ of age or younger at death to or for the use of a natural parent, an • 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) [72 P.S. §9116 (a) (1)]. • The tax rate imposed on the net value of transfers to or for the use of the decedent's siblings is 12 percent (72 P.S. &9116 ((a) (1.3) . A sibling is defined under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blo or adoption. File Number 21 - 11 - 00610 STATE (1) 2,508.44 Total Credits (A + B) (2) PA 17013 SCHEDULE A ~, EAL ESTATE R CpM,AONWEALTH OF PENNSYLVANIA ' INHERRANCE TAl( RETURN RESIDENT DECEDENT ~ __ __ --_ --_ _ ~ILE NUMBER ESTATE OF Heberlig, Helen M 21 -11 - 00610 All real property owned sole)y or as a tenant m common must be re orted at fair market value. Fair market value is defined as the price at which property would be exchanged between a willing buyer and a wilting seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts. Real property which is jointly-owned with right of survivorship must be disclosed on schedule F. Attach a copy of the settlement sheet if the property has been sold. Include a copy of the deed showing decedent's interest if owned as tenant in common. - VALUE AT DATE OF ITEM DESCRIPTION DEATH NUMBER 1 1044 S. Pitt Street, Carlisle, PA 17013 -valued at $146,000 as per Appraisal performed by 73,000.00 Larry E. Foote, Diversified Appraisal Services on October4 18, 2011 - 1/2 interest with Judy L. Stine as a tenant in common TOTAL (Also enter on Line 1, Recapitulation) I 73,000.00 SCHEDULE E CASH, BANK DEPOSITS, 8~ MISC. Cq,yADNWEALTIi DF PENNSYLVANIA PERSONAL PROPERTY INHERITANCE TAX RETURN RESIDENT DECEDENT ____ FILE NUMBER ESTATE OF Heberlig, Helen M 2'1 -11_00610 __ - Include the proceeds o d sclo~sed ontschedulehF proceeds were received by the estate. All property jointly-owned with the right of survivorship must be __ - - VALUE AT DATE OF ITEM DESCRIPTION DEATH NUMBER -- _ 4,012.62 1 Members 1st Federal Credit Union -Checking Acct. No. 14236-11 12,178.69 2 Members 1st Federal Credit Union -Savings Acct. No. 14236-00 3 Miscellaneous personal property -proceeds of yard sales 2,326.29 TOTAL (Also enter on Line 5, Recapitulation) I 18,517.60 CphMpNV~EALTN OF PENNSYLVANIA INNERRANCE TAX RETURN RESIDENT DECEDENT SG~U-E H ~ FI~BiAL EKES 8~ ~ gpNN;STRATNE(~O6T5 ESTATE OF Hebertig, Helen M - Debts of decedent must be reported on Schedule 1. ITEM DESCRIPTION NUMBER ~ FUNERAL EXPENSES: _ - - A. 1 ;Hoffman-Roth Funeral Home & Crematory, Inc. 2 '', Wesleyan Church of the Cross -Post-Funeral Luncheon FILE NUMBER 21-11-00610 AMOUNT g, ADMINISTRATIVE COSTS: ~ ~ . Personal Representative's Commissions i Name of Personal Representative(s) Susan E. Feagley !~ Street Address 4407 Chestnut Street City Camp Hill State PA Zip 17011 II ~I Year(s) Commission paid 2011 2. ~! Attorney's Fees Turo Robinson Attorneys at Law 3. i Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City State ZiP it Relationship of Claimant to Decedent a. ~ Probate Fees Cumberland County Register of Wills Cumberland Law Journal -Publish Notice The Sentinel -Publish Notice 5. II Accountant's Fees 6, i Tax Retum Preparer's Fees 7, ' Other Administrative Costs 1 !Diversified Appraisal Services -appraisal of 1044 S. Pitt St. 7,719.00 100.00 1,000.00 2,745.53 296.50 75.00 210.78 350.00 TOTAL (Also enter on line 9, Recapitulation) 12,620.81 COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT Schedt~e H Fur>eral Exper>~se~s & Ca~1s c~onli~x~ed ESTATE OF Heberlig, Helen M FILE NUMBER 21_11 - 00610 2 ~ Recorder of Deeds -Conveyance of 1044 S. Pitt St. I, IL4.UV Page 2 of Schedule H COI~„pNVyEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULEI DEBTS OF DECEDENT, MORTGAGE LIABILITIES, 8~ LIENS FILE NUMBER 2'.1 -11 - 00610 ESTATE OF Heberlig, Helen M Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses. ITEM DESCRIPTION NUMBER - 1 Members 1st Federal Credit Union -Home Equity Loan No. 14236-03 2 Comfort Keepers -Home Care Services 3 Flower Law, LLC -Legal consultation and document preparation 4 Forest Park Health Center 5 Walnut Bottom Radiology 6 PPL Electric Utilities 7 Century Link -final phone bill 8 Borough of Carlisle -water/sewer/trash - 1044 S. Pitt St. 9 Borough of Carlisle Tax Account - 2011-2012 school taxes -1044 S. Pitt St. 10 Erie Insurance -homeowner's insurance 1044 S. Pitt St. net of Auto Insurance refund 11 Richard Zarnowski -repair foundation at 1044 S. Pitt St. 12 John