2013 BOARD OF EQUALIZATION n 2013-2014 Board of Equalization Members Presiding Commissioner Lou Lapaglia Western Commissioner Bill Barnett Eastern Commissioner Ray Weter County Auditor Sam Yarnell County Surveyor Lloyd Todd County Assessor David Stokely (Non-Voting) County Clerk Kay Brown (Secretary - Non-voting) Ken Thrasher Member at Large Brenda Hobbs Member at Large n 0 CHEIgNAN COUNTY Lou Lapaglia Drn.;A,„n 0---le.4-- I ....U...5 #u..........vil.. 0 COMMI66ION Bill Barnett Western Commissioner 100 W. Church &rect, Iloom 100 Oark Missouri 65721 Ray Weter . Phone: 417·681·2112 •fax: 417-581-5924 Eastern Commissioner May 2, 2013 Brenda Hobbs 480 Stargrass Road Ozark, MO 65721 ar Brenda, The Christian County Commission would like to confirm your re-appointment to the Board of Adjustment. Your term will expire December 2014. Christian County will become a first class county in January 2015 and at that time the Board of Adjustment will be dissolved. Thank you for your willingness to serve on this board. We have a great appreciation for our citizens who want to make Christian County a better place by becoming actively involved. Sincerely, 2 k % 0,1,212- 4&»t Bill Barnett Ray Meter JV Presiding Commissioner Western Commissioner Eastern Commissioner 0 Website: www.christiancountymo.gov Email: countycommission@christiancountymo.gov O Printed on Recycled Paper i- CHQI@TIAN COUNTY- Lou Lapaglia Presiding Commissioner 1_ COMMI66ION Bill Barnett Western Commissioner 100 W. Church &reet, 12oom 100 *3- Ozark Misasouri 65721 Ray Weter Phone: 417-581·2112 •Fax: 417-581-5924 Eastern Commissioner May 2, 2013 Ken Thrasher 1666 Timber Lake Drive Nixa, MO 65714 <*par Ken, The Christian County Commission would like to confirm your appointment to the Board of Adjustment. Your term will expire December 2014. Christian County will become a first class county in January 2015 and at that time the Board of Adjustment will be dissolved. Thank you for your willingness to serve on this board. We have a great appreciation for our citizens who want to make Christian County a better place by becoming actively involved. Sincerely, g 2202% Q)=h 401 »44*-3 Bill Barnett Ray Welr Lou Lapaglial Presiding Commissioner Western Commissioner Eastern ·Commissioner 0. Website: www.christiancountymo.gov Email: countycommission@christiancountymo.gov * Printed on Recycled Paper 2013 BOARD OF EQUALIZATION OATH OF OFFICE I, Lou Lapaglia. do solemnly swear that as a member of the Christian County Board of Equalization will fairly and impartially equalize the valuation of all real estate and tangible personAl property taxable by the county. Dij f41, L STATE OF MISSOURI COUNTY OF CHRISTIAN Subscribed and sworn to before me on this 11th day of July 2013. Witness my hand and official seal the day above written. \6 42 Kdy Bwn, dounty Clerk 6'. Ma,mum"4 138.010 RSMO 74 1 e r 2013 BOARD OF EQUALIZATION OATH OF OFFICE I, Brenda Hobbs. do solemnly swear that as a member of the Christian County Board of Equalization will fairly and impartially equalize the valuation of all real estate and tangible personal property taxable by the county. 62- (04- STATE OF MISSOURI COUNTY OF CHRISTIAN Subscribed and sworn to before me on this 11th day of July 2013. Witness my hand and official seal the day above written. /- a.01'r 1 Kay-BrAh;.County Clerk 0 1 *,00,1,11,111,4,4 138.010 RSE '40,#tttlj 111//44 •t, f. 2013 BOARD OF EQUALIZATION OATH OF OFFICE I, Assessor David Stokely, a nonvoting member do solemnly swear that as a member of the Christian County Board of Equalization will fairly and impartially equalize the valuation of all real estate and tangible personal property taxable by the county. Air 5 -sto)44» STATE OF MISSOURI COUNTY OF CHRISTIAN Subscribed and sworn to before me on this 11th day of July 2013. Witness my hand and official seal the day above written. • »LA« n.4 .1 (, f' ft L [ 44 138.010 RSMO /161,/111/11/'144, Kay Brown, County Clerk 4 E 1 2013 BOARD OF EQUALIZATION OATH OF OFFICE I, Lovd Todd, do solemnly swear that as a member of the Christian County Board of Equalization will fairly and impartially equalize the valuation of all real estate and tangible personal property taxable by the county. STATE OF MISSOURI COUNTY OF CHRISTIAN Subscribed and sworn to before me on this 11th day of July 2013. Witness my hand and official seal the day above written. 746.G:J_ .6£k 1 4 ·Kay Bro*1,-County Clerk 4!·' '' (,f, t, 4 i 2'46. 138.010 RSMO. juu 1 11,1 I CI //4< 2> .. 2013 BOARD OF EQUALIZATION OATH OF OFFICE I. Dewev Lasslev. do solemnly swear that as a member of the Christian County Board of Equalization will fairly and impartially equalize the valuation of all real estate and tangible personal property taxable by the County. 4 STATE OF MISSOURI COUNTY OF CHRISTIAN Subscribed and sworn to before me on this 11th day of July 2013. Witness my hand and official seal the day above written. Kay 3¥own, County Clerk tf..., .11 ; 138.010.RSMO '4· 9%#it <11$111 4/47,., ..% -- y.2 -- es , 2013 BOARD OF EQUALIZATION OATH OF OFFICE I, BilI Barnett, do solemnly swear that as a member ofthe Christian County Board of Equalization will fairly and impartially equalize the valuation of all real estate and tangible personal property taxable by thc3 CollnTV. tte <40»al STATE OF MISSOURI COUNTY OF CHRISTIAN Subscribed and sworn to before me on this 11" day of July 2013. Witness my hand and official seal the day above written. /f« I kelkt•/u f.. t Kay 1364.County Clerk #deu""14/4* 138.010 RSMO C SANDY WANKUM COMMISSIONERS ADMINISTRATIVE SECRETARY BRUCE E. DAVIS. CHAIRMAN 0 RANDY B. HOLMAN, MEMBER MAUREEN MONAGHAN VICTOR CALLAHAN, MEMBER CHIEF COUNSEL STATE TAX COMMISSION OF MISSOURI TRUMAN STATE OFFICE BUILDING, ROOM 840 POST OFFICE BOX 146 JEFFERSON CITY, MISSOURI 65102·0146 TELEPHONE: 573/751-2414 FAX: 573/751·1341 July 10, 2013 WWW.STC.MO.GOV Tp:_Ch*tian County Board of Equalizagon Under the authority of Section 138.420.4, RSMo, the State Tax Commission has completed its review of the assessment of the residence owned and occupied by the County Assessor. The assessment below has been affirmed for tax year 2013: Parcel Number: 6-9-32-0-0-9.01 Market Value: $124,800 (Residential only) 0 Assessed Value: $23,710 (Residential only) Please review the 2013 assessment roll and verify/correct the residential assessment for the above numbered parcel. Sincerely, M«.3- *Ar- Robert E. Epperson Manager Technical Assistance Section REE/ams ce: County Assessor 0 r Board of Equalization loowestchurch, Room 200, Ozark, Mo. 65721 Board http:#ChristanCountyMO.iqm2.com Ute:t L,01 - Minutes - Kay Brown 417-5824340 Thursday, July 11, 2013 12:00 AM The Christian County Courthouse 1. Call to Order *ttenaed Nildle - ' ·· · 2155 * ...4 '' Title./34., ' F' . ·34 ....:; % Lou Lapaglia Presiding Commissioner Present 10:00 AM Ray Weter Eastern Commissioner Present 10:00 AM Bill Barnett Western Commissioner Present 10:00 AM Sam Yarnell County Auditor Present 10:00 AM Loyd Todd Surveyor Present 10:00 AM Brenda Hobbs Board Member Present 10:00 AM Dewey Lassley Board Member Present 10:00 AM David Stokely Board Member Present 10:00 AM Kay Brown . County Clerk Present 10:00 AM 0 Julia Maples Administrative Assistant Present 10:00 AM 2. Thomas and Sherrel Walker Property Thursday, July 11, 20t3 Members Present: Lou Lapaglia, Bill Barnett, Ray Weter, Sam Yarnell, Loyd Todd, David Stokely 0'tort- Voting), Kay Brown (non-voting), Brenda Hobbs, and Dewey Lassley. Members Absent: None Guest Present: Deputy Assessors: Amy York, Brenda Dicus and Garrett Buckley A quorum was present. The meeting was called to order by Presiding Commissioner Lou Lapaglia. County Clerk, Kay Brown swore in the members ofthe Board of Equalization. There was one case scheduled for today. Board of Equalization Page 1 Printed 7/17/2013 1 € 1 4, 1·KBoard Minutes Julyll,2013 Parcel: 21-0.7-36-004-003-001.000- Lot 19- Phase 6 of Saddlebrooke, Missouri Owners: Thomas E. and Sherrel A. Walker 2055 Saint Albert The Great Drive, Sun Prairie, WI 53590 Mr. Thomas Watker or his agent were not present for the hearing. Assessor David Stokely reviewed the information provided by Mr. Walker with the Board of Equalization and noted from 2012 to 2013 there was a 48% reduction of the real estate tax assessment. The property originally appraised for $ 75,000.00 and the Assessor reduced the real estate assessment to 39,000 in 2013. In addition, the voters of Saddlebrooke approved a levy in 2012 to assess all real property a tax of.7429 to be used to maintain the roads inside the village. County Auditor Sam Yarnell called for avote to make a decision. D MOTION/VOTE: To Retain the Value Assessed by the Assessor Member Bill Barnett made a motion to retain the tax assessment at 39,000. The motion was seconded by Ray Weter. The board voted unanimously to retain tax assessment. The motion passed by vote: Lou Lapaglia (Yes), Ray Weter (Yes), Bill Barnett (Yes), Sam Yarnell (Yes), Brenda Hobbs (Yes), Dewey Lassley (Yes) and Loyd Todd (Yes). Presiding Commissioner Lou Lapaglia stated Mr. Thomas has thirty days to appeal the decision to the State Tax Commission. A 41400 A 11. Adjournment The Board of Equalization has adjourned until Monday, July 15th, 10:00 a.m. Board of Equalization Page 2 Printed 7/17/2013 J 4 Board of Equalization 100 WestChurch. Room 200. Ozark. Mo. 65721 Board http:#ChrisuanCountyMO.iqm2.com - Minutes - Kay Brown 417-582-4340 Thursday, July 18, 2013 11:00 AM The Christian County Courthouse 1. Call to Order Those present for roll call are Danny Gray, Chief Deputy Brenda Dicus and Deputy Assessors Amy York and Garrett Buckley. The meeting was called to order by Chairman/Presiding Commissioner Lou Lapaglia. Attendee Na,We Tittef--* :J ' 1 - Status F .' Arrived Lou Lapaglia Presiding Commissioner Present 10:00 AM Ray Weter Eastern Commissioner Present 10:00 AM Bill Barnett Western Commissioner Present 10:00 AM Sam Yarnell County Auditor Present 10:00 AM Loyd Todd Surveyor Present 10:00 AM 0 Brenda Hobbs Board Member Present 10:00 AM Dewey Lassley Board Member Present 10:00 AM Cheryl Mitchell Assistant Present 10:00 AM Kay Brown County Clerk Present 10:00 AM David Stokely Board Member Present 10:00 AM 2. Un-Numbered Items (ID # 1213) Approve the July 11, 2013 Minutes COMMENTS - Current Meeting: Chairman/Presiding Commissioner Lou Lapaglia called for a motion to approve the Board of Equalization minutes for July 11, 2013. RESULT: ADOPTED [UNANIMOUS] MOVER: Ray Weter, Eastern Commissioner SECONDER: Bill Barnett, Western Commissioner AYES: Lapaglia, Weter, Barnett, Yarnell, Todd, Hobbs, Lassley 11. BOE Appeal D 1. Un-Numbered Items (ID # 1210) Board of Equalization Page 1 Printed 8/1/2013 Bdard Minutes July 18, 2013 1 D Highland Ridge East & Galileo Dr. BOE Appeal COMMENTS - Current Meeting: Guests Present: Deputy Assessors: Amy York, Brenda Dicus and Garrett Buckley. A quorum was present. The following real estate is brought before the Board of Equalization: Parcel Number of the Prooertv: 11-0.3-07-002-002-001.000 Location: 731 N Galileo, Nixa, MO. 65714, Apts 1-25 Acres: 3.68 Residential Property Description: Lot.37 Highlandridge East Owned by: Highland Ridge Senior, LP 1525 E. Republic Road Ste. B100 Springfield, MO. 65804-6583 Re: Becky Selle Assessofs Appraised and Assessed Values $ 1,910,800/363,050 Attorney Mary Neal, the agent for Highland Ridge Senior, LP., encouraged the Board to apply the formula used by the State Tax Commission to determine the assessed value ofthe property. Ms. Neal said the property consists of25 duplex's containing 50 rental units. The properties are on the average between 609 to 775 square feet that rent for $310.00 to $ 335.00 per month. Mr. Lassley asked where is the profit in this senior housing project? Ms.Neal said they receive tax credits but very little income. Mr. Lassley asked why should Christian County supplement this housing project. Why would we wish to decrease the assessment when the Assessor has tried to determine the true value of the property. There was much discussion about a court case involving subsidized housing dated, June 30, 2011, that was recently appealed in Butler County, and the Court ruled against the Assessor. Eastern Commissioner Ray Weter called for a motion to take a 30 minute recess to obtain information on the recent court appeal in Butler County. Board of Equalization Page 2 Printed 8/1/2013 t Bo'ard Minutes July 18, 2013 01 RESULT: ADOPTED [UNANIMOUS] MOVER: Ray Weter, Eastern Commissioner SECONDER: Bill Barnett, Western Commissioner AYES: Lapaglia, Weter, Barnett, Yarnell, Todd, Hobbs, Lassley 2. Motion To: Eastern Commissioner Ray Weter Called for a Motion to Reconvene COMMENTS - Current Meeting: The Board ofEqualization reconvened at 12:01 p.m. Mary Neal received a copy of the appeal that affirmed the State Tax Commission decision because there is no other formula to determine the value. However, there is a new appeal that was submitted. Assessor David Stokely said the Butler County Assessor said he was not successful in the appeal because there were two technicalities. The Assessor suggested raising the value ofthe property under discussion. Mr. Stokely recommended a raise in the assessed valuation or to uphold the valuation and allow them to appeal to the State Tax Commission. Ms. Neal said she would not like to have the assessment raised. Brenda Dicus said she spoke with the owners and offered them a 25% discount on the property D assessment but it was not accepted. Assessor David said they use a program that determines the value based on a cost approach and the sale of land within close proximity. This appeal is still under review and the new appeals were just filed next month. Auditor Sam Yarnell said a three year analysis is not available. RESULT: ADOPTED [UNANIMOUS] MOVER: Ray Weter, Eastern Commissioner SECONDER: Bill Barnett, Western Commissioner AYES: Lapaglia, Weter, Barnett, Yarnell, Todd, Hobbs, Lassley 3. Motion To: Vote To Move To Executive Session COMMENTS -Current Meeting: Eastern Commissioner Ray Weter called for a motion to go into Executive session. D Board of Equalization Page 3 Printed 8/1/2013 Board Minutes July 18, 2013 fl 4 RESULT: ADOPTED [UNANIMOUS] MOVER: Ray Weter, Eastern Commissioner SECONDER: Bill Barnett, Western Commissioner AYES: Lapaglia, Weter, Barnett, Yarnell, Todd, Hobbs, Lassley 4. Un-Numbered Items (ID # 1221) Executive Session COMMENTS - Current Meeting: Eastern Commissioner Ray Weter called for a motion to proceed with proper notification to the parties involved and to retain the assessment. Board's Appraised and Assessed Values $ I,910,800/363,050 RESULT: ADOPTED [5 TO 1] MOVER: Ray Weter, Eastern Commissioner SECONDER: Bill Barnett, Western Commissioner AYES: Lapaglia, Weter, Barnett, Yarnell, Hobbs NAYS: Loyd Todd ABSTAIN: Dewey Lassley 0 5. Motion To: Move Into Open Session COMMENTS - Current Meeting: Eastern Commissioner Ray Weter called for a motion to adjourn executive session and move to open session. A decision was made upholding the Assessor's recommendation. RESULT: ADOPTED [UNANIMOUS] MOVER: Ray Weter, Eastern Commissioner SECONDER: Bill Barnett, Western Commissioner AYES: Lapaglia, Weter, Barnett, Yarnell, Todd, Hobbs, Lassley 111. Adjournment The meeting was adjourned at 12:45 p.m. 0920<779» Lou Lapaglia, Presiding Commissioner/Chairman D Board of Equalization Page 4 Printed 8/1/2013 Board F 40 60\Nig Minutes July 18, 2013 Bill Barnett, Western Commissioner fci Ajvi col Ray Weter, Eastern Commissioner 0 0 Board of Equalization Page 5 Printed 8/1/2013 r-4-S 0 Board of Equalization 100 WestChurch, Room 200, Ozark, Mo. 65721 Board http://ChristianCountyMO.iqm2.com - Minutes - Kay Brown 417-582-4340 Monday, July 22, 2013 11:00 AM The Christian County Courthouse 1. Call to Order Atidlitide·Nihfer '", 70 7: -4- r:Titli 3-96'9 - Ba '- 77Stitus - - 74*ftilied Lou Lapaglia Presiding Commissioner ' Present 11:00 AM Ray Weter Eastern Commissioner Present 11:00 AM Bill Barnett Western Commissioner Present 11:00 AM Sam Yarnell County Auditor Present 11:00 AM Loyd Todd Surveyor Present 11:00 AM Brenda Hobbs Board Member Present 11:00 AM Dewey Lassley Board Member Present 11:00 AM David Stokely Board Member Present 11:00 AM Kay Brown County Clerk Present 11:00 AM D Cheryl Mitchell Assistant Present 11:00 AM 11. Appeal for Robert Palmer 1. Un-Numbered Items (ID # 1209) Property Appeal COMMENTS - Current Meeting: The meeting was attended by: Todd Wiesehan Planning and Zoning Administrator, Andy Arndt, Donna Osborn of the Christian County Headliner News, Rance Burger of the Springfield News- Leader, Mr. & Mrs. Robert Palmer, Danny Gray, Data Collector Garrett Buckley, and Chief Deputy Assessor Brenda Dicus. Parcel Number of the Propertv: 01-0.9-32-000-000-013.000-Owners Robert A. And Bonnie K. Palmer Location: 1500/1700 MARTINS BRANCH ROAD, FORDLAND, MO. 65652-5291 142.13 ACRES Assessor's Appraised and Assessed Values $ 1,023,100/286,300 Mr. Palmer spoke for one hour and presented numerous pictures and exhibits of the unfinished interior of his property. Mr. Palmer appealed to the Board of Equalization to render his 0 property as a barn and nothing more. Mr. Palmer said this is an unoccupied property and cannot be assessed until it's complete. He also presented the Board with multiple exhibits that he felt supported his arguments. Board of Equalization Pagel Printed 8/14/2013 0 Board Minutes July 22, 2013 Assessor David Stokely presented his analysis of Mr. Palmers property and the calculations by which the assessment was determined. The Board reviewed all the information for 1 hour and 45 minutes. Eastern Commissioner Ray Weter called for a motion to enter into Executive Session. RESULT: ADOPTED [UNANIMOUSI MOVER: Ray Weter, Eastern Commissioner - NSECONDER: , Bill Barnett, Western Commisdioner I K AYES: 'Lapaglia, Weter, Barnett Yarnell, Todd, Hobbs, Lassley 2. Un-Numbered Items (ID # 1234) Enter Executive Session COMMENTS - Current Meeting: The Board of Equalization have convened to make a decision based on the information provided. RESULT: ADOPTED [UNANIMOUSI : MOVER: Ray Weter, Eastern Commissioner ,· SECONDER: Aill Barnett, Western Commissioner AYES: Lapaglia, Weter, Barnett, Yarnell, Todd, Hobbs, Lassley 1 3. Un-Numbered Items (ID # 1235) Reconvene from Executive Session COMMENTS - Current Meeting: The Board of Equalization made the decision to assess the property as a Class C status resulting in a decrease in assessed value to 578,500. RESULT: ADOPTED [UNANIMOUS] MOVER: Ray Weter, Eastern Commissioner , SECONDER: Bill Barnett Western Commissione> AYES: Lapaglia, Weter, Barnett, Yarnell, Todd, Hobbs, Lassley 111. Adjournment The Board of Equalization adjourned and will reconvene on July 25th, 2013. 0 Board of Equalization Page 2 Printed 8/14/2013 CLOSED SESSION BOARD OF EQUALIZATION MINUTES FOR JULY 22, 2013 Eastern Commissioner Ray Weter posed the question to Assessor Stokely, based on the definition of a Class A, C, and D it appears that the property should not be assessed as a Class A but rather a Class C or D. Data Collector Garrett Buckley stated the property is a minimum of a Class C+ because the walls are constructed with 10 inch concrete walls, the wood beams and high peaks of the roof line. Eastern Commissioner Ray Weter affirmed his position that the property should be classified as a Class C property. Western Commissioner Bill Barnett asked to see a show of hands to change the assessment classification from an A to C class. Dewey Lassley said the total assessed value for the property based on a C classification would be 578,500. 0 Chief Deputy Assessor Brenda Dicus said Mr. Palmer has his property insured for $ 500,000. After much discussion, Eastern Commissioner Ray Weter presented the conclusion that the property should be assessed as a C classification. The Board agreed to render a decision based on the change from an A to a C classification, resulting in a decrease in appraised value to 578,500. MOTION/VOTE: Change the Assessment Classification Eastern Commissioner Ray Weter called for a motion to change the property assessment from a Class A to a Class C resulting in a decrease of the assessed value to 578,500. Western Commissioner Bill Barnett seconded the motion. The motion passed by vote: Lou Lapagiia (Yes), Ray Weter (Yes), Bill Barnett (Yes), Sam Yarnell (Yes), Loyd Todd (Yes), Brenda Hobbs (Yes), and Dewey Lassley (Yes). OF ) 470l F n Board of Equalization 100 West Church, Room 200, Ozark, Mo. 65721 ,3......6474 Board http://ChristlanCountyMO.iqm2.com , - Minutes - Kay Brown 417-582-4340 Thursday, July 25, 2013 11:00 AM The Christian County Courthouse 1. * 'Call to Order Attendee Name . .. i '·'Title.- 1 1-1/ f. / -:Stitus' . i Arrivetl Lou Lapaglia Presiding Commissioner Present Ray Weter Eastern Commissioner Preseht Bill Barnett Western Commissioner Present Sam Yarnell County Auditor Present Loyd Todd Surveyor Present Brenda Hobbs Board Member Present Dewey Lassley Board Member Present Kay Brown County Clerk Present David Stokely Board Member Present Julia Maples Administrative Assistant Present 11. Un-Numbered Items 1. Un-Numbered Items (ID # 1212) BOE Appeal with Mr. Daniel Shepherd COMMENTS - Current Meeting: Guests: Mr. Robert Palmer, Chief Deputy Brenda Dicus, newly elected Assessor Danny Gray and Inspector Garrett Buckley. All the members of the Board of Equalization received a packet of information sent from Mr. Shepherd for the following companies: *Cedar Tree Apartments -Parcel #: 8-0.2-10-002-029-009.002 Owned bv: Billings Family Housing, LP, 1488 8th Street, West Plains, MO. 67775 Location: 202 S. Cedar, Billings, Missouri 65610 Assessofs Appraised and Assessed Values $ 475,900/90,420 Board's Appraised and Assessed Values $ 475,900/90,420 *Ozark Meadows - Parcel # 11-0.8-27-001-002-009.000 Owned bv: Ozark Meadows, LP, n 3609 E. 20th Street, Joplin, Mo. 64801 Board of Equalization Page 1 Printed 8/1/2013 t> Board Minutes July 25,2013 D Location: 402 South 11th Street, Ozark, MO. 65721 Assessofs Appraised and Assessed Values $ 1,232,400/234,160 Board's Appraised and Assessed Values $ 1,232,400/234,160 *Terraces at Copperleaf, LP - Parcel# 10-0.1-12-002-010-001.023 Owned bv: Terraces at Copperleaf, LP 1730 E. Republic Road #F, Springfield, MO. 65804 Location: 305 Peachtree Drive, Nixa, MO. 65714 Assessor's Appraised and Assessed Values $ 1,906,900/362,310 Board's Appraised and Assessed Values $ 1,906,900/362,310 Assessor David Stokely said he spoke with Mr. Shepherd regarding a recent coun decision of a similar property in Butter County. Assessor Stokely said, Mr. Shepherd would like to have the same treatment as everyone else and would like to present his appeal before the State Tax Commission. Presiding Commissioner asked for comments from the board and from the guests. County Auditor Sam Yarnell asked, what is the amount of the tax credits they have received on these properties. 0 County Surveyor Loyd Todd, asked are these apartments considered commercial property? Assessor Stokely said the apartments are subsidized and are not considered commercial propeny. Eastern Commissioner Ray Weter said he read the State Tax Commission's guidelines regarding tax credits and they are not considered income. Member Eastern Commissioner Ray Weter called for a motion to accept the recommendation from the Assessor to refer the decision to the State Tax Commission. RESULT: ADOPTED [UNANIMOUS] MOVER: Ray Weter, Eastern Commissioner SECONDER: Bill Barnett Western Commissioner AYES: Lapaglia, Weter, Barnett, Yarnell, Todd, Hobbs, Lassley 111. Adjournment / 4\ The meeting was adjourned at 11:20 am 0 Board of Equalization Page 2 Printed 8/1/2013 0 Lou Lapaglia, Bill Barnett, Ray Weter, David Stokely, Sam Yarnell, Loyd Todd, Dewey Lassley, Brenda Hobbs Re: Board of Equalization Board members, It's that time of year again! Below is the schedule (so far) of Board of Equalization Hearings. I will update you as we approach the dates. Thursday July 11, 2013 10:00 a.m. Thomas E. Walker Lot 19 Saddlebrook Phase 6 11:00 a.m. David Wagner Boat Street Ozark nday, July 15, 2013 Thursday July 18, 2011 Julia Maples Administrative Assistant Christian County Commission 5 a.384-MrodWE- -17/r NOW THEREFORE, be it resolved that: 0 0 1. The Assessor will present to the Boak of Equalization (hereinafter "BOE") for t. tax tear 2012 appeals for each of the signatories to this agreement; 2. The Assessor will fully support the terms of this agreement, as more fully described below, in the 2012 appeals to be filed with the BOE on behalf of the appellant signatories for tax year 2012; 3. The Assessor agrees to that the appraised valuation for appellant lots starting in tax year 2012 should be according to the following tiered chart: Bv Acreage Appraised Up to l# 1 $ 39,000/ 022 «1210001 &552*09 *$35*00'(,9 4. The Assessor agrees that re-platted or multiple contiguous parcels/lots should be assessed by a formula whereby the firft lot is reassessed at 100% of rate under, the-tiered. cha_rt above, the secondlotat.59% of the rate of tbe first lot, and a ihirilatai-5.0% ofthe rate of the secood Ipt (which would be 25% of the rate of the first lot). And that if more than three contiguous lots are owned by an individual any additional lot will be assessed at the same assessed rate as the third lot If multiple lots are owned that could otherwise be individually assessed at different tier rates, the lot at the highest tier rate shall be assessed first. 5. The Assessor agrees that residential improvements on lots should be reassessed for 2012 with a reduction according to appraised valuation as follows: - those properties with valuation below $250,000 shall be reduced by 10%; - those improvements with appraised value between $250,000 and $500,oop shall be reduced by*5560 , - those improvements valued atrmr,6Eflibri*50010:00 shall be reduced by (*1*CHRISTIAN COUNTY PROPERTY REPORT 07/11/2013 DAVID STOKELY - ASSESSOR 0 PARCEL NUMBER OWNER: LAND APPRAISAL 21-0.7-36-004-003-001.000 WALKER, THOMAS & SHERREL (TRUST) REI: i,-39,0004 C/O: AGR: 0 0 COM: 0 SCH RD CTY FR JQ TYPE ADDRESS: MAC: 0 R7 NONSA FIR AMBIT 2055 SAINT ALBERT THE GREAT DR IMPR APPRAISAL RES: 0 SUN PRAIRIE, WI 53590-3818 AGR: 0 PHYSICAL ADDRESS: PARENT PARCEL: COM: 0 200 MARK TWAIN DR SADDLEBROOKE TOTAL APPRAISAL RES: 39,000 AGR: 0 SUBDIVISION ACRES COM: 0 647 SADDLEBROOKE 0.76 VAC: 0 LOT: LOT SIZE ASSESSMENT 188.5X150.40 RES: 7,410 BLOCK: AGR: 0 COM: 0 PROPERTY DESCRIPTION: SEC: 1-WP: RNG: VAC: 0 LOT 19 SADDLEBROOKE PHASE 6 36 25 21 TOTAL: 7,410 0 DEED BK/PG: DATE ACQUIRED: 2008-001790 2008-02-08 STRUCTURE INFORMATION UNNICUTT APPRAISAL INFORMATION APPRAISED AND ASSESSED VALUES ARE SUBJECT TO CHANGE UNTIL THE BOOKS ARE CLOSED OUT EACH YEAR. 0 THE ASSESSOR'S OFFICE IS FOR TAX PURPOSES ONLY AND NOT LEGAL. 2012 CHRISTIAN COUNTY PROPERTY REPORT 07/11/2013 DAVID STOKELY - ASSESSOR PARCEL NUMBER OWNER: LAND APPRAISAL 21-0.7-36-004-003-001.000 WALKER, THOMAS & SHERREL (TRUST) RES: 75,000 2 C/O: AGR: 0 COM: 0 SCH RD CTY FR JC TYPE ADDRESS: VAC: 0 R7 NONSA FIR AMBIT 2055 SAINT ALBERT THE GREAT DR IMPR APPRAISAL RES: 0 SUN PRAIRIE, WI 53590-3818 AGR: 0 PHYSICAL ADDRESS: PARENT PARCEL: COM: 0 200 MARK TWAIN DR SADDLEBROOKE TOTAL APPRAISAL RES: 75,000 AGR: 0 SUBDIVISION ACRES COM: 0 647 SADDLEBROOKE 0.76 VAC: 0 LOT: LOT SIZE ASSESSMENT 188.5X150.40 RES: 14,250 BLOCK: AGR: 0 COM: 0 PROPERTY DESCRIPTION: SEC: TWP: ENG: MAC: 0 LOT 19 SADDLEBROOKE PHASE 6 36 25 21 TOTAL: 14,250 DEED BK/PG: DATE ACQUIRED: 2008-001790 2008-02-08 STRUCTURE INFORMATION HUNNICUTT APPRAISAL INFORMATLON 3 APPRAtSED AND ASSESSED VALUES ARE SUBJECT TO CHANGE UNTIL THE BOOKS ARE CLOSED OUT EACH YEAR. THE ASSESSOR'S OFFICE IS FOR TAX PURPOSES ONLY AND NOT LEGAL. 0 THOMAS E. WALKER 2055 St. Albert The Great Drive, Sun Prairie, WI 53590 Home Phone: 608-318-2560 * Cell Phone: 608-513-5548 twalker@charter.net March 14, 2013 Julia Maples, Administration Christian County Commission 100 W. Church Street, Rm 100 Ozark, MO 65721 Re: Board of Equalization Hearing Dear Ms. Maples: Enclosed is supporting documentation relative to my appointment with the Board of Equalization dn July 11, 2013. The case simply cannot be made without ALL of the BOE Members reading ALL of this narrative in chronological order. Therefore, the materials are arranged from the oldest in front to the most recent in the back of the booklet. Please have them take special note of the real estate comparisons at the very end of the narrative. This material is being provided well in advance of my appointment date so there should be plenty of time for the two enclosed copies to be circulated among all the Board Members. Your governmental body doesn't furnish numerous copies of "Sunshine Law" records at no charge when requested and neither do I. Therefore, two complete copes of my records instead of eight at this very early date should be more than adequate. All of the enclosed written information is very explicit and should serve the purpose whether I am at the hearing in person or not. When the time comes, 1 would like an official written copy of the Board's ruling. Ifthe report is not comprehensive, it will only serve to indicate that ALL issues were not read and reviewed by ALL Board members in compiling a joint decision. I am trusting that good reason and business sense will prevail as the Board members seek to act fairly as third parties to the issues and not allow the process to get bogged down by some minor technicality. Respectfully Submitted, ,-. 407,=.3 4 5)4£3 Thomas E. Walker Enclosures PROPERTY ASSESSMENT APPEAL FORM CHRISTIAN COUNTY BOARD OF EQUALIZATION 0 TAXPAYER INFORMATION gy=e€B==. 1-komas E. / 6.Aerre f A. LOALKEK T= Taxpayer's Mailing address: 2055 dauit Aliert -1-68 G,eod·bR. (Street or Box Number, City, State and Zip Code) 1 PROPERTY INFORMATION ' ParceINumber ofth©Property: 2/-0.7-34-000- 003-00/.000 Address of Provertv (if different than Mailing Address): (streetorBox) 6100 /lark 72,/0;41 D,en/E (City, State, and Zip Code) .52064*baoee, 470 66$90 r What is the Current Classification ofthe Property? Agricultural Commercial X Residenlial Mixed Use 4 What is the Market Value set by the Assessor? 439,0£50 66,- 2,21 What is the Taxpayer's Proposed Market Value? /4 000 0 REASON FOR APPEAL Please check the reason you believe the assessment is incorrect. Check aU that cqu'ly. X Valuation (The value placed on the property by the assessor is incorrect) -Discrimination (The property is assessed at a ratio greater than the average forthe county) Misgraded Agdculturall,and (The property is not in the Borrect agricultural productivity grade) _Misclassification-The proper classification ofthis property should be: Residential Commercial Agricultural Charitable Pulposes Exemption-The property should be exempt because it is being used for: . Religious Purposes Educational Purposes Charitable Purposes * OtherEasis for Appeal(,47!east Seee,•©Absed 45£'a'*Ry 06(u,*:wk#>on. ... You may attach any documentation you desire the Board to consider Taxpayer's Signature: cty. 6203 Date: //4//3 0 THOMAS E. WALKER 2055 St. Albert The Great Drive, Sun Prairie, WI 53590 Home Phone: 608-318-2560 * Cell Phone: 608-513-5548 t.walker@charter. net November 13, 2012 Board of Equalization Christian County Assessofs Office 100 West Church Street, Room 301 Ozark, MO 65721-6901 Dear Board: I am hereby appealing my tax assessment for Parcel ID# 21-0.7-36-004-003-001.000 although I could not find any information on your website or on my tax assessment statement on how to formally file such an appeal. Upon calling the Assessor on this date, I was given an apology but was told there was nothing that could be done anyway. In fact upon pressing for more information, I was told by Mr. Stokely that I was being verbally abusive and he promptly hung up on me. For the record, there was no abusive language or personal verbal attacks of any kind. He simply wouldn't discuss my concerns. 1 think I should be able to expect much more from a public official than this kind of behavior. I had to call back in order to find out how to proceed with the appeal process and even then he tried to avoid taking my call. The purchase of my land first appeared on your tax rolls in July of 2006. At that time the assessed value was fixed at $75,000 and has never changed until now when it actually went up. Over that period of time the property values in Saddlebrooke have done nothing but fall consistently to lows of $10,000 for parcels equal to mine. 1 understand that reassessments are done in odd years which provide that my land should have been reassessed in 2007, 2009, and 2011. However, it was not revalued to then current market values in any of those years. Had it been a period of rising property values, I'm sure the County would have found the resources to justify a higher assessment so more tax could have been collected. It is my contention that property owners should have received reciprocity through this period of falling values as well without having to make any special appeals. I am, therefore, asking that my property be reassessed downward and my current tax bill be adjusted for 2012. As I indicated above, this should have already been done on three occasions without any intervention on my part. After all, I'm sure those that purchased similar lots for $10,000 are not paying at my assessed rate of $75,000 this year. Your serious consideration will be greatly appreciated. -il) Cj/TE 0 TO: t.walker@charter. net Date: 02/05/2013 05:09:12 EST Subject: Parcel # 21-0.7-36-004-003-001.000 Mr. Walker, In response to your letter dated November 13, 2012: Your property assessment has not increased for the last five years but the village of Saddlebrooke did add an assessment for 2012 that was approved by registered voters for the benefit of all property owners induding yourself. This is beyond the control or domain of the function of the assessoes office. My office did reduce substantially the lots in Saddlebrooke including yours for 2013. Your previous appraised value was $75,000 and has been reduced to $39,000 for the current tax year of 2013. The Information below is from our website. For your lot at 200 Mark Twain Dr. in Saddlebrooke. Valuation TYPE 1 LAND VALUE i SIRUCT VAL i TOTAL VALUE | TOTAL ASSESS RES 39,000 0 39,000 Il 7,410 AGR 11 0 0 1 0 0 COMM 1 0 Il 0 & 0 || 0 VAC 11 0 11 0 11 0 11 0 TOTALS Il 39,000 |0 0 39.000 ! 7,410 Taxes YEAR 11 BASE AMOUNT U AMOUNT DUE U PAIDAMOUNr | DATE PAID 2008 § 714.59 0.00 714.59 # - 2008-12-08 2009 11 715.30 Il 0.00 1 71&30 2009-12-02 2010 0 713.55 N 0.00 H 71335 U 2010-12-16 2011 1 714,33 | 0.00 714.33 2011-12-06 2012 H 821.48. 0.00 # 821.48 It 2012-12-18 I Below if from our website www. christiancountvassessor. corn for information to file an appeal for property assessment. 3 http://enhanced.charter.net/viewmessage?r=563(reques®038%3Cmail%20action%39%22... 2/6/2013 On Thu, Feb 7, 2013 at 10:15 AM, Assessor David Stokely wrote: 0 Mr. Walker. l Please see attached. I will send original copy with signature by mail. David Stokely, Assessor 100 W Church St, Rm 301 Ozark, MO 65721 417-582-4310 417-581-3029 Fax 0 David Stokely Christian County Assessor k jmmEI* 11 100 W Church St, Room 301 .... Ozark MO 65721 C 417) 582-4310 /.A -/. 417) 581-3029 Fax Assessor@christiancountymo.gov 2-7-2013 Mr. Walker, If you are not satisfied with the current valuation for 2013 you may contact the County Clerk (417-582-4340) or County Commission (417-582-4300) in June to make an appointment with the local Board of Equalization to file an appeal for your valuation. They are responsible for setting up appointments in July for hearings and can give you further information. The Board of Equalization is separate and not under the control of my office as part of the appeal process. David Stokely, Assessor 100 W Church St, Rm 301 Ozark, MO 65721 417-582-4310 417-581-3029 Fax -----Original Message----- 3 From: Tom Walker f mailto:t.walker@charter.netl Sent: Thursday, February 07,2013 3:00 PM To: Assessor David Stokely . Subject: RE: Parcel # 21-0.7-36-004-003-001.000 Mr. Stokely, Your attachment states that The Board of Equalization is separate and not under the control of your office as part of the appeal process. If thars true, then why did you open my petition letter and "complaint for review:' form dated 11/13/12 since it was specifically addressed to The Board of Equalization? In fact and by Missouri Statue, you as County Assessor are a member of The Board of Equalization. Furthermore, Missouri State Law requires that any person who feels their property tax assessment is too high must petition the local Board of Equalization. That request must be made in writing and filed with the local tax assessor which is exactly what I did. Therefore, I expect you to put that letter of petition in the hands of The Board of Equalization at once. In consideration of the above, how can you state that your office is not part of the process? You still have never completely addressed by questions concerning how my assessment was made over the last six years and for 2013, what factors were considered, and what type of records pertain to my property in this regard. Why are we going to burden The Board of Equalization with questions that you are paid to address first? Tom Walker, MO Taxpayer 0 i r) Subject: RE: Parcel # 21-0.7-36-004-003-001.000 Date: 2/7/13 4:35:42 PM From: "Assessor David Stokely• To: 'Tom Walker"' Assessor David Stokely wrote: Mr. Walker, Our records have the previous owner of your lot purchasing Lot 19 for $74,000 tri November 2003 and you paid $73,000 in June of 2006 for this same property. Is this is accurate? David Stokety, Assessor 100 W Church St, Rm 301 Ozark, MO 65721 417-582-4310 417-581-3029 Fax 0 0 From: t.walker Fmaitto:t.walker@charter.netl Sent: Thursday, February 07,20135:02 PM 0 To: assessor@christiancountvmo.aov Subject: RE: RE: Parcel # 21-0.7-36-004-003-001.000 Mr. StokeW, I don't know what the previous owner paid for the lot. I was told that he/she sold it back to the developer, however. Subsequently, I purchased it from the developer, Clyde Lorenz, for $73,000 in June of 2006. Tom Walker n 04) 0 On Fri, Feb 8, 2013 at 3:23 PM, Assessor David Stokely wrote: Mr. Walker, Thank you for the confirrnation of our record. I have attached a MLS of properties for sate in Saddlebrooke as of 3-2-2012 and the average listing price at that time wad $52,970. We both know that listing does equal sale price but even if we reduce by 20% that was still $42,376. The second attachment is todays current listing of properties in Saddlebrooke and the average listing price is $46,995. Sales prices are one indication of value. You paid $74,000 in 2006 and did not protest value until late fall of 2012 when you received your tax statement from the Collector of Revenue. We are not allowed to make market adjustment in the even numbered years and the time for appeals expired at the end of June even if we could make changes. I assume that you did not feel that this was an unfair price or you would not have purchased the property and for the next two assessment cycles of 2007-2008 and 2009-2010 did not give indication that your valuation was unfair. The auction that some are taking as market value sales occurred on September 17, 2011, well after the books are closed for the reassessment year by MO State Statute. We do not believe that the prices paid at that time represent arm's length transactions to represent true value. The developer had a "fire sale" and got what he could to generate cash and get out of the business. Some people got a bargain or at least hope they did. We are not allowed to consider forced sales, foredosures, family transactions, etc. to represent actual value. Obviously and painfully so, the prices paid in the height of the market have not held in this development. I came Into the omce in December of 2010 and have done my best to work out the best solution possible and feel that I have. We feel that we have anived at a fair market appraisal of the properties in Saddlebrooke having just reduced your property valuation by 48% for the 2013-2014 assessment cycle in consideration of market conditions In existence on January 1,2013 which is "tax day" by law when values should be considered for reassessment. The two year assessment cycle protects property owners from rapid constant increases in a growing market but does 0 not read fast enough to suit in a declining one. Although sales are slow for lots, many new homes have been built in the last year there and I believe that the residents are on the right track and have taken control of the situation and will be successful In protecting property owners interests and value. We have worked closely with the members of the POA, BoD and an overwhelming majority are satisfied that we have worked out a value that is fair and equitable to all concerned. I have attended several meetings and had many hours of direct discussion about Saddlebrooke with realtors, residents and property owners such as yourself. It has been a difficult situation for all concerned with no easy answers. We have been carefully following tile developments, listings and sales in Saddlebrooke and will continue to do so. I will take your letter down to the County Commission and give it to them as they are in charge of the process if agreement cannot be worked out by my office with property owners. I opened the envelope because it was directly addressed to my office location (Assessor's Office Room 3 01) and the Board of Equalization does not exist at the present time and will not until July when it convenes. The letter obviously pertained to the function of the assessment office and if directed otherwise would have likely been directed to me In the end at best, at worst would have been lost or misfiled and forgotten. It would be my suggestion to contact the County Commission In June if you Still desire to pursue the appeal process and they will provide you with details and Information. Their phone number is 417-582-4300. David Stokely, Assessor 100 W Church St, Rm 301 Ozark, MO 65721 417-582-4310 417-581-3029 Fax /0 Rapattoni MLS Page 1 of 1 0 Usting # Tvoe Status Status Date List/Sell $ DOM/CDOM ' Address SEM Ama Lot Sz Status: Active (17) 1201420 RE Active 02/03/12 $24.999 28/28 511 Forest Saddlebrooke CE - View CE3 1104934 RE Active 04/08/11 * $25.000 328/328 L 8 Stmset Dr Saddlebrooke CE - CE3 1201427 RE Active 02/03/12 $29.999 28/28 500 Forest Saddlebrooke CE - View CE3 909861 RE Active 06/04/09 $33,900 1002/1002 116 Cedarbluff Saddlebrooke CE - CE3 1116035 REE Active 12/07/11 $35,000 86/86 128-1.25 Saddlebrooke CE - Appaloosa Tri CE 3 1103092 RE Active 03/09/11 $39.000 359/359 57 Mark Twain Saddlebrooke CE - Dr CE3 1113040 RE Active OW17/11 $45,000 167/167 L 43 Saddlebrooke CE - Saddlebrooke CE3 1113853 RE Active la/26/11 $48.000 128/128 100 White Oak Saddlebrooke CE - Ct CE 3 1200204 AD Active 01/05/12 $49,900 57/57 310 Kramer Saddlebrooke CZ- #52 Taney 908858 RE Active 05/22/09 $55.000 1015/1015 L 58 Paso Saddlebrooke CE - Fino Crest CE 3 1111515 REE Active 08t·11/11 $59.000 204/204 112 Palomino Saddlebrooke CE - Pass CE3 907250 RE Active 04/28/09 $59.900 1036/1036 125 Ranch Rd Saddlebrooke CE - CE 3 1019883 RE Active 1228/10 $59,900 430/430 645 Saddlebrooke CE - Meadowview CE3 Ln 1102499 RE Active 02/28/11 $67.000 368/931 100 Saddlebrooke CE - Saddlebrooke CE3 Dr 1003960 REE Active 03/09/10 $79.900 724/724 Lot 50 Saddlebrooke CE - Mustang Draw CE3 1115389 All Active 11/17/11 $90.000 106/106 Creekside Dr Saddlebrooke CE - CE3 1100916 RE Active 01/19/11 $99.000 400/400 U 13 Saddlebrooke CE - Highlands Rd CE3 Search Criteria Property Type LotB-Developmnt Land " Include Property Subtypes Development Land, Acreage, Commercial Lot(s), Ouple= Lot(sh Multi Family Lot(sh Residentjal Lot(s) Transaction Type Sale Subdivisions exact Saddlebrooke, Saddlebrooke lst Saddlebrooke 2nd. Saddlebrooke 3rd, Saddlebrooke 401 Saddlebrooke 6!h Status Aceve Price 5,000 or more Quick Stats - Averaaes Listing $ | DOMICDOM Lot,Developmnt Land (17) | $52,970 | 380/413 Propem, fisting information 3/2/2012 CMA Report Sorted by Price (asc), Region/Zone (asch Square Feet (asc) Ustings as of 02/08/13 at 1127AM Property Type: Lots-Developmnt Land Include Property Subtypes: Development Land, Acreage, Commercial Lot(s), Duplex Lot(s), Mull Family Lot(sh Page 1 ential Lot{8) Trarmaction Type: Sale Subdivisiolm: eweCt Saddlebrooke,Sadcnebrooke 1,;t.R•,1410%,rr,r,lf• 91,rt R=I,I••hnnn,fa irr, R.rk·,1,•Ivr.kn 3ddlebrooke 6th Statuses: Adive, Undereontract So!d (1/9/2011 10 2/8/2013) -ots-Developmnt Land Active Address City Map Acre SqFt Date DOM/CDOM Orig Price List Price L 39 Black Bear Saddlebrooke 0.970 0.970 ac 01/04/13 35/35 15,900 15,900 404 Scenic Ct Saddlebrooke 0.780 0.780 ac 01/16/13 23/23 24,900 24,900 L 8 Sunset Dr Saddlebrooke 0.620 0.620 ac 10/23/12 107/655 25,000 25,000 805 Slunmit Point ' Saddlebrooke 0.478 0.478 ac 08/24/12 168/168 30.000 L 58 Paso Fino Crest Saddlebrooke 1.040 1.040 ac 05/22(09 30,000 1358/1358 70,000 35,000 289 Swiset Dr Saddlebrooke 3691.000 3691.Oac 01/15/13 24/24 35.000 35,000 100 White Oak Ct Saddlebrooke 1.090 1.090 ac 10/26/11 471/471 55,000 38,000 L 6 Creekside Ter Saddlebrooke 1.510 1.510 ac 06/22/12 231/231 38.000 38,0[JO 658 Meadowlliew Ln Saddlebrooke 1.280 1 -280 ac 08/01/12 191/191 39,900 39,900 L 4 Highlands Rd Saddlebrooke 10.740 10.NO ac 01/04/13 35/35 45,900 45,900 112 PataminoCt Saddlebrooke ' 1.200 1.200. ac 0628/12 225/225 49.500 49,500 Nottingham Ct #Lotll Saddlebrooke 5.940 5.940 ac 01/31/13 8/8 50,000 50.000 Notnngham Ct #10(14 Saddlebrooke 5.160 5.160 ac 01/31/13 8/8 51,600 51,600 Nottlngham Ct #Lot15 Saddlebrooke 5.160 5.160 ac 01/31/13 8/8 51,600 51,600 806 Sinnmn Pt Saddlebrooke 1.470 1.470 ac 01/16/13 23f23 54,900 54,900 Sherwood Ln #Lot 6 Saddlebrooke 4.600 4.600 ac 01/31/13 8/8 55,000 55,000 Saddlebrooke#Tract Saddlebrooke 4.030 4.030 ac 01/03/13 36/36 55500 55,000 125 Ranch Rd Saddlebrooke 1.030 1.030 ac 04/28/09 1379/1379 79,900 59,900 100 Saddlebrooke Dr Saddlebrooke 1.010 1.010 ac 02/28/11 711/1274 67.000 67.000 Lot 50 Mustang Draw Saddlebrooke 1.040 1.040 ac 03/09/10 1061/·1061 79.900 79,900 U 13 Hghlands Rd Saddlebrooke 7.630 7.630 ac 01/19/11 741/741 119,000 84.900 Listing Count 21 Averages 178.47 326/379 52,048 46.995 High 84.900 Low 15,900 Median 49,500 2211 . Addr=s CIty Map Acre SqFt Date DOM/CDOM Orig Price List Plice Sale P:ice SP % LP L 38 Black Bear Saddlebrooke 0.920 0.920 ac 11/28M1 48/48 30,000 30,000 30,000(Z) 100.003 ting Count 1 Avarages .92 High · LOW 48/48 30.000 30.000 100.00 Median 30.000 Property Type Count 22 Averages 170.4 3131364 51,045 48223 30,000 Featured propelties maynot be listed by the omce/agentpresenting this brochure. Property Bsting inforron (e.g. Size. dimensions. condition or featties) is obtained flum owner, public records, or other sources. Agent/Broker believes trionnation is reliablt but makes no representauons or wananties, eogoressed or Implied, as to its accuracy. Usem bear ao risk for efrors or inaccuracies. and should Independently verify informanon through pemonallprofessional Inspection. Broker may not have reviewed orapproved listng enhancement». © 2011 Multinst Se,vice Of Springfield Rea! tors, Inc. -----Original Message----- 0 From: Tom Walker rmailto:t.walker@charter.netl Sent: Friday, February 08, 2013 6:00 PM To: Assessor David Stokely Subject: RE: RE: Parcel # 21-0.7-36-004-003-001.000 Mr. Stokely, Your opening paragraph below concludes by stating that sale prices are one indication of value. In a free market society, I would say that they are the only measure of true value. If I could really get that average MLS listing price less the 20% you are projectjng in your analysis, I'would sell my lot in a minute. I'm betting most of the others on the active list you provided would do the same. Therefore, as you more accurately admitted in your opening paragraph, "listing price does not equal sale price" so, why did you even use it in your analysis? Furthermore, your assumption that a 20% deduction is a reasonable adjustment toward a final sale price is totally subjective and irrelevant Rather, your office records reflect actual selling prices for Saddlebrooke lots over the years in question and beyond. These selling prices are the real indicator of true market value. Even considering the 2011 •fire sale", I suspect you were reluctant to use these figures in your analysis because they are either well below $42,376 or simply don't exist because nothing or very little was selling at any price during the period of 2006 to the present Again, since you have access to actual selling prices in your capacity, why would you even consider analyzing and discussing list prices now or ever? As I've previously stated several times in my communications with you, the only reason I didn't contest my assessment in past years is because I expected fair treatment by your office and the State of MO. Namely, that in times of falling market values, tax assessments would be evaluated and automatically reduced just as they are evaluated and automatically increased in times of rising market values. Shame on me for thinking that such an ethical business practice would be the rule. Instead, I have since learned that the burden is squarely on the taxpayer to complain first and then only within a certain time. How cavalier of the STATE is that7 I do believe that if other entities in our free market society waited for their customers or constituents to complaint before they corrected their questionable practices, they would all soon be out of business or under intense scrutiny. Not only did your office disregard the falling market value of my property but Is set my original assessment at $75,000 when I only paid $73,000. I guess you really do go by asking price instead of selling price! 