Dock included in value?

[Mr Rex]

I include that as part of the value. We have a Corp of Engineers controlled lake that allows floating docks with a permit from the Corp on a first come first serve basis for properties that adjoin the Corp property. Based on several appraisals I have done the permit is worth $50k+/-. The only thing is that when a property is foreclosed on, the permit goes back to the Corp and the next door neighbor may apply and get the permit etc. Kinda weird to deal with, since the permit is not technically "deeded" but are almost always transferred when the property is sold, except foreclosures. Here the floating docks range in value from $5k to over $50k, and almost always transfer with the sale.

 

[CANative]

I include that as part of the value. We have a Corp of Engineers controlled lake that allows floating docks with a permit from the Corp on a first come first serve basis for properties that adjoin the Corp property. Based on several appraisals I have done the permit is worth $50k+/-. The only thing is that when a property is foreclosed on, the permit goes back to the Corp and the next door neighbor may apply and get the permit etc. Kinda weird to deal with, since the permit is not technically "deeded" but are almost always transferred when the property is sold, except foreclosures. Here the floating docks range in value from $5k to over $50k, and almost always transfer with the sale.

That's been my experience as well.

 

[huntercharlie]

In this instance, IMO, there are three components to value. The view, the proximity and access to the water and the dock. The dock, even based on cost, provides the least contribution.

Thanks for the input.

 

[CANative]

Where is this property (just curious to see if I'm familiar with the area since it's in California.) Is it the Delta?

 

[Terrel L. Shields]

In my neck of the woods, they are valued separately on most Corp of Engineers property. They do not accrue to the adjacent land and the permit may require you dock somewhere that is not adjacent to your land. Therefore, they are "personal property", my home county explicitly treats them on a separate tax card. Included in a sale, they need to be broken out as Personal Property.

I was taught in Oklahoma classes that there were instances where a bank attempted to take back a boat dock and found out that they couldn't because it was not broken out as personal property and the owner successfully argued that wasn't covered by a mortgage....true or not? I don't know. But...http://www.tax.ok.gov/advform/avfMay13.pdf

There will be a boat dock class offered in the Personal Property Track at the August Educational Conference for Assessors in Tulsa. This will cover those privately owned boat docks found on many of the Corps of Engineers and other federally funded lakes which are mostly in the eastern part of the state.

In MO, it appears boat docks are treated as "real" property.
http://m.lakeexpo.com/news/lake_news/article_95bf83af-679a-535f-b189-4885eaca668d.html
New state law passed in 2011
CT ruling
http://caselaw.findlaw.com/ct-supreme-court/1044214.html

Virginia - http://www.policylibrary.tax.virgin...96f572ed3c9c864985256b8f00691240?OpenDocument

 

[hastalavista]

Where is this property (just curious to see if I'm familiar with the area since it's in California.) Is it the Delta?

I'll guess close to Marin.

 

[Ken B]

To the best of my knowledge, based upon the posts in this thread, I am the only one who has participated and who actually lived in a lake community in which I had deeded exclusive use of a common area boat dock.

As the lake and entire shoreline was owned by the public utility that built the dam that flooded the farms that created the lake to begin with, I can assure you beyond any doubt that those property owners whose lots abutted the public utility-owned land upon which the lake shore was located paid a hell of a lot of money for the right to use that frontage which was not actually within the legal boundaries of the parcel in which they owned fee simple interest and that I and others paid more for a non-"lakefront" lot which came with the deeded exclusive use of a common area boat dock than we would have paid for a similar lot which did not include that deeded exclusive right of use of a boat dock. And financing was never, ever, ever a problem.

The right of use is not personal property. It is a stick in the bundle of rights associated with real property. I did not "own" the dock. It was "owned" by the Homeowner's Association, even though it was located within the boundaries of the land "owned" by the public utility. I did have deeded exclusive use of the dock, via my ownership of a lot to which the deeded exclusive right of use was assigned, and was responsible for maintenance in exchange for that exclusive use. The parcel of land upon which I built my home had higher value as a result of deeded exclusive use of that dock that an otherwise identical parcel lacking that deeded exclusive right of use of a dock would not have.

But...but...but...

Try telling me that an access easement across a property which fronts a public roadway adds no value to a parcel located behind that fronting property which would otherwise be landlocked without that easement.

Same-same.

 

[CANative]

Isn't this about the same thing most of us in this thread have been saying?

To the best of my knowledge, based upon the posts in this thread, I am the only one who has participated and who actually lived in a lake community in which I had deeded exclusive use of a common area boat dock.

As the lake and entire shoreline was owned by the public utility that built the dam that flooded the farms that created the lake to begin with, I can assure you beyond any doubt that those property owners whose lots abutted the public utility-owned land upon which the lake shore was located paid a hell of a lot of money for the right to use that frontage which was not actually within the legal boundaries of the parcel in which they owned fee simple interest and that I and others paid more for a non-"lakefront" lot which came with the deeded exclusive use of a common area boat dock than we would have paid for a similar lot which did not include that deeded exclusive right of use of a boat dock. And financing was never, ever, ever a problem.

The right of use is not personal property. It is a stick in the bundle of rights associated with real property. I did not "own" the dock. It was "owned" by the Homeowner's Association. I did have deeded exclusive use of the dock, via my ownership of a lot to which the deeded exclusive right of use was assigned, and was responsible for maintenance in exchange for that exclusive use. The parcel of land upon which I built my home had higher value as a result of deeded exclusive use of that dock that an otherwise identical parcel lacking that deeded exclusive right of use of a dock would not have.

But...but...but...

Try telling me that an access easement across a property which fronts a public roadway adds no value to a parcel located behind that fronting property which would otherwise be landlocked without that easement.

Same-same.

 

[Ken B]

"Some" is not "all."

It isn't the dock that is valued. One values the right to build or use the dock if that right is deeded to land and runs with the land. Perhaps that was not made as clear as it needed to be made.

 

[CANative]

Sorry. I interpreted your statement that you are the only one who has participated or lived in this type of community to mean you were the only one who has a valid opinion.