04-26-1995 Council Minutes Board of Review

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MINUTES OF THE BOARD OF REVIEW MEETING • HELD APRIL 26, 1995 Jerry Kelly, 4495 Bayside Road 906- 117 -23 21 21 0004 - 1995 market value is $72,000 and went up to $81,500 and he thinks this is too high. The house is over 100 years old. They just took out a $9,000 loan for a new septic system to bring it up to code. He feels that it is across the road from homes that sell for $250,000 which is why it is valued so high. $75,000 would be a fair value for this 2 acre lot. Greg, Gerard 2610 Mapleridg�e Lane #21- 117 -23 21 0009 - 1995 valuation is $299,700. He distributed some information he had prepared. He calculated the property at a value of $266,000 based on the purchase price of the home ($250,00 2 years ago), deterioration, rate of inflation (3 %), market value and comparables of homes nearby, limited value of property, limited shoreline (50') and encroachments (neighbor has an easement) on the property. In 1992 the value was $308,000 which was reduced to $281,000 after his appeal to the County. He appealed to the City in 1993 and the property was reduced to $250,000. The value for 1994 was $269,000 to which he sent a letter to the City but he was unable to appear at the meeting. There has been a 20% increase in two years. The home of 1700 s.f was built in 1979 but there is major deterioration in the home which was covered up by the previous owner. There is 2 bedrooms with 1' /Z baths. The property is very close to the lot lines and hardcover limits. The neighbor is claiming riparian rights to his shoreline and he has talked to the DNR about this. A home in Minnetonka Beach with 120' of shoreline and a better view sold for $200,000. That home is separated from the Lake by County Road 15. He feels • his home is actually worth less than the purchase price of $250,000 because of the structural problems he has found. Veronica Sheldon 3225 Bayside Road 905- 117 -23 410017 - 1995 estimated value was $353,300 and she feels it is worth someplace between $304,000 and $330,000 because they have looked at similar houses. In the last two years there has been a $30,000 increase. They have found neighboring properties have not gone up as much as theirs. The 1994 value was at $342,000 and 1993 value was $320,300. There have been no improvements in the 9 years they owned the property. Curt Ouady. -1223 South Brown Road #10- 117 -23 310065 - 1994 limited market value was $90,000 but the tax capacity rate caused a 16.7% increase. He questioned why the tax capacity was not stated on the valuation card. Mayor Callahan stated that information was not available at the time the cards are sent out because budgets are determined at a later date. The 1995 value is $99,400. When he called the Assessor's office, Dave told him it was because of the land value. Quady did not think a $9,000 increase was reasonable. He felt a reasonable value would be $92,500. The lot is 90'x 140' with the home built in 1953. Erickson explained that because land costs more in Orono since there are few subdivisions, that is what caused the increase in value. There is a shortage of smaller, less expensive homes. The $9,400 increase did include consideration of the house. The land is valued at $26,900. 40 3