0 At the very least, I am thankful that there has finally been some communication on this issue. It's really a tragedy, however, that your answer to all this is that it's too late and nothing can be done. I appredate your suggestion that I should contact the County Commissioner in June to further activate the appeal process. Once again, however, I must point out that by law I am instructed to contact The Board of Equalization in writing via the local tax assessor and not the County Commissioner. I am sure the Missouri State Tax Commission would be appalled to learn that in so doing and per your admittance this correspondence is subject to being lost, misfiled or forgotten. Tom Walker, MO Taxpayer D 0 On Fri, Feb 8, 2013 at 8:07 PM, David Stokely wrote: Mr. Walker, What do you consider to be the current fair market value of your property? There is contact information and link on my website www.christlancountyassessor.com for the Missouri State Tax Commission if you would care to contact them for further Information or guidance. David Stokely 0 Subject: RE: RE: Parcel # 21-0.7-36-004-003-001.000 0 Date: 2/11/13 1:26:43 PM From: "Tom Walker" To: ':Davld Stokely" Mr. Stokely, I have a figure in mind but I would much rather we take a look at your analysis of what lots actually sold for in Saddlebrooke over the last six years. I think the results of this analysis and the inevitable trend will give us the best answer. If there weren't enough sales in Saddlebrooke proper during that period, then I think it would be prudent to range out in the county and even surrounding counties so we have a good cross-section of the true market in the area. I feel that even the lots that sold In the "fire sale" should be given some weight since they were offered at auction to the open market. I am now competing with the owners of these lots when it comes to selling my lot. It really doesn't matter that the reason the developer sold them was to generate some quick cash. They are still an indication of what the market would bear at that point In time. I am confident that a fair and equitable assessment can be determined by using the above process. And I know this data is all readily available to you and the Industry professionals that serve on The Board of Equalization. Thank you for asking. Tom Walker, MO Taxpayer On Fri, Feb 15, 2013 at 12:33 PM, Julia Maples wrote: Please see the attached information from the County Commission. Thank you. Julia Maples Admin for Christian County Commission 100 W. Church Street Room 100 Ozark, MO 65721 Work: 582-4300 Fax: 581-5924 countycommission©christiancountvmo.gov 0 February 15, 2013 Mr. Thomas Walker 2055 St. Albert the Great Drive Sun Prairie, WI 53590 Re: Board of Equalization Hearing Dear Mr. Walker, )clay we received a letter written by you, dated November 13, 2012 and sent to the Christian County Assessor. The Assessor brought us your letter attached. Per your request, I have set your appointment for Thursday July 11,2013 at 10:00 a.m. Please be sure to bring eight copies of all documentation to support your analysis such as pliotographs, maps, insured value of the structure, statement showing the replacement cost or an appraisal. Income type property should submit income and expense information. If your property is tax-exempt, please call us to request additional forms. Without supporting evidence to validate your claim, the Board of Equalization will not be able to make a change in your assessment. If you have any questions, need to reschedule, or cancel your appointment, please call the Commission Office 417-582-4300 or email: countvcommission@christiancountvmo.gov Thank you. Julia Maples Administrative Assistant . Christian County Commission i 0 THOMAS E WALKER 2055 St Albert The Great Drive, Sun Prairie, WI 53590 Home Phone: 608-318-2560 * Cell Phone: 608-513-5548 twalker@charter. net November 13,2012 Board of Equalization Christian County Assessofs Office 100 WestChurch Street, Room 301 Ozark, MO 65721-6901 Dear Board: 1 am hereby appealing my tax assessment for Parcel ID# 21-0.7-36-004-003-001.000 although 1 could not find any information on your website or on mytax assessment statement on how to formally file such an appeal. Upon calling the Assessor on this date, I was given an apology but was told there was nothing that could be done anyway. In fact upon pressing for more information, 1 was told by Mr. Stokely that ! was being verbally abusive and he promptly hung upon me. For the record, there was no abusive language or personal verbal attacks of any kind. He simply wouldn't discuss myconcerns. 1 think l should be able to expect much more from a public official than this kind of behavior. 1 had to call back in ordertofind outhowto proceed with the appeal process and even then he tried to avoid taking my call. The purchase of my land first appeared on your tax rob in Juty of 2006. Atthattime the assessed value was fxedat $75,000 and hasneverchanged until now when it actually went up. Over that period of time the property values in Saddlebrooke have done nothing but fatl consistently to lows of $10,000 for parcels equal to mine. 1 understand that reassessments are done in odd years which provide that my land should have been reassessed in 2007, 2009, and 2011. However, it was not revalued to then current market values in any of those years. Had it been a period of rising property values, I'm sure the County would have found the resources to justify a higherassessment so more tax could have been collected. It is my contention that propertyownersshould have received redprocitythrough this period of falling values as well without having to make any spedal appeals. I am, therefore, asking that my property be reassessed downward and my current tax bill be adjusted for 2012. As I indicated above, this should have already been done on three occasions without any intervention on my part. After all, I'm surethose that purchased similar lots for $10,000 are not paying at my assessed rate of $75,000 this year. Your serious consideration will be greatly appreciated. Respectfully, Enclosure 0 CHRISTIAN COUNTY COLLECTOR TED NICHOLS COLIECTOR 100 WELT CHURCH ROOM 101 OZARK. MO 65721 WD 582-4330 2012 REAL ESTATE 1'*TZ=012.NE:Cht At Ts= -dmin crbel. Declat=31. T.es.,t.p.id,Ip.:,mate/Coh ·- J:r. .-r.., 1,037.48 APR .1*SE-idi To: "David Stokely" Mr. Stokely, I have now received a letter from the Christian County Commission for an appointment with the Board of Equalization. That being the case, I'm assuming you have no Intention of providing me with information related to how you arrived at my assessment, what factors were considered and what type of records pertain to my property. I specifically asked for your analysis of what lots actually sold for in the County and In Saddlebrooke in particular over the last six years. This data being the most important basis for determining a fair and equitable assessment. It was clearly pointed out by you that the first step of the appeal process gives me the right to request this Information. WHERE IS IT? Tom Walker, MO Taxpayer 0 ri -----Original Message----- to From: Tom Walker fmailto:t.walker@charter.netl Sent: Tuesday, February 19, 2013 3:59 PM To: Julia Maples Subject: RE: BOE meeting In July 2013 To: Christian County Commission I am in receipt of the information you sent regarding my request for a review of my tax assessment by the Christian County Board of Equalization. I must say this whole process becomes quite murky when I'm being told by the MO State Tax Commission that the appeal must first go to the County Board of Equalization by way of the County Assessor's Office and then the Assessor passes it off to the County Commission. I didn't see anything in the appeal instructions stating that the County Commission was involved. Nothing like making the process cumbersome so a Taxpayer becomes discouraged and drops the appeal. I am only contesting my assessment amount because even though I have had extensive email communications with the County Assessor, he has been unwilling to provide me with information on how my assessment was made, what factors were considered and what type of records pertain to my property as per step one of the appeal process. In the pamphlet "Property Tax Appeals Before The State Tax Commission of Missouri it states that an assessment is based on current market value and the objective is to establish that correct market value. I totally agree with that objective and that is why I requested the Assessor provide me with his analysis of what lots actually sold for in Saddlebrooke over the last six years since I've owned my lot. I requested six years because that will show a market trend which is also necessary for a fair and equitable assessment decision. 0 Given the nature of my request, I don't see any relevance in my having to produce additional documentation to support my case. Atl the necessary information js already in the hands of the Assessor and/or- the Board of Equalization and/or the County Commission. Per the appeal process, I am only exercising my right to request such information be shared with me, so I can evaluate if and how the objectives wer'e followed and met. We are talking about a lot and not a residence. My home is In Wisconsin, therefore, it is unreasonable for me to be expected to travel all the way to Missouri to appear in person before The Board of Equalization on 07/11/13. In this modem day of vast communication options, there should be a way to handle this remotely by a conference call, by my written communication to the Board and by copies of my emails with the Assessor to name just a few things. Furthermore, I'm not looking for a legal battle, just information. Therefore, it is also unreasonable to expect me to incur the cost of hiring legal representation to appear in my place before the Board. Once again, I'rn only asking for information which is already available and should have been the primary driver in establishing my assessment in the first place. I will be sending you a completed Property Assessment Appeal Form, copies of all my email correspondence with the Assessor and a signed letter restating all the above content of this email. The County Commission, the Board of Equalization and the Missouri State Tax Commission don't need to spend their time addressing any of this if you will just ask the County Assessor to provide me with the information and the analysis I requested. Thank You, to Tom Walker, MO Taxpayer -----Original Message- -- From: Julia Maples fmailto:countycommission@christiancount,/mo. clovl Sent: Wednesday, February 20, 2013 11:01 AM To: 'Tom Walker Cc: David Stokely Subject: RE: BOE meeting In July 2013 Mr. Walker, I have read your email and have two options for your consideration. 1st every record in county government Is an "open record". I do not know why the Assessor has denied you a copy of a record except those that would be considered a "closed record" according to the Missouri Sunshine Law. See Section 610.011 RSMo. Unless otherwise provided by law, records of a public governmental body are to be open and available to the public for inspection and copying. I would suggest that you make your request in a "Sunshine Law" format. Such as: Dear Sir, Consider this a *Sunshine Law= request for records. Please provide me with the following open records ...... etc. The governmental body may charge up to 10 cents per page for standard copies and the actual cost of the copy for larger or specialized documents (such as maps, photos and graphics). The body may also charge a reasonable fee for the time necessary to search for and copy public records. Research time may be charged at the actual cost incurred to locate the requested records. Copying time shall not exceed the average hourly rate of pay for clerical staff of the public body. A public body may reduce or waive costs when it determines the request is made in the public Interest and is not made for commercial purposes. The law also requires that if a request is made In a particular format, the record shall be provided in that format if available. Here are the records that are considered closed: Legal actions, causes of action or litigation Leasing, purchase or 0 sale of real estate where public knowledge might adversely affect the amount paid in the transaction (This is when the government is considering the purchase of lands for their own use) Hiring, firing, disciplining or promoting a particular employee. Welfare cases of identifiable individuals. Software codes for electronic data processing. Individually identifiable personnel records. Records relating to existing or proposed security systems. Records that are protected from disclosure by other laws. If the records you are seeking are considered open records, there should not be an issue with you receiving this information when making an omcial "Sunshine Law" request. When a request is made the response must be as quickly as possible, but no later than the end of the third business day. Records must be provided in the format requested when available. If a request is denied, the reasons for the denial, including the statute that authorizes the denial must be given. The denial must be furnished to the requester within three business days. Finally, any aggrieved person may bring a court action to enforce the Sunshine Law. Google Missouri Sunshine Law and see how to request records from a Government agency. 2nd. The County Commissioners are elected officials and obtain their seat in office the same as the Assessor. Each office controls their own activities. The BOE is set up to address taxpayer Issues with their assessment. If you are unable to attend the BOE hearing that I have set up for you, you may send an agent in your place by utilizing the attached form. Thanks. Julia Julia Maples 0 Admin for Christian County Commission 100 W. Church Street Room 100 Ozark, MO 65721 Work: 582-4300 Fax: 581-5924 countvcommission@christlancountvmo.aov -----Original Message---- 0 From: Assessor David Stokely Imailto:assessor@christiancountvmo.aovl Sent: Wednesday, February 20, 2013 1:23 PM To: 'Julia Maples'; 'Tom Walkef Subject: RE: BOE meeting in July 2013 Mr. Walker and members of the BoE for Christian County, I have provided everything that I have available for this issue, all our records are available online for public access and have had more than extensive communication with Mr. Walker via phone, USPS and email. I have explained to him in our first conversation that Missouri is a "non-disclosure' state in that actual sales data is controlled by the realtors, buyers and sellers and not shared with the assessoes office as a matter of course. I have provided all current active sales listings (over twenty listings) that I was able to obtain with price, time on market and other pertinent information to assist In determining market value. Mr. Walker was not satisfied with this information but I have attempted to provide complete and accurate information for all his extensive and continuing requests and have not refused anything. In response to the demand to provide sales history for six year, nobody would consider sales from as far back as 2006 to be relevant to today's market and I do not have complete information at any rate. If I had it I would provide it, it does not exist in my office. Our Statutory requirement and duty is to consider January 1 of the odd numbered years as being "tax day" for that and the following even numbered year. Market valuation should reflect that date and this was also explained to Mr. Walker on the lengthy phone conversations he had with myself and two different staff members. Sales have been limited in Saddlebrooke for the last few years to make a determination on that alone. Mr. Walker willingly paid $73,000 in July of 2006 and is not to satisfied that he did not receive an immediate reassessment at that time as best I can determine and still has not offered what he considers market value for his property. I have tried to explain all the drcumstances and evolution in this office and Saddlebrooke and the fact that our office did do a reduction from $75,000.00 to $39,000.00 for his and all remaining similar lots in Saddlebrooke for 2013. This Is significantly lower than the average listing price ($52,970) for sate at the present time to be fair and ensure that the special circumstances In Saddlebrooke are taken Into account. Taney County has similar lots valued for $65,000.00 just across the line. I believe I have been more than fair and equitable for these property values and do not appreciate the tone or insinuations that Mr. Walker has made on our efforts to do our job as to the best of our ability and drcumstance will allow. My office has made every good faith effort attempt to explain and provide relevant information and cannot run in circles forever just because someone demands it. We do attempt to treat everyone with the full respect and attention that they deserve but It would appear that we have reached the end of our ability to reasonably respond in any other way beyond what we have already done. There has been near universal positive response from hundreds of property owners to our action and response to market conditions In Saddlebrooke. It would make little sense for most sellers to list their property for $40,000 and have the assessor to have it valued at 15% of their sales value. I believe that the next best step for Mr. Walker Is to pursue appeal to the Board of Equalization since agreement and accommodation cannot seem to be reached between Mr. Walker and this office. I am sorry but will not be able to respond further until the BoE meets In July for appeals. David Stokely, Assessor 0 Ozark, MO 65721 On Wed, Feb 20, 2013 at 1:49 PM, Julia Maples wrote: 0 Mr. Walker, It would seem that Mr. Stokely has attempted to answer your inquiries. Unless you have a specific Sunshine Law request that he may take care of, we will see you In July. Thank youl Julia Maples Admin for Christian County Commission 100 W. Church Street Room 100 Ozark, MO 65721 Work: 582-4300 Fax: 581-5924 countycommission@chrlstiancountvmo.gov 0 0 -----Original Message----- 41 From: Tom Walker Imailto:t.walker@charter.netl Sent: Wednesday, February 20, 2013 6:34 PM To: Julia Maples Cc: 'Assessor David Stokely' Subject: RE: BOE meeting in July 2013 Christian County Commission Attn: Julia Maples Once again Mr. Stokely has dodged the real question and failed to provide me with specific information on how my assessment was made, what factors were considered and what type of records pertain to my property. He is only making reference to public access records and active sales listings in his attempt to do this. Active sales listings do not correspond to actual market value. Actual market value comes from actual sales figures not listings. An assessment is typically a percentage of that sales figure and is primarily derived from taking comparable home sales and inspections into consideration. In most cases the assessed value tends to be lower than the appraised fair market value of the property. Again, I would like to remind you that the pamphlet "Property Tax Appeals Before The State Tax Commission of Missouri states that an assessment is based on current market value (not listings). Just because a property is listed at a certain price doesn't mean thars what it's worth or what it will sell for. So, why does Mr. Stokely keep defaulting to listings as being the main driving force behind his or the State's objective in arriving at a correa and fair market value?? I think that any Realtor, Economist, or Investor would disagree with Mr. Stokely regarding the consideration of past sales as relevant to today's market. I made this request because it will show a trend in how property values have fallen over this chosen period of time and how assessed values should have been falling as well if they were truly keeping in step with current market values. Unfortunately, the State's objective was not being met by the County In this regard. Any County Assessor should have access to this information since it is also a matter of public record. Let's be clear here in that Mr. Stokely has had more that extensive communication with me only because I have had to press him for the required information on each succeeding contact. He has not freely and willing been a €1 source of knowledge on this issue. Let's also not forget that when I originally attempted to call him, he hug up on me and told his receptionist to tell me he was gone for lunch if I called back. The lengthy phone conversation he aliudes to is because I did call back immediately and did insist that he take my call. He never once paid me the courtesy of calling me with any information. Consequently, I have had to resort to written correspondence which he should share with you in detail before you draw the conclusion that he has attempted to answer my Inquiries. Mr. Stokely may not like my tone and he certainly doesn't like to be challenged. However, he is a public official and as a taxpayer I do have the right to question his processes and the tone of a timid pacifist does not facilitate this. Actually, he's the one that set the tone when he initially hung up on me. In one of his statements below, he seems to think It would make little sense to list a property for $40,000 and then have the Assessor value it at 15% of the sales value. Once again, I must point out here that listing price and sales value are two separate and distinct things. To have an assessment less than a listing price simply means less revenue for the State and County which, of course, wouldn't make sense to Mr. Stokely in his capadty but it sure does to me as as the taxpayer. You will not see me in July because as I previously stated, it is an unreasonable hardship to travel from WI to MO just to appear in person before the BOE. It is also an unreasonable hardship for me to hire an attorney to represent me and I do not know any other qualified individuals in MO that could freely do so. All of my written correspondence is explicit and should be more than adequate for presentation to the BOE in July. When the time comes, I would like an official copy of that ruling so I can take it up with the State Tax Commission if necessary. As of January 2013, I would be very fortunate to realize $19,000 on the sale of my property that the Assessor says is worth $39,000. With Att Due Resped, Tom Walker, MO Taxpayer From: t.walker [mailto:twalker@charter.net] 0 Sent: Thursday, February 21, 2013 9:57 AM To: assessor@christiancounty,no.gov; countycommission@christiancountmto.gov Subject: RE: RE: BOE meeting in July 2013 Mr. Stokely, If Missouri is a non-disclosure state as you say, then how did you know that I paid $73,000 for my lot and the previous owner paid $74,000? Seems you have this Information In your data base after all. Tom Walker, MO Taxpayer 0 Subject: RE: BOE meeting In July 2013 Date: 2/2U13 8:20:38 AM From: "Jutia Maples" To: -Tom Walkef" Cc: "'Assessor David Stokely" The Christian County Commissioners do not have any additional comments other than If you are unable to come to a satisfactory resolution with the Assessor, you can take the matter before the B.O.E. in July. We have made you an appointment and sent you the proper forms and instructions. You can choose to attend the meeting or send a representative. Let us know if you want to cancel the appointment. Thank you Julia Maptes Admin for Christian County Commission 100 W. Church Street Room 100 Ozark, MO 65721 Work: 582-4300 Fax: 581-5924 countvcommission@christiancountvmo.lov ) On Fri, Feb 22, 2013 at 12: 15 PM, Assessor David Stokely wrote: C) Mr. Walker, Attached is the letter that the previous assessor sent when you purchased the property and you returned. These are voluntary and we use them as supporting evidence of general valuation for market study. We verify when possible and have to take into account that people are not always accurate in their rendition. They are not used to set individual valuation on a specific property but are helpful In determining trends In a general area. My office does not have access to the actual verifiable sales that the Realtors control which would be quite helpful in fulfilling our duties. As I have mentioned previously, veriflable arm's length sales have been slow and difficult to obtain recently in Saddlebrooke. Many lots sold in the auction in September of 2011 (after the books were closed for that reassessment year by State Statute) and the near universal sentiment from those that have scooped up lots at the liquidation auction is that they realize they got a bargain, believe that they are worth more than what they paid and plan to sell ata profit in the near future when the market firms up. David Stokely, Assessor 100 W Church St, Rm 301 Ozark, MO 65721 417-582-4310 417-581-3029 Fax la f OFFICE OF THE ASSESSOR CHRISTIAN·COUNTY dac77, SANDRA BRYANT 100 W CHURCH ST ROOM 301 PHONE (417)-581-2440 OZARK, MISSOURI 65721 07/06/2006 WALKER, THOMAS & SHERREL 5749 ENCHANTED VIEW LN WAUNAKEE WI 53597-0000 PARCEL# 21-0.7-36-004-003-001.000 BOOK# 2006 PAGE# 013070 DEED DATE: 07/03/2006 PROPERTY LOCATION: LOT 19 SADDLEBROOKE PHASE 6 C TO BENEFIT US IN OUR STUDIES THAT WE DO TO DETERMINE MARKET VALUE IN CHRISTIAN COUNTY, WE NEED THE FOLLOWING INFORMATION. YOU MAY USE THE ENCLOSED ENVELOPE TO RETURN IT TO THIS OFFICE. PLEASE INDICATE SITE ADDRESS IF DIFFERENT THAN MAILING ADDRESS. SITE ADDRESS: /9 . 56ML€BktoKE . P/'Ms€ 4 Juddkt,Lote. NU Street Number Street Name City PURCHASE PRICE::25 54000 · 1 DID THIS INCLUDE LAND? YES. NO. 1 L' 4* £/ISEA-y IF YOU BUILT YOUR OWN HOUSE, WHAT WAS THE CONSTRUCTION 4 80£m· 6.·r COST . (DO NOT INCLUDE THE COST OF LAND.) / C -L COST oF LAND: 2, aao THANK YOU FOR YOUR COOPERATION. / C // 1 SINCERELY SANDRA BRYANT ASSESSOR OF CHRISTIAN COUNTY 1. Subject: RE: RE: BOE meeting in July 2013 L J Date: 2/25/13 1:24:50 PM From: "Tom Walker" To: nAssessor David Stokely" Cc: countycommission@christiancountymo.gov Mr. Stokely, I appreciate your response and I do remember receiving and completing the form you've attached. Please note, however, that there Is nothing on the form to indicate it is purely voluntary. Instead, it states the information is needed by your omce to determine fair market value for my property and others in Christian County. Therefore, I felt it was my duty to comply with honest and accurate information in order to get a fair and equitable assessment. I'm sure most other property owners would have responded in the same fashion. Since you have this data from me and from the previous owner of my property, you must have it for a vast majority of other property transactions over the last six years. Even allowing for a few respondents that may have been Inaccurate or untruthful, you would still have a good cross section of actual market values to use in determining a fair market value assessment as opposed to having to resort to listings. That being the case, I just don't under·stand why your office would have assessed my property at the listing price of $75,000 all this time when over six years ago it was sold on two occasions at a price iess than $75,000. It Is reassuring to team that Christian County does do studies in an attempt to determine fair market values even though the Reattors attempt to closely control this data. I would submit that the form your office sends out and the studies that are subsequently done must produce reasonably good results or the County wouldn't spend the time and money to do this. In our communications you have expressed confidence in the feedback you've been getting from current property owners regarding property vatuations. Consequently, there should be no good reason to discount the information you've been receiving from Christian County property owners in your "voluntary" studies over the years. You are alluding to the fact that these studies reveal market trends and that's exactly why I've also been maintaining that these trends especially over the last six years of very volatile real estate markets are pertinent to the assessment process. If I needed to sell ny lot today at a •fire sale" or to net some "quick cash" or just to decrease my tax burden, I would be competing with those properties that sold on the open market at auction back in 2011. I feel it is only fair that my assessment be set to reflect those actual sales values. I don't think les unreasonable to ask your office for this concession and would be satisfied should you dedde to take action accordingly even though I feel I've been overcharged over the past six years. Tom Walker, MO Taxpayer From: countycommission@christiancountymo.gov Your message To: Assessor David Stokely Cc: countycommission@christjancountymo.gov Subject: FW: Saddlebrooke Lots (Sent by Karen Best) Sent: 2/26/2013 12:16 PM was read on 3/4/2013 1:03 PM. From: Assessor David Stokely Your message To: Assessor David Stokely Cc: countycommission@christiancountymo.gov Subject: FW: Saddlebrooke Lots (Sent by Karen Best) Sent: 2/26/2013 12:16 PM was read on 2/26/2013 12: 19 PM. Mr. Stokely, Please see the correspondence and links below from my Reattor. Given this specific and current information it looks like I was being more than optimistic when I stated I would be very lucky to get $19.,000 for my lot in today's market. Does this issue really need to go on to the County Board of Equalization and then on to the MO State Tax Commission or will you promptly take the appropriate action with my assessment? Tom Walker, MO Taxpayer -------- Begin forwarded message -------- Subject: Saddlebrooke Lots (Sent by Karen Best) Date: 2/26/13 11:27:14 AM From: innovia@tritakesmls.com To: t.walker@charter.net, karensellsbranson@amall.com Tom, It was great to talk to you today. Here are the last 4 lots to sell in Saddlebrooke. These lots may be used for comps. They sold for $13,274, $16,666, $6,184, $4,378 per acre. If we were to list your property I would suggest a range of $3,900 - $12,900 based on the most recent comps. Please let me know if we may assist you in listing the property. Karen Best Click on the link below to view the properties: http:Uwww.trflakesmls.com/brn/malldoc/sd DGF70120130226122714.html This email was sent on behalf of: Karen Best Keller Williams Tri-Lakes (BSF) Mobile: (417) 300-5437 Phone: (417) 300-5437 Customer w/Gallery Page 1 of 9 0. This email was sent on behalf ot Karen Best Keller Williams Tri-Lakes (BSF) Mobile: (417) 300-5437 Phone: (41D 300-5437 Fax Unsubscnbe I Privacy Policv © CoreLogic MarketLinx 5601 New Garden Village Dr, Greensboro, NC 27410 Please add innovia@trilakesmls.com to your address book to ensure our emails reach your inbox. The contents of this email regard real estate properties in which you may be intemsted, and is based on an established marketing relationship. 11 Customer w/Gallery Se#,n, t-'rice.: #3,214|acie- Ar V338440C 22 Appaloosa Trail, Saddlebrooke. MO 65630 -1 211 $17,boo lam -s- LIST County: Christian Area LocaUon: OAN Subdiv: Saddlebrooke Inside City: Yes Lake/River. Water View/Frnt None Apl SqFt Road Fmt 442 Lot Type: Res Acres Less than Apx. Acres 1.13 Lot No: 22 Block No: Covenants: Yes Restrictions: Yes zoning: Lot DIm: comer 442' x 230'x 184 Tax ID: 21-0.7-35-000-000·004.022 Tax Amnt $714.59 Tax Year. 2009 Tax Source: CoUector HOA: Yes HOA $: $474 Dues Period: Yr Elec. Supplier: White River Valley Spec. Assmt No Spec. Assmt $: S Assmt Period: Doclus!!P: Dock/Slip Type: DocldSlip Size: Dock/Slip Permit Dock/Stip Agmt Dock Fee $: $ Dues Period: Water/Sewer Sewer-Community, Water-Community Schools: Spokane Lot Desc: Sloping, Wooded Streetanrive: Street - Asphait Outbuildings: Road Access: ACCESS-2 Lane, ACCESS-Paved. MAINT-Subdivision Easements: None FencIng: None Restrictions: Building/Development, Subdivision Boat Dock: Con= Amon: Barbecue, Community Pool, Picnic Area, Tennis, Walking/Bike Trails Docs on File: Deed. Disdosure, Plat, Restrictions Remarks: Beautiful comer lot in Saddlebrooke. A beautiful Village with many parks throughout A true paradise for nature lovers. A place to retreat from the resof the world and enjoy peaceful serenity. The other homes in the area are very large and impressive. Community ammenities indude swimming pool, tennis court, fishing, canoeing, hiking, biking trails and 4-wheel trails. Look for "Lot 22· Directions: Hwy 65 tothe entrance of Saddlebrooke. Take Saddleblooke Dr to Right on Arabian Way, then left on Appaloosa Trail. Look for Lot 22 sign on South side. Prepared For You By: Karen Best Phone: (417)300-5437 Mobile Phone: (417)300-5437 Email: karensellsbranson@gmaILcom Website: Keller Wittlams Tri-Lakes (BSF) (417)3364999 ---- Infomnaton, Is not guaranteed ---- Copyright 2013 Tri-Lakes Board of REALTORS® (Branson) 02/26/2013 11:27 AM http://www.trilakesmls.com/brn/maildoc/sd_pGEOI20130226122714.html 3/4/2013 Customer w/Gallery Page 2 of 9 Photo Gallery MLS# 33844OC 1*#Vit- . 1 ife ift·Gy_+,2 t, 1 21 +9•. 4234-4. .- 40,6.97:fE£*1292; 24 / a. 2 , 0 1 9,0.ERAir£9/i- 29 .4- m-'96*Wl.....m ..-.-.-r...,f:.,14.1 ....4 ...3 484/Ap.&#=LAW'.41 ·,·1.,i •P·ee-1 14//&4/UKEWOMMEBM r .le"*MZNSaje:lil 49#%01&22/3*·- ... 2$124-1. -- -- Information 13 not guaranteed .... Copyright 2013 Tn-Lakes Board of REALTORS ® (Branson) 02/26/2013 11:27 AM http://www.trilakesmls.com/brn/maildoc/sd-pGF7OI20130226122714.html 3/4/2013 Customer w/Gallery Page 3 of 9 Photo Gallery MLS# 338440C 0 7 21*, - 6£21£f.9£ Ii.'14 0 1 ' 11 W 4" rt' 111% 2hp---1 1 42-4. / 1 1 -1 c rc c- 2 1. . 1.13 acres 12 4 12 3, 10 1 ----- - 0 1__ 124.32' APPA 3 ---- Unformallon is not guaranteed ---- Copyright 2013 Tn-Lakes Board of REALTORS ® (Branson) 02/26/2013 11:27 AM 0 http:#www.trilakesmls.com/brn/maildoc/sd_pGF7OI20130226122714.html 3/4/2013 Customer w/Gallery Page 4 of 9 Customerw/Gallery se f | tn, Price-2 '41 4(C,L acre_ V340324C 37 Mark Twain Dr, Saddlebrooke, MO 656309 12 1 £11 $39,000 CD County: Christian Area Location: OAN Subdiv: Saddlebrooke Inside City: Yes Z.IS:21 LakeIRIver. Water Viow/Frnt None Apx. SqFt Road Frnt Lot Type: Res Acres Less than Apx. Acres 1.2 Lot No: 57 Block No: Covenants: Yes Restrictions: Yes zoning: Lot Dim: irregular Tax ID: 210736002004001000 Tax Amnt $770 Tax Year. 2010 Tax Source: Owner HOA: Yes HOA$: $747 Dues Period: Yr Eloc. Supplier. White River Valley Spec. Assmt No Spec. Assmt $: $ Assmt. Period: Dock/Stip: Dock/Slip Type: Dock/Slip Size: Docluslip Permit Dock/Slip Agmt Deck Foo $: $ Dues Period: Water/Sower Sewer-At Road, Sewer-Community, Water-At Road, Schools: Highlandville, Spokane Water-Community Lot Desc: Sloping,Surveyed, View-Panoramic,Wooded,Interior Streetlurive: Street-Asphalt Outbuildings: Road Access: ACCESS-2 Lane, ACCESS-Paved, MAINT-City Easements: utimy Fencing: None Restrictions: Building/Development, Easement, Subdtvision Boat Dock: Com# Amon: Baibectue, Community Pool, Picnic Area, Tennis, Walking/Bike Trails Docs on Filo: Deed, Disclosure Remarks: Beautiful building lot with pheonominal views. Other gorglous new homes in the area. Park like subdivision offers many community activities. 6 parks. swimming pool and tennis court, fishing and canoeing, hiking an bike trails. underground utilities. irect access to Mark Tain National Park. No time shares or nightly rentals in the village. Directions: (-65 N of Branson approximately 11 miles to Saddlebrooke exit Follow Saddlebrooke Dr to the tennis court and tum left on Rancy Road, up the hill tum left on Mark Twain. Lot just past the 2nd drive on the right Prepared For You By: Karen Best Phone: (417)300-6437 Mobile Phone: (417)300-5437 Email: karensellsbranson@grnall.com Website: Keller Williams Tri-Lakes (BSF) (417)336-4999 ----Infornation is not guaranteed---- Copyright 2013 Tr-Lakes Boardof REALTORS® (Bronson) 02/26/2013 11:27 AM http:Uwww.trilakesmls.com/brn/maildoc/sd_pGF7O120130226122714.html 3/4/2013 Customer w/Gallery Page 5 of 9 Photo Gallery MLS# 340324C ..rk rcu 8,4 9 :' *Mi0(4 ff z 01;ity»-rept. *'1.11 7% d .f/1.'Ad- rri,.* 42 Fr,K :*i€fn-»g-:9 ki· . 116=2&LL , •2995=be 13£/*TU 1 41& 4 ; '==-- ---- Info,mallon is not guaranteed ---- Copyright 2013 Tri-Lakes Board of REALTORS® (Branson) 02/26/2013 11:27 AM http://www.trilakesmls.com/brn/maildoc/sd_pGF7OI20130226122714.html 3/4/2013 Customer w/Gallery Page 6 of 9 Customer w/Gallery Sclhaci pr Ld- .·* 4,/ 94 j acve V345601C L.113 Seven Pines Drive. Saddlebrooke, MO'65630 1*£1-t 6 0£NF R County: Taney Area Location: NWr Subdiv: Saddlebrooke Inside City: Yes Lake/Rlver: Other River Water View/Fmt Front APL Sqft Res Acres Less than Road Frnt 53 Lot Type: Apx. Acres 2.3 4 Lot No: 113 Block No: 5% Covenants: Yes Restrictions: Yes Zoning: Residential - .2 2 Lot Dim: 53 x 304 x 138 x 254; x 102 x 328 Tax ID: 05·-1.0-02-000-000-005.113 Tax Amnt $515 Tax Year: 2011 Tax Source: Assessor HOA: Yes HOA$: $600 Dues Period: Yr Eloc. Supplier. White River Valley Spec. Assmt Spec. Assmt $: $ Assmt Period: Docluslip: Dock/Slip Type: Dockistlp Size: Dock/Slip Permit Dock/Slip Agmt Dock Fee $: S Dues Period: WateriSewer. Sewer-At Road, Sewer-Commurity, Water-At Road, Schools: Branson Water-Community Lot Desc: Creek/Stream, View-River, Veoded Street/Drive: Street-Asphalt Outbuildings: Road Access: ACCESS-2 Lane, MAINT-Private Easemonts: utimy Fencing: Restrictions: Subdivision Boat Dock: Comm. Amen: Community Pool, Gated Entrance, Picnic Area , Tennis, Watking/Bike Trails Docs on File: Plat Remarks: Prime 2.3 acre residental building lot In Taney County portion of Saddlebrooke. Utilities available at the lot line. Amenities indude pool, tennis courts, walking bails and great location between Springfield and Branson. Directions: From Branson North on Hwy 65 and right into Saddlebrooke and len on Ranch Rd to Seven Pines on theright. Through gate to lot at the end of the cut-de-sac. Prepared For You By: Karon Best Phone: (417}300-5437 Mobile Phone: (417)300-5437 Email: karensollsbranson@gmail.com Website: Keller Williarns Tri-Lakes (BSF) (417)336-4999 ---- Information Is not guwinteed ---- Copyright 2013 Trt-Lakes Board of REALTORS® (Branson) 02/26/201311:27 AM 3, http:Uwww.trilakesmis.com/brn/maildoc/sd_pGF7OI20130226122714.html 3/4/2013 Customer w/Gallery Page 7 of 9 Photo Gallerv MLS# 345601C 0 1.ImigNIrmitz 1/IE:C MIZB· ---- Information is not guaranteed---- Copyright 2013 Tri-Lakes Board of REALTORS ® (Branson) 02/26/2013 11:27 AM 0 3, http://www.trilakesmls.com/brn/maildoc/sd-pGF7OI20130226122714.html . 3/4/2013 Customer w/Gallery Page 8 of 9 Customer w/Gallery Sal f ;Aq Pric£ t 4,319 l QUE- V346244C 652 Meadowview Ln, Saddlebrooke, MO 6£630 1-El 4 121 , $0029 0 i..../.Ff'' I /241 County: Christian Area Location: LE{31 7 Ubt /TW T.I--Vil;i-, Subdiv: Saddlebmoke Inside City: Lake/River. Wator View/Frnt None ' ·fl-·/ 91 Apx. SqFt Road Frnt *p:E2Rfj < r ,-, Lot Type: Res Lot APL Acres 1.85 '- 73 Lot No: Block No: Covenants: Yes Restictions: Yes Zoning: i Lot Dim: Im,gular Tax ID: 210736001001007000 Tax Amnt $713.55 Tax Year 2010 Tax Source: HOA: Yes HOA $: $427 Dues Period: Yr Elec. Supplier. Spec. Assmt Spec. Assmt $: S Assmt Period: Dock/Stip: Dockislip Type: DocluslIP S[ze: Dock/Silp Permit: Dock/Stip Agmt Dock Fee $: S Dues Period: Water/Sewer Sewer-Community, Water-Community Schools: Spokane Lot Desc: Creek/Stream, Sloping, View-Mountain, Wooded Street,Drive: Street - Asphall Outbulldings: Road Access: ACCESS-2 Lane, Curb and Gutter, MAINT-Subdivision Easements: None Fencing: None Restrictions: Building"Development, Mobile Home Restrictions, Mobile Homes while Bldg Boat Dock: Comm= Amen: Community Pool, Plcnic Area, Tennis, VIhiking/Bike Trails Docs on File: Disclosure, Plat Remarks: Fantastic cukle-sac building site in beautiful Saddlebrooke. Front of lot is open with breathtaking mountainous view, while back portionl of the lot is treed & backs to creek. Enjoy atl the wonderful ameneties of tile Saddlebrooke Commuity. Directions: Hwy 65 to Saddlebrooke entrance. Follow Saddlebrooke DR to left on Mark Twain. Veer RT onto Meadowview. Keep RT on Meadowview to Lot 101, on right side of street in cul-de-sac. Prepared For You By: Karen Best Phone: (417)300-5437 Mobile Phone: (417)300-5437 Email karensollsbranson@gmail.corn 0 Website: Keller Williams Tri-Lakes (BSF) (417)336-4999 ---- Infolmation B not guaranteed---- Copyright 2013 Trt-Lakes Boardof REALTORS ® (Bronson) 02/26/2013 11:27 AM 37 http://www.trilakesmls.com/brn/maildoc/sd_pGEOI20130226122714.html ' 3/4/2013 Customer w/Gallery Page 9 of 9 Photo Gallery MLS# 346244C 653 94> .4 Lot View from Street Street view into Cul de sac /4/2*Flignial/*7054#49.11*i,ft»i€i*»Aftl¢2; -m--*radean#55/Wy*&143*3¤™2*r-%7·3 -ix 44:4431*40*ftlt@ -- Ir 1- 1 - #-m; - 4 9%14' A- . .2-13=n .' 9 Scenic view to the North -- - - Infomiation Is not guaranteed ---- Copfight 2013 Tn-lakes Board of REALTORS ® (Bronson) 02/26/201311:27AM This display was created 02/26/2013. While the information was believed accurate at that time, all information is subject to verification. 7 http:Uwww.trilakesmls.com/brn/maildoc/sd-pGF7OI20130226122714.html 3/4/2013 CHRISTIAN COUNTY BOARD OFEQUALIZATION AGENT AUTHORIZATION FORM Authorization is hereby given for /)6« AW to act on the owner(s) behalfas agent iii the appeal of tile assessment ofthe property or properties listed below, located in Christian County and owned by the undersigned. The agent is given full authority to handle all matters relative to the appeal ofthe assessment for the tax year and to represent the undersigned, with the assistance of legal counsel, if necessary, befoiv the Board of Equalization. Owner's Name: thlod Ady .®unr! LP Owner's Mailing Address: As E ¢ef®lic & 1 Re liob Owner's Telephone Number: Property Parcel Number(s) OR Properly Address Personal Property Account Number(s) (Street Address, City) 11 -03-61-6 0 2-651.-66\.ODD -13\ N. Aalile. . NkA (Additioncil Properties may be listed on tlie back) Owner's Signature: Print Owner's Signature: bolv .lik Date: 1443 P MI 2 NOTICE OF CHANGE IN ASSESSED VALUE OF REAL ESTATE .$.../9%.3% DAVID STOKELY - CHRISTIAN COUNTY ASSESSOR OF 100 W. CHURCH STREET, ROOM 301 Phone: (417) 582-4310 OZARK, MO 65721 PARCEL ACCOUNT NO: DATE: 07/19/2013 11-0.3-07-002-002-001.000 Sec. 7 Twp. 27 Rng. 21 HIGHLAND RIDGE SENIOR LP 1525 E REPUBLICRD STE 6100 SITUS: 731 N GALILEO DR APTS 1-25 ACRES: 3.68 SPRINGFIELD, MO 65804-6583 Property Description: LOT 37 HIGHLANDRIDGE EAST THIS IS NOT A BILL PREVIOUS APPRAISED AND ASSESSED VALUE RESIDENTIAL AGRICULTURAL COMMERCIAL TOTAL APPRAISED 36,800 0 0 36,800 ASSESSED 6,990 0 0 6,990 NEW APPRAISED AND ASSESSED VALUE AS OF JANUARY 1, 2013 RESIDENTIAL AGRICULTURAL COMMERCIAL TOTAL APPRAISED 1,910,800 0 0 1,910,800 ASSESSED 363,050 0 0 363,050 Dear Christian County Property Owner: This notice contains important information about the valuation of your property for assessment purposes. The "NEW APPRAISED VALUE" listed above indicates changes to current year's fair market value due either to correction of records or new construction. All property is appraised as of January 1 as required by law. The "NEW ASSESSED VALUE" is the percentage that will be used to calculate tax amounts. If your assessed value increased, it may increase your real property taxes. Tax statements are mailed by the Collector of Revenue in November for the current year. H you disagree with the valuation listed and are unable to reach accommodation with the Assessor's office you may appeal to the Board of Equalization (BoE) by calling the County Commission Office at (417) 582-4300. Appointments MUST be made to the BoE before July 2. (Please attempt remedy by Assessor's office first.) Changes in the assessed value of your property can only be made if you can provide information to show that our records are incorrect. If you want to discuss your property assessment in detail we ask that you make an appointment to come into the office so that we can better serve you. If you need basic information please call our office or email assessor@christiancountymo.gov. More information is available on our new website: www.christiancountyassessor.com. IF YOU FEEL THAT THE APPRAISED VALUE OF YOUR PROPERTY LISTED IS INCORRECT OR DOES NOT REFLECT FAIR MARKET VALUE. PLEASE CALL THE ASSESSOR'S OFFICE AT (417) 582-4310 ASAP AND BEFORE JUNE 28. th t HIGHLAND RIDGE SENIOR, LP BALANCE SHEET December 31, 2012 ASSETS CURRENT ASSETS Cash $ 89,523 Accounts Receivable 1,131 Accounts Receivable-Other 1,790 Prepaid Expense 13,678 *otal Current Assets $ 106,122 RESTRICTED DEPOSITS Tenants' Security Deposits $ 17,523 MHDC Property Tax Escrow 3,629 ,MHDC Insurance Escrow {762) MHDC Replacement Reserve 36,357 MHDC Operating Reserve 80,262 Total Restricted Assets $ 137,009 RENTAL PROPERTZ Land. , $ . 95,638 Buildings 4,644,124. 