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MINUTES OF THE BOARD OF REVIEW MEETING <br />• HELD APRIL 26, 1995 <br />Mark Finney. 4195 Highwood Road 907- 117 -23 44 0022 - The value in 1993 was $165,000, in <br />1994 it was $190,000 and in 1995 it is $231,000. Since the house is over 70 years old, he has <br />applied for the "Old Homestead Tax" and Gail, one of the assessors, explained what a good deal he <br />has. He has more than doubled the size of his home with an addition and new basement. Since it <br />is 25% complete, $21,000 has been added to the value. The building permit was taken out in 1991 <br />for $92,000 for the addition. He is trying to slow down the increase of value since he does not feel <br />he will be able to stay there if the valuation is too high when the addition is completed. He feels a <br />fair value would be $200,000. Erickson explained that they have to put a value on the increase for <br />the addition even though it is not separate from the old house. The law also limits the increase in <br />size of the home to 50% for a credit. For 10 years the amount of the improvement on the property <br />is subtracted from the value of the complete house. For the next 5 years, 20% of the improvement <br />is added back into the taxes. <br />Clair Rood 3280 Navarre Lane 17- 117 -23 44 0105 - 1995 value is about $440,000. This is a new <br />spec home that he has been unable to sell. It is a 2500 s.f. rambler with poor properties around it. <br />He is concerned about the non - homestead tax for the next year. He paid $17,500 for the lot. It was <br />on the market for $475,000. <br />James Olson 4360 Bayside Road 906- 117 -23 12 0001_ - 1995 value was $162,800 and the 1994 <br />is value was $150,000. He has owned the property for 9 years and the estimated market value has <br />increased 38% in that time. He has 3.6 acres and the surrounding area is a 5 acre zoning district. <br />Two years ago they refinanced and the appraised value was $147,000. He feels $158,000 would be <br />more fair. He noted neighboring properties were not selling. He tried selling about 5 years ago and <br />was unable to sell. <br />Mayor Callahan commented that the valuations were too high and disagreed with the mass appraisal <br />approach. Erickson responded that in Orono they have been trying to identify the properties that are <br />not in line with the ratios. This year the properties in the $200,000 - $400,000 range were a problem <br />because they were lower in assessment ratios than the more expensive or cheaper properties. He has <br />been trying to keep the cheaper houses from going up 8% because they are closer to the market <br />value already. The County does a random check on sales of properties and then checks the whole <br />property type. If they are not in compliance, the County will raise the whole property type. Mayor <br />Callahan did not feel houses going up $50,000 - $60,000 in one year was realistic. Jabbour felt that <br />if the assessed values were pushed up, sales will also increase. Erickson added that in the County's <br />market stratification, the mean for homes under $100,000 is 100 %, $100,000 4200,000 is 95 %, <br />$200,000 - $300,000 is 92 %, $300,0004400,000 is 95 %, $400,000 4500,000 is 93% and $500,000+ <br />is 91 %. Erickson stated that in two lakeshore sales that have occurred since the new assessment, <br />one sold for less than the market value and one sold for 1% over - nothing else has sold for less than <br />the Assessor's market value. <br />• 7 <br />