Wardle -lawn care at 1044 S. Pitt St. 13 The Sentinel - ad for yard sales 14 Tippy Top Roof Cleaners -power wash siding in preparation for painting 15 Justin Feagley -labor for painting exterior of 1044 S. Pitt St. 16 Home Depot -materials for painting exterior of 1044 S. Pitt St. TOTAL (Also enter on Line 10, Recapitulation) AMOUNT 4,388.36 835.00 450.00 3,113.00 7.39 338.12 59.28 225.25 1,987.54 51.00 57.00 265.00 22.00 250.00 750.00 604.81 23,153.75 COtiMONWEALTH OF PENNSYLVANIA TGY RFri1RN SCHEDULEI DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS ESTATE OF Heberlig, Helen M FILE NUMBER 21 -11 - 00610 Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses. ITEM DESCRIPTION NIIMRER it -- 17 ~; PA Department of Revenue -Property Tax Rebate 18 ~ Stine, Inc., General Construction -Roof repair -1044 S. Pitt St. AMOUNT -250.00 10,000.00 Page 2 of Schedule I ~ r t APPRAISAL REPORT 1044 SOUTH PITT STREET CARLISLE, PENNSYLVANIA PREPARED FOR THE ESTATE OF HELEN Z. HEBERLIG BY LARRY E. FOOTE DIVERSIFIED APPRAISAL SERVICES 35 EAST HIGH STREET, SUITE 101 CARLISLE, PENNSYLVANIA 17013-3052 (717) 249-2758 COPY ~ r ~ r r SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS LOCATION: 1044 South Pitt Street Carlisle, Pennsylvania TAX PARCEL NUMBER: 04-23-060-0198 One-story detached single-family dwelling. IMPROVEMENTS: PROPERTY RIGHTS: Fee simple interest. OWNERSHIP HISTORY: The subject property is i~ eferred on Augusti712006 Heberhg. The pmP~Y for a reported consideration of $1.00 and ownership conveyed on Deed Book 276-806. SCOPE OF THE ASSIGNMENT: The scope of the~as~ssignmeo t of theesubjec~t property, an subject s area, p 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. CLIENT: The estate of Helen Z. Heberlig INTENDED USER: The estate of Helen Z. Heberlig OBJECTIVE: To estimate the market value of the subject property as unencumbered. EFFECTIVE DATE: May 13, 2011. INSPECTION DATE: October 18, 2011. HIGHEST AND BEST USE: Continued use as asingle-family residence. COST APPROACH: N.A. SALES APPROACH: $146,000. INCOME APPROACH: N.A. F~~, VALUE CONCLUSION: $146,000. 2 r THE VALUATION PROCESS raisal o Real Estate as published by the The valuation process is defined in The APP f raiser follows to provide answers Appraisal Institute, as "a systematic set of procedures an app to a client's questions about real property value."ro riate to a s ecific and articular appraisal P P It consists of a series of steps that are app p assignment that begins with a client engaging a real estate d ~S W~ n ~e apPPrais Peron of value for a specific property as of a given effeetiive date an communicates and reports the final conclusions and opinions to the client. Definition of the Appraisal Problem: The first step in the appraisal process ~ use and the intended usersloff the appraisal 1. Identification of the client, the intended , report. a definition of the value being reported. 2. The purpose of the appraisal, including 3. Determination of the effective date of the appraisal report. 4, fixtraordinary assumptions that aze applicable to the appraisal assignment. 5. Hypothetical conditions that are applicable to the appraisal assignment. Scope of Work: Scope of work is defined in the UniformaSntan~sazds enPr°fTe, sass includes the degree and "the type and extent of reseazch and analyses in ~ o develo a credible opunon of extent of research and the data that is deemed as necessary P value for the property being appraised. Data Collection and Analysis: market area data, subject praperty data, and The appraiser must gather and analyze ent. comparable property data that is relative and relevant to the appraisal assignor Development and Application of Traditional Approaches to Value: The appraiser must consider which of the three traditional approaches to value are applicable, relevant, and necessary for developing~ue ~ ude thellCost Approach, Salesb,ect property. These three traditional approaches to Comparison Approach, and Income Capitalization Approach. When two or more of these approaches to value are developed, the appraiseramhe t oeVe~~ ~ e ~e cairn more may haveand consideration to be given to each of those appro greater significance in the appraisal of a specific property. Reconciliation of Value Indications and Final Opinion of Value: 'The final step in the valuation process is the reconciliation of the value indications developed by the appraiser. Reconciliation is the analysis of alternative conclusions to arrive at a final value estimate. Reconciliation is ue and within the application f a angle approach. from the use of multiple approaches to val a 1 in technical and quantitative The final value estimate is not derived simply by pp y g 3 rocedures, rather, it involves the exercise of judgment, and the value conclusion reached must P be consistent with market thinking. 