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The subject property is an approximately 25 year old home in south Salem surrounded by similar style <br /> homes with similar size lots. The subject property sold for$710,000 on 1/25/21 and consisted of two <br /> lots. Lot one has 2.89 acres with a single family residence and an outbuilding. Lot 2 has 4.78 acres on a <br /> steep hillside that is currently undeveloped. The petitioner is requesting the county to lower the Real <br /> Market value on lot 1 to$655,260 and lot 2 to $39,740 for a total of$695,000 which closely matches the <br /> purchase price. Currently the county shows the combined Real Market Value for the 2021-22 tax year is <br /> $1,107,170 with lot 1 at$858,600 and lot 2 at$248,570. <br /> The county was able to find three comparable properties,with each having over an acre of land,within a <br /> few miles as the subject property. They ranged in adjusted sales price from $833,200 to$567,600 with <br /> an average sales price of$662,100. They averaged in price per square feet from$270 to$173 with an <br /> average of$236 per square foot. The best comparable was the subject property itself,and had a price <br /> per square foot of$211,which falls within the range of the comparable properties and is close to the <br /> average. <br /> Based on the data provided by the petitioner and the comparable properties found by the county,the <br /> county recommends we lower the RMV on both lots. For lot 1,the county recommends we sustain the <br /> land value of$282,170 and lower the Improvement RMV to$373,830 for a total RMV of$656,000. This <br /> will not affect the MAV for lot 1. For lot 2,the county recommends that we treat this lot as excess land <br /> with limited functionality based on the steepness,soil type, access,and being not financially feasible to <br /> build on in the future. The county recommends we place a 15%adjustment to lower the RMV to • <br /> -- - $62,140 which will become the MAV. Based on the recommendation from the county, both lots will <br /> have a combine RMV of$718,140 which closely matches the sales price near the assessment date of <br /> 1/1/21. <br /> oiLtc6 3 <br /> A <br /> N <br /> (J)) fle� M� „k <br /> rj 41.117(1 JId <br /> �� �i ( UL\ <br />