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MEMORANDUM <br />To: Mayor Callahan, Orono City Council, and members of Orono Local <br />Board of Review <br />From: Greg and Jackie Gerard <br />2610 Mapleridge Lane - Orono <br />Date: April 25, 1995 <br />Re: Real Estate Tax - Residential Property Valuation <br />Property ID 21-117-23 21 0009 <br />Our home at above address does not have a value of $299,700 as proposed in our <br />notice of 1995 value for real estate taxes payable in 1996. <br />Based on our calculation it has a value less than $266,000. This estimate <br />is based on; <br />► the purchase price of the home <br />► the deterioration of the home since purchase <br />► the rate of inflation <br />► the market value of a home sold nearby of greater square footage, more <br />lakeshore and better exposure <br />► the limited value of the property <br />► the limited shoreline and restrictions on property <br />Following is a presentation of the facts to support this calculation.