4 E ' AppRAISAL CERTIFICATION i hereby certify that upon application for valuation by: THE ESTATE OF HELEN Z. HEBERi-iG the undersigned personally inspected the following described property: All that certain piece or parcel of land, witha a ~ Pdes~ bed as follovvs:rected, situate in Carlisle, Cumberland County, Pennsylvania, boun Being Lot No.15 of the Chapel Hill Plan of Lots No. 1, as recorded in the bstan a on m Plan Book No. 6, Page 26; having Recorder of Deeds for Cumberland County the South of 135 feet, a distance on the East along Sou Nolte 0 135 feet feet; a distance along the West in the rear of 85 feet; and a distance along To the best of my knowledge and belief the statements contained in this report are true and correct, and that neither the employment tom oe ~ n tPhP ~azk tr~Jalueoas of May 13, contingent upon the value reported, and that m mY P 2011 is: ONE HUNDRED FORTY -SIX THOUSAND DOLLARS $146,000. The property was appraised as a whole, subject to the contingent and limiting conditions outlined herein. ~~~ L .Foote Pa. Certified General Appraiser GA-000014-L Beth A. Shenk Appraiser Trainee 5 A 1 INTENDED USE OF THE APPRAISAL' The intended use of this appraisal is to estimate the Market Value of the subject property ~ of May 13, 2011. Market Value is defined as the most probable price which a property should bring in a m etitive and open mazket under all conditions requisite to acau s nota ffected by undue co p g y the n each acting prudently, kn°v~'led eabl and assuming p 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 aze 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. a sold e, 'Hie price represents the normal consideration for the prop rty unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Source: Office of the Comptroller of the Currency, l2 CFI §34.42(f). HIGHEST AND BEST USE Highest and Best Use is defined by the Appraisal Terminology and Handbook, published by the Appraisal Institute, as "the most profitable likely use to which a property can be put". The opinion of such use may be based on the highest and most profitable continuous use to which the property is adapted and needed, or likely to be in demand, in the reasonable near future. However, elements affecting value that dependazue not fairly shown to be reasonably occurrences which, while within the realm of possibility, probable, should be excluded from consideration.ot be conside ed. nded use is dependent on an uncertain act of another person, the intention cane 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. 6 r ~ SITE DATA ADDRESS: TOWNSHIP: COUNTY: STATE: LOT SIZE: SEWERS: WATER: ELECTRICITY: LANDSCAPING: 1044 South Pitt Street Carlisle Borough Cumberland Pennsylvania .26 acre Public sewer. --- - - - -- Public water. PP&L Typical for the area, with a sodded lawn, trees and shrubs. DETRIMENTAL INI''LUENCES None. Pride of ownership is evident throughout the neighborhood. DESCRIPTION OF IlVIPROVEMENTS detached single-family dwelling containing approxi- GENERAL DESCRIPTION: One-story mately 1,230 square feet of gross living area above grade. CONDITION: Exterior: Good. Interior: Average. First Floor: Living room, dining room, kitchen, family room, laundry ROOMS: room, half bathroom, three bedrooms, full bathroom. Basement: Partial. EXTERIOR: Foundation: Concrete block. ~~ artial brick front. Walls: Aluminum & vinyl siding P Soh; Vinyl-clad, double-glazed. Gutters: Aluminum, Painted. Roof: Gable, with shingles. Storm units: Screens. 