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3. Petitioners’ Residence
On September 9, 1971, petitioners bought a house with 1,638
square feet and 5 acres of land (referred to here as the
property) on West Farm Road 82, Springfield, Missouri, for
$23,500. They have lived there since 1971. Petitioners kept
cattle on their property from 1971 to 1974. Petitioners made the
following improvements to their residence from 1974 to 1987:
Improvement Date Cost
Enclose and convert garage
into family room with fireplace 11/74 $2,300
Remodel kitchen 6/79 4,000
Install central A/C 7/85 2,100
Enclose and convert carport
into garage 5/87 3,200
The real estate market in Springfield, Missouri, was fairly
stable from 1990 to 1994. In 1994, prices increased by about 10
percent. Prices have increased about 1-3 percent annually since
then.
Petitioners maintained $70,200 of property and casualty
insurance coverage on their residence in 1996. They raised the
property and casualty coverage on the residence to $74,500 in
December 1998.
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Last modified: May 25, 2011