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E S. CONOVER <br />April 28, 1994 <br />To the Local Board of Review of <br />Proposed Real Estate Market Valuation <br />Reasons for appealing the Market Value for Taxation on our <br />property at 1489 Shoreline Drive in Orono, PID No. 11-117-23 <br />230009 Munic 38. <br />(1) <br />(2) <br />(3) <br />The valuation proposed for real estate taxes payable in 1995 <br />represents an Increase of 11% over the valuation for 1994. <br />The increase in valuation for 1994 war. an increase of 9% <br />over 1993. <br />The proposed valuation for 1995, therefore, is approximately <br />20% over the year 1993. We consider this to be excessive. <br />The property adjacent to ours at 1487 Shoreline Drive was <br />acquired approximately 3 years ago for a price of $340,000. <br />Today it is on the market for an asking price of $468,000 <br />(set by the owner) as against the Realtor's recommendation of <br />$425,000. <br />Assuming this property to be the closest comparable property <br />to ours, the Realtor's recommended price of $425,000 would <br />mean that our property, at an assessed market value of <br />$407,200 would be appraised at 96% of the estimated value <br />of the most comparable property. <br />We believe that this also supports our contention that the <br />valuation on our property is excessive. <br />Finally, the definition of Market Value set forth on the <br />back of the Hennepin County Real Estate Valuation Notice' <br />reads as follows: "Market Value is defined as the most <br />probable price that a well-informed buyer would pay a well- <br />informed seller for a property without either party being <br />duly forced to buy or sell".