HomeMy WebLinkAbout01-03-12 (2) 1505610105
REV-1500 Isxto=_ 11,fFi, ~~~
PA Department of Revenue Pennsylvania OFFICIAL USE ONLY
POrBOX 2806oidual Taxes
oE~~.».»~».».wE.t»,» oun _ .
Code
Year File Num r
INHERITANCE TAX RETURN ~ ry
Hamsburg, PA 17128-o6oi ~ ~' ~o~
'
RESIDENT DECEDENT ~,
ENTER DECEDENT INFORMATION BELOW
Social Security Number Date of Death _ MMDDYYYY Date of Birth MMDDWW
233-01-3856 10/03/2010 10 / 2 6 / 19 IG 6
__ _
Decedent's Last Name
Suffix Decedent's First Name MI
--
----
Rykoskey
.----- - _....
_ _
-
i Edward J
_ _ _ _ __."
_ _
__.. _._
(If Appflcable) Enter Surviving Spouse's Informatton Below
Spouse's Last Name Suffix Spouse's First Name MI
_ _ .. _. .
Spous
e's Social Security Number
__ __ _.
_ THIS RETURN MUST BE FILED IN DUPLICATE WITH THE
_ _.__ _.. ___- _". ___ REGISTER OF WILLS
FILL IN APPROPRIATE OVALS BELOW
Qp 1. Original Return O 2. Supplemental Return O 3. Remainder Return (Date of Death
Prior to 12-13-82)
O 4. Limited Estate O 4a. Future Interest Compromise (date of O 5. Federal Estate Tax Retum Required
death after 12-12-82)
Olb 6. Decedent Died Testate O 7. Decedent Maintained a Living Trust 0 8, Total Number of Safe Deposit Boxes
(Attach Copy of Will) (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)
Between 12-31-91 and 1-1-95) (Attach Schedule 0)
CORRESPONDENT -THIS SECTION MUST BE COMPLETED. ALL CORRESPONDENCE AND CONFIDENTIAL TAX INFORMATION SHOULD BE DIRECTED T0:
Name Daytime Telephone Number
Tricia D. Nayior, Esquire
._ __ __ (717) 249-6873
__ .._
. _.
First Line of Address
__
19 West South Street
_ _ __.
Second Line of Address
City or Post Office State ZIP Code
_. _ _ _ ..
REGISTER OF S USE ONLY ~..^~`,
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Carlisle PA 17013 ~~''
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Correspondent's e-mail address: tnaylor@baricscherer.com
Under penalties of pery'ury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief,
it is true, correct and ~mplete. DeGaration of preparer other than the personal representative is based on all information of which preparer has any knowledge.
SIG TURE OFP~E~R~ SPOpSIBLE FOR FILING R~TURN DAT
~A~lifO T.r~JiJdi~ dpi~iii J'~n >t 2 ~+1 _
OF
Rd., Caj~sle, PA 17013
19'West South Street, Carlisle, PA 17013
ORIGINAL FORM
Side 1
1505610105
1545610105
J
1505610205
REV-1500 EX (FI)
Decedent's Social Security Number
Oecedenfs Name: Edward J. RykoSkey i 233-01-3856
RECAPITULATION
_ _. _ _ . _
1. Real Estate (Schedule A) ............................................. 1. 189,000.00
2. Stocks and Bonds (Schedule B) ....................................... 2. 65,307.82
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. 163,230.82
6. Jointly Owned Property (Schedule F) O Separate Billing Requested ....... 6.
7. Inter-Vivos Transfers 8 Miscellaneous Non-Probate Property
(Schedule G) O Separate Billing Requested......... 7.
g } .............................
8. Total Gross Assets (total Lines 1 throw h 7 8. ' 417,538.64
9. Funeral Expenses and Administrative Costs (Schedule H) ................ ... 9. 48,753.70
10. Debts of Decedent, Mortgage liabilities and Liens (Schedule I) ............ ... 10. ; 768.33
11. Total Deductions (total Lines 9 and 10) .............................. ... 11. 49,522.03
12. Net Value of Estate (Line 8 minus Line 11) ........................... ... 12. 368,016.61
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. 368,016.61
TAX CALCULATION -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 .0_ 15.
16. Amount of Line 14 taxable
at lineal rate X.o~ 368,016.61
1s.
16,560.75
17. Amount of Line 14 taxable
at sibling rate X .12 ', 17.
18. Amount of Line 14 taxable
at collateral rate X .15
. 1 S.
. 19 16,560.75
19. ....................................
TAX DUE ................ ...
