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MINUTES OF THE � <br /> ORONO BOARD OF APPEAL AND EQUALIZATION <br /> Wednesday,April 19, 2006 <br /> 7:00 o'clock p.m. <br /> depreciated rather than appreciated due to the long time it sits on the market. Danko inquired whether <br /> this is being addressed in the valuation. <br /> Davy stated that sales are stratified based on all the sale price levels. <br /> Danko stated she does not feel this is a good valuation for her property since million dollar houses have <br /> decreased in valuation due to a surplus of that type of home. Danko stated the selling price of those <br /> homes would have to be reduced in order to sell the house. <br /> Murphy commented about an article related to the whole metropolitan area and that the real estate <br /> market is reaching a point where the higher-priced homes are not selling as quickly. Murphy stated the <br /> City of Orono has not experienced the problem of million dollar plus houses sitting on the market for a <br /> long period of time. <br /> Davy indicated he would take a look at the information that the property owner brought. <br /> Danko stated one comparable is the house on Fox Street that is valued at$2.5 million, with the taxable <br /> being $1,812,000. Danko stated that property has an indoor pool and other nice amenties. Danko stated <br /> a real estate agent would bring comparables to her when she goes to sell her home and requested that the <br /> assessor review the comparables that she has brought. <br /> Davy indicated that he would take a look at the information. <br /> Murphy inquired why the lot with the residence on it is being classified as lakeshore since it is not <br /> located on the lake. <br /> Davy stated that area is one section of the city where the homes have a lot across the street that gives <br /> them access to the lake. <br /> Murphy stated he does not understand why, if there are two tax ID codes on these properties, they would <br /> still be considered as one property. <br /> Danko stated the actual piece that is located on the lake has no value to her. <br /> McMillan commented that the lot on the lake is nonbuildable. <br /> Murphy inquired whether these property owners would be taxed separately on the lots. <br /> Davy stated they would get two separate tax statements and that it is valued somewhat less as if the <br /> home were located on the lake. Davy stated the assessor's of�ce still has to value that access to the <br /> lake. <br /> Danko stated County Road 15 runs between the two lots and that the lot with her residence on it is not <br /> lakeshore and that she would not cross the busy road to use that lot. <br /> White stated in Orono those two lots would need to be sold together because a dock cannot be put on a <br /> lot without a principal residence. <br /> PAGE 4 <br />