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The subject's property is a roughly 90 year-old home in an excellent south Salem neighborhood surrounded by a blend of older homes that range in age, size, style,quality, and features. The petitioner is requesting the county lower the Real Market Value of the home to$750,427 which would reflect a 3% increase from the previous year's RMV. The subject's home has been on the market for roughly 17 years at$899,000 and the past 3 years at $850,000; with no offers. As of 12/1/21 it was under contract for a sales price of$723,500. This home was appraised by the county on June 29, 2021 as part of their seven to ten year cycle rotation. At the time of this appraisal,the appraiser determined that the home had been updated recently due to pictures and descriptions from multiple MLS listings starting in 2015 as well as an on-site visit to view the exterior of the home. Based on this information,the appraiser used their best judgment that the kitchen and bathroom's had been updated within the past five years and added exception value to the home to reflect these updates. The county was able to find three comparable properties that are similar in age,qualities, features, style, and location and would attract the same type of buyer. All three comparable properties are located within a mile of the subject; with Comp 1 located only a block away and being the best comparable. The comparable properties range in adjusted sales price from $612,000 to$719,500. Each comparable is considerably smaller than the subject with an average of roughly 1,500 square feet less than the subject. The comparable properties have a range in price per square feet of$111 to$167,with an average price per square foot of$147. After looking at the subject property's records and notes in the county's system more closely, it was determined that the kitchen was remodeled in 2008 and exception value was added at that time. In addition,the hot tub that was added during the June 29, 2021 visit was already on the account as a Water Feature. Both of these notes were missed by the appraiser before doing the appraisal on June 29, 2021. Based on the data,the comparable properties,additional information provided by the petitioner, and review of the notes in association with this account,the county recommends we remove the exception RMV of$47,950 for the kitchen and bath remodel and the inventory RMV of$15,000 for the hot tub, which were already accounted for in 2008. This will also remove the Exception to the Maximum Assessed value of$28,540 for the kitchen remodel. In addition, based on the information from the petitioner, the county recommends reducing the Effective Year Built back to its original year of 1957 to reflect general maintenance of the home as well as lowering the class of the home to a 6-from a 6. Based on these recommended changes,the county recommends the RMV value will be lowered to $805,190 with the land value staying at$123,000 and the improvements lowered to$682,190. This recommended RMV equates to a price per square foot of approximately$134 which is in the middle of the comparable property's price per square feet, which the county feels is an appropriate measure to use on this property. The Maximum Assessed Value will stay at$850,060. The Assessed Value will be the same as the Real Market Value of$805,190, which is not limited to the 3%maximum increase per year. Since the home was under contract almost a year after the assessment date of January 1, 2021, the county did not feel the petitioner's requested RMV amount was reflective of the market as of the county's assessment date. 4 4 4