4,739,752 Less Accumulated Depreciation (145,490) Total Rental Property, Net $ 4,594,262 OTHER ASSETS Organization Costs, Net of Amortization of $14 $· 91 TOTAL ASSETS $ .4,837,484 See notes to financial statements 3 tl• f Actual Income Name of Project: Rental Income $156,859 Highland Ridge Other Income $6,910.00 Laundry/vending · $0 Potential gross income $163,769.00 Less: Actual vacancy and collection $1,134 Effective Gross Income $162,635.00 Expenses Maintenance & Repair $24,214 Utilities $6,697 Administrative $38,164 Insurance $12,415 Reserve for Replacement $15,000 Total Expenses $96,490.00 Net Operating Income $66,145.00 Capitalization Loan to Value * Mortgage Constant 0.0032035 Weighted Equity Dividend Rate 0.0733600 Effective Tax Rate 0.0104842 Overall Capitalization Rate 0.0870477 VALUE $759,870.48 Tax on Appraised Value $7,966.63 7 m>-Im zmt- «mr-m OVERALL CAPITALIZATION RATE: clleUE,ve lax Adiu *co m :R 2 € 2 O.0 0.0 0 0 X 0 K&,E 8.8 E-Sl € 0322 0 3 go E 30 R E K e gm CD ED CO o m Po m 2 6 30 00 C._ m 0 -1 4 4 £ i. 1 ... Page 2 % mark&t data creates a lack of uniformity and a prohibited fourth subclass of real property. The court, citing Snider v. Casino Aztar, also indicated that the cost approach for the relatively new facility could have been utilized. Essentially, according to the court, the low income housing should be valued similarly to other o apartment complexes. 0 On May 26,2011, the taxpayer appealed the circuit court decision. As a consequence of this case now pending-? in the Southern District Court of Appeals, the State Tax Commission will stay all current and future appeals . 5 concerning subsidized housing properties until a final decision is rendered. * Captioned at the circuit court as Tibbs v. Poplai· BhoTAssociater 4 Butler County Circuit Court, No. 09BT-CV02672, and at the State Tax Commission as Poplar BhyEstates v. Tibbs, Butler County, STC # 07-45502. h - .»P- i 1, COMMISSIONERS SANDYWANKUM ADMINISTRATIVESECRETARY BRUCE E. DAVIS. CHAIRMAN RANDY B. HOLMAN. MEMBER R. RANDALLTURLEY CHIEFCOUNSEL STATE TAX COMMISSION OF MISSOURI 301 WEST HIGH STREET, ROOM 840 £2 - POST OFFICE BOX 146 JEFFERSON CITY, MISSOURI 65102-0146 TELEPHONE: 573/751-2414 FAX: 573/751-1341 wwv/.sic.mo.gov MEMORANDUM 4 02 9 DATE: June 30, 2011 TO: All Assessors ·/ FROM: State Tax Commission SUBJECT: Subsidized Housing Update A case arising out ofButler County and now before the Southern District of the Missouri Court of Appeals has the potential for changing the way assessors value subsidized housing..This case* pertains to a low income housing complex (40 units, community room, and office) subject to restrictive agreements with the Missouri Housing Development Commission. The apartments were built in 2006 for over $4 million and the State Tax Commission, using the Mmyville Properties formula developed to value such property, determined a value of $888,300. In the late 1990s, the State Tax Commission's valuation of subsidized housing attributed some value to the accompanying tax credits. In Maiyville Properties v. Nelson, 83 S.W.3d 608 (W.D.Mo 2002) the Western District ofthe Missouri Court of Appeals ruled that the value of tax credits were not to be included because they were intangibles. Subsequently, after considering the benefits and risks associated with subsidized housing, the State Tax Commission determined that calculating value based upon actual income, actual expenses, and actual interest and capitalization rates was the best way to recognize all benefits and risks associated with subsidized housing. In the Poplar Bluff Associates decision, the Commission said: In Lake Ozark Village v. H/hitworth, the Commission stated: In this case, and all subsequent subsidized housing cases, the correct methodology for valuing subsidized housing projects is the methodology set out in Mmyville Properties. That methodology is accurate because (1) rent restrictions are considered through the use of actual income rather than market income; (2) additional management requirements and expenses are accounted for through use of actual expenses which are in excess of market expenses; and (3) the actual loan-to-value ratio and the subsidized interest rate demonstrates and accounts for any and all risks involved in the property as well as the benefits flowing to the property. It is "economic reality." The Butler County Circuit Court disagreed. The Poplar Bh¢T,lssociates v. Tibbs decision held that usini actual®come and expenses rather than the market income and expenses while other apartment complexes used Housing Plus llc » Highland Ridge Senior Page 1 of 2 # i. •3- D e IN HOUSING 5PLUSv HOME ABOUTUS DEVELOPMENTS CURRENT RESIDENTS CONTACT US HIGHLAND I „9/14/ir'Illruirr- Ill tiky:illib,;*44' £>1724.13,1 4 8 #m.. 'lae,4. . emiNFIBRAIA RIDGE - ..]22942#liplf/ 9¥T SENIOR 22111:22 - 440*&44 -- •1*!5:,j,=•ziN"im#&2%#0/ Hightand Ridge Senior homes are located in Nlxa, Missouri and are part of an affordable housing initiative. Our homes are within walking distance of McCauley Park. McCauley Park Is home to the Nixa Community Center (The center) and Aquatic Center. McCauley Park Indudes indoor and outdoor walking trails, disc golf, and an outdoor pool. TIle Center has meeting rooms of all sizes avaltable. VIEW FLOOR PLANS /1/14/EX 0 Rent r The rent for homes in HIghland Ridge Senior Is $310.00 per month for 1 bedroom units and $355 per month for 2 bedroom units. lhe security 1 deposit is $350. A screenlng feewill apply. Pets under 30 lbs witt be allowed. Umit 2 h a $200.00 non-refundable pet fee. E u Income Guidelines - 0 Ammenities 8 Energy Star Certified 0 Homeownership Program CLICK HERE FOR PRE-APPLICATION Due to the high demand of our beautiful, energy effident and affordable homes, we currently have a waiting list for each property. We will be happy to place you and your family on our listwith a few easy steps. You can dick on the link to download a pre-application or contact us toll free at 1-855-987-6682 to request a brochure and pre applkation. Once you receive the pre application, please fill out the form and return it to us so we can determine your eligibility. If you are within the Income limits and you have no criminal history, we will add you to the waiting list in the order in which your pre-application is received. If you do not pre-qualify for housing, we will send you a letter stating the reason your pre-application was rejected. There is no fee to be placed on the waiting Ilst Once a home becomes available, we witl begin contacting potential residents starting at the top of the list. If you are capable of moving in the time frame sped ned, we will send you a full application and tenant selection criteria at which time an application fee will be due. If you have any further questions regarding our waiting list, please email holly@sustainablemgmt.com or call Monday-Friday Bam-Spm. We look forward to helpIng you and your family rent a house you will be proud to call home. ECUALHOUSING OPPORTUN lTv http://housingplusllc.com/developments/highland-ridge-senior/ 7/18/2013 1 Housing Plus llc » Highland Ridge Senior Page 1 of 2 F »u--3: 4 0. 0 HOUSING • PLUS, HOME ABOUT US DEVELOPMENTS CURRENT RESIDEN15 CONTACT US 41,50*24;V. HIGHLAND ·t ; t. Pill:jilWilliWeliaRM+M#./.....,- --*-- RIDGE - 1 ""m*'mimw'6*i SENIOR 4494*eig- HIghtand Ridge Senior homes are located in Nixa, Missouri and are part of an affordable housing initiative. Our homes are within walking distance of McCauley Park. McCauley Park is home to the Nixa Community Center (The Center) and Aquatic Center. McCauley Park indudes indoor and outdoor walking trails, disc golf, and an outdoor pool. The Center has meeting rooms ofall sizes available. VIEW FLOOR PLANS SiAL14.21/ 0 Rent The rent for homes in Highland Ridge Senior Is $310.00 per month for 1 bedroom units and $355 per month for 2 bedroom units. The security deposit is $350. A screening fee will apply. Pets under 30 lbs will be allowed. Umit 2 with a $200.00 non-refundable pet fee. C Income Guidelines To qualtfy to live in this beautiful community wlth the amazing, below-market rate rents, your total household Income must be less than or equal to the Income limit for the area as set by Housing and Urban Development. This Includes all Income from any assets that you may have. The following Income restrictions apply according to the number of people In your household and are suwect to change: 1 person= $23,380 2 people= $26,640 3 people= $29,940 4 people= $33,240 0 Ammenities 0 Energy Star Certified 0 Homeownership Program CLICK HERE FOR PRE-APPLICATION Due to the high demand of our beautiful, energy emdent and affordable homes, we currently have a waiting list for each property. We will be happy to place you and your family on our list with a few easy steps. You can click on the link to download a pre-applicatlon or contact us toll freeat 1-855-987-6682 to request a brochure and pre appilcation. Once you receive the pre application, please fill out the form and return k to us so we can determine your eligibility. 1 f you are within the income limits and you have no criminal history, we will add you to the waiting list in the order in which your pre-application is received. If you do not pre-quatify for housing, we will send you a letter stating the reason your pre.application was rejected. lhere is no fee to be placed on the waiting list. Once a home becomes available, we win begin contacting potential residents starting at the top of the list. If you are capable of moving In the time frame spedfied, we will send you a full application and tenant selection criteria at which time an application fee will be due. Ifyou have any further questions regarding our waiting list, please ematt holly@sustainablemgmt.com or call Monday-Friday Bam-Spm. We look forward to helping you and your family rent a house you will be proud to call home. http://housingplusllc. com/developments/highland-ridge-senior/ 7/18/2013 R \l PROPERTY ASSESSMENT APPEAL FORM CHRISTIAN COUNTY BOARD OF EQUALIZATION TAXPAYER INFORMATION Taxpayer's Name: Highland Ridge Senior. LP Taxpayer's Mailing address: 1525 E. Republic Road. Ste. B100 , Springfield, (Street or Box Number, City, State and Zip Code) MO 65804 PROPERTY INFORMATION Parcel Number of the Property: 11-0.3-07-002-002-001.000 Address of Property (ifdifferent than Mailing Address): (Street or Box) 731 N. Galileo Dr. (City, State, and Zip Code) Nixa, MO 65714 What is the Current CIassification of the Property? 0.7 0 Agricultural Commercial tj 4paxv XResidential Mixed Use What is the Market Value set by the Assessor? $1,910,800 What is the Taxpayer's Proposed Market Value? $ 760,000 REASON FOR APPEAL Please check the reason you believe the assessment is incorrect. Check all that apply. X Valuation (The value placed dn the property by the assessor is incorrect) -Distrimination (The property is assessed at a ratio greater than the average for the county) _Misgraded Agritulturalland(The property is not in the correct agricititural productivity grade) _Misclassification-The proper classification ofthis property should be: Residential Commercial Agticultural Charitable Purposes _Exemption- The property should be exempt because it is being used for: Religious Purposes Educational Purposes Charitable Purposes x Other Basis for Appeal (explain): Low income hous ing You may attach any documentation you desire the Board to consider *.0-, agri Date: 7- 0-/3 Taxpayer's Signature: Actual Income Name of Project: Rental Income -' $156,859 Highland Ridge Other Income · $6,910.00 Laundry/vending - $0 Potential gross income $163,769.00 Less: Actual vacancy and collection $1,134 Effective Gross Income $162,635.00 Expenses Maintenance & Repair $24,214 Utilities $6,697 Administrative $38,164 < Insurance $12,415 \Reserve for Replacement $15,000 Total Expenses $96,490.00 Net Operating Income $66,145.00 2%: ipitalization ian to Value * Mortgage Constant 0.0032035 eighted Equity Dividend Rate 0.0733600 fective Tax Rate 0.0104842 verall Capitalization Rate 0.0870477 VALUE $759,870.48 Tax on Appraised Value $7,966.63 5(1 6:9 91 8 j e 50' el a 0 Q! 000 00* 0 0.0733600 0.0104842 000 0 0 to 0.0032035 0.0870477 d 06 cri 00. O CD „- 0 0- al CO 00 O 0 CD mt=@i 0 Oct O (\1 CN o e 0 0 0 OO 0d 84.4 e ee CO C UD A,-- Loan to Value x Mortgage ConstantWeighted Equity Dividend RateEffective Tax Rate OVERALL CAPITALIZATION RATE: EE E 2 E 43 I u i CD 05 1 E 0 0 8 .C C 2- 2 0- U- 0 g .31 J C a) C EC 0 Ill O= 28 1 E>- .!DE- m ME E >00 .* RE % e< A> 22'O ·5 .3 8 E 2%*i E % 5 32 0 0 U O 3 0-15 2 Z :d 6.SE* 111 -1 11! 1- U Lutz Litt- Friday, February 08, 2013 3:23 PM TO: 't.walker' Subject: RE: RE: Parcel # 21-0.7-36-004-003-001.000 Attachments: doc01932520130208135241.pdf; doc01933020130208144030.pdf Mr. Walker, Thank you for the confirmation of our record. 1 have attached a MLS of properties for sale in Saddlebrooke as of 3-2-2012 and the average listing price at that time was $52,970. We both know that listing does equal sale price but even if we reduce by 20% that was still $42,376. The second attachment is todays current listing of properties in Saddlebrooke and the average listing price is $46,995. Sales prices are one indication of value. You paid $7000 in 2006 and did not protest value until late fall of 2012 when you received your tax statement from the Collector of Revenue. We are not allowed to make market adjustment in the even numbered years and the time for appeals expired at the end of June even if we could make changes. 1 assume that you did not feel that this was an unfair price or you would not have purchased the property and for the next two assessment cycles of 2007-2008 and 2009- 2010 did not give indication that your valuation was unfair. The auction that some are taking as market value sales occurred on September 17, 2011, well after the books are closed for the reassessment year by MO State Statute. We do not believe thatthe prices paid at that time represent arm's length transactions to represent true value. The developer had a "fire sale" and got what he could to generate cash and get out of the business. Some people got a bargain or at least hope they did. We are not allowed to consider forced sales, foreclosures, family transactions, etc. to represent actual value. Obviously and painfully so, the prices paid in the height of the market have not held in this development I came into the office in December of 2010 and have done my best to work out the best solution possible and feel that I have. We feel that we have arrived at a fair market appraisal of the properties in Saddlebrooke having just reduced your property valuation by 48% for the 2013-2014 assessment cycle in consideration of market conditions in existence on January 1, 2013 which is "tax day" by law when values should be considered for reassessment. The two year assessment cycle protects property owners from rapid constant increases in a growing market but does not react fast enough to suit in a declining one. Although sales are slow for lots, many new homes have been built in the last year there and 1 believe that the residents are on the right track and have taken contfol of the situation and will be successful in protecting property owners interests and value. We have worked closely with the members of the POA, BoD and an overwhelming majority are satisfied that we have worked out a value that is fair and equitable to all concerned. I have attended several meetings and had many hours of direct discussion about Saddlebrooke with realtors, residents and property owners such as yourself. It has been a difficult situation for all concerned with no easy answers. We have been carefully following the developments, listings and sales in Saddlebrooke and will continue to do so. 1 will take your letter down to the County Commission and give it to them as they are in charge of the process if agreement cannot be worked out by my office with property owners. 1 opened the envelope because it was directly addressed to my office location (Assessor's Office Room 301) and the Board of Equalization does not exist at the present time and will not until July when it convenes. The letter obviously pertained to the function of the assessment office and if directed otherwise would have likely been directed to me in the end at best at worst would have been lost or misfiled and forgotten. It would be my suggestion to contact the County Commission in June if you still desire to pursue the appeal process and they will provide you with details and information. Their phone number is 417-582- 4300. 1 f j David Stofiefy, .Assessor 100 W Church St, Rm 301 Ozark, MO 65721 417-582-4310 417-581-3029 Fax From: t.walker [mailto:t.walker@charter. net] Sent: Thursday, February 07, 2013 5:02 PM To: assessor@christiancountymo.gov Subject: RE: RE: Parcel # 21-0.7-36-004-003-001.000 Mr. Stokely, I don't know what the previous owner paid for the lot. I was told that he/she sold it back to the developer, however. Subsequently, I purchased it from the developer, Clyde Lorenz, for $73,000 in June of 2006. Tom Walker Sent from Samsung tablet Assessor David Stokely wrote: Mr. Walker. Our records have the previous owner of your lot purchasing Lot 19 for $74,000 in November 2003 and you paid $73,000 in June of 2006 for this same property. Is this is accurate? David Stokely, Assessor 100 W Church St, Rm 301 Ozark, MO 65721 417-582-4310 417-581-3029 Fax -----Original Message----- From: Tom Walker [mailto:t.walker@charter.netl Sent: Thursday, February 07, 2013 3:00 PM To: Assessor David Stokely Subject: RE: Parcel # 21-0.7-36-004-003-001.000 Mr. Stokely, Your attachment states that The Board of Equalization is separate and not under the control of your office as part ofthe appeal process. Ifthafs true, then why did you open my petition letter and "complaint for review" form dated 11/13/12 since it was specifically addressed to The Board of Equalization? In fact and by Missouri Statue, you as County Assessor are a member of The Board of Equalization. Furthermore, Missouri State Law requires that any person who feels their property tax assessment is too high must petition the local Board of Equalization. That request must be made in writing and filed with 2 Assessor David Stokely From: t.walker Sent: Thursday, February 07, 2013 5:02 PM TO: assessor@christiancountymo.gov Subject: RE: RE: Parcel # 21-0.7-36-004-003-001.000 Mr. Stokely, I don't know what the previous owner paid for the lot. I was told that he/she sold it back to the developer, however. Subsequently, I purchased it from the developer, Clyde Lorenz, for $73,000 in June of 2006. Tom Walker 4 0 7 -6, i f Sent from Samsung tablet Fiot SAl c L•/43 Assessor David Stokely wrote: se PT; lo// - Mr. Walker, P/213-C-1 wor-Aptes Ac-91 7-N, unl ) A Ourrecords have the previous owner ofyour lot purchasing Lot 19 for $74,000 in November 2003 and you paid $73,000 in June of2006 for this same property. Is this is accurate? David Stokely, Assessor 100 W Church St, Rm 301 Ozark, MO 65721 417-582-4310 417-581-3029 Fax -----Original Message----- From: Tom Walker [mailto:t.walker@charter.net] Sent: Thursday, February 07, 2013 3:00 PM To: Assessor David Stokely Subject RE: Parcel # 21-0.7-36-004-003-001.000 Mr. Stokely, Your attachment states that The Board of Equalization is separate and not under the control of your office as part of the appeal process. If thafs true, then why did you open my petition letter and "complaint for review" form dated 11/13/12 since it was specifically addressed to The Board of Equalization? In fact and by Missouri Statue, you as County Assessor are a member of The Board of Equalization. Furthermore, Missouri State Law requires that any person who feels their property tax assessment is too high must petition the Iocal Board of Equalization. That request must be made in writing and filed with the local tax assessor which is exactly what I did. Therefore, I expect you to put that letter ofpetition in the hands ofThe Board ofEqualization at once. In consideration ofthe above, how can you state that your office is not part ofthe process? You still have never completely addressed by questions concerning how my assessment was made over the last 1 June 10, 2013 Lou Lapaglia, Bill Barnett, Ray Weter, David Stokely, Sam Yarnell, Loyd Todd, Dewey Lassley, Brenda Hobbs Re: Board of Equalization Board members, Below is the schedule (so far) of Board of Equalization Hearings. I will continue to keep you updated. We have set aside the following dates/times for BOE-Thursday July 11th, Monday July 15th, Thursday July 1811, Monday July 22nd, Thursday July 25, 2013 and Monday July 29th, from 10:00 a.m. till noon. Please keep those dates and times open. The following people have already scheduled: Thursday July 11, 2013 10:00 a.m. Thomas E. Walker Lot 19 Saddlebrook Phase 6 11: 00 . a.in>6/David: Ewink.31730/North Greg¢ry Ditive: Nika,j 14b.649':24 Monday, July 15, 2013 10:00 Robert Palmer 1500 Martin Branch Road Fordland 65652 417-738-1025 Parcel # 010932000000013000 robertpalmerl@hughes.net 10:00 a.m. Fred Braden 285 Stoneridge Road Sparta, MO 65753 Parcel#12-0.8-34-000-000 008.00@ 10:00 a.m. Fred Braden 128 Scott Street Sparta, MO 65753 Parccl#12- @-7-26 -004-001-026.001 cancelled by phone (Cheryl) 05-31-2013 Thursday July 18, 2013 10:00 a.m. David Wagner Boat Street Ozark Julia Maples Administrative Assistant Christian County Commission j 90/2 Ir --6 00 PARCEL NUMBER r 10 E c O 1:.1 6 m 9 mt W 0 UND#m 25 0 < 0 m aule) -110 [20(0 - Z O -189 0 >Z Om>m Z ve o 0, .. 5mz;0 O Po a,Z E 125 g m m 90 2013 CHRISTIAN COUNTY PROPERTY REPORT m 5-0-11 7-3 D 0 0 0 00 SCIO = 0 OWNER: m IN.. Bio m 20 62 o 0 KiR N N - 39% *g DAVID STOKELY - ASSESSOR 0 0 00 0 3, 51 2.. CD W Ul M C KOK CD 0 .. >00 emu 2 e m m ic 0 0 0 cou' [B z (D [D (D m 0 21 21 - CI16= CD {D CD p! n! !1! m 3» exl 0 X0 0 ZOO ,le:-6 0 C) - ru D A 00 0 C C) A O ;0 Po -0 0 m 0, Z 9 71 Po ags kkk CD ID (D M P! M 0 N -6 F Z Po Z 0 --1 N OO CO too m 00 0 0 1- OQQ 0 (0 01 .... Co Z U] »6 0% @1% 0 m 131§1§118 31% @11; m 0 1% m @ LAND APPRAISAL 07/22/2013 X] -1 10 133> IX] 2 1< 10 13> 1:0 0 1- D # 9 -0 -0 g M u. E re -0 % / 33) P » 31 -1 9' 913» » N CA) CO CO c) -00= 2 0 o o w ..\1 0 w o -4 (0000»coorcooo 00000 r Christian County Assessor NOTICE OF CHANGE 101 W. Church Street • Rm 301 IN ASSESSED VALUE OF REAL PROPERTY Ozark, Missouri 65721 d< 21*£tlit:EPARCEENUMBERQUIA,»4%:4>1 01-0.9-32-000-000-013.000 NOTE: DO NOT PAY. THIS IS NOT A TAX BILL. These are Assessed Values Only - Not Tax Amounts. 12 7 ·- 7 4. A-< 64.X PROPERTY LOCATIONIN:44*19'9 1500/1700 MARTINS BRANCH RD PALMER, ROBERT A & BONNIE K 1500 MARTINS BRANCH RD FORDLAND MO 65652-5291 SEE BACK OF THIS FORM FOR ADDITIONAL INFORMATION. Dear Property Owner: Frequently Asked Questions: In accordance with the laws of the State of Missouri, the Christian County Assessor is required to notify proper- 1. Q) Why has my property's value changed? ty owners if the appraised/market value of their property A) The most common reasons for proper4 values to change are: has increased. If, after reviewing the information below, 1. New construction or improvements to your properly 2. New parcel number due to a new subdivision, split or combination. you have a question or would like to schedule an informal 3. Changing from partial assessment to full assessment hearing with an appraiser please call: 4. Correction of error or omission in property records. 2. Q) What is the difference between Appraised/Market Value' and Assessed 417-582-4310 Value'? A) 'Appralsed Value' is tile approximate market value of your property or the Email: Assessor@christiancountymo.gov amount you might sell your property for 'Assessed Value' is a percentage of appraised/market value and is used to calculate property taxes, Monday through Friday between 8:30am and 4:30pm 3. Q) What is the difference between residential, commerdal and agricultural by June 28, 2013. property assessment? A) The appraised/market value of your residential property is assessed at 19% of that value. If you own commercial property, it is assessed at 32% If your questions cannot be answered, or if you are of its appraised/market value. If your property is agricultural, the assessment not satisfied with the explanation, you may appeal any is 12% of the appraised/market value. assessment before the County Board of Equalization. 4. Q) What are my taxes going to be? You will find additional information on the back of this A) THE CHRISTIAN COUNTY ASSESSOR CAN NOT ESTIMATE TAX DOLLAR AMOUNTS. Taxing district levies will not be set until September. Ihi sheet Christian Countv Assessor does not set levies or collect taxes. BRIEr f -· 2 SE1/4 (EXC 1 SQ. AC. IN NWC) (ALSO EXC BEG SWC, SE1/4, E 600NW 1350% PROP#RTY.6 DESCRIPTION , 310', S 1320' TO POB.) '3['RO,PERTyTYPE >: :Ll W /1:q,RESIDENTIAL » ·COMMERCIAL .,1 4 AGRICUUURAL ·· TOTAL a PREVIOUS APPRAISED VALUE 256300 0 15700 27200() PREVIOUS ASSESSEDVALUE 48700 0 1880 5058( CURRENT APPRAISED VALUE AS OF JANUARY 1st 72600 937200 15700 1025500 ftf?Glf.*93'-j..I% '2. EVA. -P J;35,11 8'*T*Ty.2 2·110 »3<3 4>ie 1 + x 12% 4999 %24«€4(42*ya«23?5.PrMt@FE f*UPT. CURRENT ASSESSED VALUE AS OF JANUARY 1st 13790 299900 1880 315570 CHRI2-114 (Rev. 5/13) Ig7- -N NOTICE OF CHANGE IN ASSESSED VALUE OF REAL ESTATE DAVID STOKELY - CHRISTIAN COUNTY ASSESSOR '%h=22#D, 100 W. CHURCH STREET, ROOM 301 Phone: (417) 582-4310 OZARK, MO 65721 PARCEL ACCOUNT NO: DATE: 07/09/2013 01-0.9-32-000-000-013.000 Sec. 32 Twp. 28 Rng 18 0 COPY PALMER, ROBERT A & BONNIE K 1500 MARTINS BRANCH RD SITUS: 1500 & 1700 MARTINS BRANCH RD FORDLAND, MO 65652-0000 ACRES: 142.13 11 *1329.w Property Description: SE1/4 (EXC 1 SQ. AC. IN NWC) (ALSO EXC BEG 310:, S 1320' TO POB.) THIS IS NOT A BILL PREVIOUS APPRAISED AND ASSESSED VALUE RESIDENTIAL AGRICULTURAL COMMERCIAL TOTAL APPRAISED 293,000 15,000 715,100 1,023,100 ASSESSED 55,670 1,800 228,830 286,300 NEW APPRAISED AND ASSESSED VALUE AS OF JANUARY 1, 2014 RESIDENTIAL AGRICULTURAL COMMERCIAL TOTAL APPRAISED 293,000 15,000 715,100 1,023,100 ASSESSED 55,670 1,800 228,830 286,300 Dear Christian County Property Owner: This notice contains important information about the valuation of your property for assessment purposes. The "NEW APPRAISED VALUE" listed above indicates changes to current year's fair market value due either to correction of records or new construction. All property is appraised as of January 1 as required by law. The "NEW ASSESSED VALUE" is the percentage that will be used to calculate tax amounts. If your assessed value increased, it may increase your real property taxes. Tax statements are mailed by the Collector of Revenue in November for the current year. If you disagree with the valuation listed and are unable to reach accommodation with the Assessor's office you may appeal to the Board of Equalization (BoE) by calling the County Commission Office at (417) 582-4300. Appointments MUST be made to the BoE before July 2. (Please attempt remedy by Assessor's office first.) Changes in the assessed value of your property can only be made if you can provide information to show that our records are incorrect. If you want to discuss your property assessment in detail we ask that you make an appointment to come into the office so that we can better serve you. If you need basic information please call our office or email assessor@christiancountymo.gov. More information is available on our new website: www.christiancountyassessor.com. IF YOU FEEL THAT THE APPRAISED VALUE OF YOUR PROPERTY LISTED IS INCORRECT OR DOES NOT REFLECT FAIR MARKET VALUE. PLEASE CALL THE ASSESSOR'S OFFICE AT (417) 582-4310 ASAP AND BEFORE JUNE 28. :Ction 137-082 New construction, assessment ofupon oc http://www.moga.mo.gov/statutes/C100-199/1370000082.HTM 5 -7 . €*4567- 1 Missouri Revised Statutes Chapter 137 Assessment and Levy of Property Taxes Section 137.082 August28,2012 New construction, assessment of upon occupancy, how--payment of taxes, when--county assessor, duties--county option--natural disasters, assessment reduction allowed, effect. 137.082. 1. Notwithstanding the provisions of sections 137.075 and 137.080 to the contraly, a building or other structure classified as residential property pursuant to section 137.016 newIy constructed and occupied on any parcel ofreal properly shall be assessed and taxed on such assessed valuation as ofthe first day ofthe month following the date of occupancy for the proportionate part of the remaining year at the tax rates established for that year, in all taxing jurisdictions located in the county adopting this section as provided in subsection 8 of this section. Newly constructed residential property which has never been occupied shall not be assessed as improved real property until such occupancy or the first day of January ofthe fourth year following the year in which construction of the improvements was completed. The provisions of this subsection shall apply in those counties including any city not within a county in which the governing body has previously adopted or hereafter adopts the provisions ofthis subsection. 2. The assessor may consider a property residentially occupied upon personal verification or when any two ofthe following conditions have been met: (1) An occupancy permit has been issued for the property; (2) A deed transferring ownership from one party to another has been filed with the recorder of deeds' office subsequent to the date ofthe first permanent utility service; 0) A Utility company providing service in the county has verified a transfer of service for property from one party to another; (4) The person or persons occupying the newly constructed property has registered a change of address with any local, state or federal governmental office or agency. 3. In imementing the provisions of this section, the assessor may use occupancy permits, building permits, warranty deeds, utility connection documents, including telephone connections, or other official documents as may be necessary to discover the existence of newly constructed properties. No utility company shall refuse to provide verification monthly to the assessor of a utility connection to a newly occupied single family building or structure. 4. In the event that the assessment under subsections 1 and 2 of this section is not completed until after the deadline for filing appeals in a given tax year, the owner of the newly constructed property who is aggrieved by the assessment ofthe property may appeal this assessment the following year to the county board of equalization in accordance with chapter 138 and may pay any taxes under protest in accordance with section 139.031; provided however, that such payment under protest shall not be required as a condition of appealing to the county Ar -2 7/1 31/7011 5·09 PM ction 137-082 New construction, assessment ofupon oc http://www.moga.mo.gov/statutes/C100-199/1370000082.HIM ' ... board of equalization. The collector shall impound such protested taxes and shall not disburse such taxes until resolution ofthe. appeal. 5. The increase in assessed valuation resulting from the implementation ofthe provisions ofthis section shalI be considered new construction and improvements under the provisions ofthis chapter. 6. In counties which adopt the provisions of subsections l to 7 ofthis section, an amount not to exceed ten percent ofall ad valorem properly tax collections on newIy constructed and occupied residential property allocable to each taxing authority within counties ofthe first classification having a population of nine hundred thousand or more, one-tenth of one percent of all ad valorem property tax collections allocable to each taxing authority within all other counties ofthe first classification and one-fifth of one percent of all ad valorem property tax collections allocable to each taxing authority within counties of the second, third and fourth classifications and any county of the first classification having a population of at least eighty-two thousand inhabitants, but less than eighty-two thousand one hundred inhabitants, in addition to the amount prescribed by section 137.720 shall be deposited into the assessment fund ofthe county for collection costs. 7. For purposes of figuring the tax due on such newIy constructed residential property, the assessor or the board of equalization shall place the full amount of the assessed valuation on the tax book upon the first day ofthe month following occupancy. Such assessed valuation shall be taxed for each month of the year following such date at its new assessed valuation, and for each month of the year preceding such date at its previous valuation. The percentage derived from dividing the number ofmonths at which the property is taxed at its new valuation by twelve shall be applied to the total assessed valuation ofthe new construction and improvements, and such product shall be included in the next year's base for the purposes of figuring the next year's tax levy rollback. The untaxed percentage shall be considered as new construction and improvements in the following year and shalI be exempt from the rollback provisions. 8. Subsections 1 to 7 of this section shall be effective in those counties including any city not within a county in which the governing body of such county elects to adopt a proposal to implement the provisions of subsections 1 to 7 ofthis section. Such subsections shall become effective in such county on the first day ofJanuary ofthe year following such election. 9. In any county which adopts the provisions of subsections 1 to 7 ofthis section prior to the first day of June in any year pursuant to subsection 8 of this section, the assessor of such county shall, upon application ofthe property owner, remove on a pro rata basis from the tax book for the current year any residential real property improvements destroyed by a natural disaster if such property is unoccupied and uninhabitable due to such destruction. On or after the first day of July, the board of equalization shall perform such duties. Any person claiming such destroyed property shall provide a list of such destroyed property to the county assessor. The assessor shall have available a supply of appropriate forms on which the claim shall be made. The assessor may verify all such destroyed property listed to ensure that the person made a correct statement. Any person who completes such a list and, with intent to defraud, includes properly on the list that was not destroyed by a natural didaster shall, in addition to any other penalties provided by law, be assessed double the value of any property fraudulently listed. The list shall be filed by the assessor, after he has provided a copy ofthe list to the county collector and the board of equaIization, in the office of the county clerk who, after entering the filing thereof, shall preserve and safely keep them. If the assessor, subsequent to such destruction, considers such property occupied as provided in subsection 2 ofthis section, the assessor shalI consider such property new construction and improvements and shall assess such property accordingly as provided in subsection 1 ofthis section. For the purposes of this section, the term "natural disaster" means any disaster due to natural causes such as tornado, fire, flood, or earthquake. 10. Any political subdivision may recover the loss of revenue caused by subsection 9 of this section by adjusting the rate oftaxation, to the extent previously authorized by the voters of such political subdivision, for the tax year Dfj 0 7/18/2013 5:09 PM €>Ue rriz Christian County Assessor NOTICE OF CHANGE 101 W. Church Street • Rm 301 IN ASSESSED VALUEOF REAL PROPERTY Ozark, Miss6uri 65721 PARCEL NUMBER 01-0.9-32-000-000-013.000 NOTE: DO, NOT PAY. THIS IS NOT A TAX BILL. These are Assessed Values Only - Not Tax Amounts. PROPERTY LOCATION 1500/1700 MARTINS BRANCH RD 1683 '11111,1.111.111111,1:111111111:1:111111111111111:1111111.111!1.1 PALMER, ROBERT A & BONNIE K 1500 MARTINS BRANCH RD FORDLAND MO 65652-5291 SEE BACK OF THIS FORM FOR ADDITIONAL INFORMATION. __Dear Property Owner: 1[eng,ntly Asked Questions: In accordance with the laws of the State of Missouri, 1. Q) Why has my property's value changed? the Christian County Assessor is required to notify proper- A) The most common reasons for property values to change are: ty owners if the appraised/market value of their property 1. New construction or improvements to your property has increased. If, after reviewing the information below, 2. New parcel number due to a new subdivision, sptit or combination. you have a question or would like to schedule an informal 3. Changing from partial assessment to full assessment hearing with an appraiser please call: 4. Correction of error or omission in property records. 2. Q) What is the difference between ·Appraised/Market Value' and 'Assessed Value'? 417-582-4310 A) 'Appraised Value' is tile approximate market value of your property or the Email: Assessor@christiancountymo.gov amount you might sell your property for. 'Assessed Value' is a percentage of appraised/market value and is used to calculate property taxes. 3. Q) What is the difference between residential, commercial and agricultural Monday through Friday between 8:30am and 4:30pm property assessment? by June 28, 2013. A) The appraised/market value of your residential property is assessed at 19% of that value. If you own commerdal property, it is assessed at 32% If your questions cannot be answered, or if you are of its appraised/market value. If your property is agricultural, the assessment not satisfied with the explanation, you may appeal any is 12% of the appraised/market value. assessment before the County Board of Equalization. 4. Q) What are my taxes going to be? A) THE CHRISTIAN COUNTY ASSESSOR CAN NOT ESTIMATE TAX DOLLAR You will find additional information on the back of this AMOUNTS. Taxing district levies will not be set until September. The sheet. Christian Countv Assessor does not set levies or collect taxes. BRIEF SE1/4 (EXC 1 SQ. AC. IN NWC) (ALSO EXC BEG SWC, SE1/4, E 600NW 1350', PROPERTY 310', S 1320' TO POB.) DESCRIPTION PROPERTYTYPE RESIDENTIAL COMMERCIAL AGRICULTURAL TOTAL PREVIOUS APPRAISEDVALUE 256300 0 15700 272000 PREVIOUS ASSESSED VALUE 48700 0 1880 50580 CURRENT APPRAISED VALUE AS OF JANUARY 1st 72600 937200 15700 1025500 ASSESSMENT RATE: x 19% x 32% x 12% CURRENT ASSESSED VALUE AS OF JANUARY 1st 13790 299900 1880 315570 CHRI2-114 (Rev. 5/13) 4,9,8 IT 6< Christian County Assessor NOTICE OF CHANGE 101 W. Church Street • Rm 301 IN ASSESSED VALUE OF REAL PROPERTY Ozark, Missouri 65721 k 26&*AdLI i , 1 1:1 111 1 1,1111'11 ill Ii, 14 1 1 _1_ 5 It 1 -1 1 1 4,1.111!2 -il 1 Ii' i 11 1 1;1: I.t I 1 ItI 1 lilli i : j i 1 1=-1 , 1 1 1 t -44.4412•p> P.24*.€A P I i iil 111. 1 1 1 11 1 4. 1 ...C, ,¥LRUS }EZY) .1€4 206.214*12.b i 1 1 -111 -, 1 - -- 2*E- -_232 U«11_128,-6 94- 1 1 11 11 1 1 - 11 Iii 1 1 i- i _\___'atti.,lp_-_21.Up. L¥-24.-*._ 1 -- _-£8£22£25.2,4- 2..ded: .. 12-497 1 1 . -4- --f 7 9 L . 41I1 '11; /1 11 1 t 1 4.-1/4,4//4-*LODAS i-- i 1 1 -- - -- dr Eylierr 54 VII. Common Issues on Appeal -114.:..r A. 0 Valuation this type of appeal, the taxpayer is asserting the property has been valued above its true value in money by the assessor. This is the most common type of appeal before the State Tax Commission. In a simple valuation case, the taxpayer needs to prove: 1. The taxpayer has standing to bring the appeal; 2. The appeal to the BOE was made in a timely and proper manner; and 3. The market value of the property as ofJanuary 1 ofthe appropriate tax year. Missouri and most other states recognize three approaches to value: the Cost Approach, the Sales Comparison Approach and the Income Approach. Appraisers usually use all the approaches to value in an appraisal report, but, depending on the nature ofthe property being valued, one or more ofthe approaches may be relied on more heavily. Cost Approach • The Cost Approach begins by establishing the value ofthe land on whichthe building h sits, using sales ofsimilar lands or extraction ofland value from improved sales. To the land value is added the replacement cost new of the buildings, less depreciation (RCNLD). In determining the RCNLD of a building, the assessor considers such factors as age, size, condition, quality of construction and other features that influence value. • The Cost Approach is generally well suited to value special purpose buildings that rarely, if ever, sell in the marketplace and which do not generate rental income to their owners. It is also a good approach for relatively new structures. Sales Comparison Approach • The Sales Comparison Approach utilizes property sales informationto estimate the value of unsold properties. Sales that ate not "arm's-length" sales are excluded from the sales analysis. Land and building values can both be detennined using the sales comparison approach. The appraiser adjusts the comparable sales for location, time, condition, size, and other factors to deteImine a value for the subject property. r---- ,n 1 22 4 alist-r sh /. CLASS A/B 4 CLASS C 4 Wiet£:SSIB-sid EXCELLENT GOOD AVERAGE # OF STORIES 1-2-3 1-2 ·1-2 LOCATION PRESTIGE AREA HIGH CLASS RESTRICTED ; LANDSCAPED AVERAGE TO GOOD AREAS STYLBDESIGN ARCHITECT DESIGN CUSTOM DESIGN BLEND W/SITE APPROPRIATE CONTRACTOR CURB APPEAL LIWING AREA SIZE 4000 & UP 2500-4000 1500-2500 XTRA FEATURES ·CUSTOM EXP FITURES MATERIALS HI QUAUTY GOOD GRADE GOOD QUALITY STOCK EXTERIOR & HIGH QUALITY EXC MATERIAL WINDOWS CUSTOM DESIGN ORNATE DESIGN GOOD GRADE AVG STYLE INTERIOR: FLOORS MARBUNCARPET BEST GRADE HARDWOOD COVERINGS AVERAGETO GOOD GRADE DOORS SOLID WOOD SOLID CORE HOLLOW CORE BATHS 4&UP 2-4 2 MARBLE EXCELLENT JETTUB GOOD .- W/EXTRAS FIXTURES 00 FIXTURES KITCHENS CUSTOM HIGH GRADE 1 BUILT-IN SPECIAL CONV FACTORY 3 *M 60 H EAT/Al R MAXIMUM ABOVE AVG CENTRAL AVERAGE CENTRAL HEAT-AIR TYPICAL SALE PRICE 40 400,000 -UP 200,000-400,000 70.000-200,000 1Q j 1 ¥ '' agiarr Se CLASS E i - CLASS F J FAIR POOR #OF STORIES 1 1 LOCATION BELOW AVG LOW CLASS STYLE/DESIGN STOCK PLANS SPEC HOMES LIVINGAREASIZE 800-1500 800 & BELOW XTRA FEATURES MINIMUM NO XTRAS FUNCTIONAL LOW GRADE EXTERIOR & MIN TRIM POOR GRADE WINDOWS DBL HUNG INTERIOR: FLOORS LOW GRADE SHEET GOODS CPT/UNO SECONDS DOORS STANDARD HOLLOW CORE BATHS 1 1 AVG LOW GRADE KITCHENS PRE-BUILT INEXPENSIVE HEAT/AIR WALL HEATER CIRCULATORS WINDOW UNIT NONE TYPICAL SALE PRICE 45,000-70,000 BELOW 45,ODD unoss!iN !IN 11i12}Z C,) EE Er; s. ca A W m· 15 = E 2 0 5 Et Z 2 3 4 2 = 23 2 EL -' -- U, r.1- -- p.°* tel 82*=-0-, m *- 1 8 8 22 3 4 2 3 EN© P 1 u,00·soittltu!9.HOpcoul , 0 0 3 0 Zl C. rparD WRE* 3 2 0 "1. . < C,9 1 -lutullim VI AMI-I £2 -L9 11!BUMEIp nue ZAMH Hiawatha j 0101S IlepUDI Z AAAH mels 0 0 -9 -1 UBIFIO:I• LIMOS 42 team Charmanti© £-A- 3 11 t,t 4 .r »80 M i '16*C;€«f,61*NEMN#*E *: p., 40* C.GE i. 1 ; ' /-4.9% % E dais!41. er *fEb .aofa . 6 4,0 4:7 4 32 4 . + *1/f#*N. C , 141/A, : - 42 I 'r r · - :i ./ap :. * 1 -$#a/* * M i ..4. 2. ' f -,1 4 . .t ' '»»p j C -2 7 ·- 4/ . 44£5 43 l 18 7 D. 4 700-E X.' I J, r. %%1: 3¥7 % NU{90% ..4. 14 CD E, :.·** R. . *.4*4224&*64/F 2 1. k / * I :r. 1 U -. 940.11? k n. e 10 5 ae 1 ' Twt 0 * *t@J,3·*·:p:St.*i,;4¢9,5€* C WiL '50,·c-> jq,t.#49 .. C) .' 4045 %/ 1 9 0-*#4 ./.to?.. 1,> PFIE, ru III Jo i<:. %<1*53¢094*Qi »UAFF *99,7 Vt' 2 St - 4(rl-: : M 4/ 42&kj 1 4.4 + 7**let .3 t:- . '1.r * 14. I *4:1 1/ tz..1 491*4«10 4 .rje'*514¢ 4 4, 1-2%. 2 ,*-'t'*9 *-· ··96=41'lit- *4 1....&J ., 1. t>* ...> ./.4 ';4r¢.·:24' r . /- -tilt*444-7J & f 1544{.3©34%4 IInOSSI tpi. r I Ve. 4 p.0% UA Croka a -,3*11(23*3 --44 e I P@Ab At@ cip 3! Et reasure Hunt - Chateau Charmant Page 1 of 1 Chateau Charmant Home Packages & Tours Events New Blog Contact us Just Photos Testimonials Brides Brides 2013 more... Search for Treasure Enjoy a historic tour of the castle plus lunch followed by a treasure hunt. Esim · The French lunch is Croissant au Jambon (ham sandwich) with fruit or green salad The Spanish Jamon (ham sandwich) pistolet with fruit or green salad. 1,1 4. Jif / 74 Lunch is served outside on the lawn (weather permitting). If atlergies or religious preference, please let us know at booking time. Clues are given In the language you are studying and followed by small physical test re-Imliz'- such as shooting a trebuchet at the castle, or jousting thru rings, or hitting a croquet ball with a mallet thru a hoop, orwalking a beam.. Teams can be formed according to dasses... French against Spanish. or French against French, or Spanish against Spanish. Each feam is named for a special historical or 4 fictionalcharacter. Don Quixote or D'Artagnan. All other languages being studied are invited to ask for Information on a treasure hunt 4 available in the language they are studying. (such as German. or Japanese also can be - done In English for younger students). Cost $15.00 per student Ask about discount for teachers / chaperones. 417 767 2233 Create a free website with http://www. charmingcastle,com/search-for-treasure.html 7/2/2013 Education Partners - Chateau Charmant ' Page 1 ofl , Chateau Charmant Home Packages & Tours Events New Blog Contact us Just Photos Testimonials Brides Brides 2013 more... Education Partners History comes alive within the walls of this 14th century style castle. Details have been painstakingly recreated so your students personal loumey truly transports them back to the Middle Ages. Chateau Charmant is modeled after a 14th Century French Chateau. And so it acquired its name Chateau Charmant or Charming Castle in French. 1 ;q Much like King Ludwig Il of Bavaria, who in 1869 built Schloss Neuschwanstein in Bavaria as a MI retreat and In homage to Richard Wagner, Robert Palmer not only had the romantic vision to 9 -?GE r build this casue for his wife, he has designed and constructed It himself with only the help of his :] wi re and daughter and an occasional friend. This vision Robert had to build his wife a castle Is reminiscent of the great love the Shah Jahan had for his 3rd wife Mumtaz Mahal. The Shah had the Taj Mahal built I n 1632 kn memory other. Another Fairy tale history example of great love 9 and hard work. Each room of Chateau Charmant is painted to renect a different castle from Europe. Vyhich brings history to life here in Uie Midwest. A visit to Chateau Charmant will greatly enhance yourdass room lessons by providing a visceral education for the students learning experience. imagine yourselves transported back in time at this magical seduded kingdom. Lunch and medieval games are induded in the package plice (if food allergies are present let us know at time of booking). Games include: Launch a miniature trebuchet Shoot Bow & Arrows from the catwalk A group game of badminton A quick course in lawn bowling Aioust thnu rings A game of Croquet Call fordates and pricing. 