Estate of Nora Kolczynski, Deceased, Matthew Hoffmeier, Executor - Page 23

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                         Aggregate water      (1,008)                                 
                         front and size                                               
                         adjustments                                                  
                         Total adjusted per-  1,873                                   
                         acre value                                                   
               1 This adjustment consists of the difference between                   
               the per-acre value of the timber on DP ($1,273) and the                
               per-acre value of the timber on the White House                        
               Plantation ($950), multiplied by the White Houses                      
               Plantation’s 447.75 acres.  Mr. Hartnett rounded to get                
               this amount.                                                           
               2 Based on a time adjustment of 8 percent.                             
               3 Based on a 35-percent size adjustment.                               
          After adjustments, Mr. Hartnett determined in his report a per-             
          acre value of $1,873 for the White House Plantation.  We shall              
          review each adjustment.                                                     
                    a.  Improvement Adjustment                                        
               Mr. Hartnett decreased the White House Plantation sale price           
          by the amount its improvements exceeded the improvements on DP.             
          The White House Plantation had improvements valued at $150,000.             
          Thus, Mr. Hartnett reduced the sale price by $50,000.  We find              
          this adjustment acceptable.                                                 
                    b.  Timber Adjustment                                             
               The timber adjustment Mr. Hartnett used increased the per-             
          acre value of the White House Plantation by the difference                  
          between the per-acre value of the timber on DP and the per-acre             
          value of the timber on the White House Plantation.  Respondent              
          argues that this method does not account for the total value of             
          the timber on DP.  Respondent contends that the timber adjustment           






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Last modified: May 25, 2011