04-29-1992 Board of Review Packet

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"■V m. & ii'. m: ■■ J 'k^'- •*l * <:4' > kMs • •, ¥■1 HINUTES OF ORONO 1992 BOARD OF REVIEW MEETING HELD APRIL 29, 1992 Jabbour asked appraisal. If the damage to the property was done post Anderson noted the appraisal stated the valuation is based upon the Improvements being completed. Erickson stated they would review the property. Don Chase. 365 North Ferndale Road. PIP# 36~118~23—41—000.2„i. stated the 1992 valuation Is $156,400 and felt It should be $140,000 as that la what a neighboring property recently sold for after being on the market for 2 1/2 years. He noted that since 1989 his valuation has Increased over 20%. Erickson stated they would review the property. f . i- Grea Ehalt. 3465 Watertown Road. PIP# 32-118-23 43 0006. noted the 1992 valuation is $103,000 and felt that It should be $85,000. He indicated the assessor has reviewed the property and revised the valuation to $95,300, but still felt this was too high. He noted he purchased the property In December of 1991 for $72,500 and has made approximately $5,000 In repairs to the property. He submitted a letter listing reasons why he felt the valuation should be lowered. Cliff Often. 3800 Wavzata Boulevard. PIP# 29-116-23 34 0009. saId the 1992 valuation Is $88,600 and felt It should be $65,000 based upon what he purchased the property for less than a year ago. 2251 Pine Rldoe Lane. PIP# 34-118-23 22 0017 - Often stated that the 1992 valuation Is $137,900. He stated this property is rented and produces Income based on a value less than the market value. He paid $100,000 a few years ago. He felt It should be reduced to $114,000 as it was last year. Jabbour asked If the valuation Is based on the Income stream. Erickson notea it Is not typical residence to be rented. In Orono for a single family Often noted the City currently has a municipal we I I on part of the property. *'i ■A