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CITY OF ORONO <br /> Local Board of Appeal and Equalization <br /> Wednesday,Apri121,2010 <br /> 7:00 o'clock p.m. <br /> Mischke stated he reduced it from$534,000 to $501,000. � <br /> White requested Mr. Mischke provide his information to the assessors. <br /> Murphy noted that the real estate market last year and the year before has been in a state of decline and <br /> that it is difficult to find comparables. The Board attempts to find obvious discrepancies in the <br /> valuations, such as an extra bathroom being included in the valuation. There are a number of 50-foot <br /> wide lots on the lake. Developers are not buying property and the amount of development has declined in <br /> this market. <br /> Kunik stated there are sales that are not arms-length transactions available but that the Assessor's Office <br /> is not able to utilize those by state statute in valuing someone's properry. <br /> Mischke asked why they are exempt. <br /> Kunik stated there are a number of things that the state considers non-arms length sales, such as bank <br /> sales and foreclosures. <br /> Stulc stated those types of sales will influence the market but that they are not allowed to take those into <br /> consideration when determining valuation of properties. <br /> Kunik pointed out the Assessor's Office has certain parameters that they are required to follow. As the <br /> assessor looks at a property,they look at sales that are deemed good and use those as comparables. <br /> Steve Harris, 3850 Watertown Road,noted that foreclosure sales accounted for 43 percent of the house <br /> sales in Minnesota last year. <br /> Kunik stated they are only looking at this area and not the rest of Minnesota. Foreclosures are generally <br /> not considered a significant influence and are not used as comparables. <br /> The Board directed the Hennepin County Assessor's Office contact Mr. Mischke to review his property <br /> and documentation. <br /> 2. BRAD BLANKENSNIP,2605 LAFAYETTE ROAD, PID#21-117-23 21-0007 <br /> Blankensnip stated he would have been in here last year to complain about his valuation but was <br /> unfortunately in the hospital. Blankensnip distributed some information to the Board. <br /> Blankensnip stated that he has a copy of an appraisal that was done by Molly Brown for a refinancing of <br /> his home and that he feels this appraisal is accurate. The process of the appeal was very thorough and is <br /> well documented. The difference between Hennepin County's valuation of$1.9 million and the real <br /> estate appraiser's valuation of$1.5 million is too great to ignore. <br /> Blankensnip noted that all of the comparables used in his appraisal are located on Lake Minnetonka. The <br /> comparables are properties that are roughly in the same condition as his and were built between 1947 and <br /> 1952, which at today's standards would probably be a tear-down. Blankensnip stated that unfortunately <br /> some of the comparables are too far away to meet the standards, which is typical in this type of <br /> PAGE 2 of 6 <br />