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'APPRAISAL REPORT PURPOSE OF REPORT The purpose of the apnraisal is to estimate the fair market value of the subject property owned in tee simple, and subject to the conditions of the appraisal. Fair market value is defined as: the price which a property would likely bring it it were exposed for sale on the open market assuming a willing buyer and a willing seller. The assumption under definition of the fair market value is that a reasonable time is allowed to find a buyer, that both the buyer and the seller ore fully informed, that neither the buyer nor the seller is acting under compulsion or abnormal pressure. STATEMENT OF ASSUMPTION AND LIMITING CONDITIONS The appraisal is subject t.o the following assumption end limiting conditions: the legal description furnished is assumed to be correct. No responsibility is assumed for matters which are legal in nature, nor hes en opinion of title been rendered. This appraisal assumes a marketable title with ownership in tee simple absolute. This property has been appraised aa though free and clear of leins and encumbrances. Any sketches enclosed in this report are only to assist the reader in visualizing the ro?erty; no survey has been made of the property and no responsibility is assumed in connection with such matters. The submission of this report does not include the requirement to testify in court or before any other tribunal with reference to the subject property unless arrangements have been previously made thereafter. [B ' A O N A L D A . H U N T , A EA LT O A MAI.TOR•
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'I I • PARCEL "A" OWNER OF RECORD Estate or Elmer R. Smith, Deceased PROPERTY ADDRESS • Approximately 5 miles North of S.R. 724 end approximately 11 miles West of U.S. Highway 441. LEGAL DESCRIPTION Section 1, Township 34 South, Range 33 East PROPERTY SIZE Ap~roximetely 649 acres ZONING Ae;ricultursl TAX INFORMATION 1q80 Assessed Value $4 98,780.00 Less Agricultural Exemtion369,5JO.OO Taxable Value t12g,250.oo The taxes for 1980 were $1,~70.74 DE q CR I PT I ) N This property c~nsists of 1 section of land located in a remote area of the Northwest 9art of Okeechobee County. It is anproximot~ly 5 miles from the ~earest paved road. It is presently bein~ used es pasture land. There are approximately 200 acres improved with Bahia Gress, 200 acres of sawgrass And n Jnd s and the remainder of approxirl13 tely 249 acres is in palmettos n~d native ~rass. (B RON AL D A . HUNT, RE ALTO R REALTOR
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I"ARGEL "A" MARKE'T DATA A check of comparable sales in the area reveals the following: Per Comp.# S/_B Date Acres Use Acre Total 1. Ritco/ Harvey 2. Ritco/ 9/79 q/79 Cattle 1,246 Pasture 61+0 Pasture $505.69 $630,100. $ 509.53 ~326,100. Harvey 3. Ritco/ 8/79 603 Pasture Koblegard III We feel that the above properties are very comparable to the subject property. SUMMARY Considering the ohysical valuP, the current market sales, and the 0-emand for this tyne of prooerty, it is our opinion that the fair market value of tha subject property as of November 3, 1980, the date of death, is as follows: Land $324,500.00 (649 acres at $ 500. per acre ) 1B AON AL D A . HUNT, A EAL TO A REALTOR
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-. ' ... REAL ESTATE 1 ~ . _________ _, 3808 SOUTH PARROTT AVENUE• OKEECHOBEE. FLORIDA 33472 • TELEPHONE 813 • 763 QUALIFICATIONS OF APPRAISER From August 8, 1974, until the present, he hes been selfemployed in the general real estate brokerage and appraisal business in Okeechobee, Florida. Appraisal assignments have included appraisals for indi• viduals, banks, credit union, estates and attorn~ts. Previous experience was acquired while he was Executive Vice-President and Managing Officer or First Federal Savings and Loan Association of Okeechobee County where he accepted loan applications and participated in loan appraisal discussions. He has been accepted es an expert witness in the circuit court of the Nineteenth Judicial Circuit. Holds A.B. Degree in Business Administration trom East Carolina College, Greeneville, North Carolina. Professional Affiliations Member National Association of Realtors Florida Association of Realtors Vice-President Okeechobee County Board of Realtors (1978-1980) Okeechobee Chamber or Commerce Florida Association or Mortgage Brokers (1974-1975) m R O N A LO A . H U N T, A EA LT O A AEAl.TOA
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