04-28-1994 Board of Review Meeting

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• ^RECEIVED APR 2 8 1994 Local Board of Review City of Orono CITY OF ORONO 2750 Kelley Parkway Orono, Minnesota 55356 DELIVERED APRIL 28, 1994 Re: Appeal of Estimated Market Value 1955 Heritage Drive Eugene & Sharon Clark Jr. PID: # 10 117 23 13 0014 The attached Hennepin County Real Estate Valuation Notice 1994 Value for Taxes Payable in 1995 states an Estimated Market Value of $137,000.00. A telephonic discussion with your ex-officio member, Dave Wild reveals the following basis for the $137,000.00 estimate: 1) Land square feet of49,700 for a Estimated Market Value of $62,000 or $1.25 per square foot. 2) House square feet of 1,665, on a slab, with no basement for an Estimated Market Value of $75,000 or $45.00 per square foot. 3) Detached Garage of 943 square feet. 4) Mr. Wild stated that lake access is the reason for establishing an elevated land value. It must be understood that the lake access is a 300 foot sliver of land separated from the subdivision by County Road 15. This outlot is a separately taxed parcel of land. Inflating the land value by this lake access while also paying real estate taxes on the outlot represents taxation of the access twice. 1955 is obviously a very small home on a parcel of land adjacent to the railroad carrying twice daily trains in the back yard. There are two vacant lots in Foxhill, shown on the attached printouts as 1080 and 1090 Heritage Lane. Each show an Estimated Market Value of $34,600.00. Using the Estimated Market Value of the vacant lots, plus the 1,665 square fool house of $75,000 would indicate a total Estimated Market Value of $109,000.00. There has been a recent sale of a similar home in Foxhill, shown on the attached printout as 1000 Heritage Lane. The amount of the sale is $ 147,500. The square footage of the house is 2,018. The 1993 Estimated Market Value of 1000 Heritage Lane was $173,900.00. The 1993 Estimated Market Value of 1955 Heritage Drive was $131,000.00.