. _-
20. FILL IN THE OVAL IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT O
Side 2
1505610205 1505610205 J
I~EV-1500 EX (FI) Page 3
Decedent's Complete Address:
File Number
DECEDE TS NAME
Edward J. Rykoskey
STREET ADDRESS "--
170 Wilson Street
DIT~' STATE ZIP
Carlisle PA 17013
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 Line 1 + Line 3, enter the difference. This is the OVERPAYMENT.
Fill in oval on Page 2, Ltne 20 to request a refund.
5. If Line 1 + Line 3 is greater than Line 2, enter the difference. This is the TAX DUE.
(1) 16,560.75
Total Credits (A+ g) (2) 14,370.00
(3)
(4)
(5) 2,190.75
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 .......................................................................................... ^
b. retain the right to designate who shall use the property transferred or its income ............................................ ^
c. retain a reversionary interest .............................................................................................................................. ^
d. receive the promise for life of either payments, benefits or care? ...................................................................... ^
2. If death occurred after Dec. 12, 1982, did decedent transfer property within one year of death
without receiving adequate consideration? .............................................................................................................. ^
3. Did decedent own an "in trust for" orpayable-upon-death bank account or security at his or her death? .............. ^
4. Did decedent own an individual retirement account, annuity or other non-probate property, which
contains a beneficiary designation? .........................................................................................................
. ............... ^
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 [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)]. The statute does not exempt a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and
filing a tax return are still applicable even if the surviving spouse is the only beneficiary.
For dates of death or- 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(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)). 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.
14,370.00
REV-1502 EX+ (11-OS)
s
r,
~ pelnnsylvania SCHEDULE A
~~~ t DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN REAL ESTATE
RESIDENT DECEDENT
ESTATE OF FILE NUMBER.
Edward J. Rykoskey 21-10-1062
All real property owned solely or as a tenant in common must be reported at fair market value. fair market value is defined as the price at which property
would be exchanged between a willing buyer and a willing seller, neither being compelled to buy or sell, both having reasonable knowledge of the relevant facts.
Real property that 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.
ITEM Include a copy of the deed showing decedent's interest if owned as tenant in common. VALUE AT DATE
NUMBER OF DEATH
DESCRIPTION
170 Wilson Street, Borough of Carlisle, Cumberland County, Pennsylvania 189,000.00
Parcel No. 04-21-0322-033 (See attached appraisal and legal description)
TOTAL (Also enter on Line 1, Recapitulation.} ~ ~ 189,000.00
If more space is needed, insert additional sheets of the same size.
REV-i5o3 EX+ (y-u)
~` pennsylvania
~~~~~ DEPARTMENT Of REVENUE
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE B
STOCKS & BONDS
ESTATE OF FILE NUMBER
Edward J. Rykoskey 21-10-1062
All property iointly owned with right of survivorship must be disclosed on Schedule F.
If more space is needed, insert additional sheets of the same size
REV-iso8 EX+ (il-IO)
~~ 1 Pennsylvania
~ SCHEDULE E
` DEPARTMENT OF REVENUE CASH, BANK DEPOSITS & MISC.
INHERITANCE TAX RETURN PERSONAL PROPERTY
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
Edward J. Rykoskey 21-10-1062
Include the proceeds of litigation and the date the proceeds were received by the estate.
All property jointly owned with right of survivorship must be disclosed on Schedule F.
ITEM VALUE AT DATE
NUMBER DESCRIPTION OF DEATH
1. DFAS final payment 371.94
2. Harleysville Mutual Insurance Co. -property damage insurance claim 12,012.46
3. Comcast -utilities refund. 48.96
4, Wachovia Crown Classic Banking Acct. #1010110870863 3,433:07
5, Wachovia High Performance Money Market Acct. #1010071396855 31,115.71
6. M&T Bank Classic Checking Acct. #435279 52,566.87
7. M&T Bank Market Advantage Acct. #15004198249029 55,181.81
g, 1997 Chevrolet Lumina Sedan VIN #2G1WL52M1V1156647 3,500.00
g. Miscellaneous Personal Property 5,000.00
TOTAL (Also enter on Line 5, Recapitulation) $ I 163,230.82
If more space is needed, use additional sheets of paper of the same size.
REV-1511 EX+ (10-09)
~ ~ Pennsylvania
~` DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN
RESIDENT DECEDENT
SCHEDULE H
FUNERAL EXPENSES AND
ADMINISTRATIVE COSTS
csrare of FILE NUMBER
Edward J. Rykoskey 21-10-1062
Decedent's debts must be reported on Schedule I.
