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MEMORANDUM <br /> To: Mayor and City Council <br /> From: Ron Olson, Finance Director <br /> Date: January 26, 2010 <br /> Subject: Local Board of Review/Open Book <br /> Each spring after valuation notices are mailed to residents, the City holds a Local Board of <br /> Appeals and Equalization (LBAE) hearing. The purpose of the hearing is to allow property <br /> owners the opportunity to appeal their assessed property values. Property owners appear <br /> before the Council during a public meeting and present their concerns about their valuation. If <br /> they are not satisfied by the decision of the LBAE they can appeal to the County Board and <br /> eventually to the Minnesota Tax Court. <br /> State Statute allows cities to transfer their authority to the County using an "open book" <br /> meeting in place of the LBAE process. An open book meeting is held between the property <br /> owner and the assessor during a one-on-one conversation with the assessor. <br /> Staff was asked about changing to an open book process. The deadline to notify the County of <br /> a change is December 1. Because many of our LBAE participants attend the meeting every <br /> year, staff would like to announce any changes at this year's LBAE meeting. <br />