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<br />:7
<br />' JOHN G. BENDT
<br />1120 Tonkawa Rd.
<br />Long Lake, MN 55356
<br />Mr. Paul Smith
<br />City Assessor
<br />City of Orono
<br />Dear Paul:
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<br />Pursuant to our discussion regarding the 1990 market evaluation of my
<br />home located at 1120 Tonkawa Road, I would like to offer additional
<br />information to further support my position that the assessed value of
<br />$379,000 for my property Is too high.
<br />City records for market evaluations completed in 1989 for the 1990 tax
<br />year show comparable Tonkawa Road properties to be as follows:
<br />Average of Comparables $1,210
<br />My land value at the average value per shoreline foot ($1,210) would be
<br />$163,350 ($1,210 x 135 feet) or $60,350 less than the 1989 assessed
<br />value of my land. Subtracting this difference from the 1989 total
<br />assessed value of my home and land yields a total value as follows:
<br />Total 1989 Assessed Value = $356,300
<br />Minus Land Value Difference 60,350
<br />Revised Total Value $295,950
<br />The 1990 assessed value of my land and home per my latest statement
<br />equals $379,000, up 6.4% from the 1989 assessed value of $356,300.
<br />Applying this percentage Increase to the revised value stated above,
<br />yields a 1990 total value of $314,890.
<br />Paul, I believe the above analysis shows that my property's assessed
<br />value has been significantly overstated, and should be adjusted to a
<br />more equitable figure of $315,000. 11 '
<br />Sincerely,
<br />Approximate
<br />Address
<br />Land Value
<br />Shoreline Ft.
<br />Value /Shoreline Ft.
<br />John
<br />G. Bendt
<br />$223,700
<br />135
<br />$1,657
<br />1080
<br />Tonkawa
<br />$237,000
<br />175
<br />$1,354
<br />1030
<br />Tonkawa
<br />$144,500
<br />110
<br />$1,314
<br />1185
<br />Tonkawa
<br />$137,300
<br />135
<br />$1,017
<br />1085
<br />Tonkawa
<br />$184,000
<br />135
<br />$1,363
<br />1105
<br />Tonkawa
<br />$184,000
<br />175
<br />$1,051
<br />1075
<br />Tonkawa
<br />$156,500
<br />135
<br />$11159
<br />Average of Comparables $1,210
<br />My land value at the average value per shoreline foot ($1,210) would be
<br />$163,350 ($1,210 x 135 feet) or $60,350 less than the 1989 assessed
<br />value of my land. Subtracting this difference from the 1989 total
<br />assessed value of my home and land yields a total value as follows:
<br />Total 1989 Assessed Value = $356,300
<br />Minus Land Value Difference 60,350
<br />Revised Total Value $295,950
<br />The 1990 assessed value of my land and home per my latest statement
<br />equals $379,000, up 6.4% from the 1989 assessed value of $356,300.
<br />Applying this percentage Increase to the revised value stated above,
<br />yields a 1990 total value of $314,890.
<br />Paul, I believe the above analysis shows that my property's assessed
<br />value has been significantly overstated, and should be adjusted to a
<br />more equitable figure of $315,000. 11 '
<br />Sincerely,
<br />
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