04-26-1995 Board of Review Minutes

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MINUTES OF THE BOARD OF REVIEW MEETING • HELD APRIL 26, 1995 Chris and Gail Bollis 220 Stubbs Bgy Road North #32-118-23 42 0003 - 1995 limited market value is at $349,300 with the estimated market value at $350,400 on 20 acres of land. The value has gone up $218,000 in two years. He based his objection on the shadow of the proposed freeway across his land taking approximately 1/3 of it. He compared his property to neighboring land. A 16 -acre parcel with no house was valued at $62,000 in 1994 when his was valued at $274,000 for land only. That calculates out to $13,700 per acre while the neighbor's property would be at $3,931 per acre. A 20- acre parcel across the road with a house on it was valued at $298,000 for the building and $151,500 for the land or $7,500 per acre. A 62 -acre parcel was valued at $361,900 or $5,700 per acre. He felt the land had similar characteristics in all cases and all had the shadow of the freeway on the property. The property across the street was 5 acre zoning while the other properties were 2 acre zoning. The 20 acres was bought in 1989 and he did not know of the southern route that could bisect his property. Erickson thought that the appraiser who did that particular property may have found some other influencing factors. Bollis paid $400,000 for the 20 acres in 1989. He felt the potential freeway lowered the value of his property. Three years ago the property was valued at $130,000 and he should have been in last year to appeal the valuation. He thought the 62 -acre parcel may be in litigation because the seller did not disclose the potential freeway route. He objected to paying more taxes than similar properties and wanted to be treated equally. Dana Halmrast 3287 Casco Circle #20- 117 -23 430044 - 1995 estimated market value was • $107,000 and the limited value was $106,700; 1994 value was at $97,000. An adjustment was given 2 years ago and he objects to the inconsistency of appraisals - one year there's a 2% increase and then 18% the next. The property is worth $100,000 by the inflationary level. There is no lakeshore and they are surrounded by homes on the water who only got a 2% increase while they had a 10% increase. Julie Harren 175 Landmark Drive #05- 117 -23 22 0011 - 1995 market value is $319,000 and 1994 value was $305,000. Her neighborhood is a mixed neighborhood. The new house adjacent to their property of about the same is assessed at $300,000 but they have a panoramic view of Stubbs Bay. Their home is 6 years old and she feels their home should be valued less than the neighbors since they have only 2' /z acres and the neighbors have almost 4 acres, they don't have a view of the lake and the houses are about the same size. She feels her property is worth anything less than the neighbors - $299,000 or less. She had pictures to show the Board of her property. She talked with the Assessor who told her it didn't' matter how many acres you had if you only hAd one building site, how old the home was or if there were lake views. This does not seem fair to her. She noted they are not in an executive neighborhood and have a rental property next door. They bought their lot for $120,000 while the neighboring lot sold for $170,000. Erickson clarified that a comparable is a property that has sold recently, not what another property is valued at. Harren asked that the Assessor look at the home on Watertown Road and Old Crystal Bay Road that was listed at $295,000 with 2.8 acres as a comparable assuming that it sold for less than it was listed for. •