7 . y IN~~pR, PRINCIPAL ROOMS: Flooring: Hardwood. Walls: Drywall. Ceilings: Drywall. Trim: Wood, painted. KITCHEN: Cabinets: Wood, stained and varnished. Counters: Formica. Walls: Drywall. Flooring: Asphalt file blocks. Ste; Double-bowl, stainless steel. BATHROOM: Flooring: Vinyl. Wa11s: Ceramic file blocks and painted drywall• Bathtub: Built-in, with shower. Lavatory: V~tS'• Water closet: Two-piece. CONSTRUCTION: Joists: Wood gas; Wood Columns: Steel Plumbing: Copper HEATING: Baseboard electric. HOT WATER: Electric, 50-gallon. ELECTRIC: Circuit breaker system, 200-a1npere. OTHER: The home has a covered front porch, enclosed rear porch and small wood deck at the rear of the property. GENERAL CONDITION: All unprovementstazemc t~ianicalsystemsiappearing to bte adequate interior and good condition on the extenor, vv~ and functioning properly. S THE APPRAISAL PROCESS enerall included in an appraisal report. These Three approaches to value are g Y 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 would have advantages over the existing building, therefore an evaluation constructed building focuses upon disadvantages or deficiencies (depreciation) of the existing building compare to anew facility. Due to the age of the subject improve an~~~e de elopmen of this appra~sal be inappropriate and has, therefore, not been .include report. The sales comparison approach to value assum ~etha.~une~ prat mcfron~which galue number of parties acting intelligently and voluntarily, can be estimated. Application of this approach reliebsle n o erties in the market,bbased on a sufficient number of recent transactions of compare. p P common unit, such as price per square foot of building area. The income approach concerns itself with present worth of the future potential benefits of a property. 'The initial estimate involves the net income, which usefull lifeo This estimated justified in assuming the property will produce during its remaining net income is then capitalized into a value estimateeS ~1~P to ~elsubject are not type ally with that of a sunilar type and class. Since hom utilized as income-producing investment propertiesCtha d ionmthe development of this appraisal to be inappropriate and has, therefore, not been in report. 9 ,~ SALES COMPARISON APPROACH 'vin at this conclusion of the value of the subject property, the appraiser made a In am g survey of properties that have sold in the area of the subject prope iven and adjustments were made on each comparable sale as to Consideration was g ht affect value. A resume of time of sale, size, location, as wee as raisers as follows~t nug some of the sales considered by th pp SALE NO. 1: Location: Date of Sale: Sale Price: Size: Unit Price: 80 Linn Drive, Carlisle, PA July 15, 2011 $174,900. 1,540 square feet. $113.57 per square foot. SALE NO. 2: Location: 300 Avon Drive, Carlisle, PA Date of Sale: June 30, 2011 Sale Price: $199,000 Size: 1,673 square feet. Unit Price: $118.95 per square foot. 1025 Hill Place, Carlisle, PA March 17, 2011 $151,000. 1,425 square feet. $105.96 per square foot. also considered s sis formdthat follows this The appraiser, in addition to the sales listed, _ arriving at his final opinion of value. Omazke reaction to those items of significant variation page are dollar adjustments reflecting ro erties. If a significant item in the comparab e between the subject and comparable p p a minus (-) adjustment is property is superior to, or more favorable than, the subject property, e thus reducing the indicated value of the subject; if a significant item in the comparable is mad , a lus + ad'ustrnent is made, thus inferior to, or less favorable than a th b sebj ect property, p () J increasing the indicated value of th J After making alI 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 $146,000. SALE NO. 3: Location: Date of Sale: Sale Price: Size: Unit Price: 10 .~' SALES COMPARISON ANALYSIS FINAL INDICATED VALUE OF SUBJECT PROPERTY: $146,000. 11 CORRELATION Correlation may be defined as "the bringing together of parts in a proper relationship." The parts of this appraisal report aze the following approaches to value your appraiser used: Value Indicated by Cost Approach N.A. Value Indicated by Sales Comparison Approach ~ $146,000. Value Indicated by Income Approach N.A. These approaches aze 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 aze most consistent under comparison. This approach is the most reliable because it reflects the reactions of typical buyers and sellers in the market. The Income Approach is most applicable to income producing properties or properties that are primarily utilized for income producing purposes. Purchasers of income producing properties are willing to pay no more for a particular property than the net operating income will support. Since the majority of properties similar to the subject are not utilized for income producing purposes, this approach to value has not been included in this appraisal report. Therefore, as a result of this appraisal and analysis, it is this appraiser's considered judgment and opinion that the Market Value of the subject property, as of May 13, 2011, is: ONE HUNDRED FORTY -SIX THOUSAND DOLLARS $146,000. 