417 767 2233 Create a free website with http://www. charmingcastle.com/education-partners.html 7/2/2013 Events - Chateau Charmant Page 1 of 3 Chateau Charmant Home Packages & Tours Events New Blog Contact us Just Photos Testimonials Brides Brides 2013 more... Events Calendar 2013 2013 May 11 Murder Mystery Dinner TheaterMurderat the Pa/als du Chocolat Step back to 1935 with the Countess du Chcolat and dine tike royalty as you seek the treasure of Anne of Austria and solve the mystery. With a light hearted approach, enjoy a bit of larceny, deceit, humor. and murderl Receive your dossier and assume a role of a colodul character. Come in costume if you prefer (not required). Just dick the button down belowl All of September has been booked for weddings, looking for anotherdate for Brides, Balloons and Bentleys. Oct. 26 Benefit Masquerade Ball for Fordland Clinic & Children's Fall Carnival (contact the Fordland Clinic for moore Information 767 2273) Nov. 15-16 Christkindlmalket Dec. 24 Christmas Eve NaUvity Celebration photo: www.meadowslmage.com model: mvw.missspringfield.com Upcoming Events There are currently no events to show Box omce sottware by Ticketleap 11 Murderat the Patais du Chocolate http://www. charmingcastle.com/events.html 7/2/2013 Chateau Charmant - Home Page 1 of 3 Chateau Charmant Home Packages & Tours Events New Blog Contact us Just Photos Testimonials Bddes Brides 2013 more... Where you are a Princess, the groom A Fairy Tale Castle your Knight and guests are Royalty Be pampered in your own elegant brides chamber with p:ivate bath. while your groom steadies himself in his own quarters. Your bridesmaids are only a few steps away with their own mirrored suite.They'll be ready to assist and support you on this spedal day. Your guests comfort is pan of the royal expelience from the moment they step through the intricately carved front door. 94%: 3 r 1 R U r INSPIRATI<,1 4 ' IL Ll 1 t) 1; IC A l' 11 N Chateau Charmant is an elegant royal experience for your wedding 84 ceremony and reception, located high atop a hill overlooking the peaceful Ozark countryside. What better way to fulfill that fairy tale romance and say I love you 1%1111 than at a true European castle. For one unforgettable day this casUe can be yours. After dancing, wining and dining with friends, relreat to a charming old world suite Ulellgil .MN 1251 where you can sleep like myalty. 33]Il r 41'·u, The chateau ts a luxurious venue, rich in ambiance and breathtaking views. If '411111 ....9"'ll,lia you're looking for the truly unique, It is perfect for intimate gathe,Ings,large ,1 banquets. corporate retreats, fairs. tours. vow renewats, proposals, bridal showers, 3.1*t rehearsal dinner, private parties or filming. An Unforgettable day at an Unforgettable place 14 An exceptional wedding can be arranged in the luxurious fmnt garden, with the entire castle as your backdrop! Truly a fai,y [ate come true. Step Back into the Past http://www. charmingcastle.coin/ 7/2/2013 News - Chateau Charmant Page i of2 Chateau Charmant Home Packages & Tours Events New Blog Contact us Just Photos Testimonials Brides Vendors more... Murder Mysteries held at Fordland Castle httpu/marshfeldmail.conlnews/murder-mysteries-held-at-fordland-casUe/ailide_66395cfc·4<:68-1 le2-8953- 0018454887ahlml Couple build Their Own Castle httpl/marshfieldmail.cominews/anice_52914767·agda-Sede-af15-807ca55b4869.html Historical Inspiration http'//ccheadliner.convnews/anicle_bae9604b-d2ff·52bb·8121·43¢754183b983.html Castle Embodies One Couples Dream http://marshfieldmail.corn/searchnt=ankle&q=Chateau+Charmant Good Year Blimp Found Chateau Charmant June 1st. 2010 the Good Year Blimp happened tony over us. They put photoson their face-book page then the chatter began. It wasm until September when Sherly Famier from KTTS radio, saw us at a wedding shaw thal we knew anything about it It was then that we found out about all the speculation that had occurred not only on face-book but also on the radio.. Was it the Brad Pitt mansion? the Ozark project? Was it a personal home? There was alldt of confusion until a local fireman gave the face book readers the correct name of the castle. Create a free website with http:Uwww.charminecastle.com/news.html 7/1/2013 --1.rides- Chateau Charmant . Pagelof 12 , Chateau Charmant Home Packages & Tours Events New Blog Contact us Just Photos Testimonials Brides Vendors more... JC & Stephanie {December 29, 2012} · a: V Our First December wedding! And luckily for the Bride and Groom it was warm and beautiful! Best wishes to 1]ils ,#' *4 , sweetcouple! 4441 I7401'3&*trakikp *·-024;04 34¢r fr f 15· .14*#4*dild/< Sadly we have a couple of brides from Sept and Oct who·s pictures for some reason did not load on my camera and l 1 4.0, have no picst mil try to find some shots to share. Dustin & Sarah {August 11, 2012} Irs always a pleasure to serve our military and ihis one was extra special because both bude and grocm are serving our country. Vvith meticulous detail they planned their wedding imm afar and the results were magnilicent. Best to mis lovely bride and groorn! http://www. charming.castle.com/brides.html 7/1/?011 . Iust Photos - Chateau Charmant Page 1 of 13 .. Chateau Charmant Home Packages & Tours Events New Blog Contactu-s Just Photos Testimonials Brides Brides 2013 more... Rf4094:· ·b"VI . -y;,5 4,9 ·,4 943 1 1.. *t b..ii 0% *:#2.11% 2/#I./**/ 46948:· --4.-: AfleA*¢:& M" '5·r#3 !53:a.· *M3*4_%49.642"42#7 0j-L/Bimr#%G€3it. Air3 NED 6 5 691-- City, State, Zip RE: Statement of Use for an Accessory Building This letter is to confirm that I, /98£927- ,7£62-62, do hereby State that the building I am ereeting at 1527-/4.5 .R#- will upon completion be for my personal use only and will not contain or be used for any commercial business or commercial storage. Should the use change, I will contact the Christian County Planning and Zoning office prior to any such change. L«»2:94»2/ Name Subscribed/Ud sworn this/Z'*-_ day of4211 200 9(. I t k J ; 1 hereby state that ,£,UP#- 0&,4,4,ppeared before me and has sworn to the above stpismmkt-'* 4 1-2-12 3I fi0(1 - I Commission Expires 3?4123r/ 07621+Ld/14&%5£k/*O/OBLS -1 79 2 i 1 it - j : - 1 4.- i .1 i ----- J 1 Julia Maples From: Daniel Shepherd Sent: Wednesday, July 24, 2013 1:57 PM To: Assessor David Stokely CC: Julia Maples; Brenda Dicus Subject: RE: Appeals for Christian County MO Attachments: . DOC001.PDF; DOC001 (1).PDF; DOC001 (2).PDF; DanieIShepherd.vcf Please see the attached forms for my hearing tomorrow @ 11am. Per Mr. Stokely's email below, I will not be appearing in person and ask that you accept the attached forms/workups. Please email, fax, or mail me the Board's hearing results. Thanks, Daniel Shepherd E 1183 E Joyce Blvd., Suite 2 Fayetteville, AR 72703 (479) 527-8815 (479) 527-8813-fax This e-mail and any files transmitted with it are the property of Property Tax Services, Inc. and/or its related companies, are confidential, and are intended solely for the use of the individual or entity to whom this email is addressed. If you are not one ofthe named recipient(s) or otherwise have reason to believe that you have received this message in error, please notify the sender at 479-527-8815 and delete this message immediately from your computer. Any other use, retention, dissemination, forwarding, printing or copying ofthis email is strictly prohibited. On July 23, 2013 at 4:34 PM Assessor David Stokely wrote: Daniel, It is my intention to ask the Board of Equalization to uphold the assessors' valuation of the three parcels in your appeal to allow further appeal to the State Tax Commission and their guidance on subsidized housing properties as they did last week on a similar property. From our conversation earlier today I will assume you will not appear in person for this formality and do not strongly feel the need to present evidence directly. Please feel free to send any documents that you wish presented on your behalf and we will keep you on the agenda. 71 wrote: Daniel, I have given the County Commission a copy of your letter indicating your desire to appeal for Cedar Tree, Villas at Copper Leaf and Ozark Meadows. In the meantime I will have staff evaluate the information you provided to see if we can come to some accommodation on value. Davitf Stokefy, Assessor 100 W Church St, Rm 301 Ozark, MO 65721 417-582-4310 417-581-3029 Fax 2 BILLINGS FAMILY HOUSING, LP. CEDAR TREE APARTMENTS TABLE OF CONTENTS DECEMBER 31, 2012 AND 2011 Page INDEPENDENT ACCOUNTANTS' COMPILATION REPORT 1 FINANCIAL STATEMENTS BALANCE SHEETS 2 STATEMENTS OF INCOME 3 STATEMENTS OF CHANGES IN PARTNERS CAPITAL 4 , Coffman and Company, P.C. Your CPA INDEPENDENT ACCOUNTANTS'COMPILATION REPORT To the Partners Billings Family Housing, LP. Cedar Tree Apartments Clarkton, Missouri 63837 We have compiled the accompanying balance sheets of Billings Family Housing, L.P. (a limited partnership) DBA Cedar Tree Apartments as of December 31, 2012 and 2011, and the related statements of income and statements of changes in partners' capital for the years then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. ' Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. Management has elected to omit substantially al] of the disclosures and the statement of cash flows required by accounting principles generally accepted in the United States of America. If the, omitted disdosures and statement of cash flows were included in the financial statements, they might influence the user's condusions about the Partnership's financial position, results of operations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters. The accompanying financial statements do not include a provision or liability for federal income taxes because the partners are taxed individually on their share of partnership earnings. Comnan and Company, P.C. February 18,2013 Poplar Bluff, Missouri N.xr, N.West wood Blvd. 1 Popla muff, MO 03901 1 Offke. 673) 755··1441 : iGE: (573) /85,0,01 Ofkes located In Pcplaf BluH. MO. Sprmgliekl. 410 and Renton:nle. Afl www.coffinanandcompany.com USDA rm...; FORM APPROVED Fom RD 3560-10 MULTI-FAMILY Hot'SING OMB NO. 0573 - 0189 (02-03) BORROWER IMLANCE SHEET PART 1· BALANCE SHEET PROJECT NAME BORROWER NAME BORROWER W AND PROJECT NO. CEDAR TREE APARTMENTS BILLINGS FAMILY HOUSING. L.P. 43-1531103 CURRENT YEAR PRIOR YEAR COMIENTS BEGNN] DATES> 01/01/2012 olA!/Eli END[NCI DATESh 12/312012 12/31/2011 ASSEIS. CURRENT ASSETS 1. GENERAL OPERATING ACCOUNT ---------hs 3.094.65 S 6.055.85 2. RE TAX & INSURANCE ACCOUNT.. ........................ 4.413.20 3563.22 3. RESERVEACCOUNT 30,421.79 23.86002 4. SECURITY DEPOSIT ACCOUNT............................... 3 67936 4.%1 X flo 5. OTHER CASH #drn,469 6. OTHER ma,(6:1 7. ACCOUNTS RECEIVABLEN=4 104 1.91236 237000 ACCTS RCVBL 0-30 DAYS S 958.00 ACCTS RCVBL 30-60 DAYS S 240.00 ACCTS RCVBL 60-90 DAYS S ACCTS RCVBL OVER 90 DAYS S 714.36 8. LESS: ALLOWANCE FOR DOUBTFUL ACCOUNTS ..... 9. INVENTORIES 6¥:qwlie) 10. PREPAYMENTS 11. 11 TOTAL CURRENT ASSETS Ownhn, 1/J .,...,....,,........ 43,521.56 42.667.09 FIXED ASSETS 13. LAND . 14,070.00 14.070.00 14. BUILDINGS 308.801.67 308.801.67 15. LESS: ACCUMULATED DEPRECIATION ................. (260.6033 !1 (249374.161 16. FURNnURE & EQUIPMENT .... 81,095.32 79.975.00 17. LESS: ACCUMULATED DEPRECIATION .................... (62.685.301 (59.145.031 !s, 19. TOTAL FIXED ASSETS /12 13 ihm m ... ............. 80.67838 94327.48 OTHER ASSETS 20. 21. TOTAL ASSETS (Ul U. 19 und 20) S !24.199.94 $ 136.994.57 LIABILETIES AND OWNERS FOUTTY CURRENT LIABILITIES 22. ACCOUNTS PAYABLE frmach/no.........,...,.,..... S 97333 S 415.72 ACCTS PAYABLE 0-30 DAYS $ 973.33 ACCTS PAYABLE 30-60 DAYS S ACCTS PAYABLE 60-90 DAYS S ACCTS PAYABLE OVER 90 DAYS S 23. NOTES PAYABLE frimach 6,0 Mccrued /»nfee................ 4.927.67 5301.44 24. SECURITY DEPOSITS . 3.013.50 4.652.00 25. TOTAL CURRENT LIABILITIES /A,U 22 iAn, 2.9 - ........... 8.914.50 10369.[6 LONG-TERM LIABILITIES 26. NOTES PAYABLE RURAL DEVELOPMENT ................. 257.504.68 260,410.09 27. OTHER mkn,09 . 28. TOTAL LONG-TERM LIABILITIES/,wd,bum/271 ,.,.....,.. 257,504.68 260.41042 , 29. TOTALLIAntLI·nE/.4823,1#413* .,..............,.,..,. ...1 266,419.18 1 270,779.25 | 30. OWNER'S EQUITY (Net Wo,ht /1/ mma -91 ... .........1 41412 19.24) 1 (133,78468) 1 1 31. TOTAL LIABII.ITLES AND OWNERS EQUITY,ANf 29 amir Ju, 1 S 124.199.94 | $ 136,994.57 1 1 *coribm,t 1" 'h' Fap-rit Rad- L, 01 117;5. 4,rur,I i,e er.I,ma - a.4»w. vg u*.ri,•»•• 6.u i, ,6,pai ,: t.£J t»43 - 1/1,3012 1/1/2012 Imaot 3 ENDING DATES> 12'3120]12 12,31/2012 /2GICDI3 OPERATIONAL CASH SOURCES 1. RENTAL INCOME..... ....................................... 1 1324.20 2. RHS RENTAL ASSISTANCE RECEIVED.. ................... 49386.00 3. APPLICAnON FEES RECEIVED ............................. 4. LAUNDRY AND VENDING 301 0.1 5. INTEREST INCOME 72.70 6. IENANTCHARGES....... ................................... 1.toi {10 7. OTHER - PROJECT SOURCES ............................... 50006 8. 1.ESS (yorwxy on! ('uncmgen,>· AlI<,•·ance .................. 9. LESS (Agency Apprmrd Apt* Allo,vance) .. 10. SUB-TOTAL/(/ ihr. D -8&91/ . .......................... 62.885.00 NON-OPERATIONAL CASH SOURCES 1 1. CASH - NON PROJECr 12. AUTHORIZED LOAN (Noo·RHS).. ......................... 13. TRANSFER FROM RESERVE. .............................. 14. SUB-TOTAL (11 16™ m . TOTAL CASH SOURCES #/0 · 14 .............,......,..,,. . 62.885.00 - 1 OPERATIONAL CASH USES 16. TOTALOUM EXPENSESAm,P,1,4 .....,.. ............, 49.163.15 17. RHS DEBT PAYMENT 7.40424 18. RHS PAYMENT,rhemp) 19. Rim PAYMENT U= 1,4 20. REDUCTION N PRIOR YEAR PAYABLES .................. 21. le,LANT UmLITY PAYMENTS ............................. 2.1.15.00 22. TRANSFER TO RESERVF 4.561.77 23. RETURNTD OWNER/NP ASSETMANAGEMENT FEES. 1 222.00 24. SUB-TOTAL (16 th 23,1 61.496. 16 NON-OPERATIONAL CASH USES 25. AUT'HORIZED DEBT PAYMEE (Noo-RMS)................ 26 ANNIJAL CAPITAL BUDGET #+h,=Pan m. t.ine, 4-49 ..... 27. MECELLUEOUS 500.06 28. SUB-TOTAL £23 mm 27) 500.06 29. TOTAL CASH USES 04 · 20.. ............................ - 1 64.996221 - 1 30. NET CASH (DEFICm (13· 29, .............................. . 1 (2.111.221 - 1 CASIi BALANCE 31. BmINNCASH BALANCE.,...............,............. 9,61907 32. ACCRUAL TO CASH ADJUSTMENT... ..................... - 33. ENDING CASH BAIANCE 00 , 3/ · 32; . - 7307.85 26¢-ing . B. rop"-d Ra&*i- A, 94 IN'. .rhrD-gy -0 - -M - Im- -1 c,%™= 0 - r*™J ..0-4,•4<-, aff-- IM ' *44 •041(hUS r-und 4-r Jh, 4//4*3 c-/4/-/4, #0• 4%,i .-1 .,44,*a¥ u QJIM// Dr c- Mpmg » 0-//. tw.r>/4/4. .wkr./1 8-d w ....r.r, 2; 24-4„ ir,p-/. *WN-.-d# rn--7 l//11.- 1-:Al„18-1&4/al„ „*„,„£ /jll//,Av,&*0 -/d /dra.0,-* 0..f l...., * £,0#,rn. i,•Rum PART 11 - OPERATING AND MAINTENANCE EXPENSE SCHED1!LE iNAUIXTED LNAUIXTED CURRENT PROPOSED camENTs BUIXIFT ACTUAL BUDGET or (YTD) 1. MAINTENANCE AND REPAIRS PAYROLL........... 679.40 2. MAINTENANCE AND REPAIRS SUPPLY....... 336i27 3. MAINTENANCE AND REPAIRS CONTRACT......... 10,469.40 4 PAINTING 276.82 5. SNOW REMOVAL 16.00 6. ELEVATOR MAINTENANCE CONTRACT............ . 7. GROUNDS 2 259.51 8. SERVICES ..... 760.00 9. ANNUAL CAMTAL BUDGEr #·hom Pan F - op,num,u 2.34638 10. OTHER OPERATING EXPENSES me=,..... ......... 11. SUB-TOTAL MAINT & OPERATING N 'h,tr le ....... - 20172.78 . ELECTRICITY--- 1#;amcr me#nd .... 3.84633 . WATER check box un. 1.10733 .SEWER 2.246.90 . PUEL«)11(·t.,Icia:) . . GARBAGE AND TRASH REMOVAL.... 817.08 . OTHER UnlmES . SUB-TarAL UTILITIES (,2 #u= 17, ...... 8.017.64 19. SITE MANAGEMENT PAYROLL....................... 3.000.00 20. MANAGEMENT FEE 6363.00 21. PROJECT AUDITING EXPENSE....................... 1397.50 22. PROJECr BOOKKEEPING/ACCOUNTING.......... 23. LEGAL EXPENSES 700.00 24. ADVERTISING 64.88 25. TELEPHONE & ANSWERING SERVICE...... 504.12 26. OFFICE SUPPLIES 1200.96 27. OFFICE FURNITURE AND EQUIPMENT............. 28. TRAINING EXPENSE ..................................... 686.29 29.MFALTH INS & OTHIER EMP BENEFITS ............ 30. PAYROLL TAXES 420.15 31. WORKERS· COMPENSATION.......................... 164.88 32. OTHER ADMINETRATIVE. EXPENSEmi·neze 33. SUB-TOTAL ADMINISTRATIVE //9 ihm M .......... 14.501.78 . REAL ESTATE TAXES.. 3,763.95 . SPECIAL ASSESSMENTS.............................. . OTHER TAXES, LICENSES AND PERMITS.......... 10.00 . PROPERTY AND LIABII.ITY INSURANCE........... 2.697.00 . FIDELITY COVERAGE INSURANCE.................. OTHER INSURANCE . SUB-TOTAL TAXES d INSURANCE /34 ihm 399 ... 6,470.95 , TOTAL. OaM EXPENSES CH · m 33 ·44 ··········1 . 1 49,16115 | Fom RD 3560-7 Pas: 2 PART HI -ACCOUNT BUDGETING / STATUS UNAUDITED UNAUDrrED CURRENT PROIJSED COM!.tl.IS BUDGEr ACTUAL BUDGET 0 (YID] RESERVE ACCOLINT: 1. BEGINNING BALANCE .. 25.860.02 2. TRANSFER TO RESERVE 4.561.77 TRANSPER FROM RESERVE.. .......................... 1 2 ---52 3. OPERATING DEFICIT 4. ANNUAL CAPITAL BUDGET /v.vi t·.awn,) ....... 5. BU[LDING AND EQUIPMENr REPAIR............. 6. OrHER NON·OPERATING EXPENSES .............. 1 7. TOTAL U ihn, G 8. ENDING BALANCE /// · e - U .......................... - 30.421.79 GENERAL OPERATING ACCOUNT: * BEGINNING BALANCE 6.055.85 ENDING BALANCE 3.094.65 REAL ESTATE TAX AND INSURANCE ACCOUNT: I BEGINNING BALANCE . 3.563.22 ENDING BALANCE 4.413.20 TENANT SECURITY DEPOSrr ACCOUNT: I BEGINNING BALANCE.... .................... 4.818.00 ENDING BALANCE 3.679.56 r l'imped kpon mbmbimn Of =al trvenci, NUMBER OF AM'UCANTS ON THE WAmNG LIST RESERVE ACCT REQ. BALANCE . NUMBER OF APM.rANTS NEEDING RA . AMOUNT AHEAD/BEHIND Form RID 3560-7 Page 3 BILUNGS FAMILY HOUSING, LP. CEDAR TREE APARTMENTS BALANCE SHEETS DECEMBER 31, 2012 AND 2011 ASSETS 2012 2011 CURRENT ASSETS CASH $ 7,507.85 $ 9,619.07 ACCOUNTS RECEIVABLE - TENANTS 1.912.36 2.370.00 TOTAL CURRENT ASSETS 9,420.21 11,989.07 RESTRICTED ASSETS CASH IN SECURITY DEPOSrrS ACCOUNT 3,679.56 4,818.00 CASH IN RESERVE ACCOUNT 30,421.79 25.860.02 TOTAL RESTRICTED ASSETS 34,101.35 30,678.02 1 PROPERTY AND EQUIPMENT LAND 14,070.00 14,070.00 BUILDINGS 308,801.67 308,801.67 EQUIPMENT 81,095.32 79,975.00 ACCUMULATED DEPRECIATION (323.288.61) (308,519.19) TOTAL PROPERTY AND EQUIPMENT 80,678.38 94.327.48 TOTAL ASSETS $ 124.199.94 $ 136.994.57 LIABILITIES AND PARTNERS' CAPITAL CURRENT LIABILITIES ACCOUNTS PAYABLE $ 973.33 3 415.72 ACCRUED MANAGEMENT FEES 1,637.50 2,240.50 ACCRUED INTEREST 384.73 404.65 CRRENT MATURITES OF LTD 2,905.44 2.656.29 TOTAL CURRENT UABILITIES 5,901.00 5.717.16 TENANT SECURMY DEPOSITS 3.013.50 4,652.00 LONG-TERM LIABILITIES MORTGAGE PAYABLE - NET OF CURRENT PORTION 257.504.68 260,410.09 TOTAL LONG-TERM LIABILITIES 257,504.68 260,410.09 PARTNERS' CAPrrAL (142,21924) (133,784.68) TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 124,199.94 $ 136,994.57 See Independent Accountants' Compilation Report 2 BILLINGS FAMILY HOUSING, LP. CEDAR TREE APARTMENTS STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011 2012 2011 OPERATING REVENUES RENTAL INCOME APARTMENT RENTS $ 12,516.56 $ 13,526.00 BAD DEBT (1,650.00) - TENANT UTILITY ALLOWANCE (2,145.00) (1,892.00) TENANT ASSISTANCE PAYMENTS 49,586.00 50.820.00 TOTAL RENTAL INCOME 58,307.56 62.454.00 OTHER OPERATING INCOME LAUNDRY INCOME 301.04 572.91 INTEREST INCOME 72.70 68.62 TENANT CHARGES 1,101.00 - FORFEn-ED DEPOSITS 500.06 - TOTAL. OTHER OPERATING INCOME 1,974.80 641.53 TOTAL OPERATING REVENUES 60,282.36 63,095.53 EXPENSES OPERATING & MAINTENANCE 19,086.99 17,710.33 UTILITIES 8,681.12 7,776.42 ADMINISTRATIVE 13,758.38 11,305.35 TAXES & INSURANCE §.AZQ95 6.712.83 INTEREST ON MORTGAGE PAYABLE 61·,720DB-, G357.59© TOTAL EXPENSES 52,725.50 48.469.52 INCOME (LOSS) FROM OPERATIONS 7,556.86 14,626.01 NON-OPERATING (INCOME} & EXPENSE INTEREST SUBSIDY INCOME (18,820.20) (18,820.20) INTEREST SUBSIDY EXPENSE 18,820.20 18,820.20 DEPRECIATION 14,769.42 15,369.99 TOTAL NON-OPERATING (INCOME) & EXPENSE 14,769.42 15,369.99 NET INCOME (LOSS) , $ (7,212.56), $ (743.98), See Independent Accountants' Compilation Report 3 BILLINGS FAMILY HOUSING, LP. CEDAR TREE APARTMENTS STATEMENTS OF CHANGES IN PARTNERS' CAPITAL FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011 2012 2011 BALANCE, BEGINNING OF YEAR S (133,784.68) $ (133,040.70) NET INCOME (LOSS) (7,212.56) (743.98) WITHDRAWAL OF CAPITAL (1,222.00) . BALANCE, END OF YEAR S (142.219.24) $ (133,784.68) See Independent Accountants' Compilation Report 4 BILLINGS FAMILY HOUSING, LP. CEDAR TREE APARTAIENTS Supporting Documentation to RD Forms 3560-10 and 3560-7 12/31/2012 1 Other Cash (3560-10, Line 5) 2 Other (3560-10, Line 6) 3 Accounts Receivable (3560-10, Line 7) Accounts Receivable - Tenants S 1.912.36 $ 1.912.36 4 Accounts Payable (3560.-10, Une 22) Openting and Maintenance $ 214.53 Utilities 731.57 Adminiswative 27.23 $ 973.33, 5 Notes Payable (3560-10, Line 23) Accrued Management Fees $ 1.637.50 Accrued Mortgage Interest 384.73 Current Portion of RD Debt 2.905.44 $ 4.927.67, 6 Other (3560-10, Line 27) Supporting documentation for Form RD 3560-7 can be found on Part Vt or that form under the comment section. USDA FORM APPROVED Form RD 3560-10 MULTI-FAMILY HOllSING OMB NO. 0575 - 0189 (02-05) BORROWER BALANCE St]EET PARTI· BALANCE SHEET PROJECT NAME BORROWER NAME BORROWER ID AND PROJECT NO. CEDAR TREE APARTMENTS BILLINGS FAMILY HOUSING, L.P 43-153!108 CURRENT YEAR PRIOR YEAR COMMENTS SEC[NNIM} DATES·- 01/01/2011 01/010010 ENDING DATES, 12/31/201 1 12/31/2010 ASSET:i CURRENT ASSETS 1. GENERAL OPERATING ACCOUNT............................ $ 6.055.85 $ 1.888.54 2. RE TAX & INSURANCE ACCOUNT.. ........................ 3.563.22 1786.44 3. RESERVE ACCOUNT 25.860.02 21,GIl.33 4. SECURITY DEPOSH ACCOUNT .............................. 4.818.00 3.259.00 5. OTHER CASH (Ide.:0) - . 6. OTHER /M.40 - |·811.00 7. ACCOLINTS RECEIVABLE CAN,0 hs) ... ...................... 2370.00 ACCTS RCVBL 0-30 DAYS S 887.00 , 4- 1 ACCTS RCVBL 30-60 DAYS S 900.00 t ACCTS RCVBL 60-90 DAYS $ 583.00 A{ITS RCVBL OVER 90 DAYS S 8 LESS: ALLOWANCE FOR DOUBTFUL ACCOUNTS.,... 0. INVENTORIES Rtie,) M, PREPAYMENTS . 12.'TMAL CURRENT ASSETS *All / 0,= 1 0 .................... 42,667.09 30.7863 1 FIXED ASSETS 13. LAND I4.070.00 14.070.00 14. BUILDINGS 308.801.67 308,801.67 15. LESS: ACCUMULATED DEPRECIATION ................. (249374.16) (238,145.01) 16. FURNITURE & EQUIPMENT ............ 79975.00 76,833.12 17. LESS: ACCUMULATED DEPRECIATION ..................... (59.145.039 (55.004.19) 19. TOTAL FIXED ASSETS (Add U thru 120 ... 94327.48 106,555.59 OTHER ASSETS 21. TOTAL ASSETS f.-1.2 72. 19 Qnd 20 .. •... ......./. I'. ...... Ill ./ S 136.994.57 $ 137341.90 1.,ABILITIES AND OWNERS FOI;ITY CURRENT LIABILITIES 22. ACCOUNTS PAYABLE*mack hm ..................... S 415.72 S 488.74 ACCTS PAYABLE 0-30 DAYS S 265.72 ACCrS PAYABLE 30·60 DAYS S ACCTS PAYABLE 60-90 DAYS S A(ITS PAYABLE OVER 90 DAYS S 150.00 23. NOTES PAYABLE /4/la,·h /1.4 1.4,·,·mwd /*en,r.v ............... 530144 4,000.49 24. SECURrrY DEPOSrrS 4.652.00 2,837.00 25. TOTAL CURRENT LIABILITIES udd 22 m= 24 ............ 10 369.16 7.31623 LONG-TERM LIABILITIES 26. NOTES PAYABLE RURAL DEVELOPMENT ...... 260.410.09 263,06637 27. OTHER (Mou00 - 260.410.09 263.066.37 28 TOTAL LONG-TERM LIABILITIES 4.4,41 26 end 37, .......... 29. TOTAL LIABILmES fAdd.23..d 24 270,779.25 1 270.382.60 | 30. OWNER'S EQUITY {Net Wonh) /2/ mmu, 29; .............1 (133.784.68) 1 (133,040.7011 31. TOTAL LIABILmES AND OWNERS EQUITY /.4,UVum, 3,41 S 136.994.57 1 $ 137,341.90 1 1* . & r, er-, itenun * 4 1-5 - per-* - 4.r,d hia Ac.ti. nt v,6.-.m- .,in. u,hpidw AN,w i,Ma rium, ..aur 1* di tkin .=.1.2 ...#wi prihil p,A...di,r.1 tu lkitnt i. u)13-118*. 14 i,-e r™«ind /.,-pk,e th,1 inpl==An „41,0- a re-NJ / -rat, 3 6]»i l•, rr,r•»ti. -k.Al.11 $4 "- F. MIC-,t. .MA- 4%*FIR N,I.K •10 -M•. 70.r'"K ..4..IMB.K ,¥ 4- 441. 6-1 I•-f,t'mt '•J r•'•,c•m£ 4 .cUI.n.•u 4 *+riv,- Warning: Section 1001 of Title 18. Unitd Smics Code fuldes: Whoever. in :my mamer within the junsdic,ion orarly depmtment or ag=y of the United St=cs know,ngh· and *illfilily fusifies. conceals of coiris up by mty vick. *heme. ordevic¢ a m=cris] AL or rakes imy faIse, flcu»is or fmalutent - 0/ repiee:*atirns. or mal:es or uses e {bise writing ordocumcm knowing th, sanz to co, 1/1201 1 1/1/2011 1/:t20 t2 El•DNG DATES> .2/31/3011 12/312011 1200012 OPERATIONAL CASH SOURCES L RENTAL IMJOME.......................................... It.156.00 2, RHS RENTAL ASSISTANCEE RECEIVED ..................... 50.820.00 , 3. APPLICATION FEES RECEIVED... .......................... 4. LAUNDRY AND VENDING 572.91 5. INTEREST INCOME ........................................ 6162 6. IENANT Cl{ARGES 7. OTHER - PROJECT SOURCES .............. ................. 2077.00 2. UESS Mic,:cy wil Conlingeney All*=c)..............···· 9. LESS (Agen,y Approlrd Imrn#, A#,nwan,7 ................. 10. SUB-TOTAL /61 /hm 7) -{1{49)J ............................ 64.694.53. - NON-OPERATIONAL CASH SOURCES 1 I. CASH - NON PROJECT -1 1 12. AUTHORIZED [DAN Olen-RNS)... .. 13. TRANSFER FROM RESERVE ............................... 14. SUB-TOTAL m *m m IS. TOTAL CASH SOURCES 00 · /4 - 1 64.694.53 1 - 1 OPERATIONAL CASH t.'SES 16. TOTAL 03:M EXPENSES /7,·mw roM m 45.635.51 17. RHS DEBT PAYMENT 7.404.24 IS. RHS PAYMENT ((>viragr; - 19. RHS PAYMENT //A /7,1, . . 20. RF.DUCTION IN PRIOR YEAR PAYABLES... - 21. TENANT UTILITY PAYMENTS .............................. 1.892.00 22. TRANSFER TO RESERVE . 4,818.69 23. RETURN TDOWNER,NPASSEr MANAGEMENT FEE..... 24. SUB-TOTAL int ihm 237 - 59,750.44 NON-OPERATIONAL CASH t:SES 25. AUTHORIZED DEBT PAYMENT INon-RHS! ................ - 26. ANNUAL CAPITAL BUDGET#··mi Pan UL Lmet +49 ..... 27. MISCELLANEOUS ....... - 28. SUB-rOTAL <23 1/in; 27, 19. TOTAL CASH USES 24 · 3.9 ············. ...............1 - 1 59.750.441 - 1 30. NET CASH {DEFICm//3 -JOI .............................., - 1 4.944.09 - | CASH BALANCE 31. BEGINNING CASH BALANCE........ .... 4.674.98 32. ACCRUAL TO CASH ADJUS™ENT ........................ - 33 ENDING CASH BALANCE (10 · 3/ • O, .,,,..,.....,..,.. - 9.619.07 4«w'•4 m il. p,*e,.,0,t Rr,bna, Ar: 14 1993. ,•• 249 1•, -1 i-••, i·r 1•• -· .14 •F•ru•• 4 - r-re.1 B #Fr«0 W a MIkd- uf 1*--: w•kn 4 NP o v.l»I CAB -d -4 11. M.,d t»a it-ant -Aff jiw ali •0-=I „•NAu- n 0$1·01*, 16 1.»w mp•,•d •• -Fl•Ir I•• 4-w ir'60- I ,-6,•d / MM, I••A M .•1*»w. *w<- ™•• 6• m-48•,num•,$· 40•••ZI•104$.*- *94-0-4 -4.hl,t- -440*0-- f-4 4-w PART 13 -OPERATING AND MAINTENANCE EXPENSE SCHEDULE 1NAUDITED UNAUIXTED CURRENT PROPOSED COMMENTS BUXET ACIUAL BUDGEr or{YTD} 1. MAINTENANCE AND REPAIRS PAYROLL ........... 2. MAtNTENANCE AND REPAIRS SUPPLY............. 6.434.91 3. MAINTENANCE AND REPAIRS CO>GRACT........ 5.128.69 4. PAINTING 149.84 i SNOWREMOVAL 451.00 6, ELEVATOR MAINTENANCE CONTRACT... 7. GROUNDS ............ 2.405.58 8. SERVICES ..... 800.00 9 ANNUAL CAPYTA,1. BUDGEr 11:- Porr V . opeum,x} 5.790.93 10. OTHER OPERATING EXPENSES (hemize ...... ...... - It. SUB-TOTAL MAINT & OPERATING N /hm /04...... - 21.160.95 121 ELECTRICITY-- gmas- mefend. 321058 13. WATER cher·Aharm..... 1.349.53 14. SEWER 1 7/./............. 2351.83 15. FUEL /0,·lt·,c/(A:10 16. GARBAGE AND TRASH REMOVAL.. 796.39 17. OTHER UTILITIES....................... IS. SUB-TGAL UTILITIES nlihm m .... 7.708.33 .SNE MANAGEMENT PAYROLL...................... 3.155.00 MANAGEMENT FEE 2296,18 . PROJECT AUDHING EXPENSE...............,,...... 1.83250 . PROJECT BOOKKEEPING/ACCOUNnNG....,...... LEGAL EXPENSES 200.00 . ADVERTISING 516,28 .TELEPHONE & ANSWERNG SERVICE......,.,.... 461.09 . OFFICE SUPPLIES 866.55 . OFFICE FURNAURE AND EQUIPMENT ............. 171.00 . TRAINING} EXPENSE . HEALTH INS. & OTHER EMP. BENEFITS ........... . PAYROLL TAXES 377.28 . WORKERS COMPENSATION ........................ 170.52 . OTHER ADMINISTRATIVE EXPENSE Nis@28&0£E U =€& 2=622 C 2 0 HZ 5 2 e J PROPERTY ASSESSMENT APPEAL FORM CHRISTIAN COUNTY BOARD OF EQUALIZATION TAXPAYER INFORMATION a.u. r Taxpayer's Name: I/. [(.15 T-,7, LAM,49, L, Taxpayer's Mailing address: /786 0'- 51- k.4,+ AW.5 010 61%19F (Street or Box lumber. City, State and Zip Code) PROPERTY INFORMATION Parcel Number ofthe Property: 0 -0.2. -to -vel -03,1 409, 60 2- Address of Pronertv (if different than Mailing Address): (Street or Box) 2.0 2 5. 6,fw' (City, State, and Zip Code) 8,71.Af S 0 42 What is the Current Classification of the Property? Agricultural Commercial v•Residential Mixed Use What is the Market Value set by the Assessor? 115,0* What is the Taxpayer's Proposed Market Value? 3 40, 0 70 REASON FOR APPEAL Please check the reason you believe the assessment is incorrect. Check all that app/y· 4 Valuation (The value placed on the property by the assessor is incorrect) -piscrimination (The property is assessed al a ratio greater than the average for the county) _3,Usgraded Agricultural Land (The property is not in the correct agricultural productivity grade) _Misclassification-The proper classification of this property should be: Residential Commercial Agricultural Charitable Purposes Exemption- The property should be exempt because it is being used for: Religious Purposes Educational Purposes Charitable Purposes _Other Basis for Appeal (explain): Taxpayer's Signature:0044+0 Date: 9·(&4 (13 You may attach any documentation you desire the Board to consider 2013 CHRISTIAN COUNTY PROPERTY REPORT 07/26/2013 DAVID STOKELY - ASSESSOR PARCEL NUMBER OWNER: LAND APPRAISAL 08-0.2-10-002-029-003.001 BILLINGS FAMILY HOUSING L P RES: 12,600 9.COA C/0: AGR: 0 COM: 0 SCH ED CTY FR J.Q TYPE ADDRESS: MAG: 0 R4 BS BL FIR NONE C/O MACO MANAGEMENT CO INC IMPR APPRAISAL 1488 8TH ST RES: 324,400 WEST PLAINS, MO 65775-0000 AGR: 0 PHYSICAL ADDRESS: PARENT PARCEL: COM: 0 119 CEDAR BILLINGS TOTAL APPRAISAL gal . 337,993 SR: 0 SUBDIVISION ACRES COM: 0 4100 BILLINGS, CITY OF (IN) 0.10 VAC: 0 LOT: LOT SIZE ASSESSMENT 147 X 300 RES: 64,030 BLOCK: 82: 0 COM: 0 PROPERTY DESCRIPTION: SEC: TWP: ENG: VAC: 0 BEG 130' S INTERSEC HAMILTON & 10 27 24 ,/TOTAL: 64,030 N CEDAR ST THE E 300' S 147 W 300' N TO POB .--/ DEED BK/PG: DATE ACQUIRED: 0238-000116 1987-11-01 STRUCTURE INFORMATION HUNNICUTT APPRAISAL INFORMATION Structure: 1 Type: APT Yr Built: 1988 Basearea: 2,900 AdJArea: 2,932 Class: D Structure: 2 Type: APT Yr Built: 1988 Basearea: 2,900 Adj Area: 2,932 Class: D Structure: 3 Type: APT Yr Built: 1988 Basearea: 2,900 Adj Area: 2,932 Class: D APPRAISED AND ASSESSED VALUES ARE SUBJECT TO CHANGE UNTIL THE BOOKS ARE CLOSED OUT EACH YEAR. THE ASSESSOR'S OFFICE IS FOR TAX PURPOSES ONLY AND NOT LEGAL. CHRISTIAN COUNTY BOARD OF EQUALIZATION AGENT AUTHORIZATION FORM Authorization is hereby given for ft°fer,1 -fir *A'res; I.c. + to act on the owner(s) behalf as agent m the appeal ofthe assessment ofthe property or properties listed below, located in Christian County and owned by the undersigned. The agent is given full authority to handle all matters relative to the appeal of the assessment fbr the tax year and zo represent the undersigned, with the assistance of legal counsel, if necessary, before the Board of Equalization. Owner's Name: 6:11379 f:M·'11 14#541 J Le d; fFIae Owner's Mailing Address: 1986 8'*9- uett ¢Wag' 810 617+S Owner's Telephone Number: (600 206 - /433 Calar *u- 14pa,6*w-0 Property Parcel Numberis) OR Property Address Personal Property Account Number(s) (Street Address, City) 8-0.2-10-002-029-009.002 202 S. Cedar, Billings (Additional Propertie-w·-2 0 25 a 26 0 23 W ki 01!EE0102%0162. C C ae a. 6 6.0818. 9 0 .w. z ,. 8 e e 11 0 2 1 5 8 2 @ w I . 8 5 hz g. 3 3 BILLINGS FAMILY HOUSING, LP. CEDAR TREE APARTMENTS TABLE OF CONTENTS DECEMBER 31, 2012 AND 2011 Page INDEPENDENT ACCOUNTANTS' COMPILATION REPORT 1 FINANCIAL STATEMENTS BALANCE SHEETS 2 STATEMENTS OF INCOME 3 STATEMENTS OF CHANGES IN PARTNERS' CAPITAL 4 9 Coffman and Company, RC. j Your CPA INDEPENDENT ACCOUNTANTS' COMPILATION REPORT To the Partners Billings Family Housing, L.P. Cedar Tree Apartments Clarkton, Missouri 63837 We have compiled the accompanying balance sheets of Billings Family Housing, L.P. (a limited partnership) DBA Cedar Tree Apartments as of December 31, 2012 and 2011, and the related statements of income and statements of changes in partners' capital for the years then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is· to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the finandal statements. Management has elected to omit substantially all of the disclosures and the statement of cash flows required by accounting principles generally accepted in the United States of America. If the omitted disdosures and statement of cash flows were included in the financial statements, they might influence the user's condusions about the Partnership's financial position, results of operations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters. The accompanying financial statements do not include a provision or liability for federal income taxes because the partners are taxed individually on their share of partnership earnings. Comnan and Company, P.C. February 18, 2013 Poplar Bluff, Missouri 2005 N. Viestwood Blvd. 1 Poplar Bluff, MO63901 1 Off,ce: (573) 785-4441 I Fax: (573)785·0701 Offices located in Poplar Bluff. MO.Springfield. MO and Bentonville, AR www.coHmanandcompany.com 4 BILLINGS FAMILY HOUSING, LP. CEDAR TREE APARTMENTS BALANCE SHEETS DECEMBER 31, 2012 AND 2011 ASSETS 2012 2011 CURRENT ASSETS CASH $ 7,507.85 $ 9,619.07 ACCOUNTS RECEIVABLE - TENANTS 1,912.36 2,370.00 TOTAL CURRENT ASSETS 9,420.21 11,989.07 RESTRICTED ASSETS CASH IN SECURITY DEPOSITS ACCOUNT 3,679.56 4,818.00 CASH IN RESERVE ACCOUNT 30,421.79 25,860.02 TOTAL RESTRICTED ASSETS 34,101.35 30,678.02 PROPERTY AND EQUIPMENT LAND 14,070.00 14,070.00 BUILDINGS 308,801.67 308,801.67 EQUIPMENT 81,095.32 79,975.00 ACCUMULATED DEPRECIATION (323,288.61) (308,519.19) TOTAL PROPERTY AND EQUIPMENT 80,678.38 94,327.48 TOTAL ASSETS $ 124,199.94 $ 136,994.57 UABIUTIES AND PARTNERS' CAPITAL CURRENT UABILITIES ACCOUNTS PAYABLE $ 973.33 $ 415.72 ACCRUED MANAGEMENT FEES 1,637.50 2,240.50 ACCRUED INTEREST 384.73 404.65 CRRENT MATURITES OF LTD 2,905.44 2,656.29 TOTAL CURRENT LIABILITIES 5,901.00 5,717.16 TENANT SECURITY DEPOSrrS 3,013.50 4,652.00 LONG-TERM LIABILmES MORTGAGE PAYABLE - NET OF CURRENT PORTION 257,504.68 260,410.09 TOTAL LONG-TERM LIABILITIES 257,504.68 260,410.09 PARTNERS' CAPHAL (142,219.24) , (133,784.68) TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 124,199.94 $ 136,994.57 See Independent Accountants' Compilation Report 2 BILLINGS FAMILY HOUSING, LP. CEDAR TREE APARTMENTS STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011 2012 2011 OPERATING REVENUES RENTAL INCOME APARTMENT RENTS $ 12,516.56 $ 13,526.00 BAD DEBT (1,650.00) TENANT UTILITY ALLOWANCE (2,145.00) (1,892.00) TENANT ASSISTANCE PAYMENTS 49,586.00 50,820.00 TOTAL RENTAL INCOME 58,307.56 62,454.00 OTHER OPERATING INCOME LAUNDRY INCOME 301.04 572.91 INTEREST INCOME 72.70 68.62 TENANT CHARGES 1,101.00 - FORFEITED DEPOSITS 500.06 - TOTAL OTHER OPERATING INCOME 1,974.80 641.53 TOTAL OPERATING REVENUES 60,282.36 63,095.53 EXPENSES OPERATING & MAINTENANCE 19,086.99 17,710.33 UTILITIES 8,681.12 7,776.42 ADMINISTRATIVE 13,758.38 11,305.35 TAXES & INSURANCE 6-£170.95 INTEREST ON MORTGAGE PAYABLE 4,72Fhl (4,957.50 :111; TOTAL EXPENSES 52,725.50 48,469.52 INCOME (LOSS) FROM OPERATIONS 7,556.86 14,626.01 NON-OPERATING (INCOME) & EXPENSE INTEREST SUBSIDY INCOME (18,820.20) (18,820.20) INTEREST SUBSIDY EXPENSE 18,820.20 18,820.20 DEPRECIATION 14,769.42 15,369.99 TOTAL NON-OPERATING (INCOME) & EXPENSE 14.769.42 15,369.99 NET INCOME (LOSS) $ 9,212.56) $ (743.98) 1 1 See Independent Accountants' Compilation Report 3 BILLINGS FAMILY HOUSING, LA CEDAR TREE APARTMENTS STATEMENTS OF CHANGES IN PARTNERS' CAPITAL FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011 2012 2011 BALANCE, BEGINNING OF YEAR $ (133,784.68) $ (133,040.70) NET INCOME (LOSS) (7,212.56) (743.98) WITHDRAWAL OF CAPITAL (1,222.00) BALANCE, END OF YEAR $ (142,219.24) , $ (133,784.68) See Independent Accountants' Compilation Report 4 USDA Pos'™.1 3 FORM APPROVED Form RD 3360-10 MULTI-FAMILY [IOUSING OMB NO. 0575 - 0189 (02-05) BORROWER BAIANCE S!!EET PART 1 - BALANCE SHEET PROJECT NAME BORROWER NAME BORROWER ID AND PROJECT NO. CEDAR TREE APAR™ENTS BILLINGS FAMILY HOUSING, L.P. 43-1531108 CURRENT YEAR PRIOR YEAR COMMINTS BEGINNNG DATED 01/01/2012 01/01/2011 ENDING DAIES> 12/31/2012 12/31/2011 ASS£11 CURRENT ASSETS t. GENERAL OPERATING ACCOUNT ............................ $ 3,094.65 S 6,055.85 2. R.E. TAX & INSURANCE ACCOUNT ... ....................... 4,413.20 3,563.22 3. RESERVE ACCOUNT 30.421.79 25.860.02 4. SECURrrY DEPOSrr ACCOUNT 3,679.56 4,818.00 5, OTHER CASH Ud,089 - 6, OTHER (Men€601 - - 7. ACCOUNTS RECEIVABLEAmach//st) .......................... 1.912.36 2.370.00 ACCrS RCVBL 0-30 DAYS $ 958.00 ·*'*t8212#S ACCrS RCVBL 30-60 DAYS $ 2410.00 **4415¥5 3 aRM ACCTS RCVBL 60-90 DAYS $ 222>40*·-1*.44 A{ITS RCVBL OVER 90 DAYS S 8. LESS: ALLOWANCE FOR DOUBTFUL ACCOUNTS..... 9, INVENTORIES (Supplies) 10. PREPAYMENTS . . 11. 12. TOTAL CURRENT ASSETS *18 1 thni /0 .................... 43.521.56 42,667.09 FIXED ASSETS t3. LAND 14,070.00 14.070.00 14. BUILDINGS 308.801.67 308,801.67 15. LESS: ACCUMULATED DEPRECIATION ................. (260.603.31) (249.374.161 16. FURNITURE & EQUIPMENT 81,095.32 79,975.00 17. LESS: ACCUMULATED DEPRECIATION ..................... (62,685.30) (59.145.03) 18. 19. TOTAL FIXED ASSETS 64,41/3 ihn, n) ........................ 80.678.38 94,327.48 OTIIER ASSETS 20, . . 21. TOTAL ASSETS 61,6/ /2, 19und 20) .............................. S 124,199.94 $ 136.994.57 1.,ARIMTIES AND OWNERS Fol!!TY CURRENT LIABILITIES 22. ACCOUNTS PAYABLE (Airach £4 ..................... $ 973.33 $ 415.72 ACCTS PAYABLE 0-30 DAYS S 973.33 4/11*EAK*¥ ACCTS PAYABLE 30-60 DAYS $ - 3,64,W?2% ACCTS PAYABLE 60-90 DAYS S ACCrS PAYABLE OVER 90 DAYS S - -+.-90.1..'....,_fl 23. NOTES PAYABLE (Ai,ach liss> (Acc.wed apemes) 4.927.67 5.301.44 24. SECURITY DEPOSITS 3.013.50 4,652.00 25. TOTAL CURRENT LIABILITIES Aild 22 ihn, 24) .............. 8.914.50 10.369.16 LONG-TERM LIABILITIES 26. NOTES PAYABLE RURAL DEVELOPMENT................ 257,504.68 260.410.09 27. OTHER #84) - 28. TOTAL LONG-TERM LIABILITIES 01.226 and .77) .......... 257,504.68 260.410.09 29. TOTAL LIABILITIESCAK] DATES> 1/t/2012 1/1/2012 1/1/2013 lENDiNG DATES> 12/31/2012 1281/2012 12'312013 OPERATIONAL CASH SOURCES 1. RENTAL INCOME 11.324.20 2. RHS RENTAL ASSISTANCE RECEIVED..................... <,24£3*11¥:9fW 49.586.00 3, APPLICAnON FEES RECEIVED ............................. *=14/41+14' 4. LAUNDRY AND VENDING 301.04 5. INTEREST INCOME 72.70 6. TENAT CHARGES 1.101.00 7. OTHER - PROJECT SOURCES 500.06 8, LESS /91#9 and Con:ingency Al/,rA'ance) .................. 47*4%6495 "c.42. is 9. LESS (Ag,ncy Approw,1 Incen,r.·e Allint·ance) ................. 10. SUB-TOTAL /(1 diu 71 -06$9)/···························· - 62.885.00 NON-OPERATIONAL CASH SOURCES It. CASH - NON PROJECT - 12. AUTHORIZED LOAN (Non·RHS) ............................ 13, TRANSFER FROM RESERVE - 14. SUB-TOTAL (/lihm LiU - - 15. TOTAL CASH SOURCES (10 + 14 ..........................| - | 62,885.00 OPERAIIONAL CASH USES 16. TOTAL 0&M EXPENSES#nim Pan/O..................... 49.163.15 17. RHS DEBT PAYMENT 7.404.24 18. RHS PAYMENT Ch·enure) ................. 19. RHS PAYMENT (Uic Fee) 20. REDUCTION IN PRIOR YEAR PAYABLES. 21. TENANT UnLITY PAYMENTS............. 2.145.00 22. TRANSFER TO RESERVE 4,561.77 23. RETURN TO OWNERNP ASSET MANAGEMENT FEE ... .. 1.222.00 24. SUB-TOTAL (/6 thru 23) 64,496. t6 NON-OPERATIONAL CASH USES 25. AUTHORIZED DEBT PAYMENT (Non-RHS)................ 26. ANNUAL CAP[TAL BUDGET (Fnun ParfUL, /.ines 4-68 ..... 27, MISCELLANEOUS 500.06 28. SUB-TOTAL (23 ihm 27) 500.06 29. TOTAL CASH USES (24 E NU ! - 1 64,996.22 I 30. NET CASH (DEFICm (/3 - 29) ... (2.111.221 - I CASH BALANCE 31. BEGINNING CASH BALANCE ............................... 9.619.07 32. ACCRUAL TO CASH ADJUSTMENT ........................ 33. ENDING CASH BALANCE (10 + 31 + 38 .................. - 7.507.85 .licd,% 20 1* r.,er•-6 Rikli# Ad of IM;. m on,my -y •1,1 I •*Act w sp••or. 9*1 o p,r- 1,1,/ Mfind 10 1¥,po•,1 w /,41,4- of+»-4 -1:1• 11 :b,&10)= 0 41 818 contrel m-her lM di,1 ma n»•In,1 m-,f or,h:. u+.aun dlcit- i. 0573·00. n. n.w riquiped to -pkw As /5.I.1.1 collir- is /0.-i b #rqi 2 1 2 1-s Ie m„si. =skn: N :-4 r,r„M »1,1,u,11- s,„Na,An:,21= s,1-„1 0*-% 04 ,=„Aing & A„ Med:,1 8 complm< 4 •rn-•It k colled- 4 1,®„„IM PART H - OPERATING AND MAINTENANCE EXPENSE SCHEDULE UNAUDn ED UNAUDnED CURRENr PROPOSED COBLENrS BUDGET ACIUAL BUDGET - OlD) 1. MAINTENANCE AND REPAIRS PAYROLL........... 679.40 2. MAINTENANCE AND REPAIRS SUPPLY,............. 3.365.27 3. MAINTENANCE AND REPAIRS CONTRACT......... 10A69.40 4. PAINTING 276.82 5, SNOW REMOVAL . 16.00 6, ELEVATOR MAINTENANCE CONTRACT............ 7. GROUNDS . 2,259.51 8. SERVICES 760.00 9. ANNUAL CAPYrAL BUDGS (From Part V - Operaing) 2.346.38 10. OTHER OPERATING EXPENSES memi:i).............. 11. SUB-TOTAL MAINT & OPERATING U thn, 10, ....... - 20,172.78 12. ELECTRICTY--gmaile, metmd................... 3.846.33 D. WATER chedhoron...................... 1.107.33 14. SEWER 1»#. .............................. 2.246.90 15. FUEL (Odealaae . 16. GARBAGE AND TRASH REMOVAL .................... 817.08 17. OTHER UTILITIES - 18. SUB-TOTAL UTILITIES (12 ihm /7) .................... - 8,017.64 19. SITE MANAGEMENT PAYROLL...................... 3.000.00 20. MANAGEMENT FEE 6363.00 21. PROJECT AUDITING EXPENSE....................... 1,397.50 21 PROJECT BOOKKEEPING/ACCOUNTING.......... 23. LEGAL EXPENSES.. .................................... 700.00 24, ADVERTISING 64.88 25. TELEPHONE & ANSWERING SERVICE............. 504.12 26. OFFICE SUPPLIES 1,200.96 27. OFFICE FURNITURE AND EQUIPMENT............ 28. TRAINING EXPENSE ................................... 686.29 29. HEALTH INS. & OTHER EMP. BENEFITS ........... 30. PAYROLLTAXES 420.15 31. WORKERS' COMPENSATION ......................... 164.88 32, OTHER ADMINISTRATIVE EXPENSE menize) ..... 33. SUB-TOTAL ADMINISTRATIVE (/9 shni 327 ........ 14,501.78 34. REAL ESTATE TAXES 3.763.95 35, SPECIAL ASSESSMENTS 36. OTHER TAXES, LICENSES AND PERMITS ........... 10.00 37. PROPERTY AND LIABILITY INSURANCE........... 2.697.00 38. FIDELITY COVERAGE INSURANCE...... ............ 39. OTHER INSURANCE 40. SUB-TOTAL TAXES and INSURANCE (34 ihm m .... - 6.470.95 41. TOTAL O&?d EXPENSES (11 + IN + 33 * 404 .......... - 1 49,163.15 I - I Form RD 3560-7 Pige 2 4 PART III - ACCOUNT BUDGETING / STATUS UNAUD[TED UNAUDITED CURRENT PROPOSED COABIENTS BUDGET ACTUAL BUDGET or (YTD) RESERVE ACCOUNT: 1. BEGINNING BALANCE. 25.860.02 2. TRANSFER TO RESERVE 4.561.77 TRANSFER FROM RESERVE ........................... ..26231*15&XED-:2€S%#Nia)7#0*WAR,RE#223@%4RUMB 3. OPERATING DEFICIT 4. ANNUAL CAPITAL BUDGET fran F- Resene .... 5. BUILDING AND EQUIPMENT REPAIR ............ 6. OTHER NON-OPERATING EXPENSES ............ 7. TOTAL (3 ihn, 61 - 8. ENDING BALANCE/(1 + 2)-71 ......................... 30.421.79 GENERAL OPERATING ACCOUNr: * BEGINNING BALANCE 6,055.85 ENDING BALANCE 3.094.65 REAL ESTATE TAX AND INSURANCE ACCOUNT: I BEGINNING BALANCE 3.563.22 ENDING BALANCE 4,413.20 TENANT SECURITY DEPOSIT ACCOUNT: • BEGINNING BALANCE 4.818.00 ENDING BALANCE 3.679.56 f, C,implit¢ tipun submiuion ofacrual expen.¢0 NUMBER OF APPUCANTS ON THE WAmNG LIST........,......... RESERVE ACCT REQ. BALANCE . NUMBER OF APPLICANTS NEEDING RA .......................······· AMOUNT AHEAD/BEHIND .......... . Form RD 3560-7 Page 3 PART IV - RENT SCHEDULE AND UTILITY ALLOWANCE A. CURRENT APPROVED REN-13 / UTILITY ALLOWANCE POTENTIAL INCOME FROM UNIT DESCRIPTION RENTAL RATES IEACH RATE UNIT NOTE NOTE UTILITY BR SIZE TYPE NUAIBER BASIC RATE 11UD BASIC RATE 1!UD ALLOWANCE CURRENT RENT TOTALS BASIC NOTE 11UD UNAUDITED B. PROPOSED RENTS - Effective Date: 1 9 POTENT[AL INCOME FROM UNIT DESCRIPHON RENrAL RATES EACH RATE UNIT NOTE NOTE BR SIZE TYPE NUNIBER BASIC RATE liUD BASIC RATE IRJD PROPOSED RENT TOTALS I BASIC NOTE HUI UNAUDrrED C. PROPOSED UTILITY ALLOWANCE - Effective Date: . / / MONTIILY DOLLAR ALLOWANCES BR SIZE UNIT TYPE NUABER ELECTRIC GAS WATER SEWER TRASH OTHER TOTAL Form RD 3560-7 Page 4 PART V -ANNUAL CAPITAL BUDGET Proposed Umuditcd Actu,1 U,mudiud Actual Adual Tool Nmbc, or rmposed From P,oposed Flom Toul Actual Unlwl=TS From Re=w Resene From Op=:Ing OP.,11'ng Cost Uniallena Appli:cces: 513 23 31325 3 Refiger= . ........................ R.ge Hood..... . W.her =,1 D,yers . Other Carpet .ad Vinyl: 1.833 13 1.83113 2 ]BR .................................... 2 BR... ................................. 3 BR..............······················ 4 BR Other - Cabincts: 1 Kitcherts ................................ Boonn............................... Olher. Doors: Exterlot.. 1 gricr I 0./ 1 Wind- C»nots: Lk litating mod Air Coaditioniot Hcling .................................. Air Cooditiming ........ ................ 0*her: - Mumbic:. Waier Heaer ....................... Bath Sinks.... .......................... Kitchen Sir*.... ........................ F=Cts To,!ets 014¢/ Mijor E]extrical: List f€7UU>i? tt -:31.,1»*ti:T Other 'Cy.,%40.74* 1·A>CWY. Sln,ctures: Windows .. ............................. Sac=.................................· Walts .................................+. 4..·V·· 79'Axy 4 ..Wy 92. Rooing .................................. , t.-t . x' .tu „.3 1 .Slt·2·41 V Con:ate ....................... *· . A 6 fk' 4,7 , Sal ed Stripe ................. 4.46.3 1-d=pe Ind Ground, 92:73.2 r - r. ay . 4 Ln Equ,prnal ...........·... ,1% ' 2.'.2 9 Fencing ........................ Reer-on Area......·········· Slg,1.. . .................. .....4 (J,her- Accegibily Feature= Li=: .................................... -.a .......r......, ................. . l, Autom*tion Equipmmt :-· Cor™non Area..+························ 0,her: . 1; d Lis:* Tra:it,on Plan Lk .................................... i L " TOTAL CAPITAL EXPENSES I | | | 134638 1 2.34638 | Form RD 3360-7 Page 5 PART VI - SIGNATURES, DATES AND COMMENTS Warning: Section 1001 of Title 18, United States Code provides: "Whoever, inam, matter within thejurisdiction of any department or agency of the United States knowingly and willfully folsifies, conceaIs or covers up by rm trick, schemt or device a material fact. or makes any false, fictitious or ftaudulait statements or representations, or makes or uses any false ,witing ordoctment knowing the same to contain any false, fictitious or fraudulent statement or enuy, shall be fined in,der this title or imprisoned not more than five years, or both." 1 HAVE READ THEi ABOVE WARNING STATEMENT AND I HEREBY CERTIFY THE FOREGOING INFORMATION IS COMPLETE AND ACCURATE TO THE BEST OF MY KNOWLEDGE. (Date) (Signutwe of Borrower or Bomiwer's Representathe) rn,le) AGENCY APPROVAL(Rural Devek,pment Approval Ollicial): DATE: Comments: PART I, LINE 7: FORFEITED SECURITY DEPOSITS (500.06) PART !, LINE 27: SECURNY DEPOSHS WERE PAID OUT OF THE O&M ACCOUNT INSTEAD OF THE SECURITY DEPOSIT CASH ACCOUNT (500.06) PART II, LINE 36: DIRECTOR OF REVENUE FILING FEE (10.00) Form RD 3560-7 Page 6 4 BILLINGS FAMILY HOUSING, LP. CEDAR TREE APARTWIENTS Supporting Documentation to RD Forms 3560-10 and 3560-7 12/312012 1 Other Cash (3560-10, Line 5) 2 Other (3560-10, Line 6) 3 Accounts Receivable (3560-10, Line D Accounts Receivable - Tenants $ 1.912.36 $ 1.912.36 4 Accounts Payable (3560-10, Line 22) Operating and Maintenance $ 214.53 Utilities 731.57 Administrative 27.23 $ 973.33 5 Notes Payable (3560-10, Line 23) Accrued Management Fees $ 1,637.50 Accrued Mortgage Interest 384.73 Current Portion of RD Debt 2.905.44 $ 4,927.67 6 Other (3560-10, Line 27) Supporting documentation for Form RD 3560-7 can be found on Part VI of that form under the comment section. USDA Pmuk' 3 FORM APPROVED Form RD 3560-10 MULTI-FAMILY HOUSING OMB NO. 0575 - 0189 (02-05) BORROWER BALANCE SHEET PART 1 - BALANCE SHEET PROJECT NAME BORROWER NAME BORROWER ID AND PROJECT NO. CEDAR TREE APARTMENTS BILLINGS FAMILY HOUSING, L.P. 43-1531108 CtIRRENT YEAR PRIOR YEAR COMMENTS BEGINNING DATES> 01/01/201 1 01/0 1/2010 ENDING DATES> 12/31/2011 12/31/20 tO ASSEI& CURRENT ASSETS t. GENERAL OPERATING ACCOUNT ···························· $ 6,055.85 $ 1.888.54 2. R.E. TAX & INSURANCE ACCOUNT... ........................ 