04-29-1992 Council Minutes Board of Review

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P MINUTES OF ORONO 1992 BOARD OF REVIEW MEETING HELD APRIL 29, 1992 Jabbour asked if the damage to the property was done post appraisal. Anderson noted the appraisal stated the valuation is based upon the improvements being completed. Erickson stated they would review the property. Don Chase, 365 North Ferndale Road, PID# 36- 118 -23 41 0002, stated the -1992 valuation is $156,400 and felt it should be $140,000 as that is what a neighboring property recently sold for after being on the market for 2 1/2 years. He noted that since 1989 his valuation has increased over 20 %. Erickson stated they would review the property. Greg Ehal t -, 3465 Watertown Road, PID# 32- 118 -23 43 0008,_ noted the 1992 valuation is $103,000 and felt that it should be $85,000. He indicated the assessor has reviewed the property and revised the, valuation to $95,300, but still felt this was too high. He noted he purchased the property in December of 1991 for $72,500 and has made approximately $5,000 in repairs to the property. He submitted a letter listing reasons why he felt the valuation should be Aw lowered. Cliff Otten, 3800 Wayzata Boulevard, PID# 29- 118 -23 34 0009, said the 1992 valuation is $88,600 and felt it should be $65,000 based upon what he purchased the property for less than a year ago. 2251 Pine Ridge Lane, PID# 34- 118 -23 22 0017 - Otten stated that the 1992 valuation is $137,900. He stated this property is rented and produces income based on a value less than the market value. He paid $100,000 a few years ago. Hej elt it should be reduced to $114,000 as it was last year. Jabbour asked if the valuation is based on the income stream. Erickson noted it is not typical in Orono for a single family residence to be rented. Otten noted, the-'C i ty current I y has 'a mun i c i pa I we I I on part of the property. 2 F1