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L. <br />TO: Orono Mayor and City Council Members <br />Ron Morse, Orono City Administrator <br />FROM: Rolf Erickson, City Assessor, 473-1844 <br />DATE: April 14,1998 <br />RE: Local Board of Review for January 2, 1998 Assessment <br />The sales used for the January 2, 1998 Assessment (taxes payable in 1999) occurred between October 1, 1996 <br />and September 30, 1997. Values for these properties that were established for the previous assessment (1-2-97) <br />were compared with the purchase prices to determine what changes were needed to more accurately reflect <br />market value. <br />AGGREGATE PROPERTY TYPE GROWTH (Total market value growth of each property type). The <br />estimated range of increase varies greatly because of the VAST differences of Orono properties. <br />Lakeshore 8.6% (l%-50%+) <br />Off Lake Residential 2.8% (0%-10%+) <br />Commercial and Industrial 5.4% (0%-10%+) <br />The Local Board of Review can address only questions of "Estimated Market Value" and "Classification" (see <br />definitions below) for the January 2, 1998 As.sessment (taxes payable in 1999). The Board can make reductions <br />in value not to exceed one percent (9,560,049) of the current total market value of the City. There is no limit to <br />the change allowed of individual properties. <br />Market Value: 1 he 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: The 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 Rev iew. PLEASE BRING THIS BOOK TO THE BOARD OF REVIEW!