ITEM
NUMBER DESCRIPTION AMOUNT
A. FUNERAL EXPENSES:
I' VFW Post 477 217.00
2. Ewing Brothers' Funeral Home 8,158.50
e, ADMINISTRATIVE COSTS:
1. Personal Representative Commissions:
Name(s) of Personal Representative(s) George Rykoskey
Street address 380 Willow Grove Rd.
D;ty Carlisle __ ~ _ state PA zIP 17013 _
year(s) Commission Paid: 2012 _ _
z.
3.
4.
5,
6,
~,
B.
9.
~ o.
11.
12.
Attorney Fees:
Family Exemption: (If decedent's address is not the same as claimant's, attach explanation.)
Claimant
Street Address __ _ _ ______
City State _
Relationship of Claimant to Decedent _
Probate Fees:
Accountant Fees:
Tax Return Preparer Fees:
Short Certificates - Register of Wills
Appraisal - Disversified Appraisal
2011 County Real Estate Tax -Carlisle Borough Tax Acct
2011-12 School Real Estate Tax -Carlisle Borough Tax Acct
Maintenace/lawn service -Dan Bisker
See attached continuation schedule
TOTAL (Also enter on Line 9, Recapitulation) I ~
15, 500.00
16,000.00
319.50
75.00
16.00
350.00
986.41
2,196.50
1,120.00
3,814.79
48,753.70
ZIP
If more space is needed, use additional sheets of paper of the same size,
REV-1512 EX+ (12-08)
~ SCHEDULE I
';fir r' _ Pennsylvania
i DEPARTMENT OF REVENUE DEBTS OF DECEDENT,
INHERITANCE TAX RETURN MORTGAGE LIABILITIES & LIENS
RES[DEN7 DECEDENT
ESTATE OF FILE NUMBER
Edward J. Rykoskey 21-10-1062
Report debts incurred by the decedent prior to death that remained unpaid at the date of death, including unreimbursed medical expenses.
If more space is needed, insert additional sheets of the same size.
REV-1513 EX+ (O1-10)
~= Pennsylvania SCHEDULE
DEPARTMENT OF REVENUE
INHERITANCE TAX RETURN BENEFICIARIES
RESIDENT DECEDENT
ESTATE OF: FILE NUMBER:
Edward J. R koske 21-10-1062
RELATIONSHIP TO DECEDENT AMOUNT OR SHARE
NUMBER NAME AND ADDRESS OF PERSON(S) RECEIVING PROPERTY Do Not List Trustee(s) OF ESTATE
I TAXABLE DISTRIBUTIONS [Include outright spousal distributions and transfers under
Sec. 9116 (a) (1.2).]
1. George D. Rykoskey 380 Willow Grove Rd., Carlisle, PA 17013 son 184,008.30
2. ~ Sandra A. Camey 255 Luchetti Way, Dayton, NY 89403
daughter ~ 184,008.31
ENTER DOLLAR AMOUNTS FOR DISTRIBUTIONS SHOWN ABOVE ON LINES 15 THROUGH 18 OF REV-1500 COVER SHEET, AS APPROPRIATE.
II NON TAXABLE DISTRIBUTIONS
A. SPOUSAL DISTRIBUTIONS UNDER SECTION 9113 FOR WHICH AN ELECTION TO TAX IS NOT TAKEN:
1.
B. CHARITABLE AND GOVERNMENTAL DISTRIBUTIONS:
1
TOTAL OF PART II -ENTER TOTAL NON-TAXABLE DISTRIBUTIONS ON LINE 13 OF REV-1500 COVER SHEET. I;
If more space is needed, use additional sheets of paper of the same size,
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„I.~r-w.N.~n o..d, soon some, u: w ito+r.
N.my N.II, I"C., tael.ru, Ii.
RECOROEO-OFFICE OF THE
RECORDER Or" DEEDS
'fl3 ,iUN Z t'q Z 4fi
+• ~~ CUI•.ICi:fi~f,.u t;Ji;iif'f
~:FiPi~YL~A~:IA
MAUF.' TXE 25th day o/ April i„ the year
o/ oNr lord one thousand nine h„ndred eighty-three (1983).
