05-12-2003 Board of Review Packet

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MINUTES OF THE ORONO LOCAL BOARD OF APPEAL AND EQUALIZATION MEETING Wednesday, April 23,2003 7:00 o*clock p.m. Woodhouse argued that the City had failed to apply enough value to the architectural significance of the house on the middle parcel. He stated that the home was in superb condition and a Philip Johnson original. On the other hand, there are few lots that would be assigned as much value as his vacant parcel has next door. Although assessed at $1,450,000, Murphy questioned what value Mr. Woodhouse felt should be assigned to the parcel containing the Gehry home. Although a bit larger than the vacant parcel, and lakeshore across the busy road, Woodhouse felt that Uie value would more accurately support $900,000. He pointed out that the 2 acre neighboring parcels sold at $250,000 each (without lakeshore). He agreed that there were no easy answers how to apply values to these properties. White asked if the comparable properties in the neighborhood sold for a mere $250,( Sanseverc agreed that the sticker shock was enormous. He wondered how the properties could have more than doubled over the past year. Jensen noted that the lakeshore values have grown 14% in 2002 and 17% in 2003, not to mention the impact the middle parcel has made on the value. She asked who was qualified to put a value on architectural significance, and suggested the applicant determine this using his own resources. Woodhouse stated that assigning a $350 per s.f. value was significant. Sansevere noted that the Johnson home was appraised at $437,000, while the land was appraised at $1,500,000, for a total of $1,937,000. Woodhouse argued that those values should be reversed. Woodhouse asked what other properties in Orono, off the lake, are valued at $1.5 million for 4 acres. Sansevere asked what the values were on either side of the parcel. Jensen pointed out that the Irwin Jacobs parcel next door does not help the comparison, whereas, the properties to the west are smaller sites off Heritage Drive that have sold between $400,000- $800,000. Murphy felt there was an awful lot of subjectivity to this appraisal, he wondered if a 35% valuation was warranted over the past year and a half. White argued that valuations don't typically push a property value up over 100% as in this case. Jensen stated that the values had been too low in the past and they were just catching up after the rearrangement last year. As this was deemed an incredible jump. Sansevere asked if there was any leeway they could give to Woodhouse regarding the appraisal. He questioned whether the City could find someone who could more accurately determine the value of the Johnson home versus land value. PAGE 3 of 6 ii y . i