3.563.22 2.786.44 3. RESERVE ACCOUNT 25,860.02 21,041.33 4. SECURITY DEFOS[T ACCOUNT 4.818.00 3.259.00 5. OTHER CASH #kn#69 - - 6. OTHER (Akn* · 1,81 1.00 7. ACCOUNTS RECEIVABLE Unach 1130 .......................... 2370.00 ACCTS RCVBL 0-30 DAYS S 887.00 4%4§52;*w&*06 ACCTS RCVBL 30-60 DAYS s goo.00 t*31*22&2* A(ITS RCVBL 60-90 DAYS S 583.00 4,•mlk:, ACCTS RCVBL OVER 90 DAYS S Min...4.@41. 8. LESS: ALLOWANCE FOR DOUBTFUL ACCOUNTS ... " 9. INVENTORIES (Sw¥+ 10. PREPAYMENTS It. 12. TOTAL CURRENT ASSETS Al,U, ihm /0 ... ................. 42,667.09 30.786.31 FIXED ASSETS 13. LAND 14,070.00 14.070.00 14. BUILDINGS 308,801.67 308.801.67 15. LESS: ACCUMULATED DEPRECIATION ................. (249,374.161 (238,145.01) 16. FURNnURE & EQUIPMENT 79.975.00 76.833.12 17. LESS: ACCUMULATED DEPRECIATION ..................... (59.!45.031 (55.004.19k 18 t9. TOTAL FIXED ASSETS M,U /3 ihm m ..,..... ................ 94,327.48 106.555.59 OTHER ASSETS 20. 21. TGrAL ASSETS (Adil /2, /9 and 20) ·····················........ $ 136.994.57 $ 137.341.90 LIABil.!TIES AND OWNERS EOI'ITY CURRENT LIABILITIES 22. ACCOUNTS PAYABLE (Aitach it,0 S 415.72 $ 488.74 ACCTS PAYABLE 0-30 DAYS S 265.72 42,Y64*tiax·A ACCrS PAYABLE 30-60 DAYS S ACCTS PAYABLE 60-90 DAYS S ACCTS PAYABLE OVER 90 DAYS S 150.00 41*924£034% 23. NOTES PAYABLE 01,/ach /3.ri) twc,·med /*enle.9.......,.,..... 5.301.44 4.000.49 24. SECURITY DEPOSITS 4,652.00 2.82Z00 25. TOTAL CURRENT LIABILITIES A Idd 22 ihm 2.9 ............. 10.369.16 7.316.23 LONG-TERM LIABILITIES 26. NOTES PAYABLE RURAL DEVELOPMENT.................. 260.410.09 263.066.37 37. OTHER (U,i,63 28. TOTAL LONG-TERM LIABILITIES Al,U 26 and 27 .......... 260,410.09 263,066.37 29. TOTAL LIABILITIES (Add 23 and Ng 270.779.25 1 270.382.60 1 30. OWNER'S EQUITY (Net Wotlh) (31 mm 293 ....,,,,,,,,.....,1 033,784.68) 1 (133.040.70)1 31. TOTAL LIABILITIES AND OWNERS EQUITY (Add 29 and 3,4 | S 136.994.57 1 S 137.341.90 1 Awd* 20-roper-*Rak™404 19;3.-mn,MS-4.*I,Ham-,441=- Mies:,1.h,Na),•wUUMBnt1mb,r -mummi,Fal n-he, p :hli imlbrmmia, £44.0„. 0373·0189. llc 1,- r¢4•1,1 10,-$14 Ihes 1•fornkillim 4'19- Is cin-id 1/814* 1 6, p,/ Lip•./. mil,„17 *Ime Ki rr„$•It imminE. *Ah,4 cuting Ata =,ME. k=thenez aid malital,ill! the &= -,81 -1 compl,i,MR #J rn,i*,Mg thi Wick,3 4,Mfo,man- Warning: Section 1001 of Title 18, United States Code provides: •Whoever, inany matter within thejurisdiction ofanydepartment or agency of the United States knowingly and will fully lillsifies. conceals or covers up by any trick. scheme, or device a r=rid fact, or makes any thlse, fictitious or fraudulent statements or representations, or makes or uses any fhtse iwiting or document knoning the same to contain any ralse. fictitious or fraudulent st=mer# orently. shall be fined imder this title or imprisoned not more 11=n five ye=, or both' 1 HAVE READ THE ABOVE WARNING STATEMENT AND I HEREBY CERTIFY THE FOREGOING INFORMATION IS COMPLETE AND ACCURATE TO THE BEST OF MY KNOWLEDGE. mak) Bignature 4 Horniwer cr Barnnwer's Repmen oir.e) fntle) PART 11 - THIRD PARTY REPRESENTATIONS We have compared the borrower's records to the accompanying balance sheet and statement of actual budget and income on Form RD 3560- 7. The accompaiging Foms are a fair presentation o f the bonoweA records taken as a whole. We certify that no identity of interest exists between us and any individm! or organization doing business with the project or borrower. (Date) C»mure) Larry Capps, CPA (Name and Title) 2005 N Westwood Btvd. Poplar Bluff MO 63901 (Ures) El In lieu of the above representation and signature, a compilation, review or audit opinion completed. dated and signed by a person or finn qualified by license or certification is =ched 'U L OP'o 1947 ·354€074 1304 USDA P.1/lo' 1 FORM .\PPROVED Form RD 3560-7 OMB NO. 0375 - 0189 (Re¥. 05-06) MULTI-FAMILY HOUSING PROJECT BUDGET PROJECT NAME BORROWER NAME BORROWER ID AND PROJECT NO, CEDAR TREE APARTMENTS BILLINGS FAMILY HOUSING. L.P. 43-153!108 Loil/Transfer Amount S Note Rate Poyment S IC Payment $ Rcpordng Penod Budget Type ! Pmject Rental Type Pmject Type 'The following untides are master O thereby request [ElUnltal Ot':111,1 EFI•ly [!Full hofit :irtact units ofRA. Cinnit Og,wtah GIRes,1• Reped OE]11=ty Elt.u,Ued ME Omt,tncity Ek:• number ofRA units- [brot,hly OR•* (1=pc O{hipple [ZINoIi-Pmflt EW'M= mae,c Bo,roue Accountmg Method OSIR 08' 6= ED#h c·411 Oother SC,11,1.,1 084 ¤LH 001},er O.Acand PART I -CA FI FLOW STATEMENT UNAUDITED UNAUDnED CURRENr PROPOSED COABLENTS BUDGET ACTUAL BUDGEr or (YID) BEGINNING DATED 1/laotl 1/1/2011 1/12012 ENDINGDAIES> 1201/2011 12/31/Boil 12/312012 OPERATIONAL CASH SOURCES 1. RENTAL INCOME 11,156.00 2. RHS RENTAL ASSISTANCE RECEIVED.................... 33%83903%* 50,820.00 4¢0609*4 3. APPLICATION FEES RECEIVED ········..................... &12,;laratt* 4. LAUNDRY AND VENDING 572.9I 3. INTEREST INCOME .......................................... 68.62 6. TENANT CHARGES 7. OTHER - PROJECT SOURCES 2,077.00 8. LESS {Vomncy amd Con:Ingency Allt-·ame) .. 9. LESS (Agency Appn,ved Incenlire Al/owance) 10. SUB-TOTAL M ihm D - m & 9,1 ............................ 64,694.53 NON-OPERATIONAL CASH SOURCES 11. CASH - NON PROJECT 12. AUTEORIZED LOAN {Non-RES) ............................ 13. TRANSFER FROM RESERVE... ............................t 14. SUB-TOTAL #/ ihm 13) 13. TOTAL CASH SOURCES (10 + /40 ......... - 1 64,694.53 OPERATIONAL CASH USES 16. TOTAL 0&M EXPENSES (Fmm Pan /0... 45,635.51 17. RHS DEBT PAYMENT 7.404.24 18. RHS PAYMENT (0=ge) 19. RHS PAYMENT (Ute Fee) 20. REDUCTION IN PRIOR YEAR PAYABLES 21. TENANT UTILITY PAYMENTS .............................. a#49:€F-V« 1.892.{)U 374™,-1»225 22. BANSFER TO RESERVE 4,818.69 23. RETURN TO OWNERNP ASSET MANAGEMENT FEE - 24. SUB-TOTAL mi ihm 28 - - 59.750.44 - NON-OPERATIONAL CASH USES 25. AUIHORIZED DEBT PAYMENT (Non-RHS)................ 16. ANNUAL CAPITAL BUDGET (From Pan Ill, Ijac: 4-6) ..... 27. MISCELLANEOUS - 28, SUB-TOTAL 623 ihm 20 29. TOTAL CASH USES (24 .20 ! - I 59.750.44 I - I 30. NET CASH (DEFtCm (/3.29 4.944.09 CASH BALANCE 31. BEGINNING CASH BALANCE 4.674.98 32. ACCRUAL TO CASH ADJUSTMENT... ................ 33. ENDING CASH BALANCE (30 + 31 + 12) ... ........... 9,619.07 k..........\ - 1 45.635.51 1 Fom RD 3560-7 Page 2 t. PART 111 - ACCOUNT BUDGETING / STATUS UNAUDI'FED UNAUDITED CURRENT PROPOSED COMALENTS BUDGET ACTUAL BUDGET cr(YTD) RESERVE ACCOUNT: 1. BEGINNING BALANCE 21.041.33 2. TRANSFER TO RESERVE. 4.818.69 TRANSFER FROM RESERVE ........................ *&69:6%'20*2$54%t€Nt*tm#*4%+22ty':trijap,aff,&€:32tgkA# 3. OPERATING DEFICIT 4. ANN'UAL CAMYAL BUDGEr (Part V - Reser:e) . 5. BUILDING AND EQUIPMENT REPAIR ......... 6. OTHER NON-OPERATING EXPENSES ......... 7. TOTAL (3 thn, 61 - 8, ENDING BALANCEM+4-7/...................... 25.860.02 . - 1 GENERAL OPERATING ACCOUNT: * BEGINNING BALANCE 1.888.54 ENDING BALANCE 6.055.85 REAL ESTATE TAX AND INSURANCE ACCOUNT:• BEGINNING BALANCE 2.786.44 ENDING BALANCE 3.563.22 TENANr SECURrrY DEPOSIT ACCOUNT: • BEGINNING BALANCE 3,259.00 ENDING BALANCE 4.818.00 e Complete upen xubmistion Ofaind =pen,el} NUMBER OF APPLICANTS ON THE WAITING LIST.. ..........„„ RESERVE ACCT REQ BALANCE ... NUMBER OF APPLICANTS NEEDING RA............................ AMOUNT AHEAD/BEHIND Form RD 3560-7 Page 3 PART 1V - RENT SCHEDULE AND UTILITY ALLOWANCE .A. CURRENT APPROVED RENTS / UTILITY ALLOWANCE POTENTIAL INCOME FROM UNIT DESCRIPTION RENrAL RATES EACH RATE UNIT NOTE NONE UTILITY BR SIZE TYPE NUMBER BASIC RATE 11UD BASIC RATE }IUD ALLOWANCE CURRENT RENT TOTALS BASIC NOTE HUD UNAUDITED B. PROPOSED RENIS - Effective Datr: f POTENTLAL INCOME FROM UNIT DESGUFTION RENTALRATES EACH RATE UNIT NOTE NOTE BR SIZE TYPE NUMBER BASIC RATE !1UD BASIC RATE ItuD PROPOSED RENT TOTALS BASIC NOTE HUD UNAUDITED C, PROPOSED UTILITY ALLOWANCE - Effective Date: , 1 MONTHLY DOLLAR ALLOWANCES BRSIZE UNIT TYPE NUbIBER ELECTRIC GAS WATER SEWER TRASH OTHER TOTAL Form RD 3560-7 Page 4 1. PART V - ANNUAL CAPrrAL BUDGET rlop¢*ed Unaud,ted Act=1 Urmudited Acsual Act=i Ta N..tr of P.posed Fmm Proposed From Totnt Actual Units/!lerns Frum Reser' Rmer. 1 Frorn Oper,ting Openong Cost Un,='1=8 Applima¢cs: Rcinge= ... ........................ 674.36 67436 3 Rang,Hood.......,,..,.............. Wimd D,ym.,...........,.,.... Cirpet and Vinyl: ] BR,,..........,.,.,.,.,.,.,......,.. 3.75437 3.734.37 3 2DR.................................. 3 BR................................. - 4 BR........ -1 Cabbem Kitchem............................ €kher............................... Doors: Extenor............................... 1 Intmor..........................,..... 1 Wind- Covennis: L"t ................................ Other - Ilatial Iad Air Coiditioning: Healing .. .............................+ Air Cooditiorung...................... 54723 54725 Odier.................................. Mumbing: War Heter.,..,,........,.,..,...,... 30343 303.45 1 Balh Sinks ........................ Kitchen Sinks... ....................... FOUCCM................................ Toilm............................... 0her................................. Major Electrical: L.................................. . le=kke** . *¥ttiff.·WU:* · *<323%7#Z . 7.2-=,arm i Strncturer: Windowa........................... 51150 31150 2 .,Wugg................................ Walk.................................. ·» -_19·. * 57 •6·.E Roolq... ............................ *7 Vt 2 1 ·. 11'3' 37A Sidina ................................. i-:4'5,5. r. . 4.,92'*le .:AN Extdor Pairdng.·· · ·· ................ . *kijA - '*A'i:r*a; 12•Cil'ELE ·· i PE,ing: Asphilt.............................. :.0...09.Or' - 1,)»9·47, Concrite,....,........................ »;:·*NE;242 . T U Z 9*AA· Scal and Stripe......................... t k.-A,Ut·42 . F=ng................. ¢, Mfuv. Land/Ip€ und Grounds: F «UK:407' . ./ - - *2*14 A. ···.7,!44"*t; . - 1 4. 4,7 2 La,n Equp=........ i lF"M«· Rece=]on A=......... . . ·f 1· 4 9 ·· S,gns ..................................y- 94.4„hy . ' 4.t.-r. 4 Ckher................. ................ · 2-V.:49. 9 . · C...IN.: 1 Acce:sibaily F®*ilrel. - Other Autonstioo Eqoipm¢nt Site !,1==Wancnt ..................... 1 C=non A=..................,...,.. ·a, 01 1 .- ,.var .,u.................................... ·*'112'.,f _ 0,ber: List Tr=inon Plan . 7 0, I.. 1 . .... 6.- 1 TOTAL CAPTTAL EXPENSES | | | | 5-79093 | 379093 1 HI r. PART VI -SIGNATURES, DATES AND COMMENTS Warning Section 1001 of Title 18, United States Code provides: 'Whoever, inany matter within tile jurisdiction of'any department or agency of the United States knowingly and Ilfiltly folsifies, conceals or covers up by any trick, scheme, or device a material 64 or makes any fols< fictitious or ftaudulent stntements or representations, or makes or uses any false writing or document knouing the same to contain any false, fictitious or fraudulait statement or enay, shall be fined under this title or imprisoned not more than h years. or both.· I HAVE READ THE ABOVE WARNING STATEMENT AND 1 HEREBY CERTIFY THE FOREGOING INFORMATION IS COMPLEIE AND ACCURATE TO THE BEST OF MY KNOWLEDGE (Dale) (Siwitiure of Borrower or Borrower's Representatfve) 0'itte) AGENCY APPROVAL {Rural D¢wlopment Approval Oficial): DATE: Comments: PART I, LINE 7. SECURITY DEPOSITS COLLECI'ED WEREE DEPOSn'ED INTO THE O&M ACCOUNT (266.001 DUE FROM BILLINGS APARTMERS PAID (1,81 1.00) = (2,077.00) PART Il, LINE 36: 2012 CITY LICENSEE (80.001 PROPERTY TAX ASSOCIATE (206.00) = (286,00) Form RD 3560-7 Page 6 /1 BILLINGS FAMILY HOUSING, LP. CEDAR TREE APARTAIENTS Supporting Documentation to RD Forms 3560-10 and 3560-7 12/31/2011 1 Other Cash (3560-10, Line 5) 2 Other (3560-10, Line 6) 3 Accounts Receivable (3560-10, Line 7) Accounts Receivable - Tenants S 2.370.00 $ 2.370.00 4 Accounts Payable (3560-10, Line 22) Operating and Maintenance $ 180.00 Utilities 68.09 Administrative 167.63 $ 415.72 5 Notes Payable (3560-10. Line 23) Accrued Management Fees $ 2,240.50 Accrued Mortgage Interest 404.65 Current Portion of RD Debt 2.656.29 $ 5.301.44 6 Other (3560-10, Line 27) Supporting documentation for Form RD 3560-7 can be found on Part VI of that form under the comment section. I 1%> PROPERTY ASSESSMENT APPEAL FORM CHRISTIAN COUNTY BOARD OF EQUALIZATION TAXPAYER INFORMATION Taxpayer's Name: 10:fracts 4- /lit«62 4 22 Taxpayer's Mailing address: 1730 E #epil.'c Al 9,4. 5,446*U Ae &590,1 (Street or Box Number, Cit]A State and Zip Code) PROPERTY INFORMATION Parcel Number ofthe Property: 10-0. HZ -002'Dfo-00<.02-3 Address of Property (i f different than Mailing Address): (Street or Box) 305 Pect.+Re Dr (City, State. and Zip Code) Nha »10 What is the Current Classification ofthe Property? Agricultural Commercial /-Residential Mixed Use What is the Market Value set by the Assessor? 111941900 What is the Taxpayer's Proposed Market Value? 1,495,559 REASON FOR APPEAL Please check the reason you believe the assessment is incorrect. Checkal/that apply. -Valuation (The value placed on the property by the assessor is incorrect) _Discriminat\on U he property is assessed at a ratio greater than the average for tile county) _Misgraded Agricultural Land (Theproperly is not in the correct agricultural productivity grade) _Misclassification-The proper classification of this property should be: Residential Commercial Agricultural Charitable Purposes _Exemption- The property should be exempt because it is being used for: Religious Purposes Educational Purposes Charitable Purposes _Other Basis for Appeal (explain): You may *tgthi!ny documentation you desire the Board to consider (6/42-41,4 Taxpayer's Signature: Date: 9/29(0 CHRISTIAN COUNTY BOARD OF EQUALIZATiON AGENT AUTHORIZATION FORM Authorization is hereby given for £4/09 12 50,4,/ L to act on the owner(s) behalfas agent in the appeal of the assessment ofthe property or properties listed below, located in Christian County and owned by the undersigned. The agent is given full authority to handle all matters relative to the appeal of the assessment for the tax year and to represent the undersigned, with the assistance of legal counsel, if necessary, before the Beard of Equalization. Owner's Name: TER.94626 47- CoPE€ LEA F, LID Owner's Mailing Address: l ,-736 5£. R/puB U C RD +E SPEA)6-Flit--bl Mo (05 801/ Owner' s Telephone Number: ©7- ego -326 S Property Parcel Numberts) OR Property Address Personal Property Account Numberfs) (Street Address, City) 10-0.1-12-002*010-001,023 305 Peachtree Drive, Nixa (Additional Properties may be listed on the back) Owner's Signaturl- --1;ZEC Print Owner's Signature: -Rx,44* C Dqu\cko-i Ool Coo Date: -7 -23-1.3 Villas at Copper Leaf Apts. Parcel(s): 10-0.1-12-002-010-001.023 Occupancy: Apaltments Grade: D-Average Property: Villas at Copper Leaf Apts. Year Built 2010 Address: 305 Peachtree Drive Units: 64 City-State: Nixa, Missouri GBA: 54564 Acres: 3.070 NLA: 54564 Sq Ft: 133729 As Stabilized Actual's Income: 5/0 $/Unit 2012 94 2011 % 2010 % Petertiat Gross Income: $385,200 $6,019 $385,200 $385,840 $385,200 Loss :o Lease/Concesqions· S400 $6 $2 $261 $1,114 Adjusted Rental Income: 5384.800 S6,013 S385,198 $385,579 S384,086 Credit Loss: $3.848 1% $60 $4,264 1.11% S4,747 1.23% $319 .08% Vacancy: $15,392 4% $241 S10.522 2.73% S18,423 4.78% $16,541 4.31% Net Rental tncome: 5365,560 $5,712 S370,412 $362,409 $367,226 Other Income: $5,725 S89 $8,883 $3,231 S5,055 Effective Gross Income: $371,285 $5,801 $379.295 $365,640 $372,281 Expenses: Admin & General: $41,300 So.76 $645 $41,716 642,234 $39,928 Payroll: $65,000 Sl.19 $1.016 $70,237 S63,742 $60,082 Management Fee: $19,000 SO.35 S297 $19,065 S18,330 $18,624 Advertising & Promotion: $5.600 $0.10 $88 $5.713 S5,535 $5.978 Repairs & Maintenance: $34.000 SO.62 $531 S35,220 S33.815 $42,691 Utilities: S24.000 SO.44 $375 $24,040 $23,975 $21,712 Property Insurance: 510,100 So.19 $158 $10,137 $9,360 310,780 Other: $0 0 0 SO SO So Real Estate Taxes: 321,440 SO.39 S335 $21.443 $21,193 S21.141 Operating Expenses: $220,440 59.37% $3,444 $227,571 60% $218,184 59.67% $220,936 59.35% Reserves: $19,200 $300 $19,200 $19,200 $19,200 Net Operating Income: $131,645 $132,524 $128,256 $132,145 Cap Rate: 8% Less B.P. P. SO $0 $432 S393 Income Approach: $1,645,563 $25,712 Owner's Request: $1,645,550 Assessor Value: $1,906,900 $ per Unit: $25,712 Assessor $ per Unit: $29,795 Owner's Cap Rate: 8% Assessor Cap Rate: 6.9% Property Tax Services, Inc. 07/01/2013 C ki.'110. Villas ot Copper Leaf, LP income Statement Month Ending Year To Date 1281/2012 12/31/2012 Actual Budget Varlance Ata Budget Vormnce REVENUE REVENUE 4001.0000 - Gross Potential Rent 32,100.00 32.100.00 0.00 385,200.00 385,200.00 0.00 40020000 - Gen/Loss to Lease 0.00 0.00 0.00 (2.00) 0.00 (2.Co) 4011.0000 - Vacancy Loss (241,00) (1,605.00) 1,364.00 (10.522.00) (19,280.00) 8,738.00 4014.0000 - Non-Revenue Units 0.00 (676.00) 575.00 0,138.00) (6,900.00) 2,764.00 4040.0000 - Bad Debt (128.00) 0.00 (128.00) (128.00) 0.00 (128.00) Total REVENUE: 31,731.00 --1@3;20.5 1,811.00 370,412.00 359.040.00 11,372.00 OTHERINCOME 4100.0000 - Escrow Deposit Forfelbes 20080 0.00 200.00 600.00 0.00 600.00 4103.0000 - tale FoWNSF Income 50.00 25.00 25.00 250.00 300.00 (50.00) 4104.0000 - Nonrefundable Cleaning/Pet Deposit 0.00 0.00 0.00 1,975.00 0.00 1.975.00 4105,0000 - Application Fee Income 10.00 10.00 0.00 280.00 150.00 130.00 4108.0000 - Venang Income 11.41 10.00 1.41 51.78 120.00 (68.22) 4107.0000-BuyOut Fees 1,150.00 150.00 5,081.00 5,061.00 0.00 1, 0.00 4108.0000 - Move Out Expense Recovery 0.00 60.00 (80.00) 380.04 720.00 (339.96) 4125.0000 - CablcAJiBRIes/Phone Revenue 28.41 22.00 284.00 21.95 4152.0000- Fundingbm Reserves 0.00 0.00 0.00 4,204.89 4211.0000 - Interest Income 669.59 GO.00 609.59 <-11415.75 720.00 695.75 Total OTHER INCOME: 2.117.41 187,00' 1930A1 2274.00 12.320.41 GROSS PROFIT: 33,848.41 30,107.00 3,741.41 385.006.41 381.314.00 23,692.41 EXPENSES PAYROLL AND RELATED 7102.0000 - Manager 2.259,53 1,889.00 (370.53) 25,920.98 22,668.00 (3,252.96) 7105.0000 - Maintenance Supetvisor 2,13024 2,183.00 52.76 27,731.16 28,196.00 (1.635.16) 7106.0000 - Fics/Medicare 324.84 312.00 (12.84} 4,056.10 3,744.00 (312.10} 7107.0000 - Fedeml Unemployment 0.00 3.00 3.00 83.09 36.00 (47.991 7108.0000 -State Unemployment 0.00 81.00 81.00 044.99 972.00 127.01 7109.OCCD - Workets Comp Ins,ance 108.22 187.00 78.78 1.436.82 2,244.00 807.18 7110.0000 - Heallt/Llf, a Uablity Ins. 644.50 200.00 (444.50) 7.541.60 2.400.Of] 7111.0000 -Unibrma 0.00 0.00 0.00 0.00 148.00 (5.141.50} 140.00 7112.0000 -Auto Alowance 50.00 50.00 0.00 600.00 600.00 0.00 7116.0000 - Bonus 0.00 0.00 0.00 1,500.00 0.00 (1,500.00) 7145.0000 - Payroll Services 40.66 30.00 521.46 360.00 (10.86 70,236.EIS (161.46) Total PAYROLL AND RELATED: 6,557.99 4,935.00 (622.99 5966.00' (10,870.98) ACCOUNTING AND AUDIT 7201.0000 - Annual Audit Fees 0.00 0.00 0.00 8,794.00 7.750.00 (1,044.00) 7202.0000 - Ta Retwin Preparation Fee 0.00 0.00 0.00 2.011.00 1,850.00 (161.00 Total ACCOUNTING ANDAUDIT: 0,00 0.00 0.00 10,805.00 9.600.00 (1,205.00 LEGAL- EXPENSES 7701.0000 - Legal Costs 323.SO 0.00 (323.50) 323.50 400.00 76.50 Total LEGAL. EXPENSES: 323.60 0.00 (323.60) 323.50 400.00 78.50 ADVERTISING 73020000 - NewspaperAdvellizing 0.00 0.00 0.00 114.00 150.00 38.00 7302.0500 · Apartment Magazines 0.00 149.00 149.00 2.076.78 1,788.00 (288.78) 7303.0000 - Signage 0.00 0.00 0.00 81.CIO 50.00 (31.001 7305.0000 - Other Morketing/leasing Broch. 0.00 0.00 0.00 304.57 25.00 (279.57) 7308.0000 - Call Center MIds#Plomos/Events 459.82 300.00 (159.92) 1.853.23 1,850.00 (3.23) 7307.0000 - Lease Renewal/Resident Rekent 100.00 0.00 (100.001 428.10 0.00 ' (428.10) 7311.0000 - Resident/Reforral Fees 0.00 0.00 0.00 855.00 100.00 (755.00} Total ADVERTISING: 559.92 449.00 (110.92) 5.712.68 3,963.00 (1,749.68) MAKE-READY COSTS 7501.0000 -Conhmt Cleanhg 70.00 65.00 (6.00) 1,230.80 975.00 7503.0000 - Camel Clean/Dye 65.00 75.00 10.00 970.30 1,125.00 7505.0000 - Painung Supplies 14.86 55.00 40.14 619.88 825.00 7507.0000 - Other Make Ready Costs 70.00 100.00 30.00 moo 1.200.00 Tolal MAKE-READY COSTS: 219.88 295.00 75.14 2.898.08 4,125.00 REPAIRS AND MAINTENANCE *eated on: 01/07,2013. CO:17 PM Page 1 Vlgas at Copper Leaf, LP Income Statement Month Endkig YearTo Data 12/31/2012 12/3112012 Actual Budget Varlance Actual Budget Variance 7601.0000 - Appiances 219.34 100.00 (119.34) 3,366.05 1,200.00 (2,166.05) 7602.0000 - Mwilb#g 454,73 100.00 (354.73) 2,265.73 1,200.00 (1,085.73) 7603.0000 - Electfical 167.10 100.00 (67.10) 4,321.70 1,200.00 (3,121.70) 7604.0000 - Heating & Ah Conditioning 69.37 150.00 80.63 1,800.00 7608.0000 - ButtdingMisc Repair 16.00 75.00 59.00 2,405.13 900.00 (605.13) 613.67 286.43 7607.0000 - Locks & Keys 0.00 15.00 15.00 74.79 180.00 10521 7809.0000 - Pating Lot 181.74 0.00 (181.74) 423.32 0.00 (423.32) 7611.0000 - Common Area Cleaning 0.00 30.00 30.00 196.03 360.00 163.94 7612.0000 - Wbidow Treatment 42.35 20.00 (22.35) 552.30 NO.00 7614.0000 - Emergency Carpet CleanfC]ye 0.00 0.00 0.00 334.60 0.00 (312.30) (334.50) 7614.0100 - CarpeUVInyl Replacement 0.00 0.00 0.00 0.00 1,500.00 1.500.00 7615.0000 - Gmurds Cover/Landscape Sqiply 21.48 0.00 (21.46) 1,172.00 1,950.00 777.40 7610.0000 - Snow Removal Supplies 10.75 0.00 (10.75) 128.01 400.00 271.99 7830.0000 - Locks & Keys 0.00 0.00 0.00 29.70 0.00 Total REPAIRSAND MAINTENANCE: 590.00 (29.70) 1,182.84 (592.84) 15,883.46 10,930.00 (4,953.48) UTILITIES 7901.0000 - Common Area Electile 871.31 1,115.00 243.59 14,001.71 13,380.00 (621.71) 7902.0000 - Vacant Units Electric 91.49 100.00 8.51 1,088.81 1,200.00 111.19 7904.0000 - Conmon Aron Sewor/Slorm 315.85 425.00 109.15 5.041.80 5.100.00 5820 7905.0000 - Common Area Water 258.04 340.00 81.96 3.907.48 4.080.00 172.52 Total UTILITIES: 1,538.69 1,980.00 443.31 24,039.80 23,760.00 (279.80) INSURANCE 7401.0000- Propetty Ineurance 876.58 784.00 (92.58) 10,137.00 9.408.00 (72'BOO Total INSURANCE: 876.58 784.00 (729.00? (92.58) 10,137.00 0,40&00 REAL ESTATE/PROPERTY TAXES 8101.0000 - Landmldgs-Real Estate Tax 1.B59.16 1,762.00 (9Llm 21,241.16 21,144.00 8102.0000 - Pemonal Propelty Tax (161.10) 33.00 194.10 201.90 398.00 8106.0000 - Tax Appeal Legal Fees 0.00 0.00 0.00 600.00 500.00 Tolal REAL EST#rePROPERTYTAXES: 1,698.08 1,795.00 98.94 21,94106 22,040.00 MANAGEMENT FEES 8301.0000 - B= Management Foo 1,638.82 1,505.00 (133.82) 19,065.47 18,064.00 (1,001.47) Total MANAGEMENT FEES: 1.638.82 1.505.00 (133.824 19,085.47 18,064.00 (1.001.44 GENERAL AND ADMINISTRATIVE 7801.0000 - Oftlce Suppnee 95.05 60.00 (35.05) 964.81 720.00 (244.81) 7802.0000 - TelaphonWPager/Modem/Fax 449.40 595.00 145.60 6.546.98 7,140.00 593.02 7803.0000 - CoplerCharges 102.48 125.00 22.54 1,691.21 1,500.00 (19121) 7804.0000 - Forms 0.00 0.00 0.00 128.00 45.00 (81.00) 7805.0000 - Computor Expense 241.92 218.00 (23.92) 3,020.43 2,616.00 MOM. 43) 7806.0000 -Postage & Express Mol 43.91 25.00 (18.91) 318.20 300.00 (1820) 7807.0000 - CreditCheckResident Screeng 20.62 0.00 (20.52) 40.70 0.00 (40.70) 7808.0000 - En¥ioyee T,ovelliteoge Rekn 0.00 0.00 0.00 35.60 0.00 (35.60) 7811.0000 - Dues & Memberslips 0.00 0.00 0.00 16,002.02 15,568.00 (444.02) 7812.0000 - Properly Ado,owledgement 0.00 50.00 50.00 0.00 50.00 50.00 7812.0100 - Employee Recognimon 0.00 0.00 0.00 213.80 0.00 7814.0000 - Trataing£ducallon 213.53 225.00 11.47 447.74 200.00 (213.60) 7815.0000 -Governmental Licenses & Fees 192.00 192.00 0.00 572.00 492.00 (187.74) (80.00) 7816.0000 - Smik Charges 20.58 24.00 342 235.13 288.00 5287 7817.0000 - Other Common Area Expense 24.56 30.00 5.44 283.05 360.00 7652 7820.0000 - Meals/Enterairment 67.26 0.00 (57.29 89.25 0.00 Total GENERAL AND ADMINETRAnVE: 1,471.18 1,544.00 7282 29.329.00 mi:*RI CONTRACT SERVICES/OUTSIOE LABOR 8002.0000 - Post Control 0.00 0.00 0.00 556.92 440.00 (116.92) 8004.0000 - Snow Removal 0.00 0.00 0.00 0.00 500.00 500.00 8005.0000 - Fire Equ®ment Inspection 0.00 0.00 0.00 1,907.49 1,300.00 (607.49) 8009.0000 - Elevator Costs 20524 200.00 (5.21) 2,574.63 2A00·00 (174.63) 8012.0000 - Fire System Monitoring 376.57 200.00 (170.57) 2,855.17 2,400.00 (455.17) 8050.0000 - Trash Removal 712.14 694.00 (18.14) 8,545.68 8,328.00 (217.68) Total CONTRACT SERVICESJOUTEIDE LABOR. 1293.95 1,094.00 (199.94 16,430.89 15,388.00 (1.071.89> RESERVES 8401.0000 - Maintenance & Capital Reserve 1,697.44 1,748.00 50.56 20.36928 20.978.00 605.72 Total RESERVES: 1,697.44 1,74800 50.55 26,389.28 10.17H.5 606.72 :reated on; 01/07,2013.08:17 PM Pag,2 V#las at Copper Leaf, LP Income Statement Month Endbg Year To Date 12t31/2012 12/31/2012 Actual Budget Vartancs Atual Budget Verhznce Total EXPENSES: 18.056.83 19,739.00 (1,331.83) 248.439.85 227.329.00 (21,110.85) NET INCOME FROM OPERATIONS: 15.791.58 13,388.00 2,403.58 136.588.58 133.985.00 2,581.56 OTHER INCOME AND EXPENSE DEBT SERVICE 9801.0000 - Plindpal Reduction 3,840.69 3,700.00 (140.69) 45,495.81 44,400,00 (1,095.81) 9604.0000 - Morlgage Interest Expense 5.52139 5,662.00 140.61 66.849.15 67,944.00 1,094.85 Total DEBTSERVICE: 9,382.08 9,362.00 (0.08) 11%344.98 112.344.00 (0.98) CAPITAL- EXPENDITURES 9502.0000 - Major Repairs-Bldg Exterlor 0.00 0.00 0.00 7,000.00 8,000.00 1,000.00 9503.0000 - Parking Lot/Eldewalk 0.00 0.00 0.00 0.00 2.500.00 2,500.00 9506.0000 - Computer Equipment 0.00 0.00 0.00 1,054.89 9509.0000 - FurNture & Equipment 4,474.71 0.00 3,000.00 1,945.11 (4,474.71) 4,474.71 0.00 Total CAPITAL EXPENDOURES: 4,474.71 0.00 (4.474.71) 12629.60 13.500.00 0,474.71) 970.40 Total OTHER INCOMEAND EXPENSE: 13,836.72 9,382.00 (4.474.79) 124,874.56 125,844.00 _ 969.44 NET CASH FLOW: 1,954.79 4,026.00 (2,071.21) 11,092.00 8,141.00 3,551.00 HOME LOANS 9608.0000 - Intered Experme-Zld Mortiago 1,293.80 175.00 (1,118.80) 2.599.70 2,100.00 Total HOME LOANS: (499.70) 1293.BO 175.00 0,118.80) 2,599.70 2,100.00 (499.70) NETCASHFLOWAFTERHOME LOANS 660.99 3,851.00 (3,190.01) 9.092.30 6,041.00 3,051.30 OTHER TAX ADJUSTMENTS 9007.0000 - Developer Fee Interest 10,380.32 0.00 (10,380.32) 10,380.32 0.00 (10,380.32) 9800.0000 - Asset Manager Fee 0.00 0.00 0.00 1,875.00 2,500.00 625.00 9801.0000 - Depreclation Exponss 12,003.38 0.00 (12.003.38) 144,050.24 0.00 9802.0200 - Amortizallon Exp·Tax Crecit Fees 195.17 0.00 (144,050.24) 9802.0300 - Amortizatton Exp-Perm LIVLegal Fees 85.92 0.00 (195.17) 2,342.00 0.00 (2,342.00) (85,92) 1,031.00 0.00 (1,031.00) 9804.0000 - Prindpal of Debt Service (3,840.69) 0.00 3,840.69 (45,495.81) 0.00 45,495.81 9805.0000 - Rese,ves-Maintenance & Capital (1,697.44) 0.00 1,697.44 (20,369.28) 0.00 20,36928 9813.0000 - Savings Trffor Major Repair 0.00 0.00 0.00 4,294.89 0.00 Total OTHER TAX ADJUSTMENTS: (4,294,89) 17,126.66 0.00 (17,126.68) 98.108.38 2,500.00 (95.808.36) NET INCOME {LOSS): (16,485.87) 3.851.00 (20,316.671, (89,016.06) 3,541.00 (92,557.08) rested on: 01/07/2013,08:17 PM Page 3 f. •10 6 0/1.-1 mg&-507-001 00 0 11101 0/gell.AV CO O 00'001 00 0 60!pnlm,3 88 100.00 00-00£ 00.001 00.0 4 0 i 0.0 000 Z 3 -1 1 31 villas at Copperleaf UNITS Z/20/2012 aiR 1 2 m F g 51 1 i m e 11 it ] Witholt Properties - To••1 54,359 06.0 00.0 00.0 00'0 % 41 V*c»nt O 0 8 8 2% 2 g 88 gg= ZE CO 690 ts M Mi 80 E O 6 14 S.8 Ocri,011,4 pidnwo 00 001 ZE ga 11 1 - Vin#01-a .Ull- VJ W 12/21/2012 9·33-28,AM Occun nev :unoONun 0 5 3 1- 0 32 > 0 N-u - i Up 1 1 2 23. n. c. 1 1 11 8 & 83|/3 2 Page 10¢4 mgt·507-001 >- Z Z >- Z >Z»Z>>-ZZZ »Z>->-Zzz» ZZ zZZ illgagga 88&888888 Z88ggg88 8g egg 1210 8,88 :gg=5:2828 r- t#%*%§%% & 8 . 14 M ¢9 M 09653 & 9 9 & & 0 €102/0 0 €02/0260 29!222282 amigammo 5"jeoeee C C2C2C i888§§i§ CyNNe·IN S! C! ed D! 2 U 9! D! D! ™NN- 2 Z »ZzzzZZ»>->·Z»Z»Z»» Depo*11, On Hand 18 888 888888 8888/gg8.8.8.8.88.8.ZEBgg i 4 $ 0 . § 6% 2 § m 0 Z K 8 * 1 M M M & 4 M A W * M 0 M M .1.90 .0 n.6.9 0 M n Ac-, M ror·,m An•-1 m nme r) 20 Lodo End 0 1 3 0 & I & i & 9 3 & ins@22@292 1/301 N 88§ · 2 3 1 3 6 0 0§68§36§88 22 EmEMEN N N No:rIN.9 MNNN NWNNMNN Le--e Slart 99 @8@ 93&15&800&&&18§880 66 Was 61**22 0&§5501%§23*23&8&# 55 83§ i i i 5 2 6 50&05!. N=-00£-el-egoe el MNN Movedn 51 33& 8%050% §§0*03 $00/1 2/go Wilhoit Properties - Villas at Copper Leaf ALL UNITS As of 12/20/2012 ActualRent Amt/SQFT Nam, 2,133 occupied SQFT 8 9 5 15 i 1 4 22.8 0.60 81/15:13.i; 1/*111 2xo 0 5 Zati R Zo.mic' ilit, 11,1,1 lilli =u,200 BE a 2 0 # a a W G & 2 4 8% 82% 0.51 0 0000 06006 gggg: 33395311.5.3 doodocad Liase /08620 8gg 8gS2 88888 g R 8888888888808*8828 00% 05!04 6646&114 WEE@NESEENEEREENEE gZggggggggggg2g: do dad= cooodoo dd ddddddaddaddc:ddi Sub Propef¥ AU.Ur,It Range Start Emt unit Unit Range End: last unit:Report Type: Dlah + Summa · Solt By: Floorplon Market Rent 1.086.00 92 2 Egg & aggagg g g.gg.gglg.8.88.8.gggRR g 8.1 9%93 ENEENE¢ 6666&616516&&6&651 SQFT 2,133 E RE 0 0 0 5 1 0 B mmi11mi1mi1mmlmm1 Floorplan 18 RHH 33E3 iilIiiI ii1mi16iiiiiiiiiii OneS,le Rents 73.0 12/21/2012 9:33:28AM ** S mma m C m o: 0: c: cc 58= =2=Sa MA*2$922 RRNMAnniinnmAM#ARAR :5-5 5 2 E /3 9/9/8 5/N 93 21= 17 Page 3014 mgl-507-001 00=00000.0 0 Mate ZzZZZ>·Z 1 000 0 00000 0 0 On Hind Ready 0% e ¢ m g 4 Ultupv 0 Depoolts Eggg288 3, 000=000000, 01 00.0000000 0 2.95!2922 Lease End ME@& :1 55355553335 0.00 99/§111 00-0--O 3 t! 2 0 2 9! 0 2 1.Catu Start &8&358& iN 8.g.&.8.88.8.1.g.Q. t;WVI 'Bil/KE 2 M E S 2 2 C 32.100.00 E& REE C b O €76 0 N More·trl §32% 10/01/2011 12,Il S OUZ712007 '1701 oz"Z ggsgegg gggg 000%064 32.100.00 N d ei 4 4 - O M 11 5333335333: 0.89 Wilhoit Propedles -Villas at Copper LealALL U NrrS As of 1320/2012 ActualAmtIEQFT Name 17.244 occupied SQFT 1 1 1 1 : 1 1% 1 i ggggggggggg 501.58 1 2 229#298 i . 21 110'0111116'60 fi Arnitn, r i £ m 1% 8220*9*222.S 0.59 O 0 0 0 de acidciddao 82888888885 50166 2 8.0.8.gglgg g. 4 1, 03'591§'m#m' ,11 0 lu> r L-30 Rent 10.350.00 EE ..1 c.rE Col'Et = 81 - 02 Z. 111590/Bliti 4 mi 6 4,4 - 4 4 / 54.369 Rsnt AmliSOFT 0.60 3 3 333 3 3 1 1 3 3 imiegamisill! 54.369 - . CD- C.1 33:28AM Sub Pfoperty: ALLUn I Range Start fint und, Unt Range End: list unit.Report Type. 00£24, + Summary: Solt By. Floorplan Mark,t SOFT 19,750.00 8888888 00·c,rE Do'Oot'ZE El ZEIEli 10 B50 - 0, Oi 4 3, gigggEggsgs 64 100.00 17.244 8 R %gwwgg%%ggg 1 m m m m m m m m 2 / i Looer·le>Remer Floo,Plan 2BRS0% 2BRHH I **Iz f tne=Ne•,Nene=- 54 2BRHH 090910 Rams 710 12/21/2012 0 F 1 1/*m==elimma Total: 18 total foc Pag#4014 mgt.521-003 iii olo.0,0 oloi. c 1 11 1 2 : !li liz; i I :1 0 gigi:11 g gis!:10 04 9 ate!2 8.8 9 Qlgii 818 8 1 3U D M e N n N 0,10 -ih Z 1 11 1 2 2% SERNSESS#R E it &1 S55 I i¥* il fIlM 6 4 4 W i i 11 - 1 S/*tuv 1% mig!= mis m 12 g q. R , 1JW,OJ.UU !g! of ( 484.00 31 1 3, 111 11-1 1 8 8 8!8 818 glgig 88= 3 3 8 11% 016; ES 50§ 1 # i Xtg W i fili is siv·:63!im 2-8 g i f i :Bl- -:.0 ,1 i i Ii 1:11!1:1 4 i;: .1. . :1 e 21 - 1 1 1 . -ili-i.,MI.}.12:-i- 1 f lii' 1 51·i .f 0 *1' ii'!ililil b 1 i: !:11 111/1 i S i 32 . ''ill ' 1 1 . 11 itt'l#:1, 1 3 3 13 Billilil: ¥ 1 i 10 19, O. nor. i V KE i 11 31 5 ti ilig, fi ely #P,1, 211*aitili i e q /01 , i N 3/2 "i 2 5 1- mil M 0 mi calm. m =Im . m 8 Page 1 of4 mgl-521·003 S MisS;S seSm 591 :S Sms m m;sisisfs 5 =Sm Sese: - i: ' till 8 8·8fg:8 88883 8 8 81 :8 g88 8.8,818 8*8 8 88 8 8888. 1 ¥ .1.1.!5 002## #0*!19 #0% $ MIN!0!211 g '904§141 111 :1 11 1 1 88 8,8!8 sggS'; 884!8 488 :8 81818 888 88888@gi 0 010:,115 *Ems' 0,0.16 540· 4 514 EACi 6100*50 11 1 : 888·8888888888888'8 6 f3 d o o.d d dod cio c• doo 00 € BSS. 2-0 9..SS.SS.2..SI u 88 8"8 8888888888888 4888888888888888888 0 0:&1'0 0810 ENENE# *·* 9% 51 ¥21.5-6 @NGEN#*010¥40 03 ••W:&*Em#"magummi¥ Bwa g 8 8 le i 88888 88*8 8 Wilhoit Propenies - Villas at Copper LeafRENT ROLL DETAIL A5 01 12'20/2012 5 :Ik111 41 gge 1,5 4 4* ·*E jilll. 113%321 i Elooloot 1 3% 91 i i i 01/09/2014 E107.©En 1 8 i i i i i i i 1 1 1 i & i i & § 2 i 0§§@ 58-RESR 2/0340*0 12·0112012 01/01/2012 W U 1 2 102/ton 1 Zioutono ANNI is m ves ONS,te Rents ¥3.0 12/21/2012 9:33:29AM Paramit- Pcope - ALL; Sul,Journal - ALL: Formers excluded - Yes: Unit Designation -ALI Dotada Unil UB t figi 0-%0'imt 1 1 11 1 1 iii i} 5 i /7- 321£/11 Axicale* amouite nol BcluN,1 h d*,1 10149 WRT, JOHN 1/11111 1 1 i.1 1 1:1 L i. 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NE i 8 5 9 Catklk.i, 0 0 Vittas at Ccppar Leaf LP Villaa at Copper Leaf, LP Income Statement Month Ending Year TC Date 12/31/2011 12/31/2011 Actual Budget Vadance Actual Budget Vallance REVENUE REVENUE 4001.0000 -Gross Potential Rent 32,100.00 32,100.00 0.00 385,200.00 385.&40.00 (640.00) 4002.0000 - GaIWLoss to Lease 0.00 (280.00) 280.00 (281.00) 0,060.00) 2,789.00 4011.0000 - Vacancy Logs 73.00 (1,605.00} 1,678.00 (18,423.00) (19.292.00) 869.00 4014.0000 - Non·Revenue Units (575.00) 0.00 (575.00) (5,137.00) 0.00 (5,137.00) 4040.0000 - Bad Debt 0.00 0.00 0.00 (131.00) 0.00 (131.00) 4045.0000 - Recovery of Bad Debt 0.00 0.00 0.00 521.00 0.00 521.00 Total REVENUE: 31,598.00 30.215.00 1,383.00 381,769.00 363,498.00 (1,729.00) OTHERINCOME 4100.0000 -Escrow Doposit Forfelturee 10000 0.00 100.CIO] 600.00 0.00 600.00 4103.0000 - Late Fee/NSF Income 0.00 50.00 (50.00) 300.00 450.00 (150.00) 4104.0000 - Nonrefundable C[oaning/Pet Deposit 0.00 100.00 (100.00) 200.00 1,200.00 (1.000.00) 4105.0000 -Applcation Fee Income 20.00 60.00 (40,00) 730.00 330.00 400.00 4106.0000 -Vending Income 0.00 40.00 (40.00 81.19 180.00 (78.81) 4107.0000 - Buy Out Fees 0.00 0.00 0.00 743.00 3,450.00 (2,707.00) 4108.0000 - Move Out Expense Recovery 0.00 so.00 (50.00) 445,47 600.00 (154.53) 4125.0000 -Cable/Utltilles/Phone Revenue 21.75 65.00 (43.25} 130.77 780.00 (649.23) 4152.0000 - Funding from Reserves 924.89 0.00 0.00 924.89 4211.0000- Interest Income 519.88 54.00 648.00 298.26 Totai OTHER INCOME: 1.680.32 419.00 . 7,618.00 (2,518.42) GROSS PROFIT: 33,184.32 30,634.00 2,550.32 366.868.58 371.116.00 (4,247.42) EXPENSES PAYROLLAND RELATED 7102.0000 -Manager 1,805.70 2,321.00 426.30 23.916.13 27.852.00 3,935.87 7105.0000 -Maintenance Supervisor 2,180.00 2,109.00 (71.00) 25,835.90 25,308.00 (527.90) 7106.0000 - Fica/Medlcare 287.93 339.00 51.07 3,669.44 4.088.00 398.56 7107.0000 - Federal Unemployment 0.00 4.00 4.00 112.01 48.00 (64.01) 7108.0000 - Slate Unomployment 0.00 89.00 89.00 899.60 1.088.00 168.40 7109.0000 -Worker's Comp Insurance 112.88 204.00 91.12 1,305.34 2,448.00 762.66 7110.0000 - Health/Ure & Uablilly Ins. ocIe.00 200.00 (408.00) 5,760.00 2.400.CIO (3,360.00) 7111.0000 -Uniforms 0.00 0.00 0.00 146.08 165.00 18.92 7112.0000 - Auto Allowance 50.00 50.00 0.00 587.50 600.00 12.50 7116.0000-Bonus 0.00 0.00 0.00 750.00 0.00 (750.00) 7145.0000 - Payroll Services 29.68 30.00 0.32 379.61 360.00 (19.61) Total PAYROLL AND RELATED: 5,182.19 6,348.00 183.81 63.741.61 64.317.00 575.39 ACCOUNTING AND AUDIT 7201.0000 - Annual Audit Feeg 0.00 0.00 0.00 8.794.00 7,886.00 (908,00) 7202.0000 - Tax Rettmn Prepamtion Fee 0.00 0.00 0.00 2.011.00 1.782.00 (229.00) Total ACCOUNTING AND AUDIT: 0.00 0.00 0.00 10,805.00 9,668.00 (1,137.00) LEGAL EXPENSES 7701.0000 - Legal (O9ts 0.00 0.00 0.00 (318.00) 288.00 606.00 Total LEGAL- EXPENSES: 0.00 0.00 0.00 (318.00 288.00 000.00 ADVERTISING 7302.0000 - Newspaper Advertising 0.00 0.00 0.00 148.96 0.00 (148.96) 7302.0500 - Apartment Magazines 297.92 147.00 (150.92) 1,733.99 1.764.00 30.01 7303.0000- SIgnage 0.00 0.00 0.00 0.00 100.00 100.00 7305.0000- Other Markellng/Leasing Bench. 7.15 40.00 32.84 127.08 160.00 32.04 7306.0000 - Call Center Mklg,Promos/Events 490.42 100.00 (390.42) 3,110.65 1,200.00 (1,910.65) 7307.0000 - Lease Rer,ewaUResident Retent. 0.00 50.00 50.00 51.00 600.00 549.00 7311 0000 - ResidenURefarral Fees 0.00 0-00 0.00 363.00 200.00 (163.00) Total ADVERTISING: 795.50 337.00 (458.50) 5.535.66 4,024.00 (1,511.58) MAKE-READY COSTS 7501.0000 - Contracl Cleaning 45.00 150.00 105.00 883.00 825.00 (38.00) 7503.0000 - Carpet Clean/Dye 71.40 190.00 118.60 1,003.71 1,045.00 41.29 7505.0000 · Painting Supplies 22.09 90.00 67.91 999 59 495.00 (604.59) Total MAKE·READY COSTS: 138.49 430.00 291.51 2,866-30 2,365.00 (501.30) REF'AIRSAND MAtNTENANCE 7801,0000 -Appliances 214.19 155.00 (59.19) 1,713.58 1.860.00 146.42 Croated en: 01/08/2012.258 PM P.gal Vimas at Copper Leaf, LP VUlas at Copper Leaf, LP Income Statement Morth Ending Year To Date 12/31/2011 12/31/2011 Actual Budget Varlance Actual Budget Vmlance 7602.0000 - Plumbing 124.86 55.00 (69.86) 2,347.17 1,59500 (752.17) 7803.0000 - Electrical 883.13 150.00 (733.13) 1.78225 1800.00 17.75 7604.0000 - Heating & Al, Conditioning 138.90 200.00 61.10 2,704.75 2,400.00 (304.75) 7608.0000 - Bul!dIng-Misc Repair 653.16 100.00 (553.16) 1,560.47 1,200.00 (360.47} 7607.0000 - Locks & Keys 57.20 40.00 (·17.20 268.62 480.00 211.38 7808.0000 -Roof Repair 0.00 0.00 0.00 250.00 0.00 (250.00) 7611.0000 - Common Area Cleaning 32.02 70.00 37.98 175.81 840.00 664.19 7012.0000 -Window Treatment 0.00 15.00 15.00 355.51 180.00 (175.51) 7614.0000 - Emergency Carpal Clean/Dye 0.00 0.00 0.00 447.78 400.00 07.78) 7814.0100 - CarpeUVInyl Replacement 0.00 0.00 0.00 238.75 1,250.00 1,011.25 7615.0000 - Grounds Covern.andscape Supply 22.57 0.00 (22.57) 2,725.01 900.00 (1,825.01) 7616.0000 -Snow Removal Supplies 0.00 300.00 300.00 519.89 300.00 (219.89) Total REPAIRS AND MAINTENANCE: 2,120.03 1,085.00 0,041.03) 15,089.59 13.205.00 (1,884.591 UTIL[TIES 7901.0000 - Common Area Electric 1,307.92 980.00 (327.92) 13,487.79 11,760.00 (1.707.79) 7902.0000 - Vacant Unlls Electric 172.97 100.00 (72.97) 1,001.68 1,200.00 198.32 7004.0000 - Common Area Sewe#Storm 401.95 375.00 (26.95) 5.345.60 4.500.00 (645.60) 7905.0000 - Common Area Water 290.81 275.00 (15.81) 4,159.03 3.300.00 (859.93) Total UTILITIES: 2,173.85 1,730.00 (443.85) 23,975.00 20,760.00 (3,215.00) INSURANCE 7401.0000 - Property insurance 781.08 960.00 178.92 9.359.68 11,520.00 2,160.32 Total INSURANCE: 781.08 980.00 178.92 9,359.68 11,520.00 2.160.32 REAL ESTATE/PROPERTY TAXES 8101.0000 - Land/BIdgs-Real Estate Tax 1,810.97 1,762.00 08.QD 21,192.97 21,144.00 (48.97) 8102.0000 -Personal Propelty Tax 68.70 0.00 (68.70) 431.70 950.00 518.30 8106.0000 - Tax Appeal Legal Fees 0.00 0.00 0.00 500.00 0.00 (500.00) Total REAL ESTATE/PROPERTY TAXES: 1,879.87 1,702.00 0 1767] 22,124.67 22.094.00 (30.87) MANAGEMENTFEES 8301.0000 -Base Management Fee 1,640.20 1,532.00 (108.20) 18,329.72 18.557.00 227.28 Total MANAGEMENT FEES: 1,640.20 1,532.00 (108.20) 10,329.72 18,557.00 227.28 GENERAL AND ADMINISTRATIVE 7801.0000 - Omce Supplies 369 80.00 76.31 843.56 960.00 118.44 7802.0000 - Terephone,Pager,ModenWFax 67L17 580.00 (97.17) L246.97 6,960.00 (286.97) 1,560.00 72.97 7803.0000 - Copier Charges 100.90 130.00 29.10 1,487.03 295.00 141.53 7804.0000 - Forms 0.00 0.00 0.00 15147 7805.0000 - Computer Expense 1.335.35 218.00 (1,117.35) 3,930.98 2,618.00 (1,314.98) 7806.0000 - Postage & Express Mall 11.00 25.00 14.00 349.08 300.00 (40.08) 7807.0000 - Credit Check/Res!dent Screeng 0.00 5.00 5.00 15.25 60.00 44.75 7811.0000 - Dues & Memberships 0.00 0.00 DOC) 15,875.08 15,859.00 (16.08) 7814.0000 - Training/Educallon 44.84 0.00 (44.84) 470.72 200.00 (270.72) 7815.00CO - Govemmental Ucenses & Fees 232.00 232.00 0.00 512.00 452.00 (60.00 7816.0000 -Bank Charges 18.04 noo 3.36 280.41 264.00 (16.41) 7817.0000 - Other Common Area Expense 40.58 40.00 (0.58) 542.62 480.00 (62.62) 7820.0000 · Meals/Entertainment 40.00 0.00 (40.00 40.00 0.00 (40.00) Total GENERAL AND ADMINISTRATIVE: 2,604.17 1,33200 (1,172.17) 31,747.17 30,008,00 (1,741.171 CONTRACT SERVICES/OUTSIDE LABOR 8002.0000 - Pest Contfol 15.01 110.00 94.99 517.54 440.00 8004.0000 -Snow Removal 0.00 225.00 225.00 995.00 450.00 8005.0000 - FIre Equipment inspection 0.00 0.00 0.00 1,648.48 2.525.00 8009.0000 - Elevator Costs 197.59 187.00 (1069) 2,453.23 2,244.00 8012.0000 - Fire System Monitoring 0.00 0.00 0.00 1,913.72 1,080.00 8050.0000 - Trash Removal 694.32 680.00 (14.32) 8.331.84 8,160.00 Total CONTRACT SERVICES/OUTSIDE LABOR: 908.92 1,202.00 295.08 15,859.81 14,890.00 RESERVES 1,697.44 1.801.00 103.56 20.420.20 21,812.00 1.191.80 8401.0000 - Maintenance & Capital Reseive Total RESERVES: 1,697.44 1.801.00 103.56 20.420.20 21,812.00 1.191.80 Total EXPENSES: 19.805.34 17,517.00 (2.288.34) 239,538.31 233.315.00 (6,221.31) NET INCOME FROM OPERATIONS: 13,378.98 13,117.00 261.98 127.332.27 137,801.00 (10,488.73) OTHER INCOME AND EXPENSE Created on: 01972012,268 PM Pao/2 WIns at Copper Leaf. LP Vinas at Copper Led, LP Income Statement Month Ending Year To Date 12/31/2011 12/31/2011 Actual Budget Variance Actual Budget Vatiance DEBT SERVICE 9601.0000 - Principal Reduction 3,733.96 3,658.00 (77.96) 44,244.71 43,344.00 (900.71) 9604.0000 - Mortgage Interest Expense 5,028.12 5,707.00 78.88 68.100.25 69,012.00 911.75 Total DEBT SERVICE. 9,362.08 0,383.00 0.92 112,344.96 112,356.00 11.04 CAPITAL. EXPENDITURES 0602.0000 - Major Repairs·Bldg Extericr 0.00 0.00 0.00 4,164.89 28,800.00 24,835.11 9506.0000 - Computer Equipment 0.00 0.00 0.00 0.00 2.500.00 2,500.00 9509.0000· Furniture & Equipment 0.00 0.00 0.00 0.00 1,00000 1,000.00 9521.0000 - Landscape/Drainage Repairs 0.00 0.00 0.00 0.00 1,500.00 1.500.00 Total CAPITAL EXPENDITURES: 0.00 0.00 0.00 4.184.89 33,800.00 29,635.11 Total OTHER INCOME AND EXPENSE: 9.382,08 9.383.00 0.92 116.509.85 146,156.00 29.646.15 NETCASH FLOW: 4,016.90 3,754,00 282.00 10,822.42 (8,355.00) 19,177.42 HOMELOANS 9605.0000 -Interest Expense·2nd Mortgage 652.95 0.00 (852.95) 2.630.00 0.00 (2,630.00) Total HOME LOANS: 852.95 0.00 (652.95) 2.630.00 0,00 2,630.00) NETCASHFLOWAFTERHOMELOANS 3,363.05 3.754.00 (390.05) 8.192.42 (8,355.00) 16.547.42 OTHER TAX ADJUSTMENTS 9607.0000 - Developer Fee Interest 10.04823 0.00 (10,048.23) 10.048.23 0.00 (10,048.23) 9800.0000 - Asset Manager Feo 825.00 0.00 (625.00) 2500.00 2,500.00 0.00 9801.0000 - Depreciallor Expense 13,267.63 0.00 (13,267.63) 159.211.55 0.00 (159.211.55) 9802.0200 - Amartizauon Exp-Tax Credit Fees 195.17 0.00 (195.17) 2.342.00 0.00 (2,342.00) 9802.0300 -Amonkatlon Exp-Porm Ln/Logal Fees 80.17 0.00 (86.17) 1,034.00 0.00 (1,034.00) 9804.0000 - Principal of Debt Service (3,733.06) 0.00 3,733.96 (44.244.71) 0.00 44.244.71 9805.0000 - Reserves-Malntenanco & Capltal (1,697.44) 0.00 1,697.44 (20,420.20) 0.00 20,420.20 9813.0000 - Savings Trf for Major Repair 924.89 0.00 (924.80 924.89 0.00 (924.80 TotaIOTHER TAX ADJUSTMENTS: 19.715.69 0.00 (19.715.69) 111,395,76 2.500.00 (108,895.76) NET INCOME {LOSS): (16,351.74) 3,754.00 (20,105.74) (103.203.34) (10,855.00) (92,348.34) Crested on. 01/09;2012,2:68 PM p.9.3 E *01Available 00 0 00 0 5i 00-001 100.00 88 00 E1 69·0 65·0 00.0 ; 11 i li 3 11 g gRE BEd 21. 11 W Wi 11 ji 1. 000 -0 000 Total 53 MoveWTranfen, 1•*SM 00/0 Vacant 8*ZE g 888 d 00- E O 3 ggg Occupled g1 2/5 81 1 51-3 A .8 13# - RE Z 2 *219 8 63 ; /111 5 1 1121 8 0 ·c CA,st'o,f IRE vt,as at Copper Leaf, LF Vmas at Copper Leaf, LP Income Statement Month Ending Year To Date 12/31/2010 12/31/2010 Actual Budget Variance Actual Budget Variance REVENUE REVENUE 4001.0000 - Gross Potantial Rent 32,100,00 32,100.00 0.00 385,200.00 385,200.00 0.00 4002.0000 - Gati/Loss to Lease (116.00) 0.00 (116.00) (1,114.00) (1.855.00) 741.00 4011.0000-Vacancy Loss (31.193.00) (1.605.00) (1.588.00) (16,541.00) (19,260.00) 2,719.00 4014.0000 - Non·Revenue Untls 0.00 (580.00) 580.00 129.00 (8,940.00) 7,069.00 4040.0000 - Bad Debt 0.00 (80.00) 80.00 (448.00) (980.00) 512.00 Total REVENUE: 28,791.00 29,835.00 (1,044.00) 367,226.00 358.186.00 11,041.00 OTHERINOOME 4100.0000 - Escrow Deposit Foffeitures 50.00 0.00 50.00 250.00 0.00 250.00 4103.0000 - Late Fee/NSF Income (25.00) 25.00 (50.00) 425.00 ' 50.00 375.00 4104.0000 - Nonrefundable CloaningPot Deposit 0.00 0.00 0.00 600.00 0.00 600.00 4105.0000 - Appticallon Fee IncomEs 60.00 30.00 30.00 330.00 480.00 (150.00) 4106.0000 - Vending Income 0.00 0.00 0.00 175.80 0.00 175.80 4107.0000 -Buy Out Fees 16.00 0.00 16.00 2,052.00 0.00 2,052.00 4108,0000 - Move Out Expense Recovery 49.00 75.00 (26.00) 578.00 800.00 (322.00) 4125.0000 - Cable/UNitles/Phone Revenue 64.81 · 70.00 (5.19) 840.00 (195.34) 4211.0000 - inferest Income 303.69 886.00 (382.31) (ms) 1,613.00 (849.07) Total OTHER INCOME: 518.50 8800 (387.50) 5.819.3g 3.883.00 1,938.39 GROSS PROFIT: 29,309.50 30,721.00 (1.411.50) 373.045.39 360.068.00 12,977.39 EXPENSES PAYROLL AND RELATED 7102.0000 - Manager 1,062.90 1,905.00 842.10 22,625.19 22,860,00 234.81 7105.0000 - Maintenance Supervisor 1,074.71 2,053.00 978.29 24,165.03 24,636.00 470.97 7106.0000 - Fica/Medicaze 159.62 303.00 143.38 3,579.14 3,836.00 56.86 7107.0000 - Federal Unemployment 0.00 3.00 3.00 13317 36.00 (97.17) 7108.0000 - State Unemployment 0.00 79.00 79.00 916.70 948.00 31.30 7109.0000 - Workets Comp Insurance 99.26 182.00 82.74 1,675.83 2,184.00 508.17 7110.0000 - Health/Life & Liabilily Ins. 253.00 115.00 (138.00) 4.406.34 1,380.00 (3,026.34) 7111.0000 - Uniforms 0.00 0.00 0.00 0.00 50.00 50.00 7112.0000 - Auto Allowance 25.00 50.00 25.00 52L27 600.00 72.73 7116.0000 -Bonus 0.00 0.00 0.00 1,100.00 0.00 (1,100.00) 7125.0000 - Employment Ad [Expense 602.00 0.00 (602.00) 602.00 0.00 (602.00) 7145,0000 - Payroll Services 14.08 30.00 15.94 351.56 360.00 8.44 Total PAYROLL AND RELATED: 3,290.55 . 4,720.00 -13295 60,08223 50.090.00 (3,392.23) ACCOUNTING AND AUDIT 7201.0000 - Annual Audit Fees 0.00 0.00 0.00 7,886.00 7.746.00 (140.00) 7202.0000 - Tax Return PreparaGon Fee 0.00 0.00 0.00 1,782.00 1,550.00 (232.00) Total ACCOUNTING AND AUDIT: 0.00 0.00 0.00 9,688.00 9.296.00 (372.00) LEGAL EXPENSES 7701 0000 - Legal Costs 0.00 0.00 0.00 288.00 415.00 127.00 Total LEGAL EXPENSES· 0.00 0.00 0.00 ----yle'lr 415.00 127.00 ADVERTISING 7302.0000 - Newepaper Advellising 0.00 250.00 250.00 0,00 3,000.00 7302.0500 - Apaftment Magazines 131 10 148.00 16.90 2.376.68 1.778.00 7303.0000- Signage 000 0.00 0.00 80.57 0.00 7305.0000 - Other Marketing/LeasIng Broch. 22.87 0.00 (22.87) 90.21 100.00 7306.0000 - Call Center Mktg/Promos/Events 328.00 150.00 (178.00) 1,78829 80000 7307.0000 - Lease Renewal,Res:denl Ratent 0.00 50.00 50.00 548.07 600.00 7311.0000 - Rosident/Referral Foos 0.00 0.00 0.00 1.09425 100.00 Total ADVERTISING: 481.97 598.00 118.03 5,978.07 6,375.00 MAKE-READY COSTS 7501.0000 - Contract Cleaning 195.00 45.00 (150.00) 1,080.00 720.CIO (380.00) 7502.0000 - Contract Painting 0.00 0.00 0.00 13.90 0.00 (13.90) 7503.0000 - Ca,pet Clean/Dye 325.00 65.00 (280.00) 1,310.00 1,040.00 (270.00) 7605.0000 - Painting Supplies 47.28 45.00 (2.28) 254.53 720.00 465.47 7507.0000 - 0[her Make Ready Costs 0.00 75.00 75.00 53.01 900.00 846.09 Total MAKE-READY COSTS: 587.28 230.00 (337.28) 2,712.34 ---JJTWOX 667.66 REPAtRS AND MAINTENANCE Created on: 0110/2011. 