Laserfiche WebLink
TO: Orono Mayor and City Council Members <br />Ron Morse. Orono City Administrator <br />FROM: Rolf Erickson, City Assessor, 473-1844 <br />DATE: April 20, 1995 <br />RE: Local Board of Review for Januar>’ 2.1995 Assessment <br />The sales used for the January 2. 1995 Assessment (taxes payable in 1996) occurred between October 1, 1993 <br />and September 30, 1994. Values for these properties that were established for the previous assessment (1-2-94) <br />were compared with the purchase prices to determine what changes were needed to more aceurately reflect <br />market value. <br />Properties indicated on the enclosed map in the yellow area were physically inspected for the January 2,1995 <br />assessment. All properties in the city are recalculated every year. <br />Data from our sales period for this assessment again shows increasing property values in Orono and most other <br />third and forth ring suburbs. Once again the properties under $300,000 have been very popular. <br />AGGREGATE PROPERTY' TYPE GROWTH (Total market value growth of each property type). The <br />estimated range of increa.se varies greatly because of the VAST differences of Orono properties. <br />Lakeshore 7.7% (2%-15%+) <br />Oir Lake Residential 8.4% (2%-15%+) <br />The Local Board of Review can address only questions of "E.stimated Market Value" and "Classification" (see <br />definitions below) for the January 2, 1995 Assessment (taxes payable in 1996). The Board can make reductions <br />in value not exceed one percent of the current total market value of the City. There is no limit to the change <br />allowed of individual properties. <br />Market Value: The most probable price in terms of money which a property should bring in a competitive and <br />open market under alt conditions requisite to a fair sale, the buyer and seller, each acting prudently, <br />knowledgeably and assuming the price in not alTected by undue stimulus. <br />Classification: The use of a property as defined by state law. The most common classifications apartment, <br />double bungalow, triplex, commercial, industrial, farm, residential homestead and residential non-homestead. <br />We have enclosed a book of the sales considered lor the current assessment as a reference for you to use at the <br />Board of Review . PLEASE BRING THIS BOOK TO THE BOARD OF REVIEW!