Cameron W. Bommer Revocable Trust, Ronald Bommer, Trustee - Page 43

                                                 - 43 -                                                 
            estimated Dina Terrace and Dina Tower at a combined value of                                
            approximately $2,063,629 in 1975 and $2,721,971 in 1981.  Mr. Kimmel                        
            valued these properties at $1.6 million and $2.5 million for 1975                           
            and 1981, respectively.  In addition, under the above formula,                              
            Hamilton County computed the value of the Lakeview apartments in                            
            1981 at approximately $382,851, while Mr. Kimmel valued them at                             
            $300,000 for the same period.  Thomas P. Dwyer, respondent's expert                         
            witness, stated in his report that "It has been my experience that                          
            properties in Hamilton County are valued conservatively.  Generally,                        
            county values are less than the fair market value."  Unlike Mr.                             
            Kimmel, Mr. Dwyer was quite familiar with the Hamilton County area.                         
            Hamilton County's valuations reinforce the conclusion that Mr.                              
            Kimmel undervalued properties in computing his valuation of CamVic.32                       
                  Finally, we note the variation between Mr. Kimmel's valuation                         
            and the valuations of CamVic's stock which occurred between 1971 and                        
            1974.  On June 21, 1971, CamVic merged with BRGC and Bommer                                 
            Builders, Inc., and CamVic was the surviving corporation in the                             
            merger.  The value of CamVic stock used to compute the exchange                             
            ratio for the merger was $14,192.45 per share.  In addition, between                        
            1972 and 1974, decedent made 12 gifts of CamVic stock to his                                
            children and grandchildren.  Decedent valued each of these gifts at                         

                  32Mr. Dwyer also stated in his report that "Very few                                  
            properties have county values higher than the actual market                                 
            value.  The few properties that are overvalued are normally                                 
            appealed and subsequently revised."  We note that CamVic                                    
            successfully protested Victory Tower's 1981 value, and the county                           
            revised its assessed tax value from $300,940 to $280,000.                                   




Page:  Previous  25  26  27  28  29  30  31  32  33  34  35  36  37  38  39  40  41  42  43  44  Next

Last modified: May 25, 2011