7:37 PM pagel vmass at Cappor Leaf. LP Vmas at Copper Leaf, LP Income Statement Month Ending Year To Data 12/31/2010 12/31/2010 Actual Budget Variance Actual Budget Variance 7601.0000 -Appliances 155.38 100.00 (55.38} 1,725.80 1,200.00 (525.80) 7602.0000 - Ptumbing 532.21 75.00 (457.21} 3,011.66 900.00 (2,111.66) 7603.0000 - Electrlcal 1,645.89 75.00 (1,570.89) 4,787.23 000.00 (3,887.23) 7604.0000 - Heating & AIr Conditioning 34.65 300.00 265.35 4,657.57 3,600.00 (1,057.57) 7608.0000 - BuIlding·MBc Repair 48.11 10.00 (36.11} 1,321.67 120.00 (1.201.67) 7607.0000 - Locks & Keys 20.29 10.00 (10.29} 498.62 120.00 (378.62) 7608.0000 -Roof Repair 250.00 0.00 (250.00} 250.00 0.00 (250.00) 7611.0000 - Common Area Cleaning 0.00 25.00 25.00 780.91 300.00 (480.91) 7612.0000 - Window Treatment (13.85) 75.00 88.85 170.12 900.00 729.88 7814.0000 - Emergency Carpet Clean/Dye 0.00 0.00 0.00 2,625.00 0.00 (2,625.00) 7814.0100 - Carpel/Wlyl Replacement 0.00 0.00 0.00 3,149.40 2,400.00 (749.40) 7615.0000 - Grounds Covertlendscape Supply 0.00 0.00 0.00 1,485.44 450.00 (1,015.44) 7818.0000 -Snow Removal Supplies 0.00 100.00 100.00 225.74 300.00 74.26 7620.0000 - Hardware/Carpently 0.00 25.00 25.00 0.00 300.00 300.00 Total REPAIRS AND MAINTENANCE: 2,670.68 795.00 (1,875.68) 24,669.16 11,490.00 (13.179.16) UTILInES 7901.0000 - Common Area Electric 1,637.89 980.00 (657.89) 12,858.49 11,760.00 (1,098.49) 7902.0000 - Vacant Units Electric 199.18 140.00 (59.18) 1,lil.49 1,680.00 568.51 7904.0000 - Common Area Sewor/Slorm 202.45 345.00 142.55 4,455.55 4,140.00 (315.55) 7904.0100 - Resident Unit Sewer/Storm 0.00 70.00 70.00 0.00 840.00 840.00 7905.0000 - Common Area Water 199.81 300.CO 100.39 3.288.62 3.600.00 313.38 7905.0100 - Resident Unit Water 0,00 40.00 40.00 0.00 480.00 480.00 Total UTIL[TIES: 2,239.13 1,875.00 (364.13) 21,71215 22.500.00 787.85 INSURANCE 7401.0000 - Property Insuranco 89838 960.00 61.64 10,780.36 11,520.00 739.64 Total INSURANCE· 898.36 980.00 61.64 10.780.36 11.520.00 739.64 REAL ESTATEPROPERTY TAXES 0.00 1,790.00 1.790.00 Ci1341.irj 21,480.00 338.86 8101.0000 - Land/Bldgs-Real Estate Tax 8102.0000 - Pe,Eonal Property Tax 392.59 0.00 (392.59) m392.3 0.00 (392.69) 8108.0000 - Tax Appeal Legal Fees 0.00 0.00 0.00 500.00 0.00 (500.00) Total REAL ESTATE/PROPERIY TAXES: 392.59 1,790.00 1,397.41 22,033.73 21,480.00 (553.73J MANAGEMENT FEES 8301.0000 - Base Management Fee 1,467.13 1,536.00 68.87 18.623.57 18.004.00 (619.50 Total MANAGEMENT FEES: 1.467.13 1,536.00 68.87 18,623.57 18,004.00 (819.57) GENERAL AND ADMINISTRATIVEE 7801.0000 -OBIce Supptios 89.63 125.00 35.37 824.76 1,500.CO 675.24 7802.0000 -Tolophono/Page#Modom/Fax 874.83 545.00 (129.83) 6,912.60 6,540.00 (372,80) 7803.0000 - Copier Charges 99.61 125.00 25.39 1,533.57 1,500.00 (33,57) 7804.0000 - Forms 0.00 15.00 15.00 112.00 180.00 68.00 7805.0000 - Computer Expense 302.60 230.00 (72.00) 2,948.18 2,760.00 (188.18) 7806.0000 - Postage & Express Malt 24.24 25.00 0.78 289.05 300.00 10.95 780L0000 - Credit Check/Resident Screeng 0.00 5.00 5.00 73.75 00.00 (13.75) 7811.0000 - Dues & Memberships 0.00 0.00 0.00 15,999.25 15.70600 ·(293.25) 7814.0000 - Training/Educanon 0.00 0.00 0.00 70.00 100.00 30.00 7815.0000 - Governmental UcenBea & Foes 192.00 255.00 63.00 452.00 455.00 3.00 7816.0000 - Bark Charges 20.91 5.00 (15.91) 264.70 50.00 (204.70) 7817.0000 - Olher Common Area Expense 0.00 65.00 65.00 493.88 780.00 288.12 Total GENERAL AND ADMINISTRATIVE· 1,403.82 1,306.00 0.82) 29,071.74 29,941.00 (30.74) CONTRACT SERVICES/OUTSIDE LABOR 8001.0000 - Landscape Contract 0.00 0.00 0.00 16000 0.00 80020000 - Pest Control 106.65 37.00 {69.66) 49687 444.00 8004.0000 - Snow Removal 000 0.00 000 225.00 300.00 8005.0000 - Flm Equipment inspection 0.00 0.00 0.00 2,772.33 890.00 8009.0000 - Elevator Costs 187.02 250.00 62.98 1,459.14 3,000.00 8012 0000 - Fire System Monitoring 0.00 0.00 0.00 2,070.72 125.00 8015.0000 - Ofike Alarm Monitoring 0.00 0.00 0.00 0.00 30.00 8050.0000 - Tranh Removal 677.16 665.00 112.16) 8,125.92 7,980.00 ToWCONTRACTSERMCESJOUTSIDELABOR: 970.84 952.00 (10.84) 15,309.78 12,569.00 RESERVES .- 8401 0000 - Matntenance & Capt[al Reserve 1,748.36 1,848.00 (100.38) (20.929.4\ 19,776.00 (1.153.40) Total RESERVES: 1,748.38 1.648.00 (100.38) 40,929.Sj 19,776.00 (1,153.40j Created on: 01/10/2011. 7:37 PAI Pag42 Vinas at Coppat Leaf. LP Villas at Copper Leaf, LP Income Slatement Month Ending Year To Date 12/31/2010 12/31/2010 Actual Budget VeRmia Actual Budget Vallance Total EXPENSES· 16.130.71 16,499.00 368.29 242,758.53 223,437.00 (19,321.53) NET INCOME FROM OPERATIONS: 13,178.79 14,222.00 (1,043.21) 130,286.88 136,631.00 (6,344.14) OTHER INCOME AND EXPENSE DEBT SERVICE 9601.0000 -Principal Reduction 3.632.56 3,497.00 (135.56) 51,223.58 41,96400 (9.259.58) 9604,0000 - Mortgage Interost Expenso 5.721.33 5,865.00 143.87 69,289.36 70.380.00 1.090.64 Total DEBT SERVICE: 9.353.89 9,362.00 0.11 120,512,94 112,344.00 (8,168.94) CAPITAL EXPENDITURES 9502.0000 - Major Repairs·Bldg Extedor 0.00 0.00 0.00 0.00 28,800.00 28,800.00 9506.0000 - Computer Equipment 0.00 0.00 0.00 0.00 2,500.00 2,500.00 9521.0000. Landscape/Drabiago Repairs 0.00 0.00 0.00 0.00 2,500.00 2,500.00 Total CAPITAL EXPENDITURES: 0.00 0.00 0,00 0.00 33,800.00 ' 33.800.00 Total OTHER INCOME AND EXPENSE: 9,353.89 9,362.00 8.11 120.512.94 148,144.00 25,831.06 NET CASH FLOW: 3,824.90 4,880.00 (1,035.10} 9,773.92 (9.513.00) 19,286.92 HOME LOANS 9505.0000 - Principal-2nd Mor:gage 0.00 0.00 0.00 1,838.75 0.00 (1.838.75) 9606.0000 - Interest Expense-2nd Mollgage 414.92 0.00 (414.92) 414.92 0.00 (414.92) Total HOME LOANS: 414.92 0.00 414.92 2,251.87 0.00 (2,251.67) NET CASH FLOWAFTER HOME LOANS 3,409.98 4.860.00 (1.450.02) 7,522.25 (9.513.00) 17,035.25 OTHER TAX ADJUSTMENTS 9807.0000 - Developer Fee Interest 8,957.85 0.00 (8,857.85) 8.957.85 000 (8,957.85) 9800.0000 -Asset Manmgor Fee 625.00 0.00 (625.00) 2,500.00 2,500.00 0.00 9801.0000 - Depreciation Expense 19,584.48 0.00 (19.584.481 235,013.30 0.00 (235,013.30) 9802.0200 - Amortization Exp-Tax Credit Feas 195.17 0.00 (195.17) 2,342.04 0.00 (2.342.04} 9802,0300 - Amortlzation Exp·Perm Ln/Legal Fees 86.25 0.00 (86,25) 1,035.00 0,00 (1,035.00) 9804.0000 - Principal of Debt Service (3,632.56) 0.00 3,632.56 (51,223.58) 0.00 51,223.58 9805.0000 - Reserves-Maintenance & Capnal (1,748.36) 0.00 1,748.38 (20,929.40) 0.00 20,929.40 Total OTHER TAX ADJUSTMENTS' 24.067.81 0.00 (24,067.81) 177,69521 2.500.00 (175.195.21) NET INCOME (LOSS): (20,857.83) 4,860.00 (25,517.83) (170,172.96) (12.013.00) (158.159.98) Created on: 01/102011.7437 PM Pag,3 Fi 00 0 00 0 .qi. A•Un 00006 aol 0 Eg g 00'00, 6 6 0 gB ri r. 00 0 i Z 1 11 C 888 it - 8 8 6 ' il W W 1 Ill As of 12 2 de 2 48==& 4 888 00 . 00.- n C; Ci ci 0L 1 00.,2. 000 Z iz ERR 2 2 rmt, vacant una E· 8 i g 12/21/2012 9 jurloo,tur] 1, 6 6, m i li 1 2 1 LoSoto 1 £W 3 >zz>·z »Z>•Z>,>ZZZ HZ»>-ZZZ» ZZ zzz 2 1 BEggg Bggg888gg 8888%888 g egg H *m¢99 :88@82888 008§0§00 100.00 07/31/2013 1 CLOZ/ottlk n 1 1 &130&&&& 07/31/2013 06/30/2013 SEE. &&& 9 382.25 /8B8§§i§ 0 9 0 0 2 22%222222 222R22E% 0.000 e e e ati 04/01/2 8@& 00131/2011 DOUBZ/ZO 0€/02/20 Z,02/ to/90 12/28/2008 21==se 0 0 0 - 00 wimoit Properties - Villas at Copper Leaf ALL UNITS Asof12RW2012 E M d % 5 & 5. . 9 -,0 60 mdi & 1 1 m W * i / 4 1 : 1 8 1 3 , A N ,2 00%=1@-.9 8 = d 2. 1 5 8. 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P p ed 4 88888888882 32.100.00 0 0 - r o M.2. d 4. ae .4 4 22:}12'536'5 1 3/53=353302 0.69 Wilholt Prope,tles - Viess at Copper Loal ALL UNITS As of 12/20/2012 ActualAmtiSQFT Maine 17,244 occupied SQFT 09·0 05+0 J 1 i gggggggRggg 501.56 i 1 f. *577 Quimcise ul»* =Co m 1 3 3 3 E 33 3 9 3 3 3 0.69 010 133333 I. ggggggggggg850 64.369 _ 54.153 - 501.56 03*60111'EME, Lease Rent g gB 8888885 00§000*11 -- =%#PINS!g@*01% e.. -0-1-Na» ¢1 4 4 4 + ri + & 0 O=00 05 111155029*ill . --- 02+Cid; mi Sub Property: ALLurm Re,go Stalt Rfst unit Unit Range Ind: lut unit:21 2 . 1 : clf,a=lo:,t 39 d did:d;d 55§ 5 ;;I is §§9· 5 SISISii!5 5 d d d d d d d: 8 8:8 8;8 88 g 88 gg; 1:.,i 1 . 88:86!8 8 8 PUCH .0 5 41•!•!5 0%110 ' 9 1:'. -- 9'51 8 8828888. 111 1 1 .. 11 . 1 I 12 0 8!8:gis SSEISH 8.8 8 :8 688 80 81818 88 88888* 8.| 1 6 aillfilil *WEE' 0'0 24 540' ¥& |it K' Gillillill: IIi 1. 1 3.Simissse:882888'8 888'888888§8,8888888 20 1 ddeocipdoo d·d d d o,6-6.0 6.0 0 d ddeciddd 0 11 88888888888888888 688888.288EIME*880888 3 6 5:61,0 0%6£86%11*.* 2* 00¥ 2.6-6 aMESER#N¥00¥60 /j "& M'"mil#m#mim# , g m 922 99 azil":u "Na" B.1 "Imm i.* M W = = 12 8 818 88 88555 11 8.9 8. 8- 20 8'8 88RE[8 8888881 Wllhoit Propettics- Vinas at Copper LeafRENT ROLL DETAILA, of 12/20/2012 $,WiN 0% '5 4 m*z,%00 5· 50::*Es@SE#. A¥00;21 1 . il-115*m /886; 10" 1 011. ™1188.11 516/15.1 8 0 .1.12 3§208 §=8: 8 C .9-2 22%98 82982229 56 Ww-WWO Wur N " 2 9! 111 8 ill:: N I - I 9 2168611 N 1 Z,Cr/Lono /102;10/10 g.8 1 0 §80.. lil i:; 6 I .1.2 92, 05. 922 Z immens OneS,te Rena v3.0 12/21*2012 9:33:29AM Parametors: Pcoperty -ALL: Sul>Journal- ALI: Fom,irs excDJde{I - Yen. Und Designation - ALL;· Dotoils t1 ; 1 i i - 81•!RIZIN - I i 11 11141 11111 1111 11 1 11- milill 111 1 j 1% El,EE;§ 25§01 221 1 RE E §Ii!§ 02 1§202§2 1 1 i,Mi milli 010 13 112. 15.*iili iii *111:01.1 1 1 41,] 11111 *i i,1 @i -2 *01 *i i j 1-2 *1 1 9-1 1 2 5 5,9-9-1 9999 9 RENt 25 591 5 91519;9{2 1 1g98999 8 ·· L Pagg 2 0 4 10 Ci d 11§85 :2;515 335.10S:S12 85§08335 .:5,5 9 Ing,·521-003 is gB a :!1 - £ 5.'' 88888 8'RiE 888 8.88!8.8 888888888 3.8:gie a 1 + 8%Liw ;K§!# 01!B .Ii/,4·4 ggf<%9*52#88 *i'22 1 1 1.1 1: Ril!88 88888 Igisis 888'8 8-8 88 888868888 8,8..8,2 8 i i 1 5.15*. 64 ¥11 4 1#16ig E¢,·6 0.0 1 045&346,55 CiE:rE g 11;.. .1 ilc Other 1&, 8 888888888 9'188'8 888 8;8:8 88·8888888888*8!818 g 0 0 0.0 ddadd d*didodded :d:dad d.d dadodd60 did dd d u ..1 8 8888888888'888838 88:88888888!8888:i8888 . 0 -ize/2.-r . 06 9 N .1 0 .. /*%56$:54 g:, 0,5 E.0 "15 0.0 0 11¥15 1 21 m i a." Sm" mimil rn"m "NE, Num m.m M W W- M , 1 £ 9 9 & i »im b % 3 Wilholt Propertios - Villas at Copper LeafRENT ROLL DETAIL As of 12/202012 8 1 88 888·88 888888 :8!8:888888888288 8,8 888 9 '•¥* 65 3.* ¥ ENEE 5 0 1/00**Ne#¥64¥5; ENE #:0: E nen ne,--- . ! 21' i Hi. 22012 2-3 8·22-8 imij"Bil-2 2%8%52 011'Ul 11 1 HE 01**1 1*1122:*-HHINHU ...1 -1- N N .1 5- s ms=H- sg.s * ima·ims:2.&9818&E.3 ma itim m Ne:„'M. W „0 -- N Or - b w N •- i C, · •4 ii m.11 lilli ill li ti-ti@in li HI ilit I.i i Hlit mers excluded. Yes. Unit Designation · ALL 1 1,1 81.11 i. 1 *=1 1-1 lifill 1 1-9-,1,-1 *.1 1-ill ilit 1 1 11.1 Ilih Milifilli,jifilitilli.flillil 12 1.1 1 11 111 I}Hil 1 il)!ill! lilli !10%11 il i 1 11 8 0 MEE §§2§2 I iIi 210§12·1§ El Ei! 0020§202 11)4 1 i! 1 Dosign@Uon 31/13 1 lilli . 1:1 i 11 ilii:* 1:1 010 *1211151* 1lr i i.1 '.1 1 ixi . 1 LL. i , 1,1 2 i Mili !2!liniia *il.REMIB E i '12 021! Rill: i i , OnoSite Rent: 13.0 12/21/2012 9·33 29.Ul Pammetem: Properv -A Dotails 2 & im - r N---- 1 1 .1 1=10:19 -5 . W NI.:R!. . i 9 9 4 22 77:72 14"911.49 1i¢!Ig 99;;Mi HiM 91 92 582- 2888* .!i p 32,10.0 . 2 ill 2 a 0 ' O- 2 c: E Ul. i t # 1 . 1 o R i 1 It i Cle,k k..i,0 0 Volas at Copper Leaf LP Vmes fit Copper Leaf, LP Income Statement Month Ending Year To Date 12/31/2011 12/31/2011 Actual Budget Vatiance Actual Budget Valiance REVENUE REVENUE 4001.0000 -Gross Potential Rent 32.100.00 32,100.00 0.00 385.200.00 385,840.CIO 4002.0000 - GaINLoss to Lease 0.00 (280.00) 280.00 (251.00) (3.060.00) 4011.0000- Vacancy Loss 73.00 (1,605.00 1,578.00 (18,423.00) {19,292.00) 4014.0000 - Non-Revenue Units (575.00) 0.00 075.00 (5,137.CO) 0.00 4040.0000 - Bad Debt 0.00 0.00 0.00 (131.00) 0.00 4045.0000 - Recovery of Bad Debt 0.00 0.00 0.00 521.00 0.00 Total REVENUE: 31.598.00 30.215.00 1,383.00 381,789.00 363.498.00 OTHER INCOMEE 4100.0000 - Escrow Dopost! Forfeltures 100.00 0.00 100.00 600.00 0.00 600.00 4103.0000 - Late Fee/NSF Income 0.00 50.00 (50.00) 300.00 450.00 (150.00) 4104.0000 · Nonremdable Clearing/Pet Deposit 0.00 100.00 (100.00 200.00 1,200.00 (1,000.00) 4105.0000 - Applcation Fee Income 20.00 60.00 00.00) 730.00 330£0 400.00 4106.0000 - Vendlng Income 0.00 40.00 00.00) 81.19 160.00 (IBM) 4107.0000 - Buy Out Fees 0.00 0.00 0.00 743.00 3.450.00 (2.707.00) 4108.0000 - Move Out Expense Recovery 0.00 60.00 (50.00) 445.47 600.00 (154.53) 4125.0000 -Cable/Utiles/Phone Revenue 21.75 65.00 03.25) 130.77 780.00 (649.23) 4152.0000 -Funding from Resenres 924.89 0.00 924.89 0.00 924.89 4211.0000 - Interest Income 519.68 54.00 465.68 648.00 298.26 Total OTHER INCOME: 1.685.32 419.00 1.167.32 -BIZii.53- 7,618.00 (2.518.42) GROSS PROFIT· 33.184.32 30.634.00 2,550.32 356.868.58 371.116.00 0.247.42) EXPENSES PAYROLL AND RELATED 7102.0000 -Manager 1.895.70 2,321.00 426.30 23.918.13 27.852.00 3,935.87 7105.0000.Maintenance Suporvisor 2.180.00 2,109.00 25,835.90 25,308.00 (5Z'7·99 7108.0000 - Fica/Medicare 287.93 339.00 51.07 3.689.44 4.068.00 398.58 7107.0000 - Federal Uner*yment 0.co 4.00 4.00 112.01 48.00 (64.01) 7108.0000 - State Unemployment 0.00 89.00 89.00 899.60 1.088.00 168.40 7109.0000 - Workefs Comp Insurance 11Z88 204.00 91.12 1,085.34 2.448.00 762.66 7110.0000 - Health/Lme & Uabltly Ins. 606.00 200.00 (40£00) 5.760.00 2.400.00 (3,380.00) 7111.0000 - Uniforms 0.00 0.00 0.00 146.08 165.00 18.92 7112.0000 -Auio Allowance 50.00 50.00 0.00 587.50 600.00 1250 7116.0000 -Bonus 0.00 0.00 0.00 750.00 0.00 (750.00) 7145.0000 - Payroll Services 29.08 30.00 0.32 379.61 360.00 (19.61) Total PAYROLL AND RELATED: 5,162.19 5,346.00 183.81 63.741.61 64,317.00 515.32 ACCOUNTING AND AUDIT 7201.0000 - Annual Audit Fees 0.00 0.00 0.00 8,794.00 7.886.00 (908.00) 7202.0000 - Tax Return Preparation Fee 0.00 0.00 0.co 2,011.00 1.782.00 (229.00) Total ACCOUNTING AND AUDIT: 0.00 0.00 0.00 10,805.00 9,668.00 (1,137.00} LEGAL EXPENSES 7701.0000 - Legal Costs 000 0.00 0.00 (318.00) 288.00 605.00 Total LEGAL EXPENSES: 0.00 000 0.00 318.005 288.00 008.00 ADVERTISING 7302.0000 - Newspaper Adve,tising 0.00 0.00 0.00 148.95 0.00 7302.0500 - Aparmt Magazines 297.92 147.00 (150.92) 1,733.99 1,764.00 7303.0000- Signage 0.00 0.00 0.00 0.00 100.00 7305.0000 - Other Marketkng/Leasing Broch. 7.16 40.00 32.84 127.96 160.00 7308.0000 - Can Center Mk191Promos/Events 490.42 100.00 (390.42) 3,110.65 1,200.00 7307.0000- Lease Renewal/Resident Relent 0.00 60.00 5om 61.00 600.00 7311 0000 - Residen:/Referral Fees 0.00 Cleo 0.00 383.00 200.00 ™at ADVERTISING: 795.50 337.00 (458.50) 5.635.68 4,024.00 MAKE-READY COSTS 7501.0000 - Contract Cleanmg 45.00 150.00 105.00 883.00 7503.0000 - Carpet ClearVDye 71.40 190.00 118.60 1,003.71 7505.0000 · Pointlng Supplies 22.09 90.00 6721 999.59 Total MAKE-READY COSTS: 138.49 430.00 291.51 2,868.30 REPARS AND MAINTENANCE 7801.0000 + Appuances 214.19 155.00 (59.19) 1,713.58 1.860.00 146.42 Croated an: 01/02/2012,258 PM P.9.1 Vlm- St Copper Leal I P Villas at Copper Leaf. LP tncome Statement Month Ending Year To Date 12/31/2011 12/31/2011 Actual Budget Variance Actual Budget 7602.0000 - Pmmblng 124.86 55.00 (69.86) 2,347.17 7603.0000 -Electrical I 883.13 150.00 (733.13) 1.782-25 7604.0000 - Heaung & Atr Conditioning 138.90 200.00 61.10 2,704.75 7606.0000 · BulldIng·Misc Repati 653.16 100.00 (553.16) 1.550A? 7807.0000 -Locks & Keys , 57.20 40.00 (17.20 26882 7608.0000 · Roof Repair 0.00 0.00 0.00 250.00 7611.0000 · Common Area Clean*Ig 3202 70.00 37.98 175.81 7812.0000 -WIndow Trealment 0.00 15.00 15.[JO 355.51 7814.0000 - Emergency Carpal Clea,Voye 0.00 0.00 0.00 447.78 7614.0100 - CarpeUVInyl Replacemant 0.00 0.00 0.00 238.75 7615.0000 - Grounds Cove#Landscape Supply 22.57 0.00 {22.571 2.725.01 7618.0000 · Snow Removal Supp[les 0.00 300.00 300.00 519.89 Total REPAIRS AND MAINTENANCE 2.126.03 1,085.00 (1.041.03) 16.089.59 UTILmES 7901.0000 - Common Area Electric 1,307.92 980.00 (327.92) 13,407.79 11,760.00 (1,707.79) 7902.0000 - Vacant Units Electric 172.97 100.00 92.94 1.001.68 1,200.00 198.32 7904.0000 - Common Area Sewe#Storm 401.95 375.00 (26.95) 5045.60 4,500.00 045.60) 7905.0000 - Common Area Water 290.81 275.00 (15.81) 4.159.93 MOO.00 (859.93) Total UnUTIES: ' 2,17385 1,730.00 043.65) 23.976.CO 20.760.00 (3,215.00} INSURANCE 7401.0000- Property Insumnce 781.08 980.00 178.92 9.359.08 11.520.00 2.160.32 Total INSURANCE: 781.08 980.00 178.92 9,359.68 11,520.00 2.160.32 REAL ESTATEPROPERTY TAXES 1,810.07 1.762.00 (48.90 21,192.97 21,144.00 (48.97) 8101.0000 -Land/Sldgs-Real E state Tax 68.70 0.00 (68.70 431.70 950.00 518.30 8102.0000 -Pemonal Propeity Tax 0.00 0.00 (500.00) 8106.0000 - Tax Appeal Legal Feas 0.00 0.00 500.00 Total REAL ESTATE/PROPERTY TAXES: 1,879.67 1,762.00 (11787) 22,124.67 22,094.00 (30.87) MANAGEMENTFEES 1,640-20 1,532.00 (10820) 18.329.72 227.28 8301.0000 - ease Management Fee 18.557.00 227.28 Total MANAGEMENT FEES 1,640.20 1,532.00 (108.20) 18,329.72 18,557.00 GENERALAND At]MINISmATIVE 7801.0000 - Office Suppnes 3.69 80.00 78.31 843.56 960.00 7802.0000 - Telephone/Pager#odem/Fax 677.17 580.00 (97.17) 7,246.97 6,960.00 7803.0000 - Copier Chomes 100.90 180.00 29.10 1,487.03 1,580.00 0.00 0.00 0.00 15147 295.00 7804.0000 - Forms 7805.0000 - Computer Expense 1,335.35 218.00 (1.117.351 3.930.98 2,618.00 11.00 2500 14.00 349.08 300.00 7806.0000 - Postage & Express Mall eDI)0 0.00 5.00 5.00 1525 7807.0000 - Credit CP,eck/Resident Scmeng 0.00 000 15.859.00 7811.0000 - Dues & Memberships 0.00 15,875.08 44.84 0.00 (44.84) 470.72 200.00 7814.0000 - TralninEducalion 0.00 51200 452.00 7815.0000 - Governmental Ucenses & Fees 23200 232.00 7816.0000 - Bank Charges 18.64 22.00 335 280.41 264.00 7817.0000 -Other Common Area Expense 40.58 40.00 (0.58) 542.62 480.00 7820.0000 - MealsEnterlatrwnent 40.00 0.00 00.00} 40.00 0.00 Total GENERAL AND ADMINISTRATIVE: 2,504.17 1.332.00 (1,172.17) 31,747.17 30.008.00 CONTRACT SERVICES/OUTSIDE LABOR 8002.0000 - Post Control 15.01 110.00 94.99 517.54 440.00 (77.54) 8004.0000 -Snow Removal 0.00 225.00 225.00 095.00 450.00 (545.00) 8005.0000 - Fire Ectipment Inspection 0.00 0.00 0.00 1,648.48 2,525.00 876.52 8009.0000 - Elevator Costs 197.59 187.00 (10.59) 2,453.23 2,244.00 (20923) 0.00 0.00 0.00 1.913.72 1,080.00 (833.72) 8012.0000 - Fh System Mormortng 694.32 680.00 (1432) 8,331.84 8,160.00 (171.84) 8050.0000 - Trash Removal Total CONTRACT SERVICESJOUTS:DE LABOR: 908.92 1,202.00 295.68 15,859.81 14.899.00 (960.81) RESERVES 1.001.00 103.58 20.420.20 21,612.00 1.191.80 8401.0000 - Mak,tenance & Capital Rese,ve 1,697.44 Total RESERVES: 1.697.44 1.801.00 103.66 20.420.20 21.612.00 1.191.80 Tom! EXPENSES: 19.805.34 17,517.00 (2.288.34) 239,538.31 233,315.00 (6.221.31) NET INCOME FROM OPERATIONS: 13,378.98 13,117.00 261.98 127,332.27 137.801.00 (10,488.73) OTHER INCOME AND EXPENSE Page 2 Created orr 01/00/2012.2.68 PM 1 VI03$ al Copper Ld. LP Vmas m Copper Leal, LE Income Statement Month Ending Year To Data 12/31/2011 12/31/2011 Actiont Budget Varlance Artual Budget Vatiance DEBT SERVICEE 9601.0000-Prindpal Reductjan 3.733.96 3,658.00 (77 98) 44,244.71 43,344.00 (900.71) 9604.0000 - Modgage interest Expensa 6.82812 5.707.00 78.88 68.100.25 89,012.00 911.75 Tai DEBT SERVICE: 9.362.08 9,363.00 0.92 112.344.98 112,358.00 11.04 CAPITAL. EXPENDITURES 9502.0000 - Major Repall,BUg Exterlor 0.00 0.00 0.00 4,164.89 28,800.00 24,635.11 9508.0000 - Computer Eqt®ment 0.co 0.00 0.00 0.00 2.500.00 2,600.00 9509.0000 - Fummre & Equipment 0.00 0.00 0.00 0.00 1.000.00 1.000.00 9621.0000 - Landscape/Drainage Repairs 0.00 0.00 0.00 0.00 1.500.00 1.500.00 Total CAPITAL EXPENDITURES 0.00 0.00 0.00 4.184.89 33,800.00 29.636.11 Total OTHER INCOME AND EXPENSE: 9,352.08 0,383.00 0.92 116.509.85 146.155.00 29.648.15 NET CASH FLOW: 4,016.90 3,754.00 282.90 10,82242 (8055.00) 19,177.42 HOME LOANS 9606.0000 - Werest Expense-2nd Mortgage 652.05 0.00 (8295) 2.630.00 0.00 (2,630.00) Total HOME LOANS: 652.95 0.00 (652.95) 2.630.00 0.00 (2.630.00) NETCASH FLOWAFTER HOMELOANS 3,363.95 3.754.00 (390.05} 8.192.42 (80]55.00 16,547.42 OTHER TAX ADJUSTMENTS 9607.0000 - Developer Fee Interest 10,04823 0.00 (10,04823) 10.048.23 0.00 (10,048.23) 9800.0000 - Asset Manager Fee 82&00 0.00 (625.00} 2,500.00 2.500.00 0.00 9801.0000 - Depreciallon Expense 13,267.63 0.00 (13,267.63) 159.211.55 0.00 (159,211.55) 9802.0200 - Amortization Exp-Tax Credit Fees 195.17 0.00 (195.1 D 2.342.00 0.00 (2.342.00) 9802.0300 - Amorthoon Exp-Perm Lnflegal Fees 88.17 0.00 (80.111 1,034.00 0.00 (1.034.00) 9804.0000 - P,Indpat of Debt Service (1733,90 0.00 3,733.98 (44,244.71) 0.00 44,244.71 9805.0000 -Rese:ves-Malnlenance & Capital (10697.44) 0.00 1.697.44 (20,420.20) 0.00 20,420.20 9813.0000 -Savings Trf for Major Repair 924.89 0.00 (924.89) 924.89 0.00 (924.89) Total OTHER TAX ADJUSTMENTS: 19,715.69 0,00 (19.715.60 111,395.76 2,500.00 (108,895.76) NET INCOME (LOSS): (16251.74) 3.754.00 (20.105.74) (103.203.34) (10.855.00 (92.348.34) Crgited on: 01,0WZoe, 2:68 PM Pag. 3 Pogo444 mgi-507-001 00 0 ii i i 00 0 . r 00 0 5 1 8g 100.00 100.00 0 do 00'00, 00'00 k 00'001 0 0 ,quinN 3S. 1 11 Villa at Copper Leaf UNITS 212712011 1 St . i Egg a ego :ant Units el @B & 0 9 .i .i 3 g A-Ii $ d -O Total e 2 .n R i ii g 0 0 8 8 8/8 8 000 $ ddi.; d 00.001 £ 0 Z 000 1 20 g POS=twd Pald:000' a=BA 01 omeod,fa R 1 1]i 0 85 CAA'*A, AD Was at Copper Leat LP vmas at Copper Leaf, LP Income Statement Month Ending Year To Date 12/31/2010 12/31/2010 Actual Budget Variance Actual Budget Varian©e REVENUE REVENUE 4001.0000 - Gross Potential Rent 32,100.00 32,100.00 0.00 385.200.00 385,200.00 0.00 4002.0000 - GaWL-oss b Lease (118.00) 0.00 (118.00) (1,114.00) (1,855.00) 741.00 4011.0000 -Vacancy Loss (3.193.00) (1,605.00) (1.588.00) (16,541.00) (19,260.00} 2.719.00 4014.0000 - Non-Revance Unlt, 0.00 (580.00) 580.00 129.00 (8,940.00) 7.059.00 4040.0000 - Bad Debt 0.00 (80.00) 80.00 048.00) (980.00) 512.00 - Total REVENUE: 28.791.00 29.835.00 (1,044.00} 367,228.00 358,185.00 11,041.00 OTHER INCOME 4100.0000 -Escrow Deposit Forfeaures 50.00 0.00 50.00 250.00 0.00 250.00 4103.0000 - Lats Fee/NSF Income (25.00) 25.00 (50.00) 425.00 50.00 375.00 4104.0000 - Nonmfundable Cla=:Ing/Pet Deposit 0.00 0.00 0.00 600.00 0.00 600.00 4105.0000 - Appication Fee Income 60.00 30.00 30.00 330.00 480.CIO (150.00) 4106.0000 ·Vending Income 0.00 0.00 0.00 175.80 0.00 175.80 4107.0000 - Buy Out Fees 16.00 0.00 16.00 2.052-00 0.00 2,052.00 4108.0000 - Move Ourt Expense Recovery 49.00 75.00 (26.00) 578.00 Boo.00 (322.00 4125.0000 - Cable/lltlittes/Phone Revenue 64.81 · 70.00 (5.19) 840.00 (195.34 4211.0000 -Interest Income 303.69 686.00 (382.31) 063.93) 1,613.00 (849.07 Total OTHER INCOME: 518.50 888.00 (387.60) 5.819.39 3.883.00 1.936.39 GROSS PROFIT: 29.309.50 30,721.00 (1.411.60) 373.045.39. 360,068.00 12.977.39 EXPENSES PAYROLL AND RELATED 7102.0000 - Manager 1,082.90 1.905.00 842.10 22.625.19 22,860.00 234.81 7105.0000 - Maintenance Supervisor 1,074.71 2,053.00 978.29 24,165.03 24.636.00 470.67 7106.0000 - FIcaMedicare 159.62 303.00 143.38 3,579.14 3,638.00 56.88 7107.0000 - Federal Unemptoymont 0.00 3.00 3.00 133.17 36.00 (97.17) 7108.0000 - State Unemploymen! 0.00 79.00 79.00 918.70 948.00 31.30 7109.0000 -Worker's Comp Insurance 99.26 182.00 8274 1,675.83 2.184.00 508.17 7110.0000 - Health/LIfe & Lighlity Ins. 253.00 115.00 (138.00) 4.406.34 1.380.00 (3,026.34) 7111.0000 -UNforms 0.00 0.00 0.00 0.00 50.00 50.00 7·112.0000 -Auto Allowance 25.00 50.00 25.00 52727 800.00 72.73 7116.0000 -Bonus 0.00 0.00 0.00 1,100.00 0.00 (1.100.00) 7125.0000 - Employment Ad Expense 602.00 0.00 (602.00) 602.00 0.00 (602.00) 7145.0000 ·Payroll Services 14.08 30.00 15.94 351.58 360.00 8.44 Total! PAYROU AND RELATED: 3,200.55 . 4,720.00 1,429.45 60,08223 58.690.00 --15303m ACCOUNTING AND AUDIT 7201.0000 -Annual Audit Fees 0.00 0.00 0.00 7,88800 7,746.00 (140.00) 7202.0000 - Tax Return Preparation Fee 0.00 0.00 0.00 1.782.00 1,550.00 (232.00) Total ACCOUNTING AND AUDIT: 0.00 0.00 0.00 9,668.00 ' 9298.00 (372.00) LEGALEXPENSES , 7701.0000 -Legal Costs 0.00 0.00 0.00 288.00 415.00 127.00 Total LEGAL EXPENSES: 0.00 0.00 0.00 288.00 -- 415.00 127.00 ADVERTISING 7302.0000 - Newspaper Admt]:Ing 0.00 250.00 250.00 0.00 3.000.00 3.000.00 7302.0500 - Apadmont Magazines 131.10 148.00 16.90 2,376.68 1,776.00 (600.68) 7303.0000 - SIgnage 0.00 0.00 0.00 80.57 0.00 (80.67) 7305.0000 - Other Marketingkeasing Broch 2287 0.00 (22.87) 9021 100.00 9.79 7306.0000 -CaD Center MktgPromos/Events 328.00 150.00 (178.00} 1.78829 800.00 (988.29) 7307.0000 - Lease RenewaVResident Retent 0.00 50.00 50.00 54857 800.00 51.93 7311.0000 - Residen/Referral Fe= 0.00 0.00 0.00 1,09425 100.00 Total ADVERTISING: 481.97 598.00 118.03 5.97 8.67 8.376.GO MAKE-READY COSTS 7501.0000 + Contract Cle.anng 195.00 45.00 (150.00) 1,080.00 720.00 (360.00} 7502.0000 - Contract Pah·abig 0.00 0.00 0.00 13.90 0.00 (13.90) 7503.0000 - Carpal Clean/Dye 325.00 65.00 (260.001 1,310.00 1,040.00 (270.00) 7605.0000 - Painting Supplies 47.28 45.00 9.28) 254.53 720.00 485.47 7507.0000 - Other Make Ready Costs 0.00 7&00 75.00 53.91 900.00 848.09 Total MAKE-READY COSTS: 5872 230.00 (337.28) 2,712.34 --3380.15 687.66 REPAIRS AND MAINTENANCE Croated on:01/102011.7:37 PIA Pnool Viso al Copper Leaf, LP Vi!128 at Copper Leaf. LP Income Statement Monih Ending Year To Dato 12/312010 12131/2010 I Budget Va,lance Actum Budget Varlance 7801.0000 -Appliances 155.38 100.00 (55.38) 1,725.80 1,200.00 (525.80) 78020000·Pkmiblng 53221 75.00 (45721) 3,011.66 900.00 (2.111.66) 7603.0000 - Eloculcal 1,645.89 75.00 (1570.89) 4.787.23 000.00 (3.88723) 7604.0000 - Heating & Al, Condlttor,Ing 34.65 300.00 265.35 4,657.57 3.600.00 (1.057.57) 7600.0000 - Building-Ilsc Repair 46.11 10.00 (36,11) 1,321.67 120.00 (1,201.67) 7607.0000 - Locks & Keys 20.29 10.00 (10.29) 498.82 120.00 (378.62 7608.0000 -Roof Repair 250.00 0.00 (250.00) 260.00 0.00 00.001 7611.0000 - Common Area Cleening 0.00 2S.00 25.00 780.91 300.00 (480.91) 7612.0000 - W[ndow Treatment (13.85) 75.00 88.85 170.12 900.00 729.88 7614.0000 - Emergency Camel Cloan/Dye 0.00 0.00 0.00 2.625.00 0.00 (2,825.00) 7614.0100 - Carpettmt Replacement 0.00 0.00 0.00 3,149.40 2.400.00 (749A0) 7615.0000 - Grounds Cover/Landicape Supply 0.00 0.00 0.00 1,465.44 450.00 (1.015.44) 7618.0000 -Snow Removal Supp[les 0.00 100.00 100.00 225.74 300.00 74.26 7620.0000 - HardwaiCarpently 0.00 25.00 25.00 000 300.00 300.00 Tolal REPAIRS AND MAINTENANCE 2.670.68 795.00 (1,875.68) 24,669.16 11,490.00 (13,179.18) UTILITIES 7901.0000 - Common Area Electric 1,637.89 980.00 (657.89) 12,858.49 11,760.00 7902.0000 - Vacant Unlls Electtic 199.18 140.00 (59.18) 1.111.49 1,680.00 7804.0000 - Common Area Sewer/Sto,m 202.45 345.00 142.55 4,455.55 4,140.00 7904.0100 - Resident Unit Sewe#Storm 0.00 70.00 70.00 0.00 840.00 7905.0000 - Common Area Water 199.61 300.00 100.39 3,286.82 3,600.00 7905.0100 - Resident Unit Water 0.00 40.00 40.00 0.00 480.00 Total UTILfTIES: 2,23913 1,876.00 (384.13) 21,712.15 22.500.00 INSURANCE 7401.0000 - Property Insurance 898.38 060.00 61.64 10,780.36 11,620.00 739.64 Total INSURANCE: 898.33 980.00 61.04 10,780.36 11.520.00 739.04 REAL ESTATEPROPERTY TAXES 8101.0000 - Lend/Bldp-Real Eslate Tax 0.00 1,790.00 1.790.00 (-21341.14 21,480.00 338.88 8102.0000 - Pormonal Proporly Tax 392.59 0.00 (392.59) -Q- 0.00 (392.59) 8108.0000 - Tax Appeal Legal Fees 0.00 0.00 0.00 C-100 0.00 (500.001 Total REAL ESTATEUPROPERTYTAXES: 392.59 1,397A1 22.033.73 21.480.00 553.73 MANAGEMENT FEES 8301.0000 - Base Management Fee 1,467.13 1,536.00 68.87 18.623.57 18.004.00 - 1= To'al MANAGEMENT FEES: 1.467.13 1,538.00 68.87 --317MENT --17,1OINT GENERAL AND ADMINISTRATIVE 7801.0000 -Oillce Supplies 89.83 125.00 35.37 824.78 1,500.00 675.24 7802.0000 - Telephone/Paoo#Modommax 674.83 545-00 (12983) 6,912.60 6,540.00 (372.60) 7803,0000 - Copier Charges 99.61 125.00 25.39 1,533.57 1,500.00 (33.671 7804.0000 - Forms 0.00 15.00 15.00 112.00 180.00 68.00 7805.0000 - Computer Expense 302.60 230.00 (72.60) 2,946.18 2,760.00 (la.18) 7806.0000 - Postage & Express Mall 24.24 25.00 0.78 289.05 300.00 10.95 7807.0000 - Credit Ched*Resident Screeng 0.00 5.00 5.00 73.75 60.00 (13.75) 7811.0000 - Dues & Memberships 0.00 0.00 0.00 15,999.25 15,708.00 ·(29325) 7814.0000 - Tmining/Educa[Ion 0.00 0.00 0.00 70.00 100.00 30.00 7815.0000 - Governmental Ucenses & Foos 192.00 255.00 63.00 452.00 455.00 3.00 7810.0000 - Bank Charges 20.91 5.CO (15.91) 264.70 50.00 (204.70) 7817.0000 - Othor Common Area Expense 0.00 65.00 05.00 493.88 780.00 288.12 Total GENERAL AND ADMINISTRATIVE: 1,403.82 1.395.00 (8.821 29,971.74 29,941.00 (30.74) CO SERVICES/OUTSIDE LABOR .0 Landscape Contract 0.00 0.00 0.00 180.00 0.00 Pes! Cont,01. 106.08 37.00 (69.68) 496.67 444.00 Snow Removal 0.00 0.00 0.00 225.00 300.00 .0000 FIre Equipment Inspection 0.00 0.00 0.00 2,772.33 690.00 Elevator Costs 187.02 250.00 62.98 1,459.14 3,000.00 80 2. Fire *storn Monitoring 0.00 0.00 0.00 2.070.72 125.00 8015.0000 - Oflice Alarm Monitoring 0.00 0.00 0.00 0.00 30.00 8050.0000 - Trash Removal 677.18 665.00 8.125.92 7,980.00 ToWCONTRACTSERVICES/OUTSIDELABOR: - 970.84 952.00 (129 ·· 12.569.00 (18.64 15.309.78 RESERVES 8401.0000 - Maintenance & Capttal Reserve 1,748.36 1,648.00 (100.38) fE,929. 19,778.00 (1.153.40) Total RESERVES: --771(K 1,040.00 (100.35 40,929.49/ 19,776.00 (1.153.40) Denied on· 01110/2011 727 PRI Page 2 VILas at Copper Leaf, LP Vllas al Copper Liof, LP Income Statement Month Ending Year To Date 12/31/2010 12,31/2010 Aclual Budget Varionco Actual eudget Variance Total EXPENSES· 18.130.71 16,493.00 368.29 242.758.53 223.437.00 (19,321.53) NET INCOME FROM OPERATIONS: 13.178.79 14,222.00 (1,043.21) 130,286.88 136,631.00 (6,344.14) OTHER INCOME AND EXPENSE DEBT SERVICE 9601.0000 - Principal Reduclion 3.632.56 3,497.00 (135.56) 51,223.58 41,964.00 (9.259.58) 9804.0000 + Mortgage Interest Expense 5,721.33 6,885.00 143.67 69,289.38 70.380.00 1.090.64 Total DEBT SERVICE: · 9,353.89 0.382.00-' 8.11 120.512.94 112,344.00 (8.16884) CAPITAL. EXPENDITURES 9502.0000- Major Repairs-Bldg Extedor 0.00 0.00 0.00 0.00 28.800.00 28.800.00 9508.0000 -Con,puter Equipment 0.00 0.00 0.00 0.00 ' 2,500.00 2,500.00 9521.0000 - Landscape/Drahlage Repairs 0.00 0.00 0.00 0.00 2.500.00 2,500,00 Total CAPITAL EXPENDITURES: 0.00 0.00 0.00 0.00 33.800.00 33.800.00 Total OTHER INCOME AND EXPENSE: 9.353.89 9.362.00 8.11 120,512.94 146,144.00 25,631.06 NET CASH FLOW: 3.824.90 4,880.00 (1,035.10) 9,773.92 (9,613.00) 19,286.92 HOME LOANS 9805.0000 - PrInclpal·End Mortgage 0.00 0.00 0.00 1,836.75 0.00 (1,838.75) 9608.0000 - Intarest Expense-2nd Moltgage 41452 0.00 (414.92) 414.92 0.00 , (414.92) Total HOME LOANS: 414.92 0.00 (414.92) 2251.67 0.00 (2251.87) NET CASH FLOWAFTERHOMELOANS 3,409.98 4,880.00 (1.450.02) 7,522.25 (9.513.00) 17.03525 OTHER TAX ADJUSTMENTS 9607.0000 - Developer Fee Interest 8,957.85 O.CO (8,957.85) 8.957.85 0.00 (8,957.85) 9800.0000 - Asset Manager Foo 625.00 0.00 (625.00) MOO.00 2,500.00 0.00 9801.0000 - Depreciation Expense 19.584.46 0.00 (19,584.46) 235.013.30 0.00 (235,013.30) 9802.0200 - Amortiza!lon Exp-Tax Credit Fees 195.17 0.00 (195.17) 2,342.04 0.00 (2,342.04) 9802.0300 - Amorttzation Exp·Perm LWLegal Fees 86.25 0.00 (80.25) 1,035.00 0.00 (1.035.00) 9804.0000 - Principal of Debt Service (3,632.56) 0.00 3.632.56 (51.223.58} 0.00 51,223-58 9805.0000 - Reserves-Maintenance & Capital (1.748.38) 0.00 1,748.38 (20.929.40) 0.00 20,929.40 TotaIOTHER TAXADJUS™ENTS: 24.067.81 0.00 (24.067.81) 177,695.21 2,500.00 (175,195.21) NET INCOME {LOSS): (20,657.63) 4,880.00 (25,517.83) ,(170.172.96) (12,013.00) (158.159.96) Created on: 01/10/2011, 7:37 PM Page 3 Villas at Copper Leaf Apts. Parcel(s): 10-0.1-12-002-010-001.023 Occupancy; Apartments Grade: D-Average Property: Villas at Copper Leaf Apts. Year Built: 2010 Address: 305 Peachtree Drive Units: 64 City-State: Nixa, Missouri GBA: 54564 Acres: 3.070 NLA: 54564 Sq Ft: 133729 As Stabilized Actual's Income: 56 5/Unit 2012 % 2011 % 2010 % Potential Gross Income: $385,200 $6,019 $385,200 $385,840 $385,200 Loss to Loose/Concessions· $400 $6 $2 $261 Sl,114 Adjusted Rental Income: $384,800 S6,013 S385,198 $385,579 $384,086 Credlt Loss: 63,848 1% S60 S,4,264 1.11% 34,747 1.23% S319 .08% Vacancy. S15.392 4% $241 S10,522 2.73% S18,423 4.78% 516,541 4.31% Net Rental Income: $365,560 $5,712 S370,412 $362,409 $367.226 Other Income: S5,725 S89 $8.883 $3,231 $5,055 Effective Gross Income: $371,285 $5,801 $379.295 $365,640 $372,281 Expenses: Admin & General: S41,300 SO.76 $645 $41,716 $42,234 $39.928 Payroll: $65.000 Sl.19 51.016 S70,237 S63,742 $60.082 Management Fee: S19,000 SO.35 $297 S19,065 S18,330 $18.624 Advertising & Promotion: $5.600 So.10 $88 S5,713 S5,535 $5,978 Repairs & Maintenance: $34,000 SO.62 5531 $35,220 533.815 $42,691 Uwiues: S24,000 SO.44 $375 $24,040 $23,975 $21,712 Property Insurance: $10.100 SO.19 S158 $10,137 $9,360 $10.780 .Other: So 0 0 So So So Real Estate Taxes: $21,440 $0.39 $335 S21,443 $21,193 $21,141 Operating Expenses: $220,440 59.37% $3,444 $227,571 60% $218,184 59.67% $220.936 59.35% Reserves: $19,200 S300 $19,200 $19,200 $19,200 Net Operating Income: $131,645 $132,524 $128,256 $132,145 Cap Rate: 8% Less B.P.P. SO $0 5432 S393 Income Approach: $1,645,563 $25,712 Ownefs Request: $1,645.550 Assessor Value: $1,906,900 $ per Unit: $25,712 Assessor $ per Unit: $29,795 Owner's Cap Rate: 8% Assessor Cap Rate: 6.9% Property Tax Services, Inc. 07/01/2013 C k,:s·na. Valls at Copper Leaf, L P Income Statement Mon:h Ending Year To Date 12/31/2012 12/31/2012 Acital Budget Variance Actual Budget Variance REVENUE REVENUE 4001.0000 - Gross Potential Ren! 32.100.00 32.100.00 0.00 385,200.00 385,200.00 4002.0000 - Gain/Lass to Lease 0.00 0.00 0.00 02.00) 0.00 4011.0000 - Vacancy Loss (241.00) (1.605.00) 1.364.00 (10,522.00) (19,260.00) 4014.0000 - Non·Revenue UNts 0.00 (575.00) 575.00 (4,136.00) (0.900.00) 4040.0000 - Bad Debl (1200) 0.00 (128.00) (128.00) 0.00 Total REVENUE: 31.731.00 29,920.00 1,811.00 370,412.00 359,040.00 OTHER INCOMEE 4100.0000 - Escrow Deposit Forfeitures 20000 0.00 200.00 600.00 0.00 4103.0000 - Late Foe/NSF Income 50.00 25.00 25.00 250.00 300.00 4104.0000 - Nonfefundable aeaning/Pet Deposit 0.00 0.co O.00 1,975.00 0.00 4105.0000 - Applica!!on Fee Income 10.00 10.00 0.00 280.00 150.00 4108.0000 - Vencing Income 11.41 10.00 1.41 51.78 120.00 4107.0000 - Buy Out Fees 1,150.00 0.00 1.150.00 6,081.00 0.00 4108.0000 - Move Out Expense Recovery 0.00 60.00 (60.00) 380.04 720.00 4125.0000 - Cable/Utimles/Phore Revenue 28.41 22.00 264.00 4152.0000 - Funding from Reserves 0.00 0.00 0.00 4211.0000- Intores: Income 669.59 60.00 609.59 \1615.75/ 720.00 Total OTHER INCOME: 2.117A1 187.00 1.930.41 14.694.41 2.274.00 GROSS PROFm 33,848.41 30.107.00 3,741.41 385.006.41 361.314.00 EXPENSES PAYROLL AND RELATED 7102.0000 -Manager 2,259.53 1,889.00 (370.53) 25.920.96 22,688.GO (3,252.98) 7105.0000 - Maklterance Suparvaor 2.13024 2.183.CO 52.78 27,731.18 26,198.00 (1.635.18) 7106.0000 - F]co/Modicare 324.N 312.00 (12.84} 4,056.10 3.744.00 (312.10) 7107.0000 -Federal Unemployment 0.00 3.00 3.00 . 83.89 36.CIO (47.99} 7108.0000 - Stale Unemployment 0.00 81.00 Bl.00 844.99 972.00 127.01 7109.0000 - Worker'a Comp In=ance 108.22 187.00 78.78 1,436.82 2.244.00 807.18 7110.0000 - Heamt/Uh & Uablly Ins. 644.50 200.00 (444.501 7.641.60 2.400.00 {5,141.50} 7111.0000 -Uniforms 0.00 0.00 0.00 0.00 146.00 148.00 7112.0000 -Auto Allowance 50.00 50.00 0.00 600.00 600.00 0.00 7116.0000 - Bonus 0.00 0.00 0.00 1,500.00 0.00 (1,500.00) 7145.0000 - Paym!1 Services 40.66 30.00 (10.66} 521.46 360.00 (161.46) Total PAYROLL AND RELATED: 5,557.99 4.935.00 (022.gaj 70.238.08 59.368.00 (10,870.98) ACCOUNTING AND AUDtT 7201.0000 - Annual Audit Fees 0.00 0.00 0.00 8.794.00 7.750.00 (1,044.00) 7202.0000 - T= Ret,un Pmparation Fee 0.00 0.00 0.00 2,011.00 1.850.00 (161.00) Total ACCOUNTING AND AUDIT: 0.00 0.00 0.00 10,805.00 0.600.00 -TE,63.mT LEGAL EXPENSES 7701.0000 - Legal Costs 323.50 0.00. (323.50) 323.50 400.00 78.50 Total LEGAL EXPENSES: 323.60 0.00 (323.501 323.50 400.00 78.50 ADVERTISING 7302.0000 - NewspaperAdvertlsing 0.00 0.CIO 0.00 114.00 150.00 38.00 73020500 - Apartment Magazines 0.00 149m 149.00 2.076.78 1.788.00 (288.78) 7303.0000 - Stgrage 0.00 0.00 0.00 81.00 50.00 (31.00} 7305.0000 - Other Marketing/Leaang Broch. 0.00 0.00 0.00 304.57 25.00 (279.57) 7306-0000 - Call Center MIdo/Promos/Events 459.92 300.00 (159.92) 1.853.23 1,850.00 (323) 7307.0000 - Lease RenewaUResident Retant 100.00 0.00 (100.06} 428.10 0.00 (428.10) 7311.0000 - ResidenURoform! Fees 0.00 0.00 0.00 855.00 100.00 (755.00) Total ADVERTIS[NG: 559.92 449.00 (110.92) 5.712.68 3,963.00 (1,749.68) MAKE-READY CO5rS 7601.0000 - Contract Cleanhg 70.00 65-00 (5.00) 1.236.80 975.00 1 7503.0000 -Carpal Clean/Dye 65.00 75.00 10.00 970.30 1.125.00 75050000 - Palnmig Supplies 14.88 55.00 40.14 619.88 825.00 7507.0000 - Other Make Ready Costs 70.00 100.00 30.00 70.00 1,200.00 1, To:al MAKE-READY COSTS: 219.86 295.00 75.14 2,898.08 4,125.00' -1, REPAIRS AND MAINTENANCE 4=ted on: 01,07,2013. C):17 PM Page 1 VInas al Copper Leaf, LP Income Statement Month Endhg Year To Date 12/31/2012 12/31/2012 Actual Budget Vartance Actual Budget Vartance 7601.0000 - Appgances 219.34 100.00 (119.34) 3.368.05 1.200.00 (2,166.05) 7802.0000 - Plurrdoing 454.73 100.00 (354.73} 2,265.73 1.200.00 7603.0000 - Eledlical 157.10 100.00 4,321.70 1,200.00 (1.005.73) {67.10} (3,121.70) 7604.0000 - Healing & Ak Concitioang 69.37 150.00 80.63 2,405.13 1,800.00 (605.13) 7608.0000 - Buling·Misc Repair 16.00 75.00 59.00 613.57 900.00 286,43 7807.0000 - Locb & Keys 0.00 15.00 15.00 74.79 160.00 10521 7809.0000 - Paking Lot 181.74 0.00 (181.74) 423.32 0.00 (423.32) 7811.0000 - Conmon Area Cleantrg 0.00 30.00 30.00 196.08 360.00 153.94 7812.0000 - Whdaw Treatment 42.35 20.00 (22.35) 552.30 240.00 (312.301 7614.0000 - Emergency Carpet Cleareye 0.00 0.00 0.00 334.60 0.00 (334.50) 7614.0100 - Carpal;/Inyl Roplacement 0.00 0.00 0.00 0.00 1,500.00 1,600.00 7815.0000 - Grounds Cover/Landscepe Supply 21.48 0.00 (21.46) 1,172.60 1,950.00 777.40 7816.0000 -Snow Removal St,opties 10.75 0.00 (10.73) 128.01 400.00 271.99 78300000 - Locks & Keys 0.00 0.00 0.00 29.70 0.00 (29.70) Total REPAIRS AND MAINTENANCE: 1,182.84 590.00 14883,40 10,930.00 14 253 Asj UTILITIES 7801.0000 -Common Area Electric 871.31 1.115.00 243£9 14,001.71 13,380.00 7002.0000 - Vacant Units Elect,ic 91.49 100.00 8.51 1.088.81 1.200.00 7904.0000 - Conmon Aron Sewor/Storm 315.85 425.00 109.15 6,041.80 5.100.00 7905.0000 - Comnm Area Water 258.04 340.00 81.96 3,907.48 4.080.00 Total UTILmES: 1,53889 1,980.00 443.31 24,039.80 23,760.00 INSURANCE 7401.0000 - Property Insurance 878.58 784.00 (92.58) 10,137.00 9.408.00 (729.00) Totaj INSURANCE: 878.58 784.00 (92.58) 10.137.00 9,408.00 (720.00) REAL ESTATE/PROPERTY TAXES 8101 0000 - LandIBkts-Real Estate Tox 1,859.18 1,762.00 (97.16) 21.241.16 21,144.00 8102.0000 - Personat Property Tax (161.10} 33.00 194.10 201.90 398.00 810810000 -Tax Appeal Legal Fees 0.00 0.00 O.CIO 600.00 500.00 Total REAL ESTATE/PROPERTY TAXES: 1,698.06 1,705.00 95.94 21,943.06 22,040.00' MANAGEMENTFEES 8301.0000 - Base Management Fee 1,638.82 1.505.00 (133.82) 19.065,47 18.084.00 (1.001.47) Total MANAGEMENT FEES: 1,638.82 1.505.00 (133.82) 19,065.47 18,OEM.00 (1,001.47) GENERAL AND At)MINISTRAnVE 7801.0000 -Of{c@SuppieD 95.05 60.00 (35.05) 964.61 720.00 (244.81) 7802.0000 - Tetaphonemager/Modern/Fax 449.40 595.00 145.60 6,548.98 7,140.00 593.02 7803.0000 - Copier Charges 102.46 125.CIO 22.54 1,69121 1,500.00 (19111) 7804.0000 -Forms 0.00 0.00 0.00 128.00 45.00 (81.00) 7805.0000 - Con,puter Expense 241.92 218.00 (23.92) 3,020.43 2,616.00 004.43) 7806.0000 - Postage & Express Mal 43.el 25.00 (18.91) 318.20 300.00 (1820) 7807.0000 - Crecm Ched,Resident Screeng 20.52 0.00 (20.52) 40.70 0.00 (40.70) 7808.0000 - En*yee TraveiMBeage Retrn 0.00 0.00 0.00 35.60 0.00 (35.60) 7811.0000 - Dues & Memberships 0.00 0.00 0.00 16,002.02 15,558.00 (444.02) 7812.0000 - Properly Adanowledgament 0.00 50.00 50.00 0.00 50.00 50.00 7812.0100 - E nor' 0.00 0.00 0.00 213.60 0.00 (213.60) 7814.0000 - T 213.53 225.00 11A7 447.74 230.00 (187.74) 7815.0000 - Govemmental Ucen= & Fees 192.00 192.00 0.00 672.00 492.00 (80.00) 7816.0000 - Bank Charges 20.58 24.00 3Al 235.13 288.00 5287 7817.0000 -Other Common Area Expense 2416 30.00 5*4 283.08 360.00 7852 7820.0000 - Meals/Entanninment 67.25 0.00 89.25 0.00 Total GENERAL AND ADMINISTRATIVE: 1,471.18 1.644.00 72.82 30,580.76 29.329.00 =22 CONTRACT SERVICES,OUTSIDE LABOR 80020000 -Pest Control om 0.00 O.00 556.92 440.00 8004.0000 -Snow Removal 000 0.00 0.00 0.00 500.00 8005.0000 - Fire Equipment Inspecoon 0£° 0.00 0.00 1.907.49 1.300.00 8009.0000 - EIS,a:or Couts 20524 200.00 (5.24) 2.574.63 2,400.00 8012.0000 - lim System Manmoring 37857 200.00 (178.57) 2,855.17 2,400.00 8050.0000 - Trash Removal 712.14 694.00 (18.14) 8,545.68 8,328.00 Total CONTRACT SERVICESOUTSIDE LABOR: 1.293.95 1,094.00 (199.95) 16.439.89 15,388.00 RESERVES 8401.0000 - Mamnance & Cap281 Reserve 1,697.44 1.748.00 50.65 20.3692 20,978.00 606.72 Total RESERVES: _. 1.SWA4 1.748.00 60.55 20,389.28 --07™- 608.72 Weatad on; 01*17/2013,08:17 MA Page 2 VE!09 at Copper Leaf, LP Income Statement Month Ending Yer To Date 12/31/2012 1231/2012 Actuat Budget Variance Actual Budget Variance Total EXPENSES: 18,056.83 18,719.00 (1,33783) 248.439.85 227.329.00 (21.110.85) NET INCOME FROM OPERATIONS: 15,791.58 13.388.00 2,403.58 136.588.58 13388&00 2,581,56 OTHER INCOME AND EXPENSE DEBT SERVICEE 9601.0000 - Pthdpal Redudton 3,640.69 3,700.00 (140.69) 45,495.81 44,400.00 (1,095.81) 9604.0000 - Mockgago Interest Expense 5,521.39 5.662.co 140.61 66,849.15 67,914.00 1.024.85 TotaJ DEBT SERVICE: 9282.08 9.362.00 (0.08) 112,344.98 112,344.00 (0.98) CAPITAL EXPENDITURES 9502.0000 - Major Repairs-Bldg Extedor 0.00 0.00 0.00 7,000.00 8,000.00 1.000.00 9503.0000 - Parlag LoUSIdewalk 0.00 0.00 0.00 0.00 2,500.00 2,500.00 9506.0000 - Conwer Equipment 0.00 0.00 · 0.00 1,054.89 3,000.00 1,645.11 9509.0000 - FurNhire & Eqidpment 4.474.71 0.00 (4,474.71) 4,474.71 0.00 0,474.71) Total CAPITAL EXPENDITURES: 4.474.71 0.00 - 0.474.71) 12,529.60 13,500.00 970.46 Total OTHER tNCOME AND EXPENSE: 13,830.79 9.362.00 0,474.79) 124,874.56 125,844.00 869.44 NET CASH FLOW: 1,954.79 4.026.00 (2,071.21) 11,692.00 8.141.00 3.551.00 HOME LOANS 9606.0000 - Intere51 Expense-Znd Mortgage 1,293.80 175.00 (1.118.80) 2.599.70 2.100.00 (499.70) Total HOME LOANS: - 1293.80 175.00 (1.118.80) 2,599.70 2.100.00 (499.70) NET CASH FLOW AFTER HOMEE LOANS 660.99 3,851.00 (3,190.01) 9.092.30 6.041.00 3,05120 OTHER TAX ADJUSTMENTS 9607.0000 - Developer Fee Interest 10,380.32 0.00 (10280.32) 10,380.32 0.00 (10,38032) 9800.0000 - Asset Manager Fee 0.00 0.00 0.00 1,875.00 2,500.00 625.00 9801.0000 - Depreciallon Expense 12.003.38 0.00 (12.003.38) 144,050.24 0.00 (144.05024) 9802.0200 - Amortizaton Exp-Tax Crecit Fees 195.17 0.00 (195.171 2,342.00 0.00 (2.342.Co) 9802.0300 - AmortizaUon Exp-Pum LM.egal Fees 8522 0.00 (85.92) 1,031.00 0.00 (1.031.00) 9804.0000 - Prindpal of Deb! Sandee (3,840.69) 0.00 3,840.69 (45,495.81) 0.00 45,495B1 9805.0000 - Roser-Malntenance & Capital (1897.44) 0.00 1,697.44 (20.369.28) 0.00 20,369.28 9813.0000 - Smlings Tri for Major Repair 0.00 0.00 0.00 4,294.89 0.00 (4,294.89) TotaIOIHER TAX ADJUS™ENTS 17.128.66 0.00 (17.128.68) 98.108.36 2,500.00 (05.608.36) NET INCOME (LOSS): (16,465.67) 3.851.00 (20,316871 (89,016.06) 3.541.00 (92,557.061 re,tad on: 01,07/20130 08:17 PM Page 3 CHRISTIAN COUNTY BOARD OF EQUALIZATION AGENT AUTHORIZATION FORM Authorization is hereby given for ffork[ 11* 52,22 5, 1.0 to act on the owner(s) behalfas agent in the appeal ofthe assessment ofthe property or properties listed below, located in Christian County and owned by the undersigned. The agent is given full authority to handle all matters relative to the appeal of the assessment for the tax year and to represent the undersigned, with the assistance of legal counsel, if necessary, before the Board of Equalization. owner's Name: -TUR.4666 4T COPPLE LEAF, LP Owner's Mailing Address: 1 r.730 £ R/PUB u c RD +F SPAUG€\€LD ) 10 65 804 Owner's Telephone Number: lk-7- 990 - 326 S Property Parcel Number(s) OR Property Address Personal Property Account Number(s) (Street Address, City) 10-0.1-12-002-010-001.023 305 Peachtree Drive, Nixa (Additional Properties moy be listed on the back> Owner's Signatum<-r-- ..... Print Owner's Signature: -41& C Thqu#&:« 6-Fol coo Date: -7 -2313 PROPERTY ASSESSMENT APPEAL FORM CHRISTIAN COUNTY BOARD OF EQUALIZATION TAXPAYER INFORMATION Taxpayer's Name: 'Gfraccf st- (/((464, LF Taxpayer's Mailing address: 1790 E Oquk#G Al 61& f 5,4,64£ 0110 65909 (Street or Box Number. Citj, State and Zip Code) PROPERTY INFORMATION Parcel Number ofthe Property: 10-0. HZ -002'OR)-00/.02-5 Address of Propertv (if different than Mailing Address): (Street or Box) 3,95 F66L1-re Dr (City, State. and Zip Code) NA. »10 What is the Current Classification of the Property? Agricultural Commercial ./Residential Mixed Use What is the Market Value set by the Assessor? 111 941900 What is the Taxpayer's Proposed Market Value? 1,495:559 REASON FOR APPEAL Please check the reason you believe the assessment is incorrect. Check an that apply. -Valuation (The value placed on the property by the assessor is incorrect) _.FAscriminalion (The property is assessed at aratio greater thcm the average for the county) _Misgraded Agricultural Land (Thepropeny is not in the conect agricultural productivity grade) _Misclassification-The proper classification of this property should be: Residential Commercial Agricultural Charitable Purposes _Exemption- The property should be exempt because it is being used for: Religious Purposes Educational Purposes Charitable Purposes _Other Basis for Appeal (explain): You may *tgetr·qny documentation you desire the Board to consider Taxpayer's Signature: =>'-DM- 49# Date·. 