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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 /> refinancing process they were requested to obtain an appraisal by the mortgage company. The appraiser <br /> is a person who has lived in this area. <br /> Humphrey indicated the real estate appraisal was very thorough and the appraiser arrived at a figure of <br /> $850,000. The Hennepin County Assessor's Office says that the property is worth $1.243 million, which <br /> is a huge disparity of almost$400,000 from the real estate appraisal. Humphrey indicated in his view the <br /> appraiser has undervalued my property slightly and the County has overvalued the property. Humphrey <br /> indicated he would be willing to split the difference. Between 2008 and 2009, Humphrey indicated his <br /> property taxes went up 40 percent. <br /> Humphrey stated the assessor did visit his property and reduced his valuation by$50,000 less than what it <br /> is currently valued at. Humphrey indicated in his opinion there are two areas of disparity. One is the <br /> difference between the independent appraisal and the county appraisal. The other point of disparity is the <br /> increase in 2008 and 2009. <br /> Humphrey stated he would like the assessor to revisit his property. The realtors he has spoken to have <br /> said that lake property has dropped 20 to 25 percent. Humphrey stated if that is indeed the case,his <br /> property, based on the local appraisal of$1,059 million, would probably sell for between $869,250 and <br /> $927,200,but that his valuation is at$1,043 million, which is another huge disparity. <br /> Kunik stated the 20 to 25 percent decrease is probably the difference between the initial listing prices of <br /> the properties and what they sold for. <br /> Humphrey stated that percentage was based on the sale price of the properties and not the listing price. <br /> Humphrey indicated he does have an appraisal that he would like the Assessor's Office to review. <br /> Written letters submitted: <br /> Cornelia Klitzke, 555 Oxford Road. <br /> ADJOURNMENT <br /> Murphy moved,Franchot seconded,to adjourn the Orono Local Board of Appeal and Equalization <br /> at 8:24 p.m., and to reconvene the hearing on Wednesday,May 5,2010, at 7:00 p.m. VOTE: <br /> Ayes 3,Nays 0. <br /> ATTEST: <br /> Linda S. Vee, City Clerk James M. White, Mayor <br /> PAGE 6 of 6 <br />