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LINDQUIST & VENNUM p u l p. <br />4200 IDS Center <br />80 South Eiomtm Street <br />Minnearous , Minnesota 55402*2205 <br />Telephone 612*371*3211 <br />Fax ;612*371*3207 <br />In D enver <br />UNOOUST. VENNUM & CHRtSTEf«EN P.L.UR. <br />600 17tm Street , Suite 2125 <br />D enver . Colorado 80202*5401 <br />Telephone : 303-573*5900 <br />A ttorneys A t Law <br />Donald C. Swenson <br />(612)371-3223 <br />dswenson(g!indquistcom <br />April 22, 1997 <br />City Assessor and Local Board of Review <br />Orono City Hall <br />2750 Kelley Parkway <br />Orono, MN 55356 <br />RECEIVED <br />APR 2 3 1997 <br />CITY OF ORONO <br />Re: 80 Luce Line Ridge <br />Property ID U 31-118-23340010 <br />Dear Assessor and Local Board of Review . <br />I am absolutely astounded that this appeal is necessary and that it was also necessary for <br />me to appeal last year’s valuation to the Minnesota Ta.\ Court If you read the definition of <br />“Estimated Market Value,” it provides the market value shall be the “most probable price that a <br />well-informed buyer would pay a well-informed seller without either party being forced to buy or <br />sell.. . This is what the property would likely sell for ...” <br />In November of 1996 I purchased the above property for $305,000. The property had <br />been on the market for I believe nine months or more and in October there were 5 or 6 interested <br />parties. A bidding war ensued and I acquired the property at the highest price I would have paid <br />for the property. Other bidders’ oflers were in the mid-to-high $200s $305,000 was the price the <br />property sold for and you are bound by the legal definition of “Estimated Market Value.” <br />Assessors use formulas which in this case were flawed The market determines true value <br />and in this case it was my purchase price. If other properties are valued at 90% of market, my <br />property should have a value for tax purposes of approximately $275,000. <br />I am out of town on business this week, but if you have any questions leave a phone mail <br />message at my office (371-3223) and 1 will return your call. <br />truly yours, <br />Donald C. Swenson <br />DCS:gih <br />EDO 1:912059 1