12 UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS SUBJECT TO THIS APPRAISAL 1. I assume no responsibility for matters legal in nature, nor do I render any opinion as to the title, which is assumed to be marketable. The property is.appraised as though under responsible ownership. 2. The legal description used herein is correct. 3. I have made no survey of the property, and the boundaries are taken from records believed to be reliable. 4. I assume that there aze 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, estimate a ~onsideredsrelf t able and believed to bemtrue and co ect were obtained from sours 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 fine 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. 13 a CERTIFICATE OF APPRAISAL Your appraiser hereby certifies that: 1. The statements of fact contained in this report aze true and correct. 2. The reported analyses, opinions, and conclusions aze limited only by the reported assumptions and limiting conditions, and are n1Y 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 thts ed value or direction in value that falvors the development or reporting of a predetermm cause of the client, the amount of the vent odi~re lctln, ~ ated to~thet intanded usedof this or the occurrence of a subsequent e Y appraisal. the statements of fact contained in this 7. To the best of my knowledge and belief, appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. 8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of my assignment or by the undersigned) affecting the analyses, opinions, and conclusions contained in this report. 9. This appraisal report has been made in conformity with the 1Jniform Standards of Professional Appraisal Practice adopted by the Appraisal Standazds 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. 14 10. No one other than the undersigned prepazed the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. L E. Foote Pa. Certified General Appraiser GA-000014-L ~~~ Beth A. Shenk Appraiser Trainee 15 PRIVACY NOTICE pursuant to the Gramm-Leach-Billey Act of 1999, effective July 1, 2()Ol, appraisers, along with all providers of personal financial services aze now required by federal law to inform their clients of the policies of the firm with regard to the P n ac ois ve nt n~onopu~bl't to personal information. As professionals, we understand that your p y rY p you and are pleased to provide you with this information. In the course of performing appraisals, we may collect what is knovv~i as "nonpublic personal information" about you. This information is used to facilitate the services that we provide to you and may include the informatian 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 parry 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 regazd 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 aze 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. 16 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 Mazketing Institute, CI 101, CI 102, CI 103, CI 104, CI 105. Standards of Professional Practice, American Institute of Real Estate Appraisers. Real Estate Appraisal Principles, American Institute of Real Estate Appraisers. Residential Valuation, American Institute of Real Estate Appraisers. Appraisal Procedures, Appraisal Institute. Principles of Income Property Appraising, Appraisal Institute. Case Studies in Real Estate Valuation, Appraisal Institute. Report Writing and Valuation Analysis, Appraisal Institute. PROFESSIONAL LICENSES: General Appraiser #GA-000014-L, Commonwealth of Pennsylvania. Real Estate Broker #RB-029729-A, Commonwealth of Pennsylvania. PROFESSIONAL DESIGNATIONS EARNED: GRI: Graduate of the Pennsylvania Realtors Institute, awarded by the I'ennsyl- vania Association of Realtors. CRS: Certified Residential Specialist, awazded by the Realtors National Mazket- ing Institute of the National Association of Realtors. CC1M: 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. 