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<p class="MsoNormal" style="margin-bottom:12.0pt">I vote with Marcus. There is no hard-and-fast rule, but the tax-assessed value is usually not considered to be fair market value. A Comparative Market Analysis or a real appraisal is best. Perhaps the beneficiaries
will agree in advance on using one or the other.<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:12.0pt">Phil Jones<span style="font-size:11.0pt"><o:p></o:p></span></p>
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<p class="MsoNormal">Philip N. Jones<o:p></o:p></p>
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<p class="MsoNormal">Duffy Kekel LLP<o:p></o:p></p>
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<p class="MsoNormal">Portland, OR<o:p></o:p></p>
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<p class="MsoNormal">pjones@duffykekel.com<o:p></o:p></p>
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<p class="MsoNormal">(503) 853-1482 cell<o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt">On Nov 3, 2020, at 2:19 PM, Inge Fordham <inge@fordhamlegal.com> wrote:<o:p></o:p></p>
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<p class="MsoNormal"> <span style="font-size:11.0pt"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Colleagues:</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">In past probate cases I have handled with real property owned by the estate, the PR or administrator has either sold real property or conveyed it to a sole beneficiary. I now find myself dealing with a situation
where the estate owns a townhome in which the granddaughter (one of several beneficiaries under the will) is living and would like to retain. It is encumbered by a mortgage and unlikely the granddaughter can get approved to refinance or assume the mortgage.
How does the PR determine the net value of the townhome - it varies widely depending on whether the value is determined by the tax assessed value or appraised value. I have seen attorneys use both. Is there a bright line rule?</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Thank you, </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt"> </span><o:p></o:p></p>
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<b><span style="font-size:13.0pt;font-family:"Cambria",serif;color:#203864">Inge A. Fordham | Attorney</span></b><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">Fordham Law, PLLC</span><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">3218 Sixth Avenue | Tacoma, WA 98406</span><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black">Office: (253) 348-2657 | Mobile: (206) 778-3131</span><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><span style="font-family:"Cambria",serif;color:black"><a href="http://www.fordhamlegal.com"><span style="color:#0563C1">www.fordhamlegal.com</span></a>
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