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MINUTKS OF TIIK <br />ORONO FOCAL BOARD OF APPEAI.S AND EQUAI-IZATION MEETING <br />Wednesday, April 21,2004 <br />7:00 o'clock p.m. <br />ROFI, <br />The Oropo Local Board of Appeal and Lquali/ation met on the above mentioned date with the <br />following members present: Mayor Barbara Peterson; Council Members Jim Murphy. Jim White and <br />I.ili McMillan; Representing staff were City Administrator Ron Moorse and Recorder Glenda D. <br />Spiotta. <br />Hennepin County Senior Appraisers Kim Jensen and Bill Davy, and Appraiser Tom Kunik were <br />present. <br />Council Member Bob Sansevere was absent. <br />Mayor Peterson called the meeting to order at 7;00 p.m <br />APPEALS <br />Mayor Peterson welcomed the public to the annual Orono Local Board of Appeal and l:quali/ation <br />meeting. Mayor Peterson inviteil the as.se.s.sors to provide a brief summary of the appeal process. <br />She explained the appeals would be heard one at a time in the order in which persons arrived and <br />signed in at the Council Chambers. <br />Davy introduced the Hennepin ( ounty staff members. Ms. Jensen and Mr. Kunik. Davy explained <br />that since I‘>‘>8 Orono has contracted with Hennepin C'ounty to provide property asse.ssment .services, <br />noting that Ms. Jen.sen was involved with Orono since then. He gave an os erx iew of the appeals <br />proceedings and role and duties of the assessor, which, by state statute, is to establish a property's <br />market value as of Januarx' 2. 2(MM that is then used to detennine property tax payable in 2tM>5. He <br />explained the market value is the highest price a property could bring when e\|H)sed on an open <br />market involving a w illing buyer and w illing seller. <br />I>avy stated the assessment is based on actual sales that iK'ciir m the city of Orono. Davy reported <br />there are about 2 ‘>0() property parcels in Orono and l.H property .sales occurred in 20().'t. fhe <br />as.sessors conduct ratio stuilies on the sales, then compare what the properties actually sell for to the <br />current 2()(D assessment. I his indicates how far the as.ses.sed market values are below the actual <br />sales prices. Davy stated the real estate market is continuing to raise sales prices and the demand for <br />properties in Orono continues to be \ery high. <br />Davy reported the sales stud\ for Cktober I. 2tM)2 to September .t(). 2(H)3 detemiines the 20()4 ratii> of <br />assessed market value tt> sales prices. He advised the median ratio ol to satisfy Hennepin <br />('ounty u.s.sessment standards as well as the Minnesota Department of Rexenue standards <br />Lurther. he explained the assessor also rex iexvs random properties not sold to see hoxv much the <br />as.sessor had adjusted those properties. <br />Davy reviewed the Board of Appeal and Equali/ation meeting process. |H>inting out that this meeting <br />is the second lex el of appeal, the first level taking place xxhen the property owner contacted the <br />as.se.ssor to discuss the market xalue. fhe a.sse.s.sors physicallx inspected some liKal properties after <br />hearing from the propertx owners and either came to a reduction in value or the homeowners know <br />the values were emreeted^ At this meeting, the C'itx C ouncil sits as the Board of Rex iew and hears <br />Pa^e I of 11