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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.
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