HomeMy WebLinkAbout07-17-80
REV-363C (7-79)
COMMONWEALTH OF PENNSYLVANIA
DEPARTMENT OF REVENUE
BOARD OF APPEALS
P.O. BOX 1874
HARRISBURG, PENNSYLVANIA 17105
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Detu ()f Ar;j::.t"ailii01l1fmt.:
Februarv 21, 1~8n
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n(!;ttti('~'!!\r' >3 r,rotest ool'lce.l'lU thtl! valuation of the real
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'::'1;1'; (W1i~""IC(~ ilU.}.'~lIJtter" hy Petitioner con9istad of the
tc,llololhh.:
.'l.. ':'o:-:-vof the "":J.:r~....r.'E>l't of 1'41.e, :34:~ttl"'1?'(!'nt St;...t~IMmt,
....l";~ !'J~~ 1 f01: th~. fJTopert:l' foun,::' on the; at"oremeflt.iO!'l~d
F.pf'ri'l.i."~.;Ylent, .
i).. I:" C(qo>v of a~ n~.'Jin~t'''n h~/ ;~n .t'r:~rl x~a.l RF..tate aa'i?'nt.1i
i')i'~j(,"ltil1() th<'lt. h8 WOI.,1'\ a;'t')rallR~ th~;) pr()p,"l't'y
Jistldi on Schfl'.-Jule 1'. at $14tIjO().~n.
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Arthur PowerM4Bt~r
Board Docket. Ho. 004JlS17
'~2-
DISCUSSION
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Petition~r contends that it was errOr to value the property
found ,on Schedule A of the February 21, 3.980 appraisemtmt at the !IUm
of $14,000.00. Petitioner contends that sinc$ the property WIl6 sold for
the SUlll of S 10, noo. 00, then that stun bett~r represents the true value of
the rlP.-1l1 property. The Poard finds the Petit.loner's contentions to
have meri.t..
section 501 of the 1961 Inheritance and Estate Tax Act
indicates that "For the purpose of tilts l\ct, except as herelnllfter
expressly provided, the valuation date shall be the date of the
transferor' as death. II In the caee at hand, nei t.her the val uetion
hy the local real estate agent nor the Aqre~dent of Sale represent
the value of the real property fOtmd on Schedule A on the date of
decedent's death. 'rhe appraisement was undertaken some ten lUOnths
after the decedent's death, vhile the sale of the real property was
not undertaken until approximately 15 months after the date of
death of the decedent.
~he BoArd does, however, find the Agreement. of Sale to be more
persu.~l va in deterxninin9 the proper value of the real property
because the price weB arrived at hy a public sale. Furth\!r, the
area real~Jr's appraisement of the property is based al~o.t entirely
on the highly speculative possibility that the property might ~
suitable for subdivision. Consequently, the Board finds the public
sale price to more fairly reflect the actual value of the property
found. on Schedule A of the February 21, 1980 appraisement.
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Arthur Bowermaster
Hoard Docltet ~lo. 004617
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O~DEP OF THE BOAPD
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Accordingly, it 19 hereby
,
Ordered, that the Protest 18 sustained. The value of the property
found on SchedulE\ A of' the Pebruary 21, 1980 appraisement should be
ch~nged to reflect a value of $10,000.00.
'F~ '!'HE BOARD OF APPEAL.C)
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Ralph A\ \/~~:, Chairman _
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GregoV'! t'. Martini, Member
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A90:5S-60