Laserfiche WebLink
1991 RECONVENED BOARD OF REVIEW - MAY 13, 1991 <br />The 1991 valuation was $295,500 and it is recommended not to <br />change. Mr. Erickson explained that very often new houses <br />on the lake will sell for more than the construction cost <br />because of the new amenities within. <br />Councilmember Callahan questioned the 1990 valuation for the <br />land which was at $84,000 and wanted to know if the value of <br />the land had doubled in one year. <br />Mr. Erickson noted this was correct and because the lot was <br />vacant among developed lots, it was overlooked the last few <br />years. Also, the property had to have soil corrections to <br />be built upon which raised the value of the land. Mr. <br />Edwards is not being penalized now, he just got a good deal <br />in the past and per State law, once an error is realized, it <br />must be corrected. <br />Mr. Edwards was present to explain the lot was originally <br />valued at $100,000 but was reduced to $80,000 because of the <br />wetland designation on the property. The appraisal from the <br />mortgage company valued the property and, the home at <br />approximately $260,000. The actual cost to build the house <br />including the value of the land and the improvements to the <br />soil was $271,000. The potential for subdivision of this <br />lot is uncertain. The property has no sandy beach and the <br />lakeshore is filled with mil foil. <br />Mayor Peterson asked if it was normal for a new residence to <br />be valued more than the actual construction cost the first <br />year. <br />Mr. Erickson noted that Mr. Edwards was allowing $84,000 for <br />the site. He would not buy that site for $84,000 in today's <br />market. <br />Councilmember Goetten noted that the appraisal was done in <br />1989, before the house was constructed. <br />Councilmember Jabbour also noted that the valuation for the <br />land used by the mortgage company was $140,000. <br />Mr. Erickson also noted that banks are extremely <br />conservative in their appraisals. <br />It was moved,by Mayor Peterson, seconded by Councilmember <br />Butler, to retain at the valuation of $295,500 recommended by the <br />Assessor. Ayes 5, nays 0. <br />13. Stewart Perry, 2975 Casco Point Road <br />The valuation for 1991 was $292,100 <br />be reduced to $265,000. <br />3 <br />- 20- 117 -23 31 0045. <br />and it is recommended to <br />