04-28-1994 Council Minutes Board of Review

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MINUTES OF THE BOARD OF REVIEW MEETING HELD APRIL 28, 1994 • in Orono with the land values being high. Increases have been 37 % and 30 % over the last two years. Erickson explained that seasonal dwellings are not included in the 10% cap and properties are valued on the highest and best use. Charles Percival 2732 Caroline Avenue, 20- 117 -23 24 0041, valued at $696,000 for 1995. The home is new construction and they moved in on February 14,1992. The valuation for 1993 was $584,100 and for 1994 was $661,000 which was a 13 % increase. He questioned this increase and the Assessor responded it was based on the number purchases in the area. The total increase over two years is 19% or $112,000. Kelley asked if this property was lakeshore and the cost for building. Percival responded that it was lakeshore and was difficult to estimate the exact cost of the home but the total cost was in the $600,000 range. He took over the responsibility as contractor to complete the building of the new home after the death of his brother. They are located on Carman's Bay with houses slow to sell in this neighborhood. Percival did not think the valuation reflected the area they were in. He gave comparable information on four other homes in the neighborhood. The property at 3650 Casco was assessed at its level because the appraiser stated it had the highest level of grade. Percival felt his home would more appropriately be valued at $616,000. They did not appeal last year but he has done more data comparing with four neighboring homes. He based his valuation on $105 per square foot. Lloyd Nehring 1972 Shadywood Road 17- 117 -23 24 0025 $98,000 market value for 1995. is He felt the value was rising too fast and the property was worth about $85,800. There is 50' of lakefront. The 1993 valuation was $85,800 and the 1994 valuation was $93,000. Callahan noted that the Shadywood area was looked at by the Assessor for the 1994 valuations. Last year there was a sharp increase in many sales values. Nehring stated he bought the property in 1959 and is just a cottage with no basement or frost footings. The cottage itself if in poor condition. Callahan noted the land values keep going up. Nehring showed pictures of a home worth $130,000 and he did not feel his home was comparable for only $30,000 more in value. Erickson stated the land was valued at $67,000 and the building at $31,000. He added that the channel makes this a unique property and he will review this property again. Joan Carlson 2080 Shadywood Road 17- 117 -23 310016, 1995 valuation at $295,000. She felt the value was rising too fast and did not know what the value should be. She added that the real estate people were the ones getting the benefit. She has lived on this property for 34 years with 110' of lakefront on Crystal Bay. The house is 1500 s.f. which is not a big house. The 1994 value was reduced to $275,000 but increased again this year. Her taxes went up 16% so she needs to submit tax forms for a refund. Callahan noted that last year many homes were reduced in the Crystal Bay area. Hurr asked Erickson for clarification of the limited market value and the 10% increase. Erickson stated the 10% increase is based on the 1994 limited value to the 1995 market value and was possible to never catch up. 4 •