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• Y. T20-044 Addendum The subject property an approximately 60 year-old home on a private driveway in South Salem surrounded by mostly undeveloped land. The subject is a unique property due to having 2.3 acres,an additional recently remodeled ADU (65%complete for 2020-21),a new detached garage with finished second level used as a laundry room and storage(65%complete for 2020-21), and a new separate outbuilding(100%complete for 2020-21). The subject property last sold on 11/29/2018 for$465,000 which was well below the county's Real Market Value of $652,430 for that year. Comps 1-2 are similar sized homes with similar features and also have an ADU or separate living space. Comp 3 is similar in style and age and has a comparable size lot as the original home,but it lacks the total square footage,the additional ADU and garages as the subject. All three comps are on over 1.5 acres of land. They average in sales price from$506,460 to$586,560 with an average sales price of$553,630 and an average price per square foot of $233. The subject property also has a cell phone tower in the Southwest corner of the property. The property was purchased by Cascadia Tower in 2014 for$700,000 in order to construct the tower and grant a permanent easement on the property. Once the tower was constructed,the property was sold for$362,270 in 2015,which was lower than the County's market value of$445,000 for that year. Based on the data,it appears the county's market value has been considerably higher than what the market has shown in the past two sales. Therefore,the county recommends reducing the land value to$200,000 to account for the cell phone tower that is on the property and cannot be utilized. The county recommends we reduce the main house RMV to$257,000 which,with the land value,will reflect a market value of$457,000 which is consistent with the market value. Regarding the partially completed ADU and detached garage with second story laundry and storage,the county based the projected market value of each structure on data extracted from the market and then calculated for a partially complete value for the 2020-21 year. When finished,the county determined the remodeled ADU will add approximately$105,000 of value to the property. This amount was determined by adding the square feet of the ADU (960)to the square feet of the main home(3,060)to determine it has a combined 4,020 square feet of livable space. With the projected ADU value of $105,000,the house and ADU would have a market value of$572,000 which is consistent with the comparable properties. The county recommends we sustain the market value of$65,000 at 65%complete for this year. The county also determined the new detached garage with finished second story will add approximately$95,000 of value to the property when finished by using a cost factor of$70 per square foot which is consistent with the market. The county recommends we sustain the value of the finished detached garage at$30,000 and sustain the finished 2nd story at$33,000,for a total of$63,000 at 65%complete this year. The county determined that the market value of$15,000 for the new outbuilding was an accurate reflection of the market and recommends we sustain this value. The recommended value of all the structures totals$400,000. The total recommended RMV with land and structures is$600,000 for the 2020-21 year.