05-08-1995 Council Packet - Laserfiche WebLink

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MINUTES OF THE BOARD OF REVIEW MEETING HELD APRIL 26, 1995 Mayor Callahan explained that appeals would be heard in the order in which they signed in upon arriving He asked that each property owner state his name, address of property, property identification number, value on the 1995 Notice of Valuation and the value the owner feels appropriate Clifford Otten. 22^] Pine Rido^ l ane, ^34-118-23 22 0017_ - 1995 valuation of $123,000 which he feels is worth SI 10,000 - SI 15.000 He explained that his property was in a unique situation because it is a rental property in a nice neighborhood and is probably not kept up as well ..j others. It rents for S900 per month. Non-homestead taxes were S3283 before the increase. Finrpnee Hacbero 740 North Arm Drive. #06-117-23 43 0006 - 1995 valuation is S211,000 with a limited value of S202 400 She has lived at this concrete and stucco home for 45 years. Over the last two vears the increase has been 22.9%. The lakeshore is not sandy but mud. She feels the taxes are too high and the absolute highest value it should be is S184.000. Her son noted the 1994 valuation was $170,000 making an increase of $32,000 in two years. Erickson explained how the limited market value works with 10% applied. In this case, taxes are based on $202 400 for the pay 1996 taxes. Taxes payable in 1996 will be based on $202,400 regardless if the value is lowered to anything above $202,400. If it were lowered below the $202,400, both the limited and market values would change for taxes payable in 1996. Legislation may make changes for next year. Uric nmithit. 300 Rrnwn Road #03-117-23 13 0002 - Estimated market value is $185,000 with a limited value of $ 151, 700. He was unable to give an estimate as to its value. He found it difficult to find any comparables but found a range of similar homes from $120,000 - $200,000.. He has lived in the home for 30 years. There has been an increase of $50,000 from the previous yw with no improvements to the property in the last 60 years other than general maintenance. They would not move from the property unless forced to do so because of taxation. He thought the real estate may be worth more than the structure and is over-valued. Steve Wilson. 94R S North Shore Drive. #09-117-23 44 0001 - Proposed valuation is $605,000 and he feels it is worth about $500,000. The estimated market value has increased 45% over the last 3 years with 17.5% this year. The assessor indicated the closest comparable waj the Mitchell home in his area. The lots are about the same size but 1/3 of Wilson's is wetlands. The Mitchells have made major improvements where he has not The home was built in 1900 of field stone as a summer house. 1/3 of it is not insulated with no air conditioning. He did not feel square footage values could be applied in the same manner to his home as others. n^R.IP. Q7n Rnnlpvard. #35-118-23 41 0004 - Bought for $155,000 about 3 years ago. Last yearns tax value was at $146,000 with this year's at $165,900. He questioned why it would jump $20,000 in one year. Since it is a ranch home there are very few homes for comparables. In loo ng at a refinance last year, it was appraised at $155,000.