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• Apt 26.2000 4:02PM IPIT aZIL 6 12330 363 0 II ■ t <br />Keith Aakre <br />3127 Casco Circle <br />Orono, MN 55391 <br />26 April 2000 <br />Orono Local Board of Review <br />P.O. Box 66 <br />Cmtal Bay, MN 55323 <br />Attention: Board of Review <br />Subject: Appeal of Valuation <br />Reference: Property ID 20-117*23 34 0022 ; 3127 Casco Circle <br />In accordance with the process set forth in the Valuation Notice for 2000 taxes payable <br />in 2001, the following appeal is made regarding the Estimated Market Value and Market <br />Value for Taxation for tlie referenced property: <br />Back^ound: I purchased The property in June of 199S for 5725,000. The property had <br />been listed in 1997 without an offer and I made the only offer during the listing period in <br />1998. The home is in good repair and no remodeling has been done since it was <br />constructed in 1984, however, the design is not op timal from a layout standpoint. For <br />example, the living room faces away from the lake and the master bedroom is a lof style <br />that is without doors and is partially open to the living room, kitchen, dining roon. ,\d an <br />open stairwell. These issues, coupled with an abundance of stairs in the design, served to <br />limit the market for the property. <br />The tax at the point of purchase was the highest on Casco Point- even though larger <br />houses with larger lots and greater lakeshore frontage were in the area. The following is <br />the history of Estimated Market Value (EMV) and Market Value for Taxation (MVT): <br />EMV MVT <br />1997 payable in 199S 5650,000 $650,000 <br />1998 payable in 1999 5730,500 5715,000 <br />1999 payable in 2000 5725,000 $725,000 <br />2000 payable in 2001 $888,000 $786,600