IIETWEEN EDWIN A. WILKERSON and LORETTA M. WILKERSON, husband end wife,
oP 532-B Simonds Loop, Persidio of San Francisco, California 94129, parties of the first
part,
Gran_ tors ,
af:d J
:EDWARD J. RYKOSKEY and MARY 3. RYKOSKEY, husband and wife, of 1T0 Wilson r
Street in the Borough of Carlisle, Cumberland County, Pennsylvania, parties of the second part, i
Grantes s : I
WITNESSETH, that in consideration a/ Sixty-seven Thousand Nine-Hundred
(S6T,900.00 Dollars,
in haul y~aid, the rresirit tahereo/ is hrrvGy acknov+ledped, the said prrtntnrs da htraLy pram ~
and convey to the said yrnntee s,, their heirs arid assigns, as tenants by the entireties, ~
ALL that certain tract oP lend with the improvements thereon erected, situate
in the Third Ward oP the Borough of Carlisle, 'Cumberland County, Pennsylvania, bounded
and described as follows:
BEGINNING at a point at the intersection oP West South Street and Wilson Street;
thence Westwardly along West South Street, 104.5 feet to a point in the eastern line oP a ~
driveway 15 feet wide leading to the tract of land adjoining the tract herein.deseribed on
the North, being Land now or formerly of Margaret R.• Hoffman; thence Northwardty along ~
land now or formerly of Margaret R. Hoffman, being the eastern line of said driveway, 64
feet to a point; thence Eestwardly along land now or formerly of Margaret R. Hoffman, i
104.5 feet to a point Ip ilne of Wilson Street; thence 3outhwerdly along said Wilson Stroet,
64 feet to the Place of BEGINNING.
BEING improved with a frame semi-bungalow dwelling and a frame garage known
as No. 170 Wilson Street.
BEING all of the premises which Daniel L. Masland, et al, by deed dated April
3, 1983, and recorded April I5, 1983, in the Office of Recorder of Deeds in and for Cumberland
County at Carlisle, Pennsylvania, in Deed Book " D ", Volume 30 ,Page 268 ,granted
and convoyed to Sdwin A. Wilkerson end Loretta M. Wilkerson, husband and wife, Grantors 1
herein.
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h of .~------ ; ' &hool Dist. Cumb, Ca., Pa. ~
8aroug,~, ;rbatCA..ani0or'k~,~ Rao! Estato Transter Tau- i
!~`'"'"~ may-, H~=_=,,~.~y
~olt'4~~^ ~~, ~~ ~ Cumb. Co. Dist Cal. ngt~ i
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~ AND the amid prnntors hereby covenant and agree that they
E wiU warraxt generally the property hereby conveyed.
°° COMMONWL•ALTFI OF PC'NNSYI.VANiA ==
~~~ UEYARIMENT Op REVENUE _
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!N WITNESS WHEREOF, said grantor s have hersunto set their hands and seals
the day and yrar first above written,
..
B'tgntD laeairo nne gldibtrte .°..... ......'... /;~~~:A%
r F.dwin A. Wilk rson
in tqt ~resrnce of saAL
I ,
. W~Ike son
Loret ~~~~~~~~~~~
......»» ....:................................»...................:..... ................................................................................. 6KAL
I do hereby certtfy Lhat the precise residence and complete post oPtice address of
the within named Grantees is 170 Wilson Stroet, Carlisle, Pennsylvania 17013.
\A t.
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i1~ ~~.'Y.lw~ f~a'-del--._.
Staid of C'alilornia
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County of Sart Francisco
On this, the ;ja•~yl, day of Ld-,Upl...~ , 19 83 , be/ars mr.,
ths'undersipned officer, personally mppeared Bdwin A. Wilkerson and Loretta M. wilkerson,
husband and wife,
hnoNnr~de-+ree~ (or satisfactorily proven) to be the person s whose Hams a ttre subscribed to the
within instrument, and acknowledged tha6 they executed the same fur the purposes therein
contained.
1N WITNESS WHEREOF, I hereunto set~/my hahand an~dy,/oJfieial seal. +
~,,,,, UPPICIAL SEAL b '" ~`
• l.r• LEONA N CARPIEID ......................... .... .........1.`..:`::c`.~'.-~...............
ter"
;,I~1~~_,,•,!'•~~ raoraav'ouauc•cnuroRwln , ~~ Titte of Ojfieer.
rr+~ SAN FRANCISCO COUNTY
• Miss Ny comm. spires NOSY lY~~
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APPRAISAL REPORT
170 WILSON STREET
CARLISLE, PENNSYLVANIA
PREPARED FOR
ESTATE OF EDWARD RyKOSKEY
BY
SUSAN B. BLJRI{HOLDER
DIVERSIFIED. APPRAISAL SERVICES
35 EAST HIGH STREET, SUITE 101
CARLISLE, PENNSYLVANIA
17013-3052
(717) 249-2758
SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS
LOCATION: 170 Wilson Street
Carlisle, Pennsylvania
TAX .PARCEL NUMBER: 04-21-0322-033
IMPROVEMENTS: One and ahalf--story detached single-family dwelling.
