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TO: Orono Mayor and City Council Members <br />Ron Morse, Orono City Administrator <br />FROM: Rolf Frickson, Citv Assessor. 473-1844 <br />DATE: April 17. 19% <br />RE: Local Board of Review for January 2. 1996 As.sessment <br />The sales used for the January 2, 1996 Assessment (taxes payable in 1997) occurred between October I, 1994 <br />and September 30, 1995. Values h r ihese properties that were established for the previous assessment (1-2-95) <br />were compared with the purchase prices to determine what changes were needed to more accurately reflect <br />market value. <br />Properties indicated on the enclosed map in the v ellow area were physically inspected for the January' 2, 1996 <br />assessment. All properties in the city are recalculated every year. <br />AGGREGATE PROPER! Y TYPE GROWTH ( fotal market value growth of each property type). The <br />estimated range of increase varies greatly because of the VAST differences of Orono properties. <br />I .akeshore 5.4% (1 %-1 ()%+) <br />OIT Lake Residential 1.9% (0« o-1 ()%+) <br />Commercial and Industrial 4.0% <br />The Local Board of Review can address only questions of "Estimated Market Value" and "Classification" (see <br />definitions below ) for the January 2. 1996 Assessment (taxes payable in 1997). fhe Board can make reductions <br />in value not to exceed one percent ($8,251,055) of the current total market value of the City. There is no limit <br />to the change allowed of individual properties. <br />Market Value: The most probable price in terms of money which a property should bring in a competitive and <br />open market under all conditions requisite to a fair .sale, the buyer and seller, each acting prudently, <br />knowledgeably and assuming the price in not affected by undue stimulus. <br />Classification: fhe use of a property as defined by state law. The most common classifications apartment, <br />double bungalow, triplex, commercial, industrial, farm, residential homestead and residential non-homestead. <br />We have enclosed a book of the sales considered for the current assessment as a reference for you to use at the <br />Board of Review . Note that the sale on page 76 is actually located on the West Arm and should follow page <br />122 in the lakeshore section. Also, due to a programming error, the number of 1/2 baths lised for some .sales <br />may be incorrect PLEASE BRING THIS BOOK TO THE BOARD OF REVIEW!