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• • E <br /> Daniel and Sharon Regan <br /> 3410 North Shore Drive DFRegan@msn.com <br /> Wayzata,MN 55391 952-471-9318 <br /> Lin Vee,City Clerk May 18,2008 <br /> City of Orono <br /> 2750 Kelly Parkway ��,�,,.,,,�,��� <br /> Oronq MN 55356 '�'�� <br /> Lin, r;;-�?� C�� e���t� <br /> When I received the attached letter I was surprised and disappointed. C�TYO���:��,,� <br /> I strongly disagree with the Appraised Market Value of$893,000 and will gladly sell the property for a <br /> mere$800,000 and make the purchaser$93,000 richer... anybody interested??? <br /> I disagree with the appraisal on three issues: <br /> 1�IARK�T VALUE <br /> We have lived in this house for more than thirty years and know that our house wouid never sell for <br /> $893,000 even when prices were higher than they are today. <br /> The public meeting of The Local Board of Appeal indicated that Market Value was based on"comparable <br /> sales data." Is"comparable sales data"available to the public? I would like to see how our Market Value <br /> was deternuned based on specific"comparable sales data." <br /> FAIRNESS <br /> The second issue is based on the premise that every property is valued at close to 100%of Market Value <br /> resulring in every property owner paying their Fair Share. If properties are valued at more than ]00%they <br /> pay more than a fair share and if properties are valued at less than 100%they are paying less than a fair <br /> share. Of course it is impossible to value all properties at 100%but the intent is to value all properties <br /> close to 100%. <br /> I downloaded property tax information from Hennepin County, for three properties in my neighborhood <br /> which indicate that my property is overvalued by a great deal. <br /> All three properties are on two acre lots(estimated)while our properiy is only a half acre,or 25%of <br /> theirs. <br /> All three properties have at least 200 feet(estimated)of lakeshore while our property is only 90 feet wide. <br /> All three houses were built in the last 10 years while ours is over 50 years old. <br /> Their houses are at least twice the size(Mac Mansions)of our 2,000 square foot home. <br /> The three properties face North therefore they have sandy beaches while our south facing property has a <br /> soft mucky bottom due to the prevailing Southerly winds. <br /> One of the houses sold for$2,100,000 in October of 2005 but is only valued at$1,709,000. T'he <br /> explanation given to me at the meeting was that"sometimes people pay too much"for a property. In this <br /> instance"actual sales data"was ignored in favor of"comparable sales data." <br />