PROPERTY RIGHTS: Fee simple interest.
OWNERSHIP HISTORY: The subject property is owned by Estate of Edward
Rykoskey. The property was purchased on April 25,
1983 for a reported consideration of $67,900 and
ownership transferred on Deed Book 30F Page 343.
SCOPE OF THE ASSIGNMENT: The scope of the assignment included an analysis of the
subject's area, an inspection of the subject property, an
estimation of the property's highest and best use,
consideration of all three approaches to value, and the
application of those relevant to the valuation of the
subject.
OBJECTIVE: To estimate the mazket value of the subject property as
unencumbered.
EFFECTIVE DATE: October 3, 2010
HIGHEST AND ,BEST USE: Continued use as asingle-family residence.
COST APPROACH: N.A.
SALES APPROACH: $189,000
INCOME APPROACH: N.A.
FINAL VALUE CONCLUSION: $189,000
Z
THE VALUATION PROCESS
The valuation process is defined in The Appraisal of Real Estate as published by the
Appraisal Institute, as "a systematic set of procedures an appraiser follows to provide answers
to a client's questions about real property value."
It consists of a series of steps that are appropriate to a specific and particular appraisal
assignment that begins with a client engaging a real estate appraiser to develop an opinion of
value for a specific property as of a given effective date and ends when the appraiser
communicates and reports the final conclusions and opinions to the client.
Definition of the Appraisal Problem:
The first step in the appraisal process includes the presentation of the following:
1. Identification of the client, the intended use, and the intended users of the appraisal
report.
2. The purpose of the appraisal, including a definition of the value being reported.
3. Determination of the effective date of the appraisal report.
4. Extraordinary assumptions that are 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 Uniform Standards of Professional Practice as being
"the type and extent of research and analyses in an assignment." This includes the degree and
extent of research and the data that is deemed as necessary to develop a credible opinion of
value for the property being appraised.
Data Collection and Analysis:
The appraiser must gather and analyze market area data, subject property data, and
comparable property data that is relative and relevant to the appraisal assignment.
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 a credible opinion of value for the subject
property. These three traditional approaches to value include the Cost Approach, Sales
Compazison Approach, and Income Capitalization Approach. When two or more of these
approaches to value are developed, the appraiser must determine the amount of emphasis and
consideration to be given to each of those approaches to value, since one or more may have
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 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 estimate is not derived simply by applying technical and quantitative
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 Edward Rykowsky
the undersigned personally inspected the following described property:
All that certain piece or parcel of land, with the improvements thereon erected, situate
in Carlisle, Cumberland County, Pennsylvania, bounded and described as follows:
Beguming at a point at the intersection of West South and Wilson Street; thence
Westwardly along West South, 104.5 feet to a point in the eastern line of a driveway 1 S feet
wide leading to the tract of land adjoining the tract herein described on the North, being land
now or formerly of Margaret R. Hoffman; thence Northwardly land now or formerly of
Margaret R. Hoffman, being the eastern line of sake driveway, 64 feet to a paint; Eastwarderly
along the land now or formerly of Margaret R. Hoffinan, 104.5 feet to a point in line of Wilson
Street; thence Southwardly along said Wilson Street, 64 feet to the Place of BEGINNING.
Being improved with a frame semi-bungalow dwelling and a frame garage known as
No. 170 Wilson Street.
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 October 3,
2010 is:
ONE HUDNDRED EIGHTY-NINE THOUSAND DOLLARS
$189,000
The property was appraised as a whole, subject to the contingent and limiting conditions
outlined herein.
~r
Susan B. Burkholder
Certified Residential Appraiser
RL-000659-L
INTENDED USE OF THE APPRAISAL
The intended use of this appraisal is to estimate the Market Value of the subject
property as of October 3, 2010.
Market Value is defined as the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller,
each acting prudently, knowledgeably and assuming the price is not affected by undue
stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the
passing of title from seller to buyer under conditions whereby:
a. Buyer and seller are typically motivated.
b. Both parties are well informed or well advised, and each acting in what
he considers his own best interest.
c. A reasonable time is allowed for exposure in the open market.
d. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto.
e. The price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions granted
by anyone associated with the sale.
Source: Office of the Comptroller of the Currency, 12 CFI §34.42(f).
HIGHEST AND BEST USE
Highest and Best Use is defined by the Appraisal Terminology and Handbook,
published by the Appraisal Institute, as "the most profitable likely use to which a property can
be put". The opinion of such use may be based on the highest and most profitable continuous
use to which the property is adapted and needed, or likely to be in demand, in the reasonable
near future.
