05-05-2010 Board of Apeal and Equalization Reconvened Packet

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CITY OF ORONO Local Board of Appeal and Equalization Wednesday, Apri121,2010 7:00 o'clock p.m. 7. GREG SWENSON, 875 FOREST ARMS LANE,PID 07-117 23 13 0041 Swenson stated he did put together a spread sheet that he would like to distribute to the Board. Swenson stated in his opinion the current valuation is too high. When you look at every properiy that sold for $600,000 to $1.9 million, you get 45 sales. When you narrow those down to properties that are located on Lake Minnetonka,you get 13 properties. Overall those properties sold for 85 percent of the current market valuation in 2009. Based on that, Swenson indicated his market value should have dropped by 15 percent rather than 8 percent. Swenson noted one specific property that is located next to his property has been for sale since November of 2008 at$799,000. That property is also on the lake. The valuation on the adjoining residence has been 48 percent more than his but that his land has been valued 50 percent mare than the neighbors. If you put those together, Swenson indicated his property has been valued 3 percent more than his historically. Swenson stated when you look at the broader range of values, his house is worth around $800,000 and not $872,000. Kunik stated valuations also depend on the amount of frontage and whether it is a flag ship lot. Kunik indicated they would need to look at the information and property. 8. STEVE HARRIS,3850 WATERTOWN ROAD,PID 32-118-23-32-0005 Harris stated his taxable valuation has increased over the years from$1.4 million in 2006, $1.6 million in 2007, $1.9 million in 2008, and $2.047 million in 2010. Harris indicated he built the house and has resided in the residence for the past 23 years. The barn on the property is 75 years old. There have been no improvements or remodeling of the house since it was originally constructed. Harris indicated he does not understand why his valuation would increase that much since the market peaked in 2006 and valuations have been decreasing. Murphy noted that the valuations are generally about two years behind the market. White noted Mr. Harris has experienced approximately a 15 percent increase each year. Stulc noted they have not reviewed the property and would need to speak with Mr. Harris further. Harris provided three comparables to Mr. Stulc for his review. Harris noted his monthly tax payment is now higher than his original mortgage payment. #9. ROBERT HUMPHREY, 669 MTK.HIGHLANDS LANE, PID#06-117-23 44 0007 Humphrey asked if the market value established in 2009 is a true market value. Stulc indicated it is. Humphrey stated he has lived in his residence for 23 years and has done very few upgrades to the properiy. The property is located on the lake and is less than one acre. Humphrey indicated he is now retired but would like to stay in the property and is in the process of refinancing the property. During the PAGE 5 of 6