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5. <br />MINUTES OF THE ORONO BOARD OF REVIEW <br />HELD APRIL 26,2000 <br />Ryan stated he purchased their home in 1978, has made no improvements over the years, <br />with their valuation for this year being listed at $483,000. Ryan indicated his roof, shingles, <br />and windows are in bad shape and need to be repaired, which is estimated to cost <br />appro.ximately $100,000. Ryan stated the kitchen cabinets also need to be replaced. Ryan <br />inquired whether any depreciation is factored into the values. <br />Davy stated they do depreciate for the age of the home, which is calculated at one-half <br />a percent a year. Davy stated for a 20 year home, they would be looking at approximately <br />a ten percent depreciation factor. <br />Ryan stated in his view a one-half percent depreciation factor is too low, noting the value <br />of the house has gone up eight percent this year. Ryan commented a one-half depreciation <br />factor would not even pay for residing of the house. <br />Mavor Jabbour requested the Assessor visit the property. <br />Morris Nelson, 1900 Shoreline Drive. Nelson indicated he has spoken with the Assessor <br />regarding his valuation. Nelson stated he owns two lots which are treated as one. Nelson <br />stated Bill at the Assessor’s office indicated he would have two buildable lots if a variance <br />to build is granted on the one lot. Nelson stated since there is no request for a variance at <br />this time, the land should be treated and valued as an unbuildable lot. <br />Mayor Jabbour commented he has a concern if the lot is being taxed as a buildable lot when <br />there are variances that need to be approved prior to any structure being erected on the <br />property because it may be taking authority away from the City Council and forcing them to <br />approve the variances in order to make the property buiU'able simply because the land was <br />valued as buildable. <br />Da\y indicated there was a considerable increase in the value of the land. Davy stated he has <br />spoken with City Staff regarding the definition of buildable and non-buildable, noting the land <br />is less than two acres and would not be considered as a buildable lot. Davy rtated the property <br />is being valued currently as adding value to the principal site. <br />Nelson indicated he was given different information earlier and was told that his land was being <br />taxed as Nvo buildable lots. <br />Mayor Jabbour suggested the property owner speak with the Assessor regarding his valuation. <br />Jabbour noted land values are increasing in the area. <br />6. Lindy Purdy, 1975 I'agcmess Point Road. Purdy stated they have resided in their home for <br />the past 27 years, w ith the purchase price being $24,000. They have experienced a <br />Page 4