1 (39(0 2013 CHRISTIAN COUNTY PROPERTY REPORT 07/26/2013 DAVID STOKELY - ASSESSOR PARCEL NUMBER OWNER: LAND APPRAISAL 10-0.1-12-002-010-001.023 VILLAS @ COPPER LEAF LP RES: 30,000 C/O: AGE: 0 COM: 0 SCH RD CTY FR JQ TYPE ADDRESS: VAC: 0 R2 NONNX FIR AMBIT PO BOX 3737 IMPR APPRAISAL RES: 1,876,900 SPRINGFIELD, MO 65808-0000 AGR: 0 PHYSICAL ADDRESS: PARENT PARCEL: COM: 0 305 E PEACHTREE NIXA TOTAL APPRAISAL RES: 1,906,900 AGR: 0 SUBDIVISION ACRES COM: 0 2000 NIXA, CITY OF (OUT) 3.07 VAC: 0 LOT: LOT SIZE ASSESSMENT RES: 362,310 BLOCK: AGR: 0 COM: 0 PROPERTY DESCRIPTION: SEC: 1-WP: RNG: VAC: 0 LOT 242 COPPER LEAF 12 27 22 TOTAL: 362,310 DEED BK/PG: DATE ACQUIRED: 0394-003055 2005-06-23 STRUCTURE INFORMATION HUNNICUTT APPRAISAL INFORMATION Structure: 1 Type: APT Yr Built 2006 Basearea: 25,870 Adj Area: 63,557 Class: C+ APPRAISED AND ASSESSED VALUES ARE SUBJECT TO CHANGE UNTIL THE BOOKS ARE CLOSED OUT EACH YEAR. THE ASSESSOR'S OFFICE IS FOR TAX PURPOSES ONLY AND NOT LEGAL. t¥ LETTER OF AUTHORITY TO ACT IN MATTERS OF AD VALOREM TAXATION TAXPAYER: Villas at Copper Leaf, LP - Zimmerman We hereby appoint and authorize PROPERTY TAX SERVICES, INC to represent our firm as ad valorem tax agent They have the right to appeal any tax assessments to the appropriate authorities for the pupose of obtaining the property tax values relative to property owned or controlled by the company. In addition, they are authorized to do whatever is necessary to obtain statements and other correspondence pertaining to tax matters. If you have any questions please call us at the number below. BY: - 1,/.1-¥ PRINT NAME: TITLE: DATE: 3/6/13 Parcel(s) - Property 10-0.1-12-002-010401.023 - Villas at Copper Leaf Apts. Property Tax Services, Inc 1183 Joyce Blvd., Suite 2 - Fayetteville, AR 72703 (479) 527-8815 - fax (479) 527-8813 t. 1 Villas at Copper Leaf Apts. Parcel(s): 10-0.1-12-002-010-001.023 Occupancy: Apartments Grade: D-Average Property: Villas at Copper Leaf Apts. Year Built: 2010 Address: 305 Peachtree Drive Units: 64 City-State: Nixa, Missouri GBA: 54564 Acres: 3.070 NLA: 54564 Sq Ft: 133729 As Stabilized Actual's Income: % $/Unit 2012 % 2011 % 2010 % Potential Gross Income: $385,200 $6,019 $385,200 $385,840 $385,200 Loss to Lease/Concessions: $400 $6 $2 $261 $1.114 Adjusted Rental Income: $384,800 $6,013 $385.198 $385,579 $384,086 Credit Loss: $3,848 1% $60 $4,264 1.11% TA,747 1.23% $319 .08% Vacancy: $15,392 4% $241 $10,522 2.73% $18,423 4.78% $16,541 4.31% Net Rental Income: $365,560 $5,712 $370,412 $362,409 $367,226 Other Income: $5,725 $89 $8,883 $3,231 $5,055 Effective Gross Income: $371,285 $5,801 $379,295 $365,640 $372,281 Expenses: Admin & General: $41,300 $0.76 $645 $41,716 $42,234 $39,928 Payroll: $65.000 $1.19 $1,016 $70,237 $63.742 $60,082 Management Fee: $19.000 $0.35 $297 $19,065 $18,330 $18,624 Advertising & Promotion: $5,600 $0.10 $88 $5,713 $5,535 $5,978 Repairs & Maintenance: $34,000 SO.62 $531 $35,220 $33,815 $42,691 Utilities: $24,000 $0.44 $375 $24,040 $23,975 $21,712 Property Insurance: $10,100 $0.19 $158 $10,137 $9,360 $10,780 Other: $0 0 0 $0 $0 $0 Real Estate Taxes: $21,440 $0.39 $335 $21,443 $21,193 $21.141 Operating Expenses: $220,440 59.37% $3,444 $227,571 60% $218,184 59.67% $220.936 59.35% Reserves: $19,200 $300 $19,200 $19,200 $19,200 Net Operating Income: $131,645 $132,524 $128,256 $132,145 Cap Rate: 8% Less B.P.P. $0 SO $432 $393 Income Approach: $1,645,563 $25,712 Owner's Request: $1,645,550 Assessor Value: $1,906,900 $ per Unit: $25,712 Assessor $ per Unit: $29,795 Ownefs Cap Rate: 8% Assessor Cap Rate: 6.9% Property Tax Services, Inc. 07/01/2013 c ki:9RIA Villas at Copper Leaf, I P Income Statement Month Ending Year To Date 12/31/2012 12/31/2012 Actual Budget Varlance Adual Budget Vartance REVENUE REVENUE 4001.0000 - Grass Potential Rent 32,100.00 32,100.00 0.00 385,200.00 385,200.00 0.00 4002.0000 - Gal,Vloss to Lease 0.00 0.00 0.00 (2.00) 0.00 (200) 4011.0000 -Vacancy Loss (241.00) (1.806.00) 1.384.00 (10,522.00) (19,260.00) 8,738.00 4014.0000 - Non-Revenue Units 0,00 (575.00) 575.00 (4,138.00) 0,900.00) 2,764.00 4040.0000 - Bad Debt (128.00) 0.00 (128.00) (128.00) 0.00 (128.00) Total REVENUE: 31,731.00 29,920.00 1,811.00- 737031I05- 7350:01006- 11,372.00 OTHERINCOME 4100.0000 - Escrow Deposit Forfettwes 200.00 0.00 200.00 600.00 0.00 4103.0000 - Late FoWNSF Income 50.00 25.00 25.00 250.00 300.00 4104.0000 - Nonrefundable aeanIng/Pet Deposit 0.00 0.00 0.00 1.975.00 0.00 4105.0000 -Applcallon Fee Income 10.00 10.00 0.00 280.00 150.00 4106.0000 - Vencing Income 11.41 10.00 1.41 51.78 120.00 4107.0000 - Buy Out Fees 1,150.00 0.00 1.160.00 5,081.00 0.00 4108.0000 - Move Out Expense Recovery 0.00 60.00 (80.00} 380.04 720.00 4125.0000 - Cable/Utlites/Phone Revenue 28.41 22.00 4.41 285.99 264.00 '4152.0000 - Funding from Reser,es 0.00 0.00 0.00 r-UN,OA) 0.00 4211.0000 - Interest Income 669.59 80.00 609.59 \12*15.75 j 720.00 Total OTHER INCOME: 2.117.41 187.00 1.930.41 14,694.41 2274.00 GROSS PROFm 33,848.41 30,107.00 3,741.41 385.008.41 381,314.00 EXPENSES PAYROLL AND RELATED 7102.0000 -Manager 2.259.53 1.889.00 (370.53) 25,920.98 22,688.CO (3.252.96) 7105.0000 - Mahtenance Supervisor 2,13024 2.183.00 52.78 27,731.16 28,196.00 (1,535.18) 7106.0000 - Fice/Medkare 324.84 312.00 (12.84) 4,056.10 3,744.00 (312.10) 7107.0000 -Federal Unemployment 0.00 3.00 3.00 . 63.99 38.00 (47.99) 7108.0000 -Stata Unemployment ' 0.00 81.00 81.00 844.99 972.00 127.01 7109.0000 -Workets Comp Instrara 108.22 187.00 78.78 1.438.82 2.244.00 807.18 7110.0000 -Heall/lIb & Uabilay Ins. 644.50 200.00 (444.50) 7.541.50 2,400.00 (5,141.50} 7111.0000 -Unitorms 0.00 0.00 0.00 0.00 148.00 148.00 7112.0000 -Auto Alowance 50.00 50.00 0.00 600.00 600.00 0.00 7118.0000 -Bonus 0.00 0.00 0.00 1,500.00 0.00 (1.500.00) 7145.0000 - Payroll Services 40.68 30.00 (10.68) 521.46 380.00 (161.46) Total PAYROLL AND RELATED: 4,935.00 (622.99) --7¤3568- --393IN- (10,870.98) ACCOUNTING AND AUDIT 7201.0000 - Annual Audit Fees 0.00 0.00 0.00 8,794.00 7.750.00 (1,044.00) 7202.0000 - Tax Rett,n Preparation Fee 0.00 0.00 0.00 2,011.00 1,850.00 (181.00) Total ACCOUNTING AND AUDIT: 0.00 0.00 0.00 10,805.00 9.600.00 LEGAL EXPENSES 7701.0000 - Legal Costs 323.50 0.00 (323.50) 323.50 400.00 76.50 Totmt LEGAL EXPENSES: 323.60 0.00 (323.50) 323.50 400.00 76.50 ADVERTISING 7302.0000 - New,papar Advertising 0.00 0.00 0.00 114.00 150.00 38.00 7302.0500 - Apartment Magazines 0.00 149.00 149.00 2.076.78 1,788.00 (288.78] 7303.0000 - Signage 0.00 0.00 . . 0.00 81.00 50.00 (31.00) 7305.0000 - Other Markeling/Leasing Bmch. 0.00 0.00 0.00 304.57 25.00 (279.57} 7306.0000 - CaU Conter Mkig/Promos/Events 459.92 300.00 (159.92) 1,853.23 1,850.00 (323) 7307.0000 - Lease RenowaVResident Retent 100.00 0.00 (100.00} 428.10 0.00 (428.10} 7311.0000 - ResldenURefarral Fees 0.00 0.00 0.00 855.00 100.00 (755.00) Total ADVERTISING: 669.92 449.00 ' (110.92) ---ByiZEr --JIJAXOT (1,749.68) MAKE-READY COSTS 7501.0000 -Contract Cleanilg 70.00 65.00 (5.00) 1,236.80 975.00 7503.0000 - Carpal Clean/Dye 65.00 75.00 10.00 970.30 1.125.00 7505.0000 - Painling Supplies 14.88 55.00 40.14 619.88 B25.00 7507.0000 - Other Make Ready Costs 70.00 100.00 30.00 70.00 1,200.00 Total MAKE-READY COSTS: 219.88 295.00 75.14 2,898.98 4,125.00 REPAIRS AND MAINTENANCE neated or: 01/072013,08:17 PM Pagal 1 1 Vioas at Copper leaf, LP Income Statement Month Endkig Year To Date 12/31/2012 12/31/2012 Actual Budget Variance Actual Budget Vartance 7601.0000 - Applances 219.34 100.00 (119.34) 3,366.05 1,200.00 (2,18605) 7602.0000 - Plumbing 454.73 100.00 (354.73) 2,265.73 1,200.00 (1,065.73) 7603.0000 - Electrical 167.10 100.00 (67.10) 4,321.70 1,200.00 (3,121.70) 7604.0000 - Heating & Ak CondtioNng 69.37 150.00 80.83 2.405.13 1,800.00 (605.13) 7606.0000 - Bullcing·Misc Repair 16.00 76.00 59.00 613.57 900.00 286.43 7807.0000 - Loclm & Keys 0.00 15.00 15.00 74.79 180.00 10521 7809.0000 - Paridng Lot 181.74 0.00 (181.74) 423.32 0.00 (423.32) 7811.0000 - Cornmon Area Cleaning 0.00 30.00 30.00 196.08 360.00 163.94 7612.0000 - WhdowTroatmont 4235 20.00 (22.35) 552.30 240.00 (312.30) 7614.0000 - Emergency Carpot Clean/Dye 0.00 0.00 0.00 334.50 0.00 (334.50) 7614.0100 - CarpeUVInyl Replacement 0.00 0.00 0.00 0.00 1,500.00 1.500.00 761&0000 - Grounds Cover/Landscape Supply 21.48 0.00 (21.46) 1,172.60 1,950,00 m.40 7816.0000 - Snow Removal Supplies 10.75 0.00 (10.76) 128.01 400.00 271.99 7830.DODD - Locks & Keys 0.00 0.00 0.00 29.70 0.00 (29.70) Total REPAIRSAND MAINTENANCE: 1,182.84 590.00 -ClM.Nj 15,883.46 -W,OjEr (4.953.48) UnLITIES 7901.0000 - Common Area Electric 871.31 1,115.00 243.69 14,001.71 13,380.00 (621.71) 7902.0000 - Vacant Units Electric 91.49 100.00 8.51 1.086.81 1.200.00 . 111.19 7904.0000 - Connion Area Sewor/Storm 315.85 425.00 109.15 5.041.80 5.100.00 5820 7905.0000 - Common Area Wator 258.04 340.00 81.96 3.907.48 4.080.00 172.52 Total UTILITIES: 1,538.69-' 1,980.00 443.31 24,039.80 (279.80) INSURANCE 7401.0000 - Property InBurance 876.58 784.00 (92.581 10,137,60 9,408.00 (729.00) Total INSURANCE: 876.58 784.00 02.583 --10337.66- 0,408.00 (729.00) REAL ESTATSPROPERTY TAXES 8101.0000 - Landmid,·Real EstateTax 1.859.16 1,782.00 (97.16) 21.241.18 21,144.00 8102.0000 - Personal Property Tax (161.10) 33.00 194.10 201.90 39&00 8106.0000 -Tax Appeal Legal Fees 0.00 0.00 0.00 600.00 500.00 Total REAL ESTATE/PROPERTYTAXES: 1,898.06 ---178.N- 98.94 21,943.06 22,040.00 MANAGEMENT FEES 8301.0000 - Base Management Fee 1,638.82 1.505.00 (133.82) 19,085.47 18,064.00 (1,001.4n Total MANAGEMENT FEES: 1.638.82 1,505.00 (133.84 -TUm,- 18.064.00 0,001.47) GENERAL AND ADMINISTRATIVE 7801.0000 - Ofice Supples 95.05 60.00 (35.05) 964.81 720.00 (244.81) 7802.0000 - Telaphone/Pager/Modern/Fax 44El.40 595.00 145.80 6.548.98 7,140.00 693.02 7803.0000 - Copier Charges 102.46 125.00 22.64 1.691.21 1,500.00 (19121) 7804.0000 - Fort'na 0.00 0.00 0.00 128.00 45.00 (81.00) 7805.0000 -Computer Expense 241.92 218.00 (23.92) 3,020.43 2,616.00 (404.43) 7806.0000 - Postage & Express Mal 43.91 25.00 (18.91) 318.20 300.00 (18.20) 7807.0000 - Credt ChaddResident Screeng 20.62 0.00 (20.52) 40.70 0.00 (40.70) 7808.0000 - Employee Travel,Mleage Rekn 0.00 0.00 0.00 35.60 0.00 (35.60) 7811.0000 -Dues & Memberships 0.00 0.00 0.00 16,002.02 15,568.00 (444.02) 7812.0000 - Property Adnowledgement 0.00 50.00 50.00 0.00 50.00 50.00 7812.0100 -Emp!oyee Recogninon 0.00 0.00 0.00 213.80 0.00 (213.60) 7814.0000 - Trahing/Educalion 213.53 225.00 11A7 447.74 260.00 (187.74) 7815.0000 - Govammentai Ucen888 & Fees 192.00 192.00 0.00 572.00 492.00 (80.00) 7816.0000 - Bink Charges 20.58 24.00 3,42 235.13 288.00 52-87 7817.0000 - Other Common Area Expense 24.56 30.00 5,44 283.08 380.00 76132 7820.0000 - Meals/Entartainment 67.25 0.00 (87.25) 89-25 0.00 09.25) Total GENERAL AND ADMINISTRATTVE: 1.471.18 1,544.60 72.82 -30383.7/ 29,329.00 (1,257755 CONTRACT SERVICES/OUTSIDE LABOR 8002.0000 - Pest Control 0.00 0.00 0.00 556.92 440.00 (118.92) 8004.0000 - Snow Removal 0.00 0.00 0.00 0.00 500.00 500.00 8005.0000 - Fire Equipment Impection 0.00 0.00 0.00 1,90749 1,300.00 (607.49} 8009.0000 - Elevator Costs 20524 200.00 (5.24) 2,574.63 2,400.00 (174.63) 8012.0000 - Fire System Monitoring 376.57 200.00 (178.57) 2,855.17 2,400.00 (455.17) 8050.0000 - Trash Removal 712.14 694.00 (18.14) 8,545.68 8,328.00 (217.68) Total CONTRACT SERVICES/OUTSIDE LABOR 1.293.95 1,094.00 (199.95) 16,43§N 16,388.00 (1.071.89) RESERVES 8401.0000 - Maintonance & CapAal Reserve 1,697.44 1,748.00 50.56 20.369.28 20,978.00 606.72 Total RESERVES: 1,697.* 1.748.00 50.58 20,389.28 ---2Ullilf/ 608.72 :reated on: 01/0m013. 08:17 PM Pag,2 Vilas at Copper Leaf, LP Income Statement Month Ending Year To Date 12/31/2012 12/31/2012 Actual Budget Vadance Actual Budget Variance Total EXPENSES: 18.056.83 16,719.00 (1,337.83) 248,439.05 227.329.00 (21,110,85) NET INCOME FROM OPERATIONS: 18,791.58 13,388.00 2,403.58 136,568.58 133,985.00 2,581.56 OTHER INCOME AND EXPENSE DEBT SERVICEE 9601.0000 - Principal Reduction 3,840.69 3,700.00 (140.69) 45,495.81 44.400.00 (1,095.81) 9604.0000 - Mortgage Interest Expense 5.521.39 5,662.00 140.61 66.849.15 67,944.00 1,094.85 Total DEBT SERVICE; 9,382.08 (0.08) 112,344.98 112,344.00 (0.98) CAPITAL EXPENDITURES 9602.0000 - Major Repairs-Bldg Extellor 0.00 0.00 0.00 7,000.00 8,000.00 1,000.00 9503.0000 - Parking Lot/Sidewalk 0.00 0.00 0.00 0.00 2,500.00 2,500.00 9508.0000 - Computer Equipment 0.00 0.00 . 0.00 1,054.89 3,000.00 1,945.11 8509.0000 - Furniture & Equipment 4,474.71 0.00 (4.474.71) 4,474.71 0.00 (4,474.71) Total CAPITAL EXPENDITURES: 4.474.71 0.00 -9IllIMT -187&86- 13.500.00 970.40 Total OTHER INCOME AND EXPENSE: 13,836.79 9,382.00 (4.474.79) 124.874.56 125,844.00 969.44 NET CASH FLOW: 1,954.79 4.026.00 (2.071.21) 11,692.00 8,141.00 3,551.00 HOME LOANS 9606.0000 - Interest Experime-2nd Mortago 1.293.80 175.00 (1.118.80) 2.599.70 2,100.00 (499.70) Total HOME LOANS: 1,293.80 175.00 (1,118.80) 2,599.70 (499.70) NETCASH FLOWAFTERHOMELOANS 660.99 3,851.00 (3,190.01> 9,092.30 6,041.00 3,051.30 OTHER TAX ADJUSTMENTS 9607.0000 - Developer Fee Interest 10,380.32 0.00 (10,380.32) 10.380.32 0.00 9800.0000 - Asset Manager Fee 0.00 0.00 0.00 1,875.00 2,500.00 9801.0000 - Depredallon Experlse 12,003.38 0.00 (12,003.38) 144,050.24 0.00 9802.0200 - Amortizatlon Exp-Tax Crocit Fees 195.17 0.00 (195.17) 2,342.00 0.00 9802.0300 - Amortizatton Exp-Perm LWLegal Fees 85.92 0.00 (85.92) 1,031.00 0.00 9804.0000 - Mndpal of Debi Service (3,840.69) 0.00 3,840.69 (45,495.81) 0.00 9805.0000 - Reserves-Maintenance & Capital (1,697.44) 0.00 1,697A4 (20,369.28) 0.00 9813.0000 - Savtngs Trffor Major Repair 0.00 0.00 0.00 4.294.89 0.00 Total OTHER TAX ADJUSTMENTS: 17.128.66 0.00 173NNI 98.108.38 2,500.00 NET INCOME (LOSS): (16.485.67) 3,851.00 (20.316.67) (89,016.06} 3,541.00 (92,557.06) reatad on: 01,97/2013.08:17 PM Page 3 00 Total Avagabl• 0 Unav,14*,1. 88 00 0 88 8 3, dd Zi 00.006 00'001 1 11 Z %:Ses -3 ill 8 51 1 88g .m r it :i j 8 8 d i li i ALLI ,=0117 0 9. 699'49 m R i li > 888 i $ 522= gg i o O.E c• 0 0 00'0 E Z 888 1 12 8 gia 12/21/2012 9·33:28AM Tly '4]ade d gis 1 i r 2 2 hui A ,9.23 1 't Pagelo{4 mg&-507-001 1 if1 >-ZZ>-Z. 1>-Z>-Z>->-ZZZ »Z»»ZZZ» ZZ zzz 28 8 8 8. 8 888 88.888. 88888888 8 888 %g.*§ 402=809§§; 2.§§*084# 100.00 07/31/2013 . 5 E M r, a A n c•, x02/0£/80 10/31/2013 12/31/2012 03/31/2013 M M e M Cloz,0 03/31/201 03/31/201 01/31/201 11/30/201 01/31/201 eee clout 000 2 0 9 2 0 0 0 0 0 N C! 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JOHN W 0 *UF'unsm, i i iiI#i f 1 z 2 3 1-1 1 1 /.,06 Wilhott Properties - %fill ALL UNI As of 12/20/ 88 8 88 * 8 8 2 8 8 2 2 M 8 51 333333333 333 35 ddodooocoo gg8ggg88g8 888888888 ggM agg 3 5 5 5 5 2 $00¥¥55¥51 ¥%45/55¥1 45% Mwil ====== 692=28222 2222%22.2 61 ddddd d dodoodd d m 3 ddgidodocie 3 5 3 3 5/ ; Unit Renge Enct last unit; mlrwy; S 2 8 888 8%8888888 88888 8.88 81 g R N 1 gg8... 4 5% 5 5 055i*ii3i 44,45*55 i #3 1 10% 5 .r--- A & RE RACCE h h > 1- M 09/05181· 09/05Het 0&'0998 1 09/051101 09/09%10 i 999 OneSite Rents ¥3.0 12/21/2012 9:33:28AM 1 // 251 ,?ff*5?:4/ *543,/ 4 1 1-217 8"8 A 0 N - 11, 1101 luiGi Z 1 fr Page 2 of4 mg&-507-001 ZZ Zzz Z»>*ZZ »ZzzZZZ»>»Z»Z»Z>»Z ggg gggggg 8SSS SSWAS RS 48.2!*ggg M. 2 4 * M 02*22=Mage•ma,age# L.a// mi IN /00 R & i.m i m --,e-==-=== "M :!SS $' 9 5!22 0 8ii&iiiiaaa#iia§/§ S S 86§ 231850. §166§66§8888§§81§§ NN NNN N N N N N N lililililliI'llili 6E l02/10/60 e e it im iii illill illillill'millii i 6% 66& Wilhoil Propertios - Villas at Copper Leaf L UNITS 12/20012 i.0& 151 1 1 1.1 i i i i 1 1 I : a il Zill 1= itilifi l i 0-g S 1 1 11 6 10* a ,/ilil / ilijitt-Hiltillill m G or :Coasau d Jw ALI 2 · 0%.00.0.,4 242%82228222 2.8 22.0.g. d d 0 000000 000000000000000000 882 8gg* 88.888 8 N 888888888888088 8.8.8 10 0 *ri wi d wi 0 0 tri . m n In w u e in 91%11 ENES&64 e.*.Dis......sm-m.#E 22%222%28%882% do 0000000 00 cio doddododoc Sub Propertr ALLUnil Range Stirt Ilist unlt: Unil Range End' last unit;Repon Typer Oitals + Surrwoary ; Soll By: Floo,plan 88 & sega egggE g; 8.8 8,88 888.8.8 8 8.8.Es/8 8 8.8. Mill #10% ENE¢641 6666¢ENEEWEEEMENEE JEB- REE .mmmmmm/ mm/11§1=1m1mm111m/ 18RHH-C i H-121 8 mm i IlIiIIi iiiiii1iiiiiiiiiii 3E Oneate Rents va.012/21/2012 9.3328AM +All RAMMZRR == ==== m=== m == M N.R Paramet»rm: U 99/99/915/9999999: 2 1! 1 Page 3 of4 mgl-507-001 "1 1 ZzZZZ>Z E ..0 0000000000 0 0000000¤000 0 8 8888888 000.00000.0 0 6 6 5 5 N : 00000000000 0 M MANM 08/31/201 9&&@ toz/ouit lOUIE/01 8gggg8agggg 0.00 00=00=00000 N C! 0 0 8! C! t! 2 lai 1 .68&&&&§ , 3 st $ 4 8 4 8 8 gB 8 8 32,100-00 Immis/3 . 3 : 3 Im / R 0 % 1 M W it p r e. d 0 MEor. 504......mit 32,100.00 g8gg8gg888g - 0, 0 A I .- El 1 li 13 13 11 13 li 3 El li li 13 3 0.59 Wilholt Propmtios - Villas at Copper Leal L UNITS 12/20/2012 1 11.1 gggggg8g8gS 0.59 · i a! 1 1 01 15*09100 0 0 0 0 1 B illisi i lit mmen=== ...0029 11 3 90 33333333 5 CDO=0000000 8g88g8g88gg 601.SO 1¥4500%6611 10.360.90 81 3 00'699 8 888 00-001'ZE 459.00 00'69¥ 1138828Ells 54,369 gq 7 7 4 F = S : 9 q ocoocidde o al im/emea,Amm 1 1, 0 6 WN Wei d A O 64,369 ' S.B.8.g.B.Z.8.N V Sub Propetty ALLUnit Ring, Slant first uni Unit Range End· last unit.Repon Type: Dolads + Summary: Sort By. Floolplan 11 8 9 11 : 0 55§555 R. 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Leased t Amt; SQFT 2222.GWESS 89.R dc;dooddaddoo Average Leasd 9888 8·8 88882 tit 1/1/10:16:50/ Wilholt Properties · Villas at Copper LeafRENT ROLL DETAILAs of 12/20/2012 Art*I BOFT m m gil 12.8.%.4.4 32,100.00 d 5 616 1000¤0 882!goggzgs.8 2 4 * 8 *§1 0 66 55 5 Yes: Unit Designanon - AL A i i Ami / SQFT: Market = 54,369 SQFT: Liased • 54,369 SaFT 'urum O..N.Ne•,eN-Kv a mill - ot Leased 32,1 Surnmaly Bittag by Tormaction Code low Cu,rent Dat, Code RENTSUB Total; ·arimeted: Property - ALL: Subjoumal - ALL Formers excludod - 18 50#60 1 BR80% :BR60%-C 1BRHC60 I 18RHI+C 09/05}18- i ' 0,8 z U & 1 a l l )11,Sile Rents ¥3.0 2/21/2012 9.33.29AM CO il 88888 8 5 21 ;8 8.8.8.· 8 g!glaigis 8 8 8 8 8 8 8 84 8 HIB,8;4 do'*dd 0 1.01 d 0 00 d dddici d 6 edododd: d aid:d,0 i:! 11 8 858|88 88888 8 8=81 8 822· 88;8 81 8 8 888 8; Zi 45 wl• 5 0 gnig *011 1 90' .'*%,Q©1 13 00'01¥l 8 11 ·· · 1 , 10 8 8.8.8 8 88888 8. 4 8 &88 8888|888 8888888! , 2 4 0 iN 1 4 ¥ 1 1 1 9 0 1 1 4 4 4 0 ¥19 85:11 14 11,00*60; M•* md!.ddmossomddods dsm·86:amdmadsso mmds: 1 1 2U 88 888 88888888888 488'8*888888888888888 11 :,0 110 0#,iNg,%0 0.1 0*.30 9*6:6 66:EM.1 6500¥60 1 1 i.t m=w." 1:, m m imi W ui N m m milim:" m wim ":i.# m m m.n m 8888 88888 8 ' 8 88' 8'888888 8888888 **101 .5.1 45& 14# 4. 411:i¥#BEEE#. 650*5*0 r. A N w N C! 0 2 ·C! 1§ 1 m iii: -5:6 i m012 07 :4/2012 =3112013 § Ctotilt/01 ZI·02/ CIDZ/LOLO ZIOU ZIOZATEr ZION 00131/2013 51·018001 Cloult/co CLOZ/ttleo EK)211£80 14 1 1 11 iii1& 8 1/2012 07,31/2013 510:LOCD 21021=# 1,02,900 8.8 3 30 880 11;2012 1121 i.'=E .8 - . r, N o . 111141 lilli ill i· lit· 1.11111111 1111.1 E@§0132 2§20£02 i 1 lif i ill:iii limili 133 i liiI li i iii 35 1 11 5/5 i.i 1 1 i i .i i O 01 R . 1BRHG60 9R i jin 41 * 2.a=9-alm mmmm 1-112 28 :%-TE'Airte 4 6 18 818*9 /:t· 38 8 - l:!I 8888 ig:g·41988 888'8 8885888888 §'8;8·8 8 1 gig g g ci .· d d d d d d * ·* id id o PagI 2 of 4 mgt-521-003 d :odd acl 6 6 to dio d d ©i .6-6*6 d a·0ci 1 . 1 ' 8 88888 1818 8888 88:8 88888888888 sigigiB 8 Al :11/¥ 04"W. 19##Mmaig0w#g##*0%*%00§;*iwigg 8· t 1.1 - 1 1 8 § 8 8 8 8!8 8888 8 ·88'8888888888 818 8,8 8 -1 0 *14 14 4·0 4 NIN &(04 41,0 046#&4664¥$ 00!6.E ... a S m ... Smsms =-m .S'S Sm= =mi.;m .masmsm=Sms S!• sma I 0 , 12 8:8888*88888 8:8 8888 ;8.8:8 88 88888 UTILITIES 7901.0000 - Common Area Electric 1,307.92 980.00 (327.92) 13,467.79 11,760.00 (1,707.79) 7902.0000 - Vacant Units Electric 17297 100.00 (72.97) 1,001.88 1.200.00 198.32 7904.0000 - Common Area Sewer/Storm 401.95 375.00 (26.90 5,345.60 4,500.00 (845.60) 7905.0000 - Common Area Water 290.81 275.00 (15.81) 4,159.93 3,300.00 (859.93) Total UTILITIES: 2,173.65 1.730.00 (443.855 23,975.00 20,760.00 (3,215.00> INSURANCE 7401.0000 - Property liurance 781.08 960.00 178.92 9,359.68 11,520.00 2.160.32 Total INSURANCE: 781.08 960.00 178.92 9,35.68 11,620.00 2.160.32 REALESTATEPROPERTY TAXES 8101.0000 - Land/Bldgs-Real Estate Tax 1,810.97 1,782.00 (48.97) 21.192.97 21,144.00 (48.97) 8102.0000 -Personal Property Tax 68.70 0.00 (88.70) 431.70 950.00 518.30 8108.0000 - Tax Appeal Legal Feas 0.00 0.00 0.00 500.00 0.00 (500.00) Total REAL ESTATE/PROPERTY TAXES: 1,879.87 1,762.00 (117.67) 22,124.67 22,094.00 (30.67) MANAGEMENTFEES 8301.0000 - Base Management Fee 1,640.20 1.532.00 (108.20) 18,329.72 18.557.00 227.28 Total MANAGEMENT FEES: 1,640.20 1,532.00 (108.20) 18,329.72 18,557.00 227.28 GENERAL AND ADMINISTRATIVE 7801.0000 - Office Supplies 3.69 80.00 76.31 843.56 960.00 116.44 7802,0000 - Terephone/Pager/Mode]WFax 67L17 580.00 (97.17) 7,246.97 6,980.00 (286.97) 7803.0000 - Copier Charges 100.90 130.00 29.10 1,487.03 1,560.00 72.97 7804.0000 - Fonns 0.00 0.00 0.00 153.47 295.00 141.53 7805.0000 - Computer Expense '1,335.35 218.00 (1,117.35) 3,930.98 2.618.00 (1,314.98) 7800.0000 - Postage & Express Mall 11.00 25.00 14.00 349.08 300.00 (49.08) 7807.0000 - Credit Check/Resldent Screeng 0.00 5.00 5.00 15.25 60.00 44.75 7811.0000 - Dues & Memberships 0.00 0.00 0.00 15,876.08 15.859.00 (16.08) 7814.0000 - Tramgmducation 44.84 0.00 (44,84) 470.72 200.00 (270.72) 7815.0000 - Govemmental Ucenses & Fees 232.00 232.00 0.00 512.00 452.00 (60.00) 7816.0000- Bank Charges 18.64 22.00 3.36 280.41 264.00 (16.41) 7817.0000 - Other Common Area Expense 40.58 40.00 (0.58) 642.62 480.00 (62.62) 7820.0000 - Meals/Entertalnment 40.00 0.00 (40.00) 40.00 0.00 00.00) Total GENERALAND ADMINISTRATIVE: 2,504.17 1,332.00 (1,172.17> --11,771.17- 30.006.00 (1,741.17) CONTRACT SERVICES/OUTSIDE LABOR 8002.0000 - Pest Control 15.01 110.00 94.99 517.54 440.00 (77.54) 8004.0000 - Snow Removal 0.00 225.00 225.00 995.00 450.00 (545.00) 8005.0000 - Fire Equipment Inspection 0.00 0.00 0.00 1,648.48 2,525.00 876.52 8009.0000 - Elevator Costs 197.59 187.00 (10.59) 2,453.23 2,244.00 (20923) 8012.0000 - Fire System Monitoring 0.00 0.00 0.00 1,913.72 1,080.00 (833.72) 8050.0000 - Trash Removal 694.32 680.00 (14.32) 8,331.84 8,160.00 (171.84) Total CONTRACT SERVICES/OUTS!DE LABOR: 908.92 1.202.00 295.08 15,859.81 14,899.00 (980.81) RESERVES 8401.0000 - Maintenance & Capital Reserve 1,697.44 1.801.00 103.56 20.420.20 21.812.00 1,191.80 Total RESERVES: 1,697A4 1.801.00 103.58 20,420.20 21,812.00 1,191.80 Total EXPENSES: 19.805.34 17.517.00 (2.288.34) 239,536.31 233,315.00 (6,221.31) NET INCOME FROM OPERATIONS: 13.378.98 13,117.00 281.98 127.332.27 137,801.00 (10,468.73) OTHER INCOME AND EXPENSE Crited on: 01/092012, 2:58 PM Page 2 Vina; at Coppar Led, LP Vtllas at Copper Leaf, LP Income Statement Monlh Ending Year To Date 12/31/2011 12/31/2011 Actual Budget Varlance Actual Budget Varlance DEBT SERVICE 9801.0000 - Principal Reduction 3,733.96 3,858.00 (77.98) 44,244.71 43.344.00 (900.71) 9604.0000 - Mortgage Internal Expense 5.028.12 5.707.00 78.88 68,100.26 69,012.00 911.75 Total DEBTSERVICE: 9.362.08 9,383.00 0.92 112,344.98 112,358.00 11.04 CAPITAL EXPENDITURES 9502.0000 - Malor Repalm-Bldg Extertor 0.00 0.00 0.00 4.164.89 28,800.00 24,635.11 9506.0000 - Computer Equipment 0.00 0.00 0.00 0.00 2.500.00 2,500.00 9509.0000- Furniture & Equipment 0.00 0.00 0.00 0.00 1,000.00 1,000.00 9521.0000- Landscape/Drainage Repairs 0.00 0.00 0.00 0.00 1.500.00 1.500.00 Total CAPITAL EXPENDWURES: 0.00 0.00 0.00 4.164.89 33,800.00 29,635.11 Total OTHER INCOME AND EXPENSE: 9.362.08 9,383.00 0.92 116.509.85 146.156.00 29,648.15 NET CASH FLOW: 4,016.90 3,754.DO 262.90 10,822.42 (8,355.00) 19,177.42 HOME LOANS 9606.0000 - Interes! Expense-2nd Mortgage 652.95 0.00 (852.95) 2,630.00 o.CIO (2,630.00) Total HOME LOANS: 852.95 0.00 (652.95) 2.630.00 0.00 (2,030.00) NETCASHFLOWAFTERHOMELOANS 3.363.95 3,754.00 (390.05) 8.192.42 (8.355.00) 16,547.42 OTHER TAX ADJUSTMENTS 9607.0000 - Developer Fee Interest 10,048.23 0.00 (10,048.23) 10.048.23 0.00 (10,048.23) 9800.0000 - Asset Manager Fee 825.00 0.00 (825.00) 2,500.00 2,500.00 0.00 9801.0000 - Depreciation Expense 13,267.63 0.00 (13,267.63) 159.211.55 0.00 (159,211.55) 9802.0200 -Amolt[zaUon Exp-Tax Credit Fees 195.17 0.00 (195.17) 2.342.00 0.00 (2,342.00) 9802.0300 - Amortlzallon Exp-Perm Lnflegal Fees 86.17 0.00 (86.17) 1,034.00 0.00 (1,034.00) 9804.0000 - Principal of Debt Service (3.733.98) 0.00 3,733.96 (44,244.71) 0.00 44.244.71 9805.0000 - Reserves-Maintenance & Capital (1,697.44) 0.00 1,697.44 (20,420.20) 0.00 20,420.20 9813.0000 -Savings Td for MalorRepalr 924.89 0.00 (924.89) 924.89 0.00 (924.89) TotaIOTHER TAX ADJUSTMENTS: 19.715.69 0.00 (19,716.69) --riT3275 2,500.00 (108,895.76) NET INCOME (LOSS): (16,351.74) 3,754.00 (20,105.74) (103,203.34) (10.855.00) (92,348.34) Criatad on. 01/0912012.2:58 PU p.9.3 Page 4 of 4 mgk507-001 00 0 FIN. 1 00 0 0.0. 00 C f! gg un a 0 11 d d Ci 1 Exclude Vacant 32,100.00 i 1 1. / i 0 11 51 . €0 = 1 , t= 1 1 i 3. 3 1 0.00 Wilholt Properties , 4 As of 1 Total 0.00 December Out vicam 0.00 • Summary : Sort Br Roorplan vacant ec Numbir ggm.8. 00'0 Amt/SUFT 8gg first unit tNt Range End: last do 0.59 89-0 00'0 00-E 0 agg 1 il occup,d Pi W 29 1 2.22 al o m 0 j lil Unit Count S l WDW 0- e .1§1 Z Market Rent 1 liij CA4, AID Villas at Copper Leaf, LP VI!las at Copper Leaf, LP Income Statement Month Ending Year To Date 1231/2010 12131/2010 Actual Budget Varlence Actual Budget Vallance REVENUE REVENUE 4001.0000 - Gross Polarlial Rent 32.100.00 32,100.00 0.00 385,200.00 385,200.00 0.00 4002.0000 - Galn/loss to Lease (116.00) 0.00 (118.00) (1.11400) (1,855.00) 741.00 4011.0000 - Vacancy Loss (3,193.00) (1,605.00) (1.588.00) (16,541.00) (19,260.00) 2.719.00 4014.0000 - Non-Revenue Units 0.00 (580.00) 580.00 129.00 (8,940.00) 7,069.00 4040.0000 - Bad Debt 0.00 (80.00) 80.00 (448.00) (960.00) 512.00 ' Total REVENUE: --Farybrus -YIE5315 (1,044.00) 387,228.00 368,185.00 11,041.00 OTHERINOOME 4100.0000 - Escrow Deposit Forfeitures 50.00 0.00 50.00 250.00 0.00 250.00 4103.0000 - Late FoWNSF Income (25.00 25.00 (50.00) 425.00 50.00 375.00 4104.0000 - Nonrefundable Cleaning/Pot Deposit 0.00 0.00 0.00 600.00 0.00 600.00 4105.0000 - Apptatlon Fee Income 60.00 30.00 30.00 330.00 480.00 (150.00) 4108.0000 - Vending Income 0.00 0.00 0.00 175.80 0.00 175.80 4107.0000 - Buy Out Fees 16.00 0.00 18.00 2,052.00 0.00 2,052.00 4108.0000 -Move Oul Expense Recovery 49.00 75.00 (26.00) 578.00 900.00 (322.00) 4125.0000 - Cable/Unlittes/Phone Revenue 64.81 · 70.00 (6.19) 840.00 4211.0000 - Interest Income 688.00 (382.31) 1,613.00 (195.34) 303.69 (849.07) Total OTHER INCOME: 518.50 888.00 ,/.-0 .W-, 5.819.39 3,883.00 1,938.39 GROSS PROFIT: . 29,309.50 30,721.00 (1,411.50) 373.045.39 360,088.00 12.977.39 EXPENSES PAYROLL AND RELATED 7102.0000 - Manager 1.062.90 1,905.00 842.10 22,625.19 22,860.00 234.81 7105.0000- Maintenance Supe,visor 1,074.71 2,053.00 978.29 24,165.03 24,636.00 470.97 7106.0000 - Fica/Medicare 159.62 303.00 143.38 3,579.14 3,638.00 56.86 7107.0000 - Federal Unemployment 0.00 3.00 3.00 133.17 36.00 (97.17) 7108.0000 - Slate Unemployment 0.00 79.00 79.00 918.70 948.00 31.30 7109.0000 -Worker's Comp Insurance 99.26 182.00 82.74 1,675.83 2,184.00 508.17 7110.0000 -HeattIVUfa & Liability Ins. 253.00 115.00 (138.00) 4,406.34 1,380.00 7111.0000 - Uniforms 0.00 0.00 0.00 0.00 50.00 (3,026.34) 50.00 7112.0000 -Auto Allowance 25.00 50.00 25.00 52727 600.00 72.73 7116.0000 -Bonus 0.00 0.00 0.00 1,100.00 0.00 (1.100.00) 7125.0000 - Employment Ad Expense 602.00 0.00 (602.00) 602.00 0.00 (602.00) 7145.0000 - Payroll Solvices 14.08 30.00 15.94 351.58 360.00 8.44 Total PAYROLL ANDRELATED: 3,290.55 · 4,720.00 1,429.45 60,082.23 56,690.00 (3,392.23) ACCOUNTINGAND AUDIT 7201.0000 - Annual Audit Fee8 0.00 0.co 0.00 7,886.00 7,746.00 (140.00) 7202.0000 - Tax Return Preparation Fee 0.00 0.00 0.00 1.782.00 1,550.00 (232.00) Total ACCOUNTING AND AUDIT: 0.00 0.00 0.00 9,888.00 9.296.00 (372.00) LEGAL EXPENSES 7701.0000-Legal Costs 0.00 0.00 0.00 288.00 415.00 127.00 TotaILEGAL EXPENSES: 0.00 0.00 0.00 288.00 415.00 127.00 ADVERTISING 7302.0000 - Newspaper Adver:!sIng 0.00 250.00 250.00 0.00 3,000.00 3,000.00 7302.0500 - Apadment Magazines 131.10 148.00 16.90 2,378.68 1.778.00 (600.88) 7303.0000 - Signage 0.00 0.00 0.00 80.57 0.00 (80.57) 7305.0000 - Other Markettng/Leasing Broch. 22.87 0.00 (22.87) 90.21 100.00 9.79 7308.0000 -Gag Center Mktg/Promos/Events 328.00 150.00 (178.00) 1.788.29 800.00 (988.29) 7307.0000 - Lease Renewal/Resident Retent. 0.00 50.00 50.00 548.07 600.00 51.93 7311.0000 - Resident/Referral Fees 0.00 0.00 0.00 1,094.25 Total ADVERTISING: 481.97 598.00 116.03 5.978.07 100.00 _ (994.25) 8,376.00 --173T MAKE-READY COSTS 7501.0000 - Contract Cleaning 195.00 45.00 (150.00) 1.080.00 720.00 (380.00) 7502.0000 - Contract Painting 0.00 0.00 0.00 13.90 0.00 (13.90) 7503.0000 - Carpet Clean/Dye 325.00 65.00 (260.00) 1,310.00 1,040.00 (270.00) 7505.0000 - Painting Supplies 47.28 45.00 (2.28) 254.53 720.00 485.47 7507.0000 - Other Make Ready Costs 0.00 75.00 75.00 53.91 900.00 848.09 Total MAKE-READY COSTS: 58728 230.00 (337.28) 2,7·12.34 687.66 REPAIRS AND MAINTENANCE Croatad on: 01/10/2011,7.37 PM . page 1 Mllos at Copper Leaf, LP Vllas at Copper Leaf, LP Income Statement Month Ending Year To Date 12/31/2010 12/31/2010 Actual Budget Vallance Actual Budget Varlance 7601.0000 - Appliances 155.38 100.00 (55.38) 1,725.80 1,200.00 (525.80) 76020000 - Plumbing 532.21 75.00 (457.21) 3.011.68 900.00 (2,111.66) 7603.0000 - Electrical 1,845.89 75.00 (1,570.89) 4787.23 900.00 (3,887.23) 7604.0000 - Heating & Air Conditioning 34.65 300.00 265.35 4657.57 3,600.00 (1,057.57) 7606.0000 - Building-Misc Repair 46.11 10.00 (36.11) 1,321.67 120.00 (1,201.67) 7607.0000 - Locks & Keys 20.29 10.00 (10.29) 498.62 120.00 (378.62) 7608.0000 - Roof Repair 250.00 0.00 (250.00) 250.00 0.00 (250.00) 7611.0000 -Common Area Cleaning 0.00 25.00 25.00 780.91 300.00 (480.91) 7612.0000 - Window Treatment (13.85) 75.00 88.85 170.12 900.00 729.88 7614.0000 - Emergency Carpet Clean/Dye 0.00 0.00 0.00 2,625.00 0.00 (2,625.00) 7814.0100 - Carpet/Vinyl Replacement 0.00 0.00 0.00 3,149.40 2,400.00 (749.40) 7815.0000 -Grounds Coverilandscape Supply 0.00 0.00 0.00 1,465.44 450.00 (1,015.44) 7616.0000 - Snow Removal Supplies 0.00 100.00 100.00 225.74 300.00 74.26 7620.0000 - Haldware/Carpentry 0.00 25.00 25.00 0.00 300.00 300.00 Total REPAIRS AND MAINTENANCE: 2,670.68 795.00 (1,875.68) 24,669.18 11,490.00 (13,179.16) UTILmES 7901.0000 - Common Area Electric 1,637.89 980.00 (657.89) 12,858.49 11.760.00 (1,098.49) 7902.0000 - Vacant Units Electric 199.18 140.00 (59.18) 1,111.49 1,680.00 588.51 7904.0000 - Common Area Sewer/Storm 202.45 345.00 142.55 4.455.56 4.140.00 (315.55) 7804.0100 - Resident Unit Sewer/Storm 0.00 70.00 70.00 0.00 840.00 840.00 7805.0000 - Common Area Water 199.61 300.00 100.39 3.288.62 3,600.00 313.38 7905.0100 - Resident Unit Water· 0.00 40.00 40.00 0.00 480.00 480.00 Total UTILITIES: 2,239.13 1,875.00 (364.13) 21,712.15 22,500.00 787.85 . INSURANCE 7401.0000 - Property Insurance 898,38 980.00 61.64 10,780.36 11,520.00 739.64 Total INSURANCE: 898.30 980.00 61.64 10.780.36 11.520.00 739.84 REAL ESTATE/PROPERTY TAXES 8101.0000 - Land/Bidg,Real Estate Tax 0.00 1,790.00 1,790.00 C21.141.16 21,480.00 338.86 8102.0000 - Personal Propefty Tax 392.59 0.00 (392.59) =gaf 0.00 (392.69) 8108.0000 - Tax Appeal Legal Fees 0.00 0.00 0.00 500.00 0.00 (500.00) Total REAL ESTATEPROPERTY TAXES: 22.033.73 21.480.00 (553.73) 392.59 1.790.00 1.397.41 MANAGEMENT FEES 8301.0000 - Base Management Fee 1,467.13 1,536.00 68.87 18.623.57 10,004.00 . (619.67) Total MANAGEMENT FEES: 1,467.13 1,536.00 88.87 -15'BFl.37- -1¤N.60 (819.57) GENERAL AND ADMINISTRATNE 7801.0000 - Oftice Supplies 89.63 125.00 35.37 824.78 1,500.00 875.24 7802.0000 - Telephone/Pager/Modem/Fax 674.83 545.00 (129.83) 6,912.60 6,540.00 (372.80) 7803.0000 - Copier Charges 99.61 125.00 25.39 1,533.57 1,500.00 (33.57) 7804.0000 - Forrns · 0.00 15.00 15.00 112.00 180.00 68.00 7805.0000 - Computer Expense 302.60 230.CIO (72.60) 2,948.18 2,760.00 (188.18) 7808.0000 - Postage & Express Mall 24.24 25.00 0.76 289.05 300.00 10.95 7807.0000 - Credit Ched,/Realdent Screeng 0.00 5.00 5.00 73.75 60.00 (13.75) 7811.0000 - Dues & Membenhips 0.00 0.00 0.00 15,999.25 15,708.00 1293.25) 7814.0000 - Training/Educatton 0.00 0.00 0.00 70.00 100.00 30.00 7815.0000 - Governmental Ucenses & Fees 192.00 255.00 63.00 452.00 455.00 3.00 7816.0000 - Bank.Charges 20.91 5.00 (015.91) 264.70 80.00 (204.70) 7817.0000 - Other Common Area Expense 0.00 65.00 65.00 493.88 780.00 288.12 Total GENERAL AND ADMINISTRATIVE: 1.403.82 1,395.00 (8.82) 29,971.74 29,941.00 (30.74) CONTRACT SERVICES/OUTS]DE LABOR 8001.0000. Landscape Contract 0.00 0.00 0.00 160.00 0.00 (160.00) 8002.0000 - Pest Control . 106.66 37.00 (69.68) 496.67 444.00 (52.67) 8004.0000 - Snow Removal 0.00 0.00 0.00 225.00 300.00 75.00 8005.0000 - Flm Equipment Inspection 0.00 0.00 0.00 2.772.33 690.00 (2,082.33) 8009.0000 - Elevator Costs 187.02 250.00 62.98 1,459.14 3,000.00 1.540.88 8012.0000 - Fire System Monitoring 0.00 0.00 0.00 2,070.72 125.00 (1,945.72) 8015.0000 - Office Alarm Monlto,ing 0.00 0.00 0.00 0.CIO] 30.00 30.00 8.125.92 7,980.00 (145.92) 8050.0000 - Trash Removal 677.16 665.00 (12.16 15,309.78 12,589.00 -1,71075; Total CONTRACT SERVICES/OUTSIDE LABOR: 970.84 952.00 (18.84 RESERVES f 8401.0000 - Maintenance & Capital Reserve 1.748.36 1,648.00 (100.38) (20,929. 19.778.00 (1,153.40) Total RESERVES: 1,748.38 1.648.00 (100.36) 40,929.49 19,778.00 (1.153.40) Croatod on: 01/100011,7:37 PM Pag*2 L VIllas at Copper Leaf, LP Vnlas at Copper Leaf, LP Income Statement Month Ending Year To Date 12/31/2010 12/31/2010 Actual Budget Vadance Actual Budget Vartance Total EXPENSES: 16,130.71 16.499.00 368.29 242,758.53 223,437.00 (19,321.53) NET INCOME FROM OPERATIONS: . 13,178.79 14,222.00 (1,043.21) 130,288.88 136,631.00 (6,344.14) OTHER INCOME AND EXPENSE DEBT SERVICE 9601.0000 - Principal ReducUon 3,632.56 3.497.00 (135.55) 51,223.58 41,964.00 (9,259.58) 9604.0000 - Mortgage Interest Expense 5,721.33 5,865.00 143.87 89,289.38 70.380.00 1,090.64 Total DEBT SERVICE: 9,353.89 9,382.00 8.11 120,512.94 112,344.00 (8,168.94) CAPITAL. EXPENDITURES 9502.0000 - Major Repairs-Bldg Exterlor 0.00 0.00 0.00 0.00 28,800.00 28.800.00 9606.0000 - Compuler Equipment 0.00 0.00 0.00 0.00 2,500.00 2,500.00 9521.0000 - Landscape/Orainage Repairs 0.00 0.00 0.00 0.00· 2,500.00 2,500.00 Tolal CAPITAL EXPENDITURES: 0.00 0.00 0.00 0.00 33,800.00 33.800.00 Total OTHER INCOME AND EXPENSE: 9,353.89 9,362.00 8.11 120,512.94 140.144.00 25,831.06 NET CASH FLOW: 3,824.90 4,860.00 (1,035.10) 9,773.92 (9.613.00) 19,286.92 HOMELOANS 9805.0000 - Principal-2nd Mortgage 0.00 0.00 0.00 1,836.75 0.00 (1,838.75) 9606.0000 - Interest Expense.2nd Mortgage 414.92 0.00 (414.92) 414.92 0.00 (414.92) Total HOME LOANS: 414.92 0.00 (414.92 2251.87 0.00 (2,261.137) NET CASH FLOW AFTER HOME LOANS 3,409.98 4,880.00 (1.450.02) 7,522.25 (9,513.00) 17.03525 OTHER TAX ADJUSTMENTS 9607.0000 - Developer Fee Interest . 8,957.85 0.00 (8,957.85) 8,957.85 0.00 (8,957.85) 9800.0000 - Asset Manager Fee 825.00 0.00 (825.00) 2.500.00 2,500.00 0.00 9801.0000 - Deprociation Expense 19.584.46 0.00 (19,584.48) 235,013.30 0.00 (235,013.30) 9802.0200 - AmortlzaLIon Exp-Tax Credit Fees 195.17 0.00 (195.17) 2,342.04 0.00 (2,342.04) 9802.0300 - Amarization Exp-Perm LWLegal Fees 86.25 0.00 (86.25) 1,035.00 0.00 (1,035.00) 9804.0000 - Prindpal d Debt Service (3,632.56) 0.00 3,632.56 (51,223.58) . 0.00 51,223.58 9805.0000 - Rese,ves-Maintenance & Capital (1,748.38) 0.00 1.748.36 (20,929.40) 0.00 20,929.40 Total OTHER TAX ADJUSTMENTS: 24.067.81 · 0.00 (24,067.81) 177,695,21 ---1,AOH.T (175.195,21) NET INCOME (LOSS): (20,657.83) 4,860.00 (25,517.83) (170,172.96) (12,013.00) (158.159.98) Created on. 01/100011, 7:37 PM Page 3 CHRISTIAN COUNTY BOARD OF EQUALIZATION AGENT AUTHORIZATION FORM Authorization is hereby given for fropdY -12 5!,4.61 1.0 , to act on the owner(s) behalf as agent in the appeal ofthe assessment of the property or properties listed below, located in Christian County and owned by the undersigned. The agent is given full authority to handle all matters relative to the appeal of the assessment for the tax year and to represent the undersigned, with the assistance of legal counsel, if necessary, before the Board of Equalization. Owner's Name: Ow k Meadws, L P Owner's Mailing Address: %60°\ E 2.0''* St rjof LK 0/10 8900 l Owner's Telephone Number: 1001' 206- 1133 Property Parcel Number(s) OR Property Address Personal Property Account Number(s) (Street Address, City) 11-0.8-27-001-002-009.000 402 S 11th St, Ozark (Additional Properties may be listed on the back) Owner's Signature: Print Owner's Signature: l. 4,(Lad LAACS Date: -7(5/13 PROPERTY ASSESSMENT APPEAL FORM CHRISTIAN COUNTY BOARD OF EQUALIZATION TAXPAYER INFORMATION Taxpayer's Name: 644'K Meadou,4, Lf Taxpayer's Mailing address: %09 E 10*4t jof\!Ar Mo 69%01 (Street or Box Number, City, 'State and Zip Code) PROPERTY INFORMATION Parcel Numberofthe Property: 1| -0.0 -1¥-001-002. -001,000 Address of Propertv (if different than Mailing Address): (Street or Box) 401 5. itflft (City. State, and Zip Code) 02,4-: 0,10 What is the Current Classification of the Property? ,Agricultural Commercial 37Residential Mixed Use What is the Market Value set by the Assessor? 41,2., £too What is the Taxpayer's Proposed Market Value? 414,7-65 REASON FOR APPEAL, Please check the reason you believe the assessment is incorrect. Check all that apply. 6aluation Uhe value placed on the property by the assessor is incorrect) -Discrimination (The properly is assessed at a ratio grealer than the average for tile county) _Ntisgraded Aviculturat Land (The property is not in the correct agricultural productivity grade) _Misclassification-The proper classi fication of this property should be: Residential Commercial Agricultural Charitable Purposes _Exemption- The property should be exempt because it is being used for: Religious Purposes Educational Purposes Charitable Purposes _Other Basis for Appeal (explain): You may attach any documentation you desire the Board to consider Taxpayer's Signature:Do h]1 Q A Date: Ozark Meadows Parcel(s): 11-0.8-27-001 -002-009.000 Occupancy: Apartments Grade: D-Average Property: Ozark Meadows Year Built: 2010 Address: 402 S 11th St Units: 44 City-State: Ozark, Missouri GBA: 39600 Acres: 2.550 NLA: 39600 Sq Ft: 1 11078 As Stabilized Actual's Income: % S/Unit 2012 % 2011 % 2010 % Potential Gross Income: $200,640 S4,560 $200.640 $195,360 Loss:o Leas*Concessions: SO O SO SO Adjusted Rental Income: 900,640 $4,560 5200.640 $195.360 0 Credit Loss: 0 % 0 $57 .03% So % Vacancy: $8,026 4•/O S182 57.300 3.64% S83,522 42.75% Net Rental Income: $192.614 $4.378 S193,283 $111,838 0 Other Income: $4,500 S102 $3.938 $5,113 Effective Gross Income: $197,114 $4,480 $197,221 $116,951 Expenses: Admin & General: $5,875 SO.15 S134 $6,553 $5.196 Payroll: $15,000 SO.38 $341 $19.739 $1.244 Management Fee: $20,000 SO.51 $455 S23,760 $11,681 Advertising & Promotion: S600 SO.02 S14 $290 $972 Repairs & Maintenance: S25.000 SO.63 $568 S36,885 S37,016 Utilities: $28,000 SO.71 $636 S44,125 $13,261 Property Insurance: S13,600 SO.34 $309 S13,601 $4,953 Other SO O 0 SO SO Real Estate Taxes: SO 0 0 S12.968 $9.517 Operating Expenses: $108,075 54.83% $2,456 $157,921 80.07% $83,840 71.69% 0 Reserves: S8,800 5200 68,800 S8,800 Net Operating Income: $80,239 $30,500 $24,311 0 Cap Rate: 8.05% Less B.P.P. SO $0 $O $O Income Approach: $996,763 $22,654 Owner's Request: $996,765 Assessor Value: $1,232,400 $ per Unit: $22,654 Assessor $ per Unit: $28,009 Owner's Cap Rate: 8.05% Assessor Cap Rate: 6.51% Property Tax Services, ·Inc. 07/01/2013 06/24/13 Ozark Meadows, LP Page i of 2 02:09PM Income Statement Current Year - Standard January 01, 2012 - December 31, 2012 -·--Current Period - -Year To Date- Amount %-Satei Amount %-Sates Revenues Rent S 7,190.00 42.4 $ 86,752.00 43.6 Rental Assistance S 8,905.00 52 6 S 106,589.00 53.6 Forfeited Deposits S 310.00- 1.8- S 487.00 .2 Late Charges $ 10.00 .1 S 185.00 .1 Overage $ 4.00- .0 $ 5700 .0 Laundry $ 222.00 1.3 S 3,241.75 1.6 Interest $ 932.58 5.5 S 1,737.02 .9 Miscellaneous S .00 .0 $ 25.00 .0 Total Revenues $ 16.945.58 100.0 S 198.959.77 100.0 Total Sales $ 16,945.58 100.0 $ 198,959.77 100.0 Gross Profit $ 16,945.58 100.0- S 198,959.77 100.0- Maintenanco Expenses Maintenance & Repair Supply $ 442.48 2.6 $ 4,414.93 2.2 Maintenance-Repair Contract $ 620.00 3.7 $ 7,320.00 3.7 Snow Removal $ .00 .0 $ 705.00 .4 Grounds Maintenance $ 1.025.00 6.0 S 22,670.00 11.4 Services $ .00 .0 $ 1.100.00 .6 Furniture ReplacBment $ .00 .0 $ 675.87 .3 -Total Maintenance Expenses $ 2,087.48 12.3 S 36,885.80 18.5 Sub-total Malnt. & Operating Electriaty $ 926.12 5.5 3 10,662.22 5.4 Water $ 645.66 3.8 $ 8,309.96 4.2 Sewer $ 545.36 3.2 S 5,177.01 2.6 Cable S 1,330.37 7.9 S 15,500.68 7.8 Garbage & Trash Removal S 319,33 1.9 5 3,551.66 1.8 Internet $ 69.95 AS 923.52 .5 Total Sub-total Maint & Operating S 3,836.79 22.6 S 44,125.05 22.2 Administrative Expenses Site Management Payroll $ 1,408.00 8.3 S .17,246.20 8.7 Managment Fee S 1.980.00 11.7 S 23,760.00 11.9 Project Auditing Expense $ .00 .0 $ 2,925.00 1.5 Advertising $ .00 .0 S 290.50 .1 Tatephone $ 74.75 .4 S 890.51 .4 Ofnce Supplies S 79.25 .5 $ 1,243.29 .6 Training/Seminars $ .00 .0 S 166.90 .1 Payroll Taxes $ 119.12 .7 S 1.435.21 .7 Workman's Compensation $ 27.48 .2 S 1,057.99 .5 Other Administative Expense S ,00 .0 $ 1,326.56 .7 Asset Management Fee $ 3,000.00- 17.7- $ .00 .0 Total Administrative Expenses S 688.60 4.1 S 50.342.16 25.3 Taxes & Insurance Real Estate Taxes $ 1,109.26 6.5 S 12,968.25 6.5 Other Taxes. Fees, & Permits S ,00 .0 S 150.00 .1 Propedy Insurance $ 1,009.75 6.0 $ 13,600.98 6.8 Total Taxes & Insurance $ 2,119.01 12.5 S 26,719.23 13.4 Other Expenses 06/24/13 Ozark Meadows, LP Page 2 of 2 02:09PM Income Statement Current Year - Standard Januaty 01, 2012 - December 31, 2012 -Current Period- -Year To Dat - Amount % - Sales Amount %-Sates Interest Expense.USDA $ 7,185.86 42.4 S 11,937.25 6.0 Interest Subsidy-USDA $ 6,756.84- 39.9- S 6,756.84- 3.4- Depreciation S 7,743.10 45.7 S 85,816.37 43.1 Amortization $ 1,946.67 11.5 S 1,946.67 1.0 Asset Management Fee $ 5,500.00 32.5 $ 5,500.00 2.8 Total Other Expenses $ 15,618.79 92.2 $ 98.443.45 49.5 Total Expenses $ 24.350.67 143.7 S 256.515.69 128.9 OperaUng Profit $ 7,405.09- 43.7- $ 57,555.92- 28.9- Net Profit $ 7,405.09- 43.7- S 57,555.92- 28.9 1944 Part ZZ OZARK MEADOWS For 01/01/2013 Printed at 06-24-2013 15:46 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Apt Type Number Initial Expires Leased To Basic Note HUD IGTC Cell NTC Due RA Ovrg < Cl A/1 2 05-01-10 04-30-13 GIVENS, POLLY 380 393 0 30.0 72 128 0 2S2 0 . (2 A/l 1 05-01-10 04-3C-13 WOOrAN. MILDA ]8C 39] 0 30.0 72 222 0 158 0 < 03 A/1 1 12-01-11 11-30-13 LONG. LUELLA 3SC 393 C 30.0 72 146 0 234 0 < 04 A/1 1 02-01-11 01-31-13 LEWIS. CHRISTOPHER 380 393 0 30.0 72 380 0 0 0 < 05 A/1 1 OS-01-10 04-10-13 COLLIER, LAVERNE 3eo 393 0 20.0 72 195 0 165 0 1 06 A/1 1 03-01-11 02-28-13 CRUME, JAMIES 320 393 0 30.0 72 171 0 2.09 0 < 07 A/1 1 05-01-10 04-30-13 LOVELAND, JUMMIC 380 393 0 30.0 72 161 0 219 0 € 08 A/1 1 CS-01-10 04-30-13 TURBYEVILLE, KIMBERL,Y 360 393 0 30.0 72 128 0 252 0 < 09 A/1 112-14-11 11-30-13 ELLEDGE, CYNTHIA 380 393 0 30.0 72 162 0 218 0 '<10 A/1 1 0 -01-10 04-30-13 JOHNSON. JUDITH 380 393 0 73.7 72 118 0 0 232 H 0 < 11 A/1 1 05-01-10 04-30-13 EDWARDS, RONALD 380 393 0 30.0 72 123 0 257 0 < 12 A/1 2 05-01-10 04-30-13 HARRINGTON. PETE 300 393 0 30.0 72 112 0 268 0 / 13 A/1 102-22-12 01-31-13 EUBANKS, MARY 380 393 0 30.0 72 258 0 122 0 < 14 A/1 1 08-01-10 07-31-13 STEWART, ORCHID 380 393 0 30.0 72 211 0 169 0 < 15 A/1 1 C4-11-12 03-31-13 RYAN. CONNIE 380 393 0 30.0 72 148 0 232 0 4 16 A/1 1 11-07-11 10-31-13 LAWRENCE. FRONA 380 393 0 30.0 72 128 0 292 0 < 17 A/1 1 08-01-10 07-31-13 WARREN. MARTHA 380 393 0 30.0 72 265 0 115 0 18 A/1 0 12-31-12 11-30-19 VACAT 380 393 Vacant Unit < 19 A/1 1 02-04-11 01-31-13 SNYDER, DEBORA 380 393 0 30.0 72 160 0 220 0 <20 All ' 1 08-01-10 07-31-13 SALZMAN, HZLEN 300 393 0 30.0 72 166 0 214 0 < 21 A/1 1 09-01-10 08-31-13 COLLARD, LORETTA 380 393 0 30.0 72 144 0 236 0 < 22 A/1 1 08-01-10 07-31-11 JACKSON. ROBERT 380 393 0 30.0 72 113 0 267 0 < 23 A/1 1 08-01-10 07-31-13 KING, JOHN 380 393 0 30.0 72 224 0 156 0 < 24 All 1 08-11-10 07-31-13 DILYEU, DONNIC 380 393 0 30.0 72 128 0 252 0 I 25 HN/1 1 03-01-11 02-28-13 SHANNON, SHARON 380 393 0 30.0 72 148 0 232 0 c 26 S/1 1 11-01-10 10-31-13 BEST. VICKI 380 393 0 30.0 72 47 0 333 0 € 27 S R 105-16-12 04-30-13 HANEBRINK, LUCILLE 380 393 0 30.0 72 219 0 161 0 I 2. S/t 1 11-08-12 10-31-13 SHIPMAN, ROSEZELL 380 391 0 30.0 72 137 0 243 0 4 29 N/1 1 11-01-10 10-31-13 MURRAY. KATHRYN 380 393 0 30.0 72 56 0 324 0 < 30 N/1 1 12-01-12 11-30-13 HALL, CHERIE 380 393 0 30.0 72 201 0 179 0 c 31 N/1 1 12-08-10 11-30-13 KIRBY, WILLIAM 380 393 0 30.0 72 l3l 0 249 0 4 32 !;/1 1 07-06-11 06-30-13 BURNS, DONNA 380 393 0 30.0 72 134 0 246 0 c 33 N/1 1 11-03-10 10-31-13 WMITE, JUANITA 380 393 0 30.0 72 134 0 246 0 4 34 N/1 1 11-01-10 10-31-13 DAVIS, LILA 380 393 0 30.0 72 192 0 lag 0 4 35 N/1 1 12-01-12 11-30-13 STEWART, MAXINE 380 393 0 30.0 72 131 0 299 0 < 36 N/1 111-01-10 10-31-13 CRAWFORD, RICHARD 380 393 0 30.0 72 170 0 210 0 < 37 N/1 1 02-01-12 01-31.13 ATCHISON, CELIA 300 393 0 30.0 72 268 0 112 0 c 36 11/1 1 11-01-10 10·31-11 SHUMR, EDITH 380 393 C 30.0 72 261 0 119 0 I 39 8/1 1 12-01-12 11-30-13 PISCITELLI. MARY 380 393 0 30.0 72 271 0 109 0 £ 40 N/1 1 05-01-11 04.30.13 nETCHER, AUDRY 330 393 0 30.0 72 159 0 221 0 < 41 A/1 1 09-01-10 07-31-13 HAWKINS, TRELLIS 380 393 0 30.0 72 123 0 257 0 < 42 A/1 log-01-10 07-31-13 TWIBELL, VIOLA 380 393 0 30.0 72 189 0 191 0 < 43 A/1 1 12- 01 -11 11-30 -13 MANTOOTH, amrrHA 380 393 0 30.0 72 125 0 254 0 ¢ 44 A/1 1 08-01-10 07-31-13 nARCLIFL, :AARY 380 393 0 30.0 72 I63 0 217 0 232 H TOTALS > 16720 0 72S1 0 5827 0 16. 17. 10. 06/24/13 Ozark Meadows, LP Page 1 of 2 02:09PM Income Statement Current Year - Standard January 01. 2012 - December 31, 2012 --·-Current Period - -Year To Date- Amount %-Sales Amount % - Sales Revenues . Rent S 7.190.00 42.4 S 86,752.00 43.6 Rental Assistance $ 8,905.00 52.6 S 106,589.00 53.6 Forfeited Deposits 5 310.00- 1.8- S 487.00 2 Late Charges S 10.00 .1 S 185.00 .1 Overage S 4.00- .0 $ 57.00- .0 Laundry $ 222.00 1.3 S 3,241.75 1.6 Interest $ 932.58 6.5 S 1,737.02 .9 Miscollaneous S .00 .0 $ 25.CIO .0 Total Revenues S 16.945.58 100.0 S 198,959.77 100.0 Total Sales $ 16,945.58 100.0 $ 198,959.77 100.0 Gross Profit $ 16,945.58 100.0. S 198,959.77 100.0- Maintenance Expenses Maintenance & RepairSupply $ 442.48 2.6 $ 4,414.93 2.2 Maintenance-Repair Contract $ 620.00 3.7 $ 7,320.00 3.7 Snow Removal S ·00 .0 S 705.00 .4 Grounds Maintenance S 1.025.00 6.0 S 22,670.00 11.4 Services $ ·00 .0 $ 1,100.00 .6 Furniture Replacement $ .00 .0 $ 675.87 .3 Total Maintenance Expenses $ 2,087.48 12.3 S 36.885.80 18.5 Sub-total Maint. & Operating Electricity $ 926.12 5.5 5 10,662.22 5.4 Water $ 645.66 3.8 $ 8.309.96 4.2 Sewer 5 545.36 3.2 S 5,177.01 2.6 Cable $ 1,330.37 7.9 $ 15,500.68 7.8 Garbage & Trash Removal S 319.33 1.9 $ 3,551.66 1.8 Internet $ 69.95 AS 923.52 .5 Total Sub-totat Maint & Operating S 3,836.79 22.6 S 44,125.05 222 Administrative Expenses Site Management Payroll $ 1,408.00 8.3 S 17,246.20 8.7 Managment Fee S 1,980.00 11.7 S 23,760.00 11.9 Project Auditing Expense $ ,00 -0 $ 2,925.00 1.5 Advertising .4 $ .00 .0 $ 290.50 .1 Telephone S 74.75 .4 5 890.51 Omce Supplies 5 79.25 .5 $ 1,243.29 6 Training/Seminars S .00 .0 $ 166.90 .1 PayroU Taxes $ 119.12 .7 S 1.435,21 .7 Workman's Compensation S 27.48 1 s 1,057.99 .5 Other Administative E,pense S .00 .0 $ 1,326.56 .7 Asset Management Fee $ 3,000.00- 17.7- S .00 .0 Total Administrative Expenses S 688.60 4.1 S 50.342.16 25.3 Taxes & Insurance Real Estate Taxes $ 1,109.26 65 S 12,968.25 6.5 Other Taxes, Fees. & Permits S .00 .0 $ 150.00 .1 Property insurance S 1.009.76 6.0 $ 13,600.98 6.8 Total Taxes & Insurance $ 2,119.01 12.5 S 26,71923 13.4 Other Expenses Ozark Meadows Parcel(s): 11-0.8-27-001-002-009.000 Occupancy: Apartments Grade: D-Average Property: Ozark Meadows Year Built: 2010 Address: 402 S 11th St Units: 44 City-State: Ozark, Missouri GBA: 39600 Acres: 2.550 NLA: 39600 Sq Ft: 111078 As Stabilized Actual's Income: % $/Unit 2012 56 2011 % 2010 % Potential Gross Income: $200,640 $4,560 $200,640 S195,360 Loss to Lea;Conce=ions: So o So So Adjusted Rental Income: $200.640 S4.560 $200,640 $195,360 0 Credit Loss: 0 % 0 $57 .03% SO % % Vacancy. S8,026 4% $182 $7.300 3.64% $83,522 42.75% S Net Rental Income: $192.614 $4,378 $193,283 $111,838 0 Other Income: S4,500 $102 53,938 S5,113 Effective Gross Income: $197,114 $4,480 $197,221 $116,951 Expenses: Admin & General. 55,875 SO.15 $134 $6.553 $5.196 Payroll: S15,000 SO.38 $341 $19.739 $1,244 Management Fee: $20.000 $0.51 $455 S23,760 $11.681 Advertising & Promotion: $600 SO.02 S14 $290 S972 Repairs & Maintenance: $25.000 SO.63 $568 S36,885 $37.016 Utilities: $28,000 SO.71 $636 $44,125 S13,261 Property Insurance: $13,600 $0.34 $309 $13,601 $4,953 Other= So 0 0 so So ReaIEstateTaxes: SO 0 0 $12,968 $9,517 Operating Expenses: $108,075 54.83% $2,456 $157,921 80.07% $83,840 71.69% 0 % Reserves: 58.800 $200 $8,800 $8.800 Net Operating Income: $80,239 $30.500 $24,311 0 Cap Rate: 8.05% Less B.P.P. $0 SO SO SO Income Approach: $996,763 $22,654 Ownefs Request: $996,765 Assessor Value: $1,232,400 $ per Unit: $22,654 Assessor $ per Unit: $28,009 Owner's Cap Rate: 8.05% Assessor Cap Rate: 6.51% Property Tax Services, Inc. 07/01/2013 06/24/13 Ozark Meadows, LP Page 2 of 2 02:09PM Income Statement Current Year - Standard January 01, 2012 - December 31, 2012 ----Current Period- -Year To Date- Amount % - Sales Amount % - Sates Interest Expense-USDA $ 7.185.86 42.4 S 11.937.25 6.0 Interest Subsidy-USDA $ 6,756.84- 39.9- S 6.756.84- 3,4- Depreciation S 7,743.10 45.7 5 85,816.37 43.1 Amortlzation $ 1.948.67 11.5 S 1.946.67 1.0 Asset Management Fee $ 5,500.00 32.5 $ 5,500.00 2.8 Total Other Expenses $ 15,618.79 92.2 $ 98,443.45 49.5 Total Expenses S 24.350.67 143.7 S 256,515.69 128.9 Operating Pront $ 7.405.09- 43.7- S 57,555.92- 28.9 Net Profit $ 7.405.09- 43.7- S 57,555.92- 28.9- 1944 Part Ir OZARK MEADOWS For 01/01/2013 Printed at 06-24-201315:46 1. 