17 a y s PAST CLIENTS: Borough of Carlisle Keystone Financial Mortgage Cornerstone Federal Credit Union Pennsylvania State Bank Commerce Bank Cumberland-Perry Association for Retarded Citizens Carlisle Suburban Authority Members ls` Federal Credit Union Pennsylvania National Bank Evans Financial Corporation Greenawalt & Company, CPA Smith's Transfer Corporation Carlisle Department of Parks and Recreation Executive Relocation Services Carlisle Area School District Messiah Homes, Incorporated ERA Eastern Regional Services Pennsylvania Turnpike Commission Chase Home Mortgage Corporation Defense Activities Federal Credit Union Pennsylvania State Employees Credit Union PNC Mortgage Corporation F&M Trust Company National City Mortgage Corporation Washington Mutual Home Loans, Inc. Prudential Relocation Services Lender's Choice Market Intelligence, Incorporated United Telephone Employees Federal Credit Union Cumberland County Commissioners Allstate Enterprises Mortgage Corporation Dickinson College PPG Industries, Incorporated Gettysburg College Redevelopment Authority of Cumberland County Record Data Appraisal Services, Incorporated First United Federal Savings Association Fulton Bank United States Marshall Service GMAC Mortgage Corporation Otrstown Bank Letterkenny Federal Credit Union BancPlus Mortgage Corporation Coldwell Banker Relocation Services, Incorporated Central Pennsylvania Savings Bank Mellon Bank Provident Home Mortgage Corporation Drovers Bank 18 American Home :Bank Trans Union M&T Mortgage Corporation Cody Financial Mortgage Services Waypoint Bank Northwest Savings Bank Blue Ball National Bank Adams County National Bank Countrywide Home Loans Aarrow Mortgage Various law firrr-s and individuals a a ~ s 19 PHOTOGRAPHS OF THE SUBJECT IlVIPROVEMENTS i t 20 ~ t ~ :~ ...- .. . ~, sn~m ....: , :,. rsa~~ Garlar~7 i7r ~ .. ~~r~d r:, y Ot w ~. 5 A,C~ ~~ G: $' t . S ~. Subject ~ z :~ - t_inn pr u~,~ ~t (~~ Schositield Dr mapquest _ _ ®aois ManQoen Pertioes ezoii r+~vr~q SUBJECT PROPERTY LOCATION MAP 21 .. . h '~ .~ ~ £ SUBJECT PROPERTY ADDRESS: ~ r The licensed appraisal trainee to the certified real estate appraiser has contribated significant real property appraisal assistance in tl~is appraisal assigument. Specifically, the licensed appraisal trainee: Yes No NIA .. _ Assisted in the preparatton of the.workfile with all #orms and general 9nformation for the appraisal. ~ ._ ~ Assisted in determining the scope of work of the appraisal. ~ _ _ Assisted in gathering aad entering data as folh-ws: tax assessment information and map, flood hazard information and map, zoning information and map, location map and similar information. _ ~ _ inspected the subject property. If yes, acwmpanied by anpervisor? (yes/no} Type of faapecHoa (check one}: interior mcterlor _ _ Assisted in anAlyzing the highest and best use of the subject property. y/ ~ _ Assisted la gathering information for comparable land sales data, verified and analyzed the comparable land sales data. _ ~ ~ Assisted fi gathering data for the cost approach, inclnding estimates of cost new and accrued depreciation. _ _ ~ Assisted In data and analysis !or the income approach, Including estimates of market rent, vacancylexpense analysis, aacl development of GRbi or capihlization rate. _ _ Aasistcd in gatheriog aad verifying comparable sales data, and analysis of the comparable safes. / Assisted in the exterior inspection of the sales, rentals, land and/or other eomparables. ' ,~ Assisted in sketch drawing. _ _ Assisted in entering subject and comparable data on the form and in the comment areas. _ _ Assisted in recoaeiliation and final opinion of valve for the subject property. _ Assisted in the final review of this report. Other SIGNATURE OF THE APPRAISAI.TRnAINEE ' "-' -' PRIIVTlTYPE NAbIE• ~~ R • ~ ~e:1 The supervising certified real estate appraiser certififiea that the named individual did assist with tho items checked above, and also certifies That hetshe reviewed a!1 work done by the trainee. The supervising appraiser further certffies that the person signing this report as trainee understands the concepts and processes associated with the appraisal process. ~r~~x~'~C/ SIGNATURE OF SUPERVISING CERTlP?I:ED REAL ESTATE APPRAISER: PENN5REQUIRED t:HE BCKLIST OR L LENSED A PRAISAL TRAINEE HERS T11E BOARD REQUIRES TRiS C~C~SCHECIfI.IST MU T BE IGNl3'D BY~TIIE PtrERTIFIEIJ APPRAISER ANDIA+IADE PART OF PERFORltiIANCE OF AN APPRAISAL. TAiS THE APPRAISAL REPORT THAT I3 SU$MITTED TO THE CLIENT AND RETAII~IED IN THE APPRAISAL ~VORi~iLE.