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r <br />^ ■ fV • <br />k <br />t <br />0 <br />Memo <br />To: Orooo Mayor and Couocil <br />From: Bill Davy <br />Date: April 5,2004 <br />Re: 2004 Assessment Local Board of Re> iew <br />The 2004 Orono Local Board of Review has been scheduled for Wednesday, April 2I “. As <br />preparation for the upcoming Local Board of Review, please find the enclosed data to help <br />you. A summary of duties and responsibilities, a chart listing the amount of assessment <br />growth for Lake Minnetonka communities, an assessment fact sheet, and a book of sales with <br />photos and characteristics from a sample of sales throughout the city. <br />Summary of the 2004 Assessment <br />Each year estimated market values are analyzed along with data from the market. <br />Adjustments, as appropriate for each type of property arc made. The results of those <br />adjustments for the 2004 assessment arc as fellows: <br />Residential Lakeshore-f 10.6% <br />• Residential OfT Lake + 7.4% <br />There are 3,844 taxable parcels in the city with a total market value of approximately <br />$2,279,034,000. This value includes $36,650,000 in new construction improvements. The <br />overall value increase for the Citv of Orono is 9.1%. <br />Prior to the meeting if you should have any questions or concerns, please feel free to call me <br />at. 612 348-f)833.