However, elements affecting value that depend upon events or a combination of
occurrences which, while within the realm of possibility, are not fairly shown to be reasonably
probable, should be excluded from consideration. Also, if the intended use is dependent on an
uncertain act of another person, the intention cannot be considered.
Based on the above definition and after seeing the site, neighborhood, and area, it is my
opinion that the present use of the subject is its Highest and Best Use.
6
SITE DATA
ADDRESS:
TOWNSHII':
COUNTY:
STATE:
LOT SIZE
SEWERS:
WATER:
ELECTRICITY:
LANDSCAPING:
170 Wilson Street
Carlisle Borough
Cumberland
Pennsylvania
64' X 104.5'
On-site septic system.
On-site well.
PP&L
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 1,662 square feet of gross living area above grade.
CONDITION: Exterior: Fair to average
Interior: Fair to average
ROOMS: First Floor:
Second Floo
Basement:
EXTERIOR: Foundation:
Walls:
Gutters:
Roof:
Windows:
Storm units:
Living room, dining room, kitchen, den and .5 bath
r: Three bedrooms and a full bath
Full, unfinished
Concrete block.
Frame & aluminum siding
Aluminum, painted.
Gable, with shingles
Double hung
Combination
7
INTERIOR, PRINCIPAL ROOMS: Flooring: Carpet over hardwood
Walls: Drywall
Ceilings: Drywall
Trim: Wood
KITCHEN: Cabinets: Wood
Counters: Formica
Walls: Drywall
Flooring: Vinyl flooring
BATHROOM: Flooring: Vinyl flooring
Walls: Ceramic the
Bathtub: Built-in, with shower.
Water closet: Two-piece.
Medicine cabinet: Built-in
CONSTRUCTION: Joists: Wood
Beams: Metal
Columns: Steel
HEATING: Oil forced hot air
COOLING: Central air
HOT WATER: Electric
ELECTRIC: Circuit breaker system
GENERAL CONDITION: All improvements are considered to be in average condition on the
interior and on the exterior with the exception of a roof leak. There is a damaged ceiling on the
first floor in the kitchen and damage ceiling in a closet on the second floor. All mechanical
systems appearing to be adequate and functioning properly. The furnace appears to be newer
and was functioning properly at the time of the inspection.
8
THE APPRAISAL PROCESS
Three approaches to value are generally included in an appraisal report. These
techniques include the cost approach, sates comparison approach, and income approach to
value.
The cost approach to value is based on the assumption that the reproduction cost of a
building plus land value, tends to set the upper Limit to value. A key assumption is that a newly
constructed building would have advantages over the existing building, therefore an evaluation
focuses upon disadvantages or deficiencies (depreciation) of the existing building compared to
anew facility. Due to the age of the subject improvements, the cost approach is considered to
be inappropriate and has, therefore, not been included in the development of this appraisal
report.
The sales comparison approach to value assumes that under normal conditions, a given
number of parties acting intelligently and voluntarily, tend to set a pattern from which value
can be estimated. Application of this approach relies on a comparison of the subject with a
sufficient number of recent transactions of comparable properties in the market, based on a
common unit, such as price per square foot of building area.
The income approachconcerns itself with present worth of the future potential benefits
of a property. The initial estimate involves the net income, which a fully informed person is
justified in assuming the property will produce during its remaining useful life.. This estimated
net income is then capitalized into a value estimate, based upon the level of risk as compared
with that of a similar type and class. Since homes similar to the subject are not typically
utilized as income-producing investment properties, the income approach to value is considered
to be inappropriate and has, therefore, not been included in the development of this appraisal
report.
9
SALES COMPARISON APPROACH
In arriving at this conclusion of the value of the subject property, the appraiser made a
survey of properties that have sold in the area of the subject property.
Consideration was given and adjustments were made on each comparable sale as to
time of sale, size, location, as .well as all other factors that might affect value. A resume of
some of the sales considered by the appraiser is as follows:
SALE NO. 1:
Location:
Date of Sale:
Sale Price:
Size:
Unit Price:
52 Wilson Street, Carlisle, PA
10/26/2009
$240,000
1,529 square feet.
$ 156.97 per square foot.
SALE NO. 2:
Location: 44 Willow Street, Carlisle, PA
Date of Sale: 07/02/2010
Sale Price: $249,900
Size: 1,767 square feet.
Unit Price: $ 141.43 per square foot.
SALE NO. 3:
Location:
Date of Sale:
Sale Price:
Size:
Unit Price:
150 Wilson Street, Carlisle, PA
11/21/2010
$190,000
1,440 square feet.