2. 3. 4. 5. 6. 7. L 9. 10. 11. 12. 13. 14. 15. Apt type Number Initial Expireg Leased To Basic Note HUD *Gre Ucil STC Due RA cvrg < 01 A/1 2 05-01-10 04-30-13 GIVENS, POLLY 380 393 0 30.0 72 120 0 252 0 I 02 A/1 .1 05-01-10 04-JO-13 WOOTAN. HILDA 380 393 0 30.0 72 222 0 158 0 < 03 A/1 1 12-01-11 11-30-13 IONG. LOGUA 380 393 0 30.0 72 14G 0 234 0 € 04 A/1 1 02-01-11 01-31-13 LEWIS. CHRISTOPHER 360 393 0 30.0 72 380 0 0 0 € 05 A/1 1 05-01-10 04-30-13 COLLIER, LAVERNE 380 393 0 30.0 72 195 0 185 0 / 06 A/1 1 03-01-11 02-28-13 CRUME. JAMES 380 393 0 30.0 72 I71 0 2C9 0 < 07 A/1 1 05-01-10 04-30-13 IRVELAND, .TIHMIE 380 393 0 30.0 72 161 0 219 0 < 08 A/1 1 05-01-10 04-30-13 TURBYEVILLE, KIMBERLY 350 39J 0 30.0 72 126 C 252 0 < 09 A/1 1 12-14-11 11-30-13 ELLEDGE, Cn:THIA 380 393 0 30.0 72 162 0 218 0 '€10 A/1 1 CS-01-10 04-30-13 .TOHNSON, JUDITH 300 393 0 73.7 72 118 0 C 232 H 0 < 11 A/1 1 05-01-10 04-30-13 EDWARDS. RONALD 380 393 0 30.0 72 123 0 257 0 < 12 A/1 2 05-01-10 04-30- 13 HARRINGTON. PETE 380 393 0 30.0 72 112 0 268 0 < 13 A/1 1 02-22-12 01-31-13 EUBANKS, MARY 380 393 0 30.0 72 258 0 122 0 < 14 A/1 1 08-01-10 07-31-13 STEK,AT, ORCHZD 300 393 0 30.0 72 211 0 169 0 < 15 A/1 1 04-11-12 03-31-13 RYAN, CONNIE 380 393 0 30.0 72 148 0 232 0 < 16 A/1 1 11-07-11 10-31-13 LAWRENCE, FROMA 380 393 0 30.0 72 120 0 252 0 < 17 A/1 108-01-10 07-31-13 taRREN, MARTHA 380 393 0 30.0 72 265 0 115 0 18 A/1 0 12-31-12 11-30-19 VACANT 380 393 Vacant Unit c 19 A/1 102-CA-1101-31-13 SNYDER, DEBORA 380 393 0 30.0 72 160 0 220 0 4 20 Ail 1 08-01-10 07-31-13 SAL-MAN, HELEN 380 393 0 30.0 72 166 0 214 0 < 21 A/1 1 09-01-10 08-31-13 COLLARD, I.ORETZA 380 393 0 30.0 72 144 0 236 0 < 22 A/1 1 08-01-10 07-31-13 JACKSON, ROBERT 380 393 0 30.0 72 113 0 267 0 < 23 A/1 108-01-10 07-31-13 KING, JOHN 380 393 0 30.0 72 224 0 156 0 £ 24 A/1 1 08-11-10 07-31-13 BILYIC, DONNIN 380 393 0 30.0 72 128 0 252 0 < 25 Ni/1 1 03-01-11 02-28-13 SHANNON, SHARON 300 393 0 30.0 72 1•8 0 232 0 < 26 S/l 1 11-01-10 10-31-13 BEST. VICKI 380 393 0 30.0 72 47 0 333 0 2 27 S/1 1 05-16-12 04-30-13 HANGBRINK, LUCILLE 380 393 0 30.0 72 219 0 161 0 < 20 8/1 1 11-08-12 10-31-13 SHIPMAN, ROSEZELL 380 393 0 30.0 72 137 0 243 0 < 29 N/1 1 11-01-10 10-31-13 MURRAY. KATHRYN 380 393 0 30.0 72 S6 0 324 0 / 30 N/1 1 12-01-12 11-30-13 HALL. CHERIE 380 393 0 30.0 72 201 0 179 0 < 31 N/1 1 1.2-00-10 11-30-13 KIRBY. WILLIAM 380 393 0 30.0 72 131 0 249 0 < 32 N/1 1 07-06-11 06-30-13 BURNS. DONNA 380 393 0 30.0 72 134 0 246 0 < 33 1/1 1 11-03-10 10-11-13 WHITE, JUANITA 380 393 0 30.0 72 134 0 246 0 4 34 N/1 1 11-01-10 10-31-13 DAVIS. LILA 380 393 0 10.0 72 192 0 18 8 0 < 35 li/1 1 12-01-12 11-30-13 STEWART. MAXINE 360 393 0 30.0 72 131 0 249 0 < 36 ,/1 111-01-1010-31-13 CRAWFORD, RICHARD 380 393 0 30.0 72 170 0 210 0 4 37 N/l 1 02-01-12 01-31-13 ATCHISON, CELIA 380 393 0 30.0 72 268 0 112 0 < 38 11/1 1 11-01-10 10-31-13 SHULER. EDITH 380 393 0 30.0 72 261 0 119 0 < 39 11/1 1 12-01-12 11-jo-13 PISCMELLS. MARY 38C 393 0 30.0 72 271 0 109 0 2 40 N/1 1 05-01·11 04-30-13 FLETCHER. AUDRY 360 393 0 30.0 72 159 0 221 0 € 41 A/1 1 09-01-10 07-31-13 HAWKINS, TREILIS 380 393 0 30.0 72 123 0 257 0 I 42 A/1 1 08-01-10 07-31-13 TWIBELL. VIOLA 380 393 C 30.0 72 169 0 191 0 < 43 A/1 1 12-01-11 11-JO-13 MANTOOTE. BERTHA 380 393 0 30.0 72 126 0 2S4 0 £ 44 A/l 1 08-01-10 07-31-13 aARCLIFI, PLUY 380 393 0 30.0 72 163 0 217 0 232 H TOTALS > 16720 0 7251 0 6827 0 16. 17. 10. 1944 Part Ir OZARK #*DOWS For 01/01/2011 Prlited at al-13-2012 15:18 1. 2. 3. 4. 5. 6. 7. 9. 10. 11. 12. 13. 1*. lS. Apt Type N=ber Initial Expire, I.eased To Basic Note HUD 40·te Ctil PriC Due RA Ovrg / 01 A/1 2 05-01-10 04-30-12 Gromm, POLLY 370 303 0 30.0 70 114 0 256 0 • 02 A/1 1 05-01-10 04-JO-12 WOOTAN. HILDA 310 303 0 70 21C 0 160 0 > 03 */1 1 12-01-11 11-31-12 12=G. LUELLA 370 3"3 0 30.0 78 131 0 239 0 c 04 A/1 1 02-01-11 01-31-1.9 r.Ewrs, CHRISTOPHER 370 3.3 0 30.9 78 370 00 0 C 05 A/1 1 05 - 01-10 04 -30 -12 COLUm, LAVERNE 270 3n3 0 30.0 78 180 0 190 0 I 06 A/1 1 03-01- 11 02 -23 -12 CZI/2, JAMES 37C 301 0 JO.0 70 161 0 109 0 ' 07 ;Vl 1 05-01-10 04-30 -12 LOVELAND, .TZ,®CZE 370 303 0 30.0 78 t•3 0 227 0 / 08 A/l 1 CS- 01-10 04 -30 - 12 ;TRIYEVILLE. KIMBERLY 370 183 0 30.0 78 11* 0 256 0 , 09 A/1 1 12-14-11 11-30-12 ELLEDGE. CYNTHIA 370 383 0 JO.0 78 156 0 214 0 *<10 A/1 1 05- 01-10 04- 30-12 Jom,SON, JU]Irif 170 313 0 75.9 70 118 C 0 132 H 0 Ill A/1 1 05-01-10 0*-30-12 ED*LUDS, RONALD 370 383 0 30.0 72 96 0 274 C 4 12 A/1 2 05-01-10 04-30-12 HaRDISTCN, PETE 370 3:3 0 30.0 72 100 0 270 0 • 13 A/l 1 01 -01-10 07-31-12 KnCHERLY, SEULAH 170 363 0 30.0 79 176 C 194 0 < 1• A/1 1 08-01-10 07-31-12 STEWART, ORCHID 37C 3g] 0 30.0 78 171 0 199 0 < 15 A/1 1 11-01-11 10-31-12 CAVIDSCX:. NANCY 370 3G3 0 JO.0 78 121 0 249 0 I 16 A/1 1 11-07-11 10-31-12 INGENCI, nomA 370 3.3 0 30.0 70 127 0 243 0 c 17 741 log - 01-10 07-31-12 132=EN, MAN=KA 370 383 0 30.0 78 239 0 131 D /10 41 1 07-06-11 06-30-12 MARZIN, ARTIE 370 303 0. 30.0 7. 120 0 250 0 < 15 A/1 1 02-04 -11 01-31-12 StrUDER. DEBORA 370 303 0 30.0 78 145 0 224 0 4 20 A/1 1 08-Cl-10 07-31-12 SALJON, 1=21 370 383 D 30.0 78 154 0 21G 0 < 21 .1 1 09-01-10 04-31-12 COLLAZO, I,:RETIA 370 3g3 0 30.0 78 130 0 232 0 4 22 *41 1 08-01=10 07-31-12 JACUON. ROBERT 370 3B3 0 30.0 78 100 0 270 C € 23 A/i l Og-01-10 C7-21-12 Kno, 00821 - 370 383 0 30.0 70 208 0 162 0 < 24 a/1 1 06-11-10 07-11-12 On,1(50. BCNNIS 370 .383 0 30.0 76 130 0 232 0 12 IMA 1 03 -01-11 02-25 -12 SHMmaN, SHARON 370 323 0 30.0 78 134 0 236 0 < 26 S/1 1 11-01-10 10-31-12 GEST, VICKI 370 -3 0 30.0 18 · 0 326 0 . 2, S/1 1 12-01-11 11-30-12 JOHNSON. LOCAS 370 383 0 30.0 71 254 0 106 0 < 28 S/1 1 11-01-10 10-31-12 aDANCLot, ORL 370 363 0 30.0 78 167 0 203 0 € 29 N/1 1 11-01-10 10-31-12 M=mAY, KA=rltRYM 370 303 0 30.0 70 70 0 300 0 2 3 0 11/1 1 11-01-10 03-31-12 rECKIR, KATIE 370 333 0 30.0 78 75 0 295 0 I 31 N/1 1 12-08-10 11-30-11 KIRBY, WILLIAN 370 323 0 30.C 72 121 0 249 0 < 32 N/1 1 (7-06-1106-30-12 BURNS, Domil 370 3.1 0 30.0 la 121 0 249 0 4 33 N/1 1 11-C3-10 10-31-12 WWITE. JUAMIn 370 383 0 30.0 7. 120 0 250 0 2 34 12/1 1 11-01-10 10-31-12 DAVIS, LILA 370 383 0 30.0 72 1SS 0 215 a . 35 W/1 1 11-224-10 11-30-12 ATCHIEOrT, CELIA 370 ]33 0 30.0 78 2G1 0 109 0 . 36 U/1 1 11-01-10 10-31-12 GUMPORD, RICHUM 370 363 0 30.0 78 151 0 209 0 . 37 N/1 1 11-01-10 10-31-12 JOHNEON, EVA 370 383 0 30.0 78 120 o. iso o . 18 ./1 1 11-01-10 10-31-11 SHOIER. EDI™ 370 383 0 30.0 76 23B 0 132 0 4 39 11/1 1 11-01-10 10-31-12 TOCT, ARTINE 370 383 0 30.0 78 342 0 20 D < 40 N/1 1 05-01-11 04-30-12 FLE:CUR. A.OCRY 370 383 0 30.0 78 13a 0 232 0 4 61 A./1 1 on- 01-10 07-31-12 HAWILINS, tRELLIS 370 3B3 0 30,0 78 100 0 270 0 € 42 All 1 08-01-10 07-11-12 7,IBELL, VIOLA 370 383 0 30.0 -a 211 0 159 0 4 43 A/1 1 12- 01-11 11-30-12 taNTCOTM. BERTHA 370 3I3 0 30.0 79 119 0 2S1 0 < 4. A/1 1 00-01-10 07-31-12 8AltLIPL, MAInr 370 183 0 30.0 78 142 c no 0 232 H TOOLS , 16200 0 6834 0 9194 0 15. 17. 18. CHRISTIAN COUNTY BOARD OF EQUALIZATION AGENT AUTHORIZATION FORM Authorization ishereby given for f<*49 -11 §,ucces, 1.4 to act on the owner(s) behalf as agent in the appeal ofthe assessment of the property or properties listed below, located in Christian County and owned by the undersigned. The agent is given full authority to handle all matters relative to the appeal ofthe assessment for the tax year and to represent the undersignet with the assistance of legal counsel, if necessary, before the Board of Equalization. Owner's Name: 0248< Meadws; LF Owner's Mailing Address: 3609 E 06 St Jof\Al * 69% 1 . Owner's Telephone Number: fool.206-!933 Property Parcel Number(s) OR Property Address Personal Property Account Number(s) (Street Address, City) 11-0.8-27-001-002-009.000 402 S llth St, Ozark (Additional Properties may be listed on the back) Owner's Signature: Print Owner's Signature: l.4,44 6,As Date: 7/ 9/13 PROPERTY ASSESSMENT APPEAL FORM CHRISTIAN COUNTY BOARD OF EQUALIZATION TAXPAYER INFORMATION Taxpayer's Name: A.,1,6 Aeadwil Le Taxpayer's Mailing address: .4924 f '18" 4t jof\!A, MD &11%0 l (Street or Box Number, City.State and Zip Code) PROPERTY INFORMATION Parcel Numberofthe Property: I| -0.6 -19·-00l-001 -001.000 Address of Property (if different than Mailing Address): (Street or Box) 401 9. '042 (City. State, and Zip Code) 0241,|A; 0,10 What is the Current Classification of the Property? -Agricultural Commercial J Residential Mixed Use What is the Market Value set by the Assessor? 4 1,1,900 What is the Taxpayer's Proposed Market Value? 91€ 7-65 REASON FOR APPEAL Please check the reason you believe the assessment is incorrect. Check aU that apply. aluation (The value placed on the property by the assessor is incorrect) _3*scrimination (The property is assessed a{ a ratio greater than the average for the county) _Misgraded Agrkultural Land (The properly is not in the correct agricullural productwit9 grade) _Misclassification-The proper classification of this property should be: Residential Commercial Agricultural Charitable Purposes Exemption- The property should be exempt because it is being used for: Religious Purposes Educational Purposes Charitable Purposes _Other Basis for Appeal (explain): You may attach any documentation you desire the Board to consider Taxpayer's Signature: 6 4&44 Date: 2013 CHRISTIAN COUNTY PROPERTY REPORT 07/26/2013 DAVID STOKELY - ASSESSOR PARCEL NUMBER OWNER: LAND APPRAISAL 11-0.8-27-001-002-009.000 OZARK MEADOWS LP RES: 13,500 C/O: AGE: 0 COM: 0 SCH RD CTY FR JQ TYPE ADDRESS: VAC: 0 R6 OS OZ FIR AMBIT 3609 E 20TH ST IMPR APPRAISAL RES: 1,218,900 JOPLIN, MO 64801-0000 AGR: 0 PHYSICAL ADDRESS: PARENT PARCEL: COM: 0 402 S 11TH ST OZARK TOTAL APPRAISAL RES: 1,232,400 AGR: 0 SUBDIVISION ACRES COM: 0 6000 OZARK (OUT) 2.55 VAC: 0 LOT: LOT SIZE ASSESSMENT 00000000000 RES: 234,160 BLOCK: AGR: 0 COM: 0 PROPERTY DESCRIPTION: SEC: 1WP: ENG: VAC: 0 BEG 920 W AND 535 S OF NEC SEC 27, 27 27 21 TOTAL: 234,160 TH S 242, TH E 392.8, TH N 167.81 TH E 100, TH N 154.39 TH W 105 TH S 85' TH E TO POB. DEED BK/PG: DATE ACQUIRED: 2009-017831 2009-12-22 STRUCTURE INFORMATION HUNNICUTT APPRAISAL INFORMATION Structure: 1 Type: MHAL Yr Built 2010 Basearea: 2,072 Adj Area: 2,126 Class: D+ Structure: 2 Type: APT Yr Built: 2010 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 3 Type: APT Yr Built: 2010 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 4 Type: APT Yr Built: 2010 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 5 Type: APT Yr Built: 1974 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 6 Type: APT Yr Built: 1974 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 7 Type: APT Yr Built: 1974 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 8 Type: APT Yr Built 1974 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 9 Type: APT Yr Built: 1974 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 10 Type: APT Yr Built: 1974 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 11 Type: APT Yr Built: 1974 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 12 Type: APT Yr Built: 1974 Basearea: 2,304 Adj Area: 2,344 Class: D Structure: 13 Type: UTIL Yr Built: 2010 Basearea: 464 Adj Area: 480 Class: L3 APPRAISED AND ASSESSED VALUES ARE SUBJECT TO CHANGE UNTIL THE BOOKS ARE CLOSED OUT EACH YEAR. THE ASSESSOR'S OFFICE IS FOR TAX PURPOSES ONLY AND NOT LEGAL. 1 4 LETTER OF AUTHORITY TO ACT IN MATTERS OF AD VALOREM TAXATION TAXPAYER: Ozark Meadows LP - Redwood We hereby appoint and authorize PROPERTY TAX SERVICES, INC to represent our firm as ad valorem tax agent. They have the right to appeal any tax assessments to the appropriate authorities for the pupose of obtaining the property tax values relative to property owned or controlled by the company. In addition, they are authorized to do whatever is necessary to obtain statements and other correspondence pertaining to tax matters. If you have any questions please call us at the number below. BY /Abl \-4 PRINT NAME: W :}N.-W•.4 TITLE -12 1/»/*f 1/16/13 DATE: Parce](s) - Property 11-0.8-27-00*002-009.000 - Ozark Meadows Property Tax Services, Inc 1183 Joyce Blvd., Suite 2 - Fayetteville, AR 72703 (479) 527-8815 - fax (479) 527-8813 r.1 Ozark Meadows Parcel(s): 11-0.8-27-001-002-009.000 Occupancy: Apartments Grade: D-Average Property: Ozark Meadows Year Built: 2010 Address: 402 S 11th St Units: 44 City-State: Ozark, Missouri GBA: 39600 Acres: 2.550 NLA: 39600 Sq Ft: 111078 As Stabilized Actual's Income: % $/Unit 2012 % 2011 % 2010 % Potential Gross Income: $200,640 $4,560 $200,640 $195,360 Loss to Lease/Concesslons: So O $O $O Adjusted Rental Income: $200,640 $4,560 $200,640 $195,360 0 Credit Loss: 0 % 0 $57 .03% $0 % Vacancy: $8,026 4% $182 $7,300 3.64% $83,522 42.75% 9 Net Rental Income: $192,614 $4,378 $193,283 $111,838 0 Other Income: $4,500 $102 $3,938 $5,113 Effective Gross Income: $197,114 $4,480 $197,221 $116,951 Expenses: Admin & General: $5,875 $0.15 $134 $6,553 $5,196 Payroll: $15,000 $0.38 $341 $19,739 $1,244 Management Fee: $20,000 $0.51 $455 $23,760 $11.681 Advertising & Promotion: $600 $0.02 $14 $290 $972 Repairs & Maintenance: $25,000 SO.63 $568 $36,885 $37,016 Utilities: $28,000 $0.71 $636 $44,125 $13.261 Property Insurance: $13,600 $0.34 $309 $13,601 $4,953 Other: .$0 0 0 50 $0 Real Estate Taxes: SO 0 0 $12,968 $9.517 Operating Expenses: $108,075 54.83% $2,456 $157,921 80.07% $83,840 71.69% 0 % Reserves: $8,800 $200 $8,800 38,800 Net Operating Income: $80,239 $30,500 $24,311 0 Cap Rate: 8.05% Less B.P.P. SO $0 30 SO Income Approach: $996,763 $22,654 Owner's Request: $996,765 Assessor Value: $1,232,400 $ per Unit: $22,654 Assessor $ per Unit: $28,009 Ownefs Cap Rate: 8.05% Assessor Cap Rate: 6.51% Property Tax Services, Inc. 07/01/2013 06/24/13 Ozark Meadows, LP Page 1 of2 02:09PM Income Statement Current Year - Standard January 01, 2012 - December 31, 2012 ---Current Period- -Year To Dato- Amount % - Sales Amount % - Sales Revenues Rent S 7,190.00 42.4 $ 86,752.00 43.6 Rental Assistance $ 8,905.00 52.6 S 106,589.00 53.6 Forfeited Deposits S 310,00- 1.8- S 48L00 .2 Late Charges $ 10.00 .1 $ 185.00 .1 Overage $ 4.00- .0 $ 57.00- .0 Laundry $ 222.00 1.3 $ 3,241.75 1.6 Interest $ 932.58 5.5 $ 1.737.02 .9 Miscellaneous $ .00 .0 $ 25.00 .0 Total Revenues $ 16,945.58 100.0 $ 198,959.77 100.0 Total Sales $ 16,945.58 100.0 $ 198.959.77 100.0 Gross Profit $ 16,945.58 100.0- $ 198,959.77 100.0- Maintenance Expenses Maintenance & Repair Supply $ 442.48 2.6 $ 4,414.93 2.2 Maintenance-Repair Contract $ 620.00 3.7 $ 7,320.00 3.7 Snow Removal $ .00 .0 $ 705.00 .4 Grounds Maintenance $ 1,025.00 6.0 $ 22,670.00 11.4 Services $ ,00 .0 $ 1,100.00 .6 Furniture Replacement $ .00 .0 $ 675.87 .3 Total Maintenance Expenses $ 2,087.48 12.3 S 36,885.80 18.5 Sub-total Malnt & Operating Electricity $ 926.12 5.5 $ 10,662.22 5.4 Water $ 645.66 3.8 $ 8,309.96 4.2 Sewer 5 545.36 3.2 S 5,177.01 2.6 Cable $ 1,330.37 7.9 $ 15,500.68 7.8 Garbage & Trash Removal S 319.33 1.9 S 3.551.68 1.8 Intemet $ 69.95 .4 $ 923.52 + .5 Total Sub-total Maint & Operating $ 3,836.79 22.6 $ 44,125.05 22.2 Administrative Expenses Site Management Payroll $ 1,408.00 8.3 $ 17,246.20 8.7 Managment Fee $ 1,980.00 11.7 S 23,760.00 11.9 Project Auditing Expense $ .00 .0 $ 2,925.00 1.5 Advertising $ .00 .0 $ 290.50 .1 Telephone $ 74.75 .4 $ 890.51 .4 Office Supplies S 79.25 .5 $ 1,243.29 .6 Training/Seminars $ .00 .0 $ 166.90 .1 Payroll Taxes $ 119.12 .7 S 1,435.21 .7 Workman's Compensation $ 27.48 .2 $ 1.057.99 .5 Other Administative Expense S .00 .0 $ 1,326.56 .7 Asset Management Fee $ 3,000.00- 17.7- S 00 .0 Total Administrative Expenses S 688.60 4.1 S 50,342.16 25.3 Taxes & Insurance Real Estate Taxes $ 1,109.26 6.5 S 12,968.25 6.5 Other Taxes, Fees, & Permits S .00 .0 S 150.00 .1 Property Insurance S 1,009.75 6.0 $ 13,600.98 6.8 Total Taxes & Insurance $ 2,119.01 12.5 S 26,719.23 13.4 Other Expenses 4, 06'24/13 Ozark Meadows, LP Page 2 of 2 02:09PM Income Statement Current Year - Standard January 01, 2012 - December 31, 2012 -Current Period- -Year To Date-- Amount % - Sales Amount %- Sales Interest Expense-USDA $ 7,185.86 42.4 S 11,937.25 6.0 Interest Subsidy-USDA $ 6,758.84- 39.9- S 6,756.84- 3.4- Depreciation $ 7,743.10 45.7 $ 85,816.37 43.1 Amortization $ 1,946.67 11.5 S 1,946.67 1.0 Asset Management Fee $ 5,500.00 32.5 $ 5,500.00 2.8 Total Other Expenses $ 15,618.79 92.2 $ 98,443.45 49.5 Total Expenses $ 24.350.67 143.7 S 256,515.69 128.9 Operating Profit $ 7.405.09- 43.7- $ 57,555.92- 28.9- Net Profit $ 7,405.09- 43.7- S 57,555.92- 28.9- .. 1 1944 Part II OZARK MEADOWS For 01/01/2013 Printed at 06-24-201] 15:46 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Ape Type Number Initial Expires Leased To Basic Note HUD 1GTC Util NTC Due RA Ovrg < 01 A/1 2 05-01-10 04-30-13 GIVENS, POLLY 380 393 0 30.0 72 128 0 252 0 € 02 A/1 1 05-01-10 04-30-13 WOOTAN. HILDA 380 393 0 30.0 72 222 0 158 0 < 03 A/1 1 12-01-11 11-30-13 LONG, LUELLA 380 393 0 30.0 72 146 0 234 0 < 04 A/1 1 02-01-11 01-31-13 LEWIS, CHRISTOPHER 180 393 0 30.0 72 380 0 0 0 < os A/1 1 05-01-10 04-30-13 COLLIER, LAVERNE 380 393 0 30.0 72 195 0 185 0 < 06 A/1 1 03-01-11 02-28-13 CRUME, JAMES 380 393 0 30.0 72 171 0 209 0 < 07 A/1 1 05-01-10 04-30-13 GOVELAND, JIMMIE 380 393 0 30.0 72 161 0 219 0 < 08 A/1 1 05-01-10 04-30-13 TURBYEVILLE, KIMBIRLY 380 393 0 30.0 72 12B 0 252 0 < 09 A/1 1 12-14-1111-30-13 ELLEDGE, CYNTHIA 380 393 0 30.0 72 162 0 218 0 ..10 A/1 1 05.01-10 04-30-13 JOHNSON, JUDITH 380 393 0 73.7 72 118 0 0 232 H 0 < 11 A/1 1 05-01-10 C4-30-13 EDWARDS, RONALD 380 393 0 30.0 72 123 0 257 0 < 12 A/1 2 05.01-10 04-30-13 HARRINGTON, PETE 380 ]93 0 30.0 72 112 0 268 0 < 13 All 1 02-22-12 01-31-13 EUBANKS, MARY 380 393 0 30.0 72 258 0 122 0 < 14 A/1 1 08-01-10 07-31-13 STE;·OGl'T, ORCHID 380 393 0 30.0 72 211 0 169 0 < 15 A/1 1 04-11-12 03-31-13 RYAN, CONNIE 380 393 0 30.0 72 148 0 232 0 < 16 A/1 1 11-07-11 10-31-13 LAWRENCE, PRONA 380 393 0 30.0 72 128 0 252 0 < 17 A/1 1 08-01-10 07-31-13 WARREN. MARTHA 380 393 0 30.0 72 265 0 115 0 18 A/1 0 12-31-1211-30-19 VACANT 380 393 Vacant Unit < 19 A/1 102-04-11 01-31-13 SNYDER, DEBORA 380 393 0 30.0 72 150 0 220 0 4 20 A/1 1 00 -01-10 07-31-13 SALZMAN, HELEN 380 393 0 30.0 72 1GG 0 216 0 < 21 A/1 109-01.10 08-31-13 COLLARD, LORETTA 380 393 0 30.0 72 144 0 23G 0 < 22 A/1 108-01-10 07-31-13 JACKSON. ROBERT 380 393 0 30.0 72 113 0 267 0 4 23 A/1 1 08-01-10 07-31-13 KING, JOIEN 380 393 0 30.0 72 224 0 156 0 < 24 A/1 1 08-11-10 07-31-13 DILYEU, BONNIE 380 ]93 0 30.0 72 128 0 252 0 < 25 HN/1 103-01-11 02-28-13 SHANNON, SHARON 380 393 0 30.0 72 148 0 232 0 < 26 8/1 111-01-10 10-31-13 BEST. VICKI 380 393 0 30.0 72 47 0 333 0 < 27 S/1 105-16-12 04-30-13 HANEBRINK, LUCILLE 380 393 0 30.0 72 219 0 161 0 < 28 S/1 111-00-12 10-31-13 SHIPMAN. ROSEZELL 380 393 0 30.0 72 137 0 243 0 < 29 N/1 1 11-01-10 10-31-13 MURRAY. KATHRYN 380 393 0 30.0 72 56 0 324 0 < 30 N/1 112-01-12 11-30-13 KALL, CHERIE 380 393 0 30.0 72 201 0 179 0 < 31 N/1 1 12-03-1011-30-13 KIRBY, WILLIAM 380 393 C 30.0 72 131 0 249 0 < 32 N/1 1 07-06-11 06-30-13 BURNS, DONNA 380 ]93 C 30.0 72 134 0 246 0 < 33 N/1 1 11-03-10 10-31-13 WHITE, JUANITA 380 393 0 30.0 72 134 0 246 0 < 34 N/1 1 11-01-10 10-31-13 DAVIS, LILA 380 393 0 30.0 72 192 0 188 0 < 35 N/1 1 12-01-12 11-30-13 STEWART. MAXINE 380 393 0 30.0 72 131 0 249 0 < 36 N/1 1 11-01-10 10-31-13 CRAWFORD. RICHARD 380 393 0 30.0 72 170 0 210 0 < 37 N/1 1 02-01-12 01-31-13 ATCHISON, CELIA 380 393 0 30.0 72 260 0 112 0 4 38 N/1 1 11-01-10 10-31-13 SHULER. EDITH 380 393 0 30.0 72 251 0 119 0 < 39 N/1 1 12-01-12 11-30-13 PISCITELLI, MARY 38C 393 0 30.0 72 271 0 109 0 < 40 N/1 105-01-11 04.30-13 FLETCHER, AUDRY 38C 393 0 30.0 72 159 0 221 0 < 41 A/1 1 09-01-10 07-31-13 HAWKINS. TRELLIS 380 393 0 30.0 72 123 0 257 0 < 42 A/1 1 08-01-10 07-31-13 TWIBELL, VIOLA 380 393 0 30.0 72 189 0 191 0 < 43 A/1 1 12-01-11 11-30-13 MANTCOTH. BERTHA 380 393 0 30.0 72 126 0 254 C < 44 A/1 1 08-01-10 07-31-13 JARCLIFL, MARY 380 393 0 30.0 72 163 0 217 0 232 H TOTALS > 16720 0 7251 0 5827 0 16. 17. 18. T 06/18/12 Clinton Apartments, L.P. Page 1 of 2 09:31AM Income Statement Current Year - Quarterly October 31, 2011 - December 31, 2011 -----Current Quarter- --Year To Date---- Amount %-Sates Amount % - Sales Revenues Rent 27.182.00 92.1 111,838.58 95.6 Forfeited Deposits 2,157.00 7.3 4,744.00 4.1 Late Charges .00 .0 34.00 .0 Laundry .00 .0 105.37 .1 Interest 53.67 .2 86.93 .1 Interest-MHOC/Reserve log.00 .4 230.10 .2 Total Revenues 29,501.67 100.0 117,038.98 100.0 Total Sales 29,501.67 100.0 11L038.98 100.0 Gross Profit 29,501.67 100.0- 117,038.98 100.0· Malntenance Expenses Maintenance & Repairs Supply 1,816.20 6.2 8,124.94 6.9 Main Repair/Decoratlng Labor 2,922.00 9.9 13,748.04 11.7 Painting and Decorating 644.11 2.2 2,935.20 2.5 Snow Removal .00 .0 1,863.85 1.6 Grounds Contract Labor .00 -0 3,118.00 2.7 Vacant Unit Prep 707 nn 97 1 R08.00 1.5 Furniture Replacement 306.91 1.0 1.7 Cleaning Supplies Expense 116.17 .4 59.27 5 Landscaping Supplies .00 .0 1 79.85 .2 ExtennInating Contract Labor 225.00 .8 9 00.00 .8 HVAC 224.78 .8 3,678.65 3.1 Total Maintenance Expenses 7,048.15 23.9 39,026.55 33.3 Utilities Electrictty 611.89 2.1 2,878.71 2.5 Water 1,734.38 5.9 6,004.01 5.1 Sewer 706.82 2.4 2,141.59 1.8 Garbage & Trash Removal 550.50 1.9 2,237.00 1.9 Total Utilities 3,603.57 12.2 13,261.31 11.3 Administrative Expenses Site Management Payroll 247.38 .8 463.38 .4 Management Fee 3,041.66 10.3 11,681.66 10.0 Project Auditing Expense .00 .0 2,925.00 2.5 Advertising 163.20 .6 972.02 .8 Telephone 187.55 .8 695.41 -6 Office Supplies 39.20 .1 356.31 .3 Postage Expense 40.34 .1 144.48 .1 Training/Seminars .DO .0 722.08 .6 Payroll Taxes 6.39 .0 25.91 .0 Workman'a CompensaUon 1.32 .0 75S.31 .6 Credit Check Expense 45.00 .2 351.00 .3 Total Administrative Expenses 3,772.04 12.8 19,092.56 16.3 Taxes & Insurance Real Estate Taxes 2,303.10 7.8 9,517.14 8.1 Other Taxes, Fees & Permits .00 .0 100.00 .1 Property Insurance 1,131.47 3.8 4,953.20 4.2 Total Taxes & Insurance 3.434.57 11.6 14,570.34 12.4 06/18/12 Clinton Apartments, L.P. Page 2 of 2 09:31AM Income Statement Current Year - Quarterly October 31, 2011 - December 31, 2011 -Lirrent Quarter- -Year To Date------ Amount % - Sales Amount %-Sales Other Expensas Interest Expense-MHDC 1,154.28 3.9 4,716.20 4.0 Depreciation 17,033.20 57.7 58,043.23 49.6 Total Other Expenses 18,187.48 61.6 62,759.43 53.6 Total Expenses 36,045.81 122.2 148,710.19 127.1 Operating Profit 6,544.14- 222- 31,671.21- 27.1- Net Profit 6,544.14- 22.2- 31,671.21- 27.1- 1944 Part II OZARK MEADOWS For 01/01/2012 Printed at 01-13-2012 15:18 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 1•. 15. Apt Type Number Initial Expirei Leased To Basic Note HOD *gic Util NTC Due RA Ovrg < 01 A/1 2 05-01-10 04-30-12 GIVENS, POLLY 370 303 0 30.0 79 114 0 256 0 4 02 */1 1 05-01-10 04-30-12 WOOTAN, HILDA 370 3 03 C 30.0 70 210 0 150 0 , 03 All 1 12-01-11 12-31-12 LONG, LUELLA 370 383 0 30.0 78 131 0 239 0 < 04 A,/1 1 02-01-11 01-31-12 LEWIS, CHRISTOPHER 370 383 0 30.9 78 370 0 0 0 < 05 A/1 1 05-01-10 04-30-12 COLLIER, IAVERNE 370 303 0 30.0 78 180 0 190 0 < 06 A/1 1 03-01-11 02-29-12 CRUME, JAMBS 370 38/ 0 30.0 78 161 0 209 0 < 07 A/1 1 05 -01-10 04 -30-12 LOVELAND, JIMMIE 370 383 0 30.0 78 1•3 0 227 0 4 08 All 1 05-01-10 04-30-12 TURRYEVILLE, KIKDERLY 370 383 0 30.0 78 114 0 256 0 > 09 A/l 1 12- 14- 11 11-30 -12 3-LEDGE, CYNTHIA 370 383 0 30.0 78 156 0 214 0 .<10 A/1 1 05-01-10 04-30-12 JOHNSON, JUDITH 37C 3ai 0 79.9 78 118 0 0 -31 H 0 4 11 A/1 1 05 -01-10 04 -3 0-12 ED,aRDS, RONALD 370 383 0 30.0 72 96 0 274 0 < 12 A/1 2 05-01-10 04-30-12 HARRINGTON. PETE 370 383 0 30.0 79 100 0 270 0 € 13 A/1 1 0/-01-10 07-31-12 KZATHERLY. mEULAH 170 383 0 30.0 78 176 0 194 0 < 14 A/1 1 00-01-10 07-31-12 STEWART. ORCHID 370 323 0 30.0 78 171 0 199 0 < 15 A/1 1 11-01-11 10-31-12 DAVIDSON, NANCY 370 ]53 0 30.0 78 121 0 249 0 € 16 A/1 1 11-07-11 10-31-12 LAWRENCE. FRONA 370 383 0 30.0 78 127 0 243 0 < 17 All 1 09-01-la 07-31-12 WARREN, MAR:ra 370 383 0 30.0 78 239 0 131 0 < 18 All 1 07-06-11 06-30-12 MARMN. ARTIE . 370 383 0 30.0 78 120 0 250 0 <19 41 1 02-04-11 01-11-12 SNYDER, DEBORA 370 383 0 30.0 78 146 0 224 0 < 20 A/1 108-81-10 07-31-12 SALZMAN. HIm.El 370 ]83 0 30.0 78 154 0 216 0 c 21 A/1 1 09 -01-10 00 -31-12 COLLARD, LORETTA 370 383 0 30.0 78 130 0 232 0 € 22 A/1 1 08-01=10 07-31-12 JACKSON, ROBERT 370 383 0 30.0 78 100 0 270 0 < 23 A/i 1 08-01-10 07-31-12 KING, JOHN · 370 3a3 0 30.0 78 208 0 162 0 < 24 A/1 1 08-11-10 07-11-12 BILYZE, BONNIE 370 383 0 30.0 78 138 0 232 0 < 25 HN/1 1 03-01-11 02-23-12 SHANHant,· SHARON 370 3B3 0 30.0 72 134 0 236 0 < 26 S/1 1 11-01-10 10-31-12 rEST, VICKI 370 ]83 0 30.0 78 44 · 0 326 0 4 27 8/1 1 12-01-11 11-30-12 JOHNSON. LUCAS 370 383 0 30.0 7/ 264 0 106 0 < 28 af1 1 11-01-10 10-31-12 C-[ANCLER. CARL 370 383 0 30.0 78 167 0 203 0 < 29 "/1 1 11-01-10 10-31-12 MURRAY, 10,:rIC)25 370 383 0 30.0 78 70 0 300 0 2 30 1/1 1 11-01-10 03-31-12 BECKER, KATZE 370 383 0 30.0 70 75 0 295 0 4 31 N/1 1 12-01-10 11-10-12 KIRBY, WILLIAN 370 383 0 00.C la 121 0 249 0 < 32 1•/1 1 07-06-11 06-30-121 nON!,3, ra[INA 370 183 0 30.0 7. 121 0 249 0 € 33 N/1 1 11-03-10 10-31-12 WHITE, JUANITA 370 3£3 0 30.0 78 120 0 290 0 2 14 II/1 1 11-01-10 10-31-12 DAVIS, LlIa 370 383 0 30.0 78 15S 0 21 ' 0 € 35 1 11-24-10 11-30-12 ATCHINON, CELIA 370 383 0 30.0 78 261 0 109 0 < 36 N/1 1 11-01-10 10-31-12 CRAWFORD, nrOCARD 370 383 0 30.0 78 1G1 0 209 0 • 37 N/1 111-01-10 10-31-12 JOHNSON, EVA 170 383 0 30.0 78 120 0 250 0 < 38 m/1 1 11-01-10 10-31-12 St{ULER. EDITH 370 383 0 30.0 78 238 C 131 0 < 39 -/1 1 11-01-10 10-31-12 TOCK, ARTHOR 370 381 0 30.0 78 342 0 28 0 < 40 N/1 1 05-01-11 04-30-12 FLE..ICER. AUDRY 370 383 0 30.0 79 13B 0 232 0 < 41 A/1 1 08-01-10 07-31 -12 HAWKINa, TRELL:S 370 Ja3 0 30.0 78 100 0 270 0 c 42 A/1 1 08-01-10 07-31-12 TWIn=L, VIOLA 370 383 0 30.0 78 211 0 159 0 < 43 A/1 1 11-01-11 11-30-12 MaNTOOTH, BERM 170 lll 0 30.0 72 119 0 251 0 c 44 A/1 1 08-01-10 07-31-12 BARdz.r,L, MARr 370 383 0 30.0 7B 1•2 0 220 0 232 H TO:ALS . 16290 0 6834 0 9194 0 15. 17. 18. 1944 Part It CZARK MEADOWS For 01/01/2012 Printed at 01-13-2012 15:1B 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. lS. Ape Type Number Inicial Expires Leased Ta Bogie Note MUD 1GTC Untl NTC Due RA Ovrg < 01 A/1 2 US-01-10 04-30-12 GIVENS, POLLY 370 383 0 30.C 70 114 0 256 0 / 01 A/1 1 05-01-10 04-10 -11 WOOTAN. HILDA 370 JOG 0 30.0 70 210 0 160 0 . 03 ./1 1 12-01-11 12-31-12 LONG. LUELLA 310 383 0 30.0 78 131 0 239 0 I 04 A/1 1 02- 01 -11 01- 31- 12 I.EWrs, exats:ropHEx 370 383 0 30.9 78 370 00 0 c 05 A/1 1 05-01-10 04-30-12 COLLIBR, LAVERNE 70 303 0 30.0 78 180 0 190 0 € 06 A/1 1 03-01-11 02-29-12 CRUME, JAMES 3,C 303 0 10.0 70 161 0 209 0 < 07 A/1 1 05-01 -10 0•-JO - 12 LOVEIAND, J.I«ZI 370 383 0 30.0 78 143 0 127 0 £ 00 A/1 1 05-01 -10 04 -36 -12 TGRRYEVILLE, KIBERLY 370 383 0 30.0 78 11$ 0 256 0 > 09 A/1 1 12-14-11 11-30-12 ELLEDGE. CYETHIA 370 383 0 10.0 78 156 C 214 0 •<10 A/1 1 05-01-10 04-30-12 JORNSOM, JUOrtlf 370 383 0 75.9 70 118 0 0 132 H 0 < 11 A/1 1 05-01-10 04-30-12 EDWARDS. RONALD 370 381 0 30.0 72 96 0 274 0 I 12 A/1 2 05 -01-10 04-30-12 HARRINGTCN. PETE 310 303 0 30.0 79 100 0 270 0 < 13 A/1 1 01-01-10 07 -31 -12 HZATHEmLY. MICIAH 370 383 0 30.0 78 176 0 194 0 4 14 A/1 1 08-01-10 07-31-12 STEWARr, ORCHID 370 393 0 3C.0 70 171 0 199 0 < 15 A/1 1 11-01-11 10-31-12 DAVIDSON, NANCY 170 383 0 30.0 78 121 0 249 0 ¢ 16 A/1 1 11-07 -11 10-31-12 LAWRENCr. FRONA 370 383 0 30.0 78 127 0 243 0 . 17 241 1 00-01-10 07-31-12 WARREN, MART}54 370 303 0 30.C 70 239 0 131 0 . 18 A/1 1 01-06-11 06-30-12 MARTIN. ANTIE 370 383 0 30.0 78 120 0 250 C 4 19 A/1 1 02-04-11 01-31-12 SNIDER, DEBORA 370 303 0 30.0 78 146 0 224 0 4 20 A/1 1 08 - 01-10 07-31-12 SALZMAN. K=-al 370 3a 3 0 30.0 78 154 0 216 0 € 21 A/1 1 09 -01-10 00-31 -12 COUARD, IbRETZL 370 393 0 30.0 78 130 0 232 0 4 22 A/1 1 08-01=10 07-31-12 JACISON, ROBERT 370 383 0 30.0 70 100 0 270 C < 23 A/1 1 (0-01-10 07-31-12 Kno, JOHN · 370 183 0 30.0 78 209 0 162 0 < 21 A/1 1 08-11-10 C7-31-12 BILYZC. BONNIE 370 383 0 30.0 78 1,R 0 232 0 € 25 HN/1 1 03-01-11 02-29 -22 SHANION.' SHARoN 370 383 0 30.0 78 134 0 236 0 < 26 S/1 1 11-01-10 10-31-12 nEST, VICKI 370 323 0 30.0 78 44 · 0 326 0 I 2, S/l 1 12-01-11 11-30-12 JOENSON. LOCKS 370 303 0 30.0 78 264 0 106 0 4 28 5/1 1 11-01-10 10-31-12 CHANDLER, CARL 370 3B3 0 30.0 78 167 0 203 0 < 29 N/1 1 11-01-10 10-31- 12 MURRAY, KATHRYN 370 383 0 30.0 70 70 0 300 0 2 30 12/1 1 11-01.0-0 03-21.12 BECKER, KATIEZ 370 383 0 30.0 78 76 0 295 0 < 31 11/1 1 13.08 -10 11-30-12 KIRBY. WILLIAM 370 303 0 30.0 78 121 0 2,9 0 < 32 ri/1 1 (7-06-11 06-30·12 BURNS, carNA ]70 383 0 30.C 7/ 121 0 249 0 4 33 .41 1 11-03-10 10-31-12 WHITE, JUANITA 370 363 0 30.0 78 120 0 250 0 < 34 Zt/1 111-01-10 10-31-12 DAVIS, LIIA 37C 383 0 30.0 70 155 0 215 0 I 35 S/1 1 11-20-10 11-30-12 ATCHISON, CELIA 370 303 0 30.0 78 261 0 109 0 < 36 ./1 1 11-01-10 10-31-12 CRAWFORD, nICHARD 370 383 C 30.0 78 1G1 0 209 0 I . I 37 N/1 1 11-01-10 10-31-12 JORNSON, EVA 370 383 0 30.0 7R 120 0 250 0 < 38 9/1 1 11-01-10 10-31-11 SHULER. In™ 370 383 0 30.0 78 238 0 132 0 < 39 N/1 1 11-01-10 10-31-12 TUCK, ARTHUR 370 363 0 30.0 78 342 0 28 0 € 40 0/1 1 05-01-11 0,-30-12 FLETCHER, AUDRY 370 383 0 30.0 78 135 0 232 0 2 41 A/l lou- 01-10 07-31 -12 HAWKINS, tREUIS 37C 383 0 30.0 78 100 0 270 0 c .2 A/1 1 08- 01 -10 07 - 31 -12 ·TWIIBLL. VIOLA 370 303 0 30.0 78 211 0 159 0 4 43 A/1 1 12 -01-11 11-30-12 MAUTOOTH, DERTHA 370 383 0 10.0 72 119 0 251 0 < 44 A/1 1 00 -01 -10 01 -31- 12 BAndlm:,, XMY 370 1B3 0 30.0 78 1&2 0 228 0 232 H TOOLS , 16280 0 6814 0 9194 0 16. 17. 18. 1 06/18/12 Clinton Apartments, L.P. Page 1 of 2 09:31AM Income Statement Current Year - Quarterly October 31, 2011 - December 31, 2011 ----Current Quarter- --Year To Date- Amount . %-Sales Amount % - Sales Revenues Rent 27.182.00 92.1 111,838.56 95.6 Forfeited Depcsits 2,157.00 7.3 4,744.00 4.1 Late Charges .00 .0 34.00 .0 Latindry .00 .0 105.37 .1 Interest 53.67 .2 86.93 .1 Interest-MHOC / Reserve 109.00 .4 230.10 .2 Total Revenues 29,501.67 100.0 117,038.98 100.0 Total Sales 29,501.67 100.0 117,038.98 100.0 Gross Profit 29,501.67 100.0- 117,038.98 100.0- Maintenance Expenses Maintenance & Repairs Supply 1,816.20 6.2 8,124.94 6.9 Main Repair/Decorating Labor 2.922.00 g.9 13,748.04 11.7 Painting and Deeorating 644.11 2.2 2,935.20 2.5 Snow Removal .00 .0 1,863,85 1.6 Grounds Contract Labor .00 .0 3,118.00 2.7 Vacant Unit Prop 793.00 2.7 1.808.00 1.5 Furniture Replacement 306.91 1.0 1.7 Cleaning Supplies Expense 116.17 .4 59.27 .6 Landscaping Supplies .00 .0 1 79.85 .2 Exterminating Contract Labor 225.00 00.00 .8 HVAC 224.76 .8 3,678.65 3.1 Total Maintenance Expenses 7,048.15 23.9 39,026.55 33.3 Utilities Electricity 611.89 2.1 2,878.71 2.5 Water 1,734.36 5.9 6,004.01 5.1 Sewer 706.82 2.4 2.141.59 1.8 Garbage & Trash Removal 550.50 1.9 2,237.00 1.9 Total Utilities 3,603.57 12.2 13,261.31 11.3 Administrative Expenses Site Management Payroll 247.36 .8 463.38 .4 Management Fee 3,04166 10.3 11,681.66 10.0 Prolect Auditing Expense .00 .0 2,925.00 2.5 Advertising 163.20 8 972.02 .8 Telephone 187.55 .6 695.41 .8 Office Supplies 39.20 ,1 356.31 .3 Postage Expense 40.34 .1 144.48 .1 Traininig/Seminars .00 0 722.08 6 Payroll Taxes 6.39 .0 25.91 ,0 Workman's Compensation 1.32 0 755.31 .6 Credit Check Expense 45.00 .2 351.00 .3 -Total Administrativo Expenses 3,772.04 12 8 19,092.56 16.3 t Taxes & Insurance Real Estate Taxes 2,303.10 7.8 9,517.14 8.1 Other Taxes, Fees & Permits .00 .0 100.00 .1 Property Insurance 1,131.47 3.8 4.953.20 4.2 Total Taxes & Insurance 3,434.57 11.6 14.570.34 12.4 ./ 06/18/12 Clinton Apartments, L.P. Page 2 of 2 1 09:31AM Income Statement Current Year - Quarterly October 31, 2011 - December 31, 2011 ---urrent Quarter-- -Year To Date- Amount 54 -Sales Amount % - Sales Other Expenses Interest Expense-MHOC 1,154.28 3.9 4.716.20 . 4.0 Depreciation 17,033.20 S7.7 58,043.23 49.6 Total Other Expenses 18,187.48 61,6 62.759.43 53.6 Total Expenses 36,045.81 122.2 148,710.19 127.1 Operating Profit 6,544.14 22.2- 31,671.21- 27.1- Net Profit 6,544.14- 22.2- 31.671.21- 27.1- 1 06/18/12 Clinton Apartments, L.P. Page 1 01 2 09:31AM Income Statement Current Year - Quarterly October 31, 2011 - December 31,2011 ----Current Quarter- -YewTo Date----- Amount 5 -Sales Amount % - Sales Revenues Rent 27.182.00 92.1 111,835.58 95.6 Forfeited Deposits 2,157.00 7.3 4,744.00 4.1 Late Charges .00 .0 34.00 .0 Laundry .00 .0 105.37 .1 Interest 53.67 2 86.93 .1 Interest-MHOC / Reserve 109.00 .4 230.10 .2 Total Revenues 29,501.67 100.0 117,038.98 100.0 Total Sales 29.501.67 100.0 117,038.98 100.0 Gross Profit 29.501.67 100.0- 117,038.98 100.0. Maintenance Expenses Maintenance & Repairs Supply 1.816.20 6.2 8,124.94 6.9 Main Repal#Decoratlng Labor 2,922.00 9.9 13.748.04 11.7 Painting and Decorating 644.11 2.2 2,935.20 2.5 Snow Removal .00 .0 1,863.85 1.6 Grounds Contract Labor .00 .0 3,118.00 2.7 Vacant Unit Prep 793.00 2.7 1 R08.00 1.5 Furniture Replacement 306.91 1.0 E 1.7 Cleaning Supplies Expense 116.17 .4 59.27 5 Landscaping Supplies .00 .0 1 79.85 .2 Extemninating Contract Labor 225.00 .8 g 00.00 .8 HVAC 224.75 .8 3,678.65 3.1 Total Maintenance Expenses 7,048.15 23.9 39,026.55 33.3 Utilities Electricity 611.89 2.1 2,878.71 2.5 Water 1.734.36 5.9 6,004.01 5.1 Sewer 706.82 2.4 2.141.59 1.5 Garbage & Trash Removal 550.50 1.9 2237.00 1.9 Total Utilities 3.603.57 12.2 13,261.31 11.3 Administrative Expenses SUB Management Payrolt 247.38 .8 463.38 .4 Management Fee 3,041.68 10.3 11.681.66 10.0 Project Auditing Expense .00 .0 2,925.00 2.5 Advertising 163.20 .6 972.02 8 Telephone 187.55 .6 695.41 6 Oftkz Supplies 39.20 .1 356.31 .3 Postage Expense 40.34 .1 144.48 .1 Training/Seminars .00 .0 722.08 6 Payroll Taxes 6.39 .0 25.91 ,0 Workman's Compensation 1.32 .0 755.31 .6 i Credit Check Expense 45.00 .2 351.00 .3 Total Administrative Expenses 3,772.04 12.8 19,092.56 16.3 Taxes & Insurance Real Estate Taxes 2,303.10 7.8 9,617.14 8.1 Other Taxes, Fees & Permits .00 .0 100.00 .1 Propeny Insurance 1,131.47 3.8 4,953.20 4.2 Total Taxes & Insurance 3,434.57 11.6 14.570.34 12.4 »- i %- 1 06/18/12 Clinton Apartments, LP. Page202 09:31AM Income Statement Current Year - Quarterly October 31,2011 - December 31, 2011 -Current Quarter--- -Year To Date--- Amount %-Sates Amount % - Sales Other Expenses Interest Expense-MHDC 1.154.28 3.9 4,716.20 4.0 Depreciation 17,033.20 57.7 58,043.23 49.6 Tohtl Other Expenses 18,187.48 61.6 62.759.43 53.6 Total Expenses 36,045.81 122.2 148,710.19 127.1 Operating Profit 6,544.14- 22.2- 31,671.21- 27.1- Net Profit 6,544.14- 22.2- 31.67121- 27.1- - 0 July 11 2013 Mr. Thomas E. Walker 2055 St. Albert The Great Drive, Sun Prairie, W[ 53590 RE: BOE Hearing on Parcel # (21-0.7-36-004-003-001.000) Located at: 200 Mark Twin Drive, Saddlebrooke, MO. 65630 Owner: Thomas E. and Sherrel A. Walker Dear Mr. and Mrs. Walker, The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to keep the assessed value as provided by the County Assessor. However, you may appeal your property assessment to the State Tax Commission for review. The Board of Equalization minutes ofyour hearing are enclosed and the following forms: • Instructions - Filling Out Complaint Forms • Complaint for Review ofAssessment Form • A pamphlet entitled "Property Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, 566- Kay Brown, Secretary to the Christian County Board of Equalization Thursday, July 11, 2013 Members Present: Lou Lapaglia, Bill Barnett, Ray Weter, Sam Yamell, Loyd Todd, David Stokely (non- Voting), Kay Brown (non-voting), Brenda Hobbs, and Dewey Lassley. Members Absent: None Guest Present: None A quorum was present. The meeting was called to order by Presiding Commissioner Lou Lapaglia. County Clerk, Kay Brown swore in the members ofthe Board ofEqualization. There was one case scheduled for today. Parcel: 21-0.7-36-004-003-001.000- Lot 19- Phase 6 of Saddlebrooke, Missouri Owners: Thomas E. and Sherrel A. Walker 2055 Saint Albert The Great Drive, Sun Prairie, WI 53590 Assessor David Stokely reviewed the information provided by Mr. Walker with the Board of Equalization and noted from 2012 to 2013 there was a 48% reduction of the real estate tax assessment. The property originalIy appraised for $ 75,000.00 and the Assessor reduced the real estate assessment to 39,000 in 2013. However, the Village of SaddIebrooke, in 2012 the voters approve a levy of.7429 to be assessed to reat property. Member Bill Barnett made a motion to retain the tax assessment at 39,000. The motion was seconded by Ray Weter. The board voted unanimously to retain tax assessment. The motion passed by vote: Lou Lapaglia (Yes), Ray Weter (Yes), Bill Barnett (Yes), Sam Yarnell (Yes), Brenda Hobbs (Yes), Dewey Lassley (Yes) and Loyd Todd (Yes). The board voted unanimously to retain tax assessment BOARD OF EQUALIZATION CHRISTIAN COUNTY, MISSOURI 100 West Church, Room 100, Ozark, Missouri 65721 July 18, 2013 Highland Ridge Senior, LP 1525 E. Republic Road Ste. B100 Springfield, MO. 65804-6583 Re: Becky Selle Parcel Number of the Progertv: 11-0.3-07-002-002-001.000 Location: 731 N Galileo, Nixa, MO. 65714, Apts 1-25 Acres: 3.68 Residential Property Description: Lot 37 Highlandridge East Assessor's Appraised and Assessed Values $ 1,910,800/363,050 Board's Appraised and Assessed Values $ 1,910,800/363,050 Dear Ms. Selle, The Christian County Board of Equalization after consideration of the information presented at the hearing in your appeal voted to sustain the Assessofs value. You have the right to file an appeal with the State Tax Commission (STC). If you choose to appeal, the forms are enclosed with this letter. The completed form must be postmarked no later than September 30, 2013, or 30 days after the above date, whichever is later. If you have any questions, you may contact the State Tax Commission by calling 573-751-1715. Sincerely, 7%11% Kay Brown County Clerk/Secretary of the Board July 19, 2010 Mr. Frank Slechter 1743 Copper Creek Drive Nixa, Missouri 65714 RE: BOE Hearing on Parcel # 10-0.5-16-000-000-055.000 Located at: 1743 Copper Creek Drive Owners: Mr. Frank Slechter Dear Mr. Frank Slechter The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to send your property assessment to the State Tax Commission. Please find enclosed the following information for your appeal to the State Tax Commission: • Instructions - Filling Out Complaint Forms • Complaint for Review of Assessment Form • A pamphlet entitled "Property Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, Kay Brown, Secretaty to the Christian County Board ofEqualization July 19, 2010 Mr. David G. Snider and Phyllis A. Snider 806 E. Kings Mead Circle Unit 2 Nixa, Missouri 65714 RE: BOE Hearing on Parcel # 11-0.3-06-003-008-8.06.002 Located at: 806 E. Kings Mead Circle Unit 2 Owners: Mr. David G. Snider and Phyllis A. Snider Dear Mr. and Mrs. David Snider, The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to keep the assessed value as provided by the County Assessor. However, you may appeal your property assessment to the State Tax Commission for review. Please find enclosed the following forms: • Instructions - Filling Out Complaint Forms • Complaint for Review ofAssessment Form • A pamphlet entitled'tProperty Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, Kay Brown, Secretary to the Christian County Board of Equalization July 19, 2010 Ms. Dorothy Thomas 804 E. Kings Mead Circle Unit 4 Nixa, Missouri 65714 RE: BOE Hearing on Parcel # 1 1-0.3-06-003-008-8.04.004 Located at: 804 E. Kings Mead Circle Unit 4 Owner: Ms. Dorothy Thomas Dear Ms. Dorothy Thomas, The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to keep the assessed value as provided by the County Assessor. However, you may appeal your property assessment to the State Tax Commission for review. Please find enclosed the following forms: • Instructions - Filling Out Complaint Forms • Complaint for Review of Assessment Form • A pamphlet entitled "Property Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, /9 /DE_ Kay Brown, Secretary to the Christian County Board ofEqualization July 19, 2010 Ms. Jeri D. Smith 828 E. Kings Mead Circle Unit 2 Nixa, Missouri 65714 RE: BOE Hearing on Parcel # 11-0.3-6-3-8-828.002 Located at: 828 E. Kings Mead Circle Unit 2 Owner: Ms. Jeri D. Smith Dear Ms. Jeri D. Smith, The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to keep the assessed value as provided by the County Assesson However, you may appeal your property assessment to the State Tax Commission for review. Please find enclosed the following forms: • Instructions - Filling Out Complaint Forms • Complaint for Review of Assessment Form • A pamphlet entitled"Property Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, »9 516- Kay Brown, Secretary to the Christian County Board of Equalization July 24, 2010 Mr. and Mrs. Ronald Nelson 2034 North Prato Court, Nixa, MO. RE: BOE Hearing on Parcel # 05-0.7-35-002-002-008.000 Located at: 2034 North Prato Court, Nixa, MO. Owner: Mr. Ronald Nelson and Mrs. Charlene Nelson Dear Mr and Mrs. Nelson, The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to send your property assessment to the State Tax Commission for review. Please find enclosed the following forms: • Instructions - Filling Out Complaint Forms • Complaint for Review of Assessment Form • A pamphlet entitled "Property Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, 4 769- Kay Brown, Secretary to the Christian County Board of Equalization July 24, 2010 Mr. J.D. Edwards 103 James River Landing Nixa, Missouri 65714 RE: BOE Hearing on Parcel # 11-0.3-6-3-8-828.002 Located at: 702 Silver Streak, Nixa, MO. 65714 Owner: Mr. J.D. Edwards Dear Mr. J.D. Edwards, The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to keep the assessed value as provided by the County Assessor. However, you may appeal your property assessment to the State Tax Commission for review. Please find enclosed the following forms: • Instructions - Filling Out Complaint Forms • Complaint for Review of Assessment Form • A pamphlet entitled "Property Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, Kay Brown, Secretary to the Christian County Board ofEqualization July 24, 2010 Scott and LaRaine Bauer RE: BOE Hearing on Parcel # 11-0.3-08-000-000-074.047 Located at: 1015 E. Waterford Blvd., Ozark, MO. 65721 Owner: Scott and LaRaine Bauer Dear Mr. and Mrs. Bauer, The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to send your property assessment to the State Tax Commission for review. Please find enclosed the following forms: • Instructions - Filling Out Complaint Forms • Complaint for Review ofAssessment Form • A pamphlet entitled "Property Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, bil 66Ww Kay Brown, Secretary to the Christian County Board ofEqualization July 24, 2010 Louis & Mildred Smoots 830-3 Kings Mead Circle Nixa, Missouri 65714 RE: BOE Hearing on Parcel # 11-0.3-06-003-008-830.003 Located at: 830-3 Kings Mead Circle, Nixa, Missouri 65714 Owner: Louis and Mildred Smoots Dear Louis and Mildred Smoots, The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to keep the assessed value as provided by the County Assessor. However, you may appeal your property assessment to the State Tax Commission for review. Please find enclosed the following forms: • Instructions - Filling Out Complaint Fonns • Complaint for Review of Assessment Form • A pamphlet entitled"Property Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, Kay Brown, Secretary to the Christian County Board ofEqualization t July 24, 2010 Ms. Clara E. Sauter 1360 N. Sandy Creek Circle #4 Nixa, Missouri 65714 RE: BOE Hearing on Parcel # 10-0.1-12-001-016-403.004 Located at: 1360 N. Sandy Creek Circle #4, Nixa, Missouri 65714 Owner: Ms. Clara E. Sauter Dear Ms. Sauter, The Christian County Board of Equalization discussed your property assessment appeal and voted unanimously to keep the assessed value as provided by the County Assessor. However, you may appeal your property assessment to the State Tax Commission for review. Please find enclosed the following forms: • Instructions - Filling Out Complaint Forms • Complaint for Review of Assessment Form • A pamphlet entitled"Property Tax Appeals Before the State Tax Commission of Missouri. Thank you for bringing your appeal before the Christian County Board of Equalization. Sincerely, 4 M» Kay Brown, Secretary to the Christian County Board of Equalization BOARD OF EQUALIZATION CHRISTIAN COUNTY, MISSOURI 100 West Church, Room 100, Ozark, Missouri 65721 July 18, 2013 Highland Ridge Senior, LP 1525 E. Republic Road Ste. B100 Springfield, MO. 65804-6583 Re: Becky Selle Parcel Number of the Propertv: 11-0.3-07-002-002-001.000 Location: 731 N Galileo, Nixa, MO. 65714, Apts 1-25 Acres: 3.68 Residential Property Description: Lot 37 Highlandridge East Assessofs Appraised and Assessed Values $ 1,910,800/363,050 Board's Appraised and Assessed Values $ 1,910,800/363,050 Dear Ms. Selle, The Christian County Board of Equalization after consideration of the information presented at the hearing in your appeal voted to sustain the Assessor's value. You have the right to file an appeal with the State Tax Commission (STC). If you choose to appeal, the forms are enclosed with this letter. The completed form must be postmarked no later than September 30,2013, or 30 days after the above date, whichever is later. If you have any questions, you may contact the State Tax Commission by calling 573-751-1715. Sincerely, 140/ Kay Brown County Clerk/Secretary of the Board BOARD OF EQUALIZATION CHRISTIAN COUNTY, MISSOURI 100 West Church, Room 100, Ozark, Missouri 65721 July 25, 2013 Highland Ridge Senior, LP 1525 E. Republic Road Ste. B100 Springfield, MO. 65804-6583 Re: Becky Selle Parcel Number of the Propertv: 11-0.3-07-002-002-001.000 Location: 731 N Galileo, Nixa, MO. 65714, Apts 1-25 Acres: 3.68 Residential Property Description: Lot 37 Highlandridge East Assessor's Appraised and Assessed Values $ 1,910,800/363,050 Board's Appraised and Assessed Values $ 1,910,800/363,050 Dear Ms. Selle, The Christian County Board of Equalization after consideration of the information presented at the hearing in your appeal voted to sustain the Assessofs value. You have the right to file an appeal with the State Tax Commission (STC). If you choose to appeal, the forms are enclosed with this letter. The completed form must be postmarked no later than September 30,2013, or 30 days after the above date, whichever is later. If you have any questions, you may contact the State Tax Commission by calling 573-751-1715. Sincerely, Kay Brown County Clerk/Secretary of the Board