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IL <br />2-24-02 <br />James R. & Helen L. Johnson <br />2240 Fox Street <br />Long Lake. MN 55356 <br />To; Board of Appeal and Equa zation <br />Re: Valuation of Property at 2'.40 Fox Street <br />Background: <br />Subject property was divided into three parcels; <br />Old 2240 Fox, PID 03-1 1 7-23-32-0009. House on 8 acres <br />New 2240 Fox, PID 03-117-23-32-0020, House on 3 acres <br />2260 Fox, PID 03-117-23-32-0019, Vacant Lot <br />2240 Fox, PID 03-1 1 7-23-32-0021 . Outlet A. vacant lot <br />6 <br />Reason for Appeal: <br />Property reduced from 8 to 3 acres (63% reduction) <br />But taxable market value increased from $315,500 (2001) to S488.000 <br />(2002), a 55% increase . Limited market value increased from S223.800 to <br />$488,000, an increase of 118%. <br />Valuation Analysis: <br />Three methods were used to estimate market value; <br />1) 2002 proposed valuation is based on <br />300.000 Land Value (61%) <br />188.000 House Value (39%) <br />488.000 Total <br />Land valuation is based on sale of 2260 Fox Street for $330,000. Since 2240 <br />Fox is 3 acres, compared to 5 acres for 2260 Fox, a more accurate estimate of <br />the land value would be: <br />60% X 330,000-$198,000 <br />This suggests that a better estirr.ate of the value of 2240 Fox Street would be; <br />198.000 Land Value (51%) <br />188.000 House Value (49%) <br />386.000 Total <br />J