$ 131.94 per square foot
The appraiser, in addition to the sales listed, also considered several additional sales in
arriving at his final opinion of value. On the Sales Comparison Analysis form that follows this
page are dollar adjustments reflecting market reaction to those items of significant variation
between the subject and comparable properties. If a significant item in the comparable
property is superior to, or more favorable than, the subject property, a minus (-) adjustment is
made, thus reducing the indicated value of the subject; if a significant item in the comparable is
inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus
increasing the indicated value of the subject.
After making all of the necessary adjustments, it is the appraiser's considered opinion
that the indicated value of the subject properly by the Sales Comparison Approach is $189,000.
10
SALES COMPARISON ANALYSIS
ITEM SUBJECT COMPARABLE #1 COMPARABLE #2 COMPARABLE #3
Address I70 Wilson Street
Cazlisle 52 Wilson Street
Cazlisle 44 Wilson Street
Cazlisle t50 Wilson Street
Carlisle
Proximity to Subject .11 mile .13 mile .O1 mile
Sate Price N.A.
' $240,000 h $249,900 $190,000
Price / Sq. Ft. GLA N.A. $156.97 "~. _ $141.43 ~'''+~ $131.94
Data Source Inspection Courthouse & Multi-list Courthouse & Appraiser's files Courthouse
ADJUSTMENTS DESCRIPTION DESCRIPTION $ Adjust. DESCRIPTION $ Adjust. DESCRIPTION $ Adjust.
Sales or Financing
Concessions •_ Conventional
Closing cost
-8,000 Unknown
None known Unknown
Unknown
Date of Sale /Time As of LO/3/2010 10/15!2009 07/02/2010 11/21/2010
Location Average Average Average Average
Site !View .l5 acre /Comer lot .13 acre +5,000 .10 acre +5,000 .12 acre +5,000
Design and Appeal Cape Cod Cape Cod Cape Cod Cape Cod
Construction Frame & alum siding Brick/LVood -10,000 Vinyl siding Brick -10,000
Age 61 years 61 yeazs 81 years 61 yeazs
Condition Fair to average Good -24,000 Good -25,000 Average -10,000
Above Grade Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath Tot. Bed. Bath
Room Count
7
3
I.5
7
3
1.5
8
3 2 -3,000 6 2 2 +1,000
Gcoss Living Area 1,662 square feet 1,529 square feet +4,000 1,767 squaze feet -3,200 1,440 square feet +6,600
Basement &Finished
Rooms Below Grade Futl basement
None Full basement
None Full basement
None Fult basement
None
Functional Utili Aver e Similaz Similar Similar
Heatin /Coolie Fha Oil, CA Fha Gas, CA Fha Oil, CA Fha Oil, CA
G e/ C ort 1-car detached az e 2-caz detached aza a -3,000 1-car detached Gaza a None +3,000
Porches, Patios
Pools, etc. Porch, enclosed
Patio, fence Porch, sun room,
Deck
-,2000 Porch, patio,
Fence
+2,000 Porch, patio
+3,000
Special Energy
Efficient Items Typical for the
re ion.
Similar
Similar
Similar
Fire lace s) Fire lace None +1,000 Fire lace Fire lace
Other (e.g. kitchen
equip., remodeling)
Net Ad'. total)
Indicated Value
of Subject
Built-ins.
:;
- _' ~
~~ =~ ",~~;;~
Similaz
~~:._ :-u _ ~ =•~~
-37,000
$203,000
Similar
"..r'- r _ ' ~. '
'~'
#'' • -~ ~~
-24,200
$225,700
Similaz
-1 400
188,600
FINAL INDICATED VALUE OF SUBJECT PROPERTY: $189,000
11
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 $189,000
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 October 3, 2010, is:
ONE HUNDRED EIGHTY-NINE THOUSAND DOLLARS
$189,000
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 are no hidden or unappazent 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.
The information, estimates, and opinions furnished to me and contained in this report
were obtained from sources considered reliable and believed to be true and correct.
However, no responsibility for accuracy can be assumed by me.
6. This report is to be used in its entirety and only for the purpose for which it was
rendered.
7. Neither all nor any part of the contents of this report (especially any conclusions as to
value, the identity of the appraiser or the firm with which he is connected) shall be
reproduced, published, or disseminated to the public through advertising media, public
relations media, news media, sales media, or any other public means of communication,
without the prior written consent and approval of the appraiser.
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
prepazation 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
CERTIFICATE OF APPRAISAL
Your appraiser hereby certif es 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.
~. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
6. My compensation for completing this assignment is not contingent upon the
development or reporting of a predetermined value or direction in value that favors the
cause of the client, the amount of the value opinion, the attainment of a stipulated result,
or the occurrence of a subsequent event directly related to the intended use of this
appraisal.
7. To the best of my knowledge and belief, the statements of fact contained in this
appraisal report, upon which the analyses, opinions, and conclusions expressed herein
are based, are true and correct.
8. This appraisal report sets forth all of the limiting conditions (imposed by the terms of
my assignment or by the undersigned) affecting the analyses, opinions, and conclusions
contained in this report.
9. This appraisal report has been .made in conformity with the Uniform Standards of
Professional Appraisal Practice adopted by the Appraisal Standards Board of the
Appraisal Foundation, and is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the National Association of Realtors
Appraisal Section.
1=1
10. No one other than the undersigned prepared the analyses, conclusions, and
opinions concerning real estate that are set forth in this appraisal report.
Susan. B. Burkholder
Certified Residential Appraiser
RL-000659-L
1~
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.
)n 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
Iaw. 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 aze informed that any information they see as part of an
appraisal assignment is to be maintained in strict co~dence 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 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.
16
SUSAN B. BURKHOLDER
REAL ESTATE APPRAISER
EXPERIENCE:
1991-Present: Staff Appraiser, Diversified Appraisal Services, Carlisle, Pa.
1987-Present Sales Agent, LaRue Development Company, Carlisle, Pa.
Appraisal experience included undeveloped land, farms, building lots, single-family dwellings
and two to four unit apartment buildings.
EDUCATION:
Diploma, Carlisle Senior High School, 197.
Standards of Professional Practice, Pennsylvania REALTORS Institute.
Real Estate Analysis, Pennsylvania REALTORS Institute.
Cost & Income Approaches, Pennsylvania REALTORS Institute.
Real Estate Law, Education Division of Don Paul Shearer, Inc.
Appraisal Standards & Ethics, Pennsylvania REALTORS Institute
Real Estate Finance, The Real Estate School of York County Board of REALTORS
Report Writing and Valuation Analysis, Education Division of Don Paul Shearer, Inc.
Land Valuation & Development, Education Division of Don Paul Shearer, Inc.
PROFESSIONAL LICENSES:
Residential Appraiser #RL-000659-L, Commonwealth of Pennsylvania.
Real Estate Salesperson #RS-159507-A, Commonwealth of Pennsylvania.
PROFESSIONAL ORGANIZATION AFFILIATIONS:
Greater Harrisburg Association of Realtors.
Pennsylvania Association of Realtors.
National Association of Realtors.
Realtors National Marketing Institute.
PAST CLIENTS:
Borough of Carlisle
Keystone Financial Mortgage
Cornerstone Federal Credit Union
Pennsylvania State Bank
Commerce Bank
Cumberland-Perry Association for Retarded Citizens
Members 1 S` Federal Credit Union
Pennsylvania National Bank
Aarrow Mortgage
Chase Home Mortgage Corporation
Pennsylvania State Employees Credit Union
PNC Mortgage Corporation
F&M Trust Company
National City Mortgage Corporation
Washington Mutual Home Loans, Inc.
Prudential Relocation Services
American Home Bank
Trans Union
M&T Mortgage Corporation
Cody Financial Mortgage Services
Waypoint Bank
Northwest Savings Bank
Adams County National Bank
Countrywide Home Loans
17
Lender's Choice
Market Intelligence, Incorporated
Cornerstone Federal Credit Union
Dickinson College
Redevelopment Authority of Cumberland County
Fulton Bank
United States Marshall Service
GMAC Mortgage Corporation
Orrstown Bank
BancPlus Mortgage Corporation
Coldwell Banker Relocation Services, Incorporated
The Bank of Landisburg
Lender's Services
Appraisal Logistic Solution
Metro Bank
Sovereign Bank
18
PHOTOGRAPHS OF THE SUBJECT IlVIPROVEV~NTS
FRONT:
REAR:
19
STREET:
COMPARABLE SALE NO. 1
20
r +'
COMPARABLE SALE NO. 2
COMPARABLE SALE NO. 3
21
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22
~ a •
Continuation of Schedule H
Estate of File Number
Edward J. Rykoskey 21-10-1062
ITEM
NUMBER DESC~tIPTION AMOUN'
1. PPL Electric -electric utility 520.81
2. Borough of Carlisle r water 350.58
3. Shipley Energy - hefting utility 2,318.40
4. Fenicle's Tree Service -service to damaged tree 625.00
Total
$ 3,814.79