05-09-2005 Board of Appeal and Equalization Reconvened Packet

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r" r-j. ' .1 j; MINUTES OF THE ORONO BOARD OF APPEAL AND EQUALIZATION Wcdaesday, April 20,2005 7:00 o’clock p.m. ROLL The Orono Board of Review mcl on the above date with the following members present; Mayor Barbara Peterson, Council Members Jim White, Lili McMillan, and Jim Murphy. The following represented City Staff: Hennepin County Appraisers William Davy, Kevin Wynn, Tom Kunik; and Recorder Jackie Young. Council Member Bob Sansevere was absent. Mayor Peterson called the Board of Appeal and Equalization to order at 7:00 p.m. APPEALS Davy explained tonight’s meeting is intended to give Orono residents the opportunity to discuss their property valuations and present any evidence they feel would help show why their market valuation is incorrect for 2005. Davy stated the valuations are arrived at by studying the market and by doing market ratio studies of sales through the City of Orono. Those assessments are turned into the Hennepin County Review Board, which reviews the assessments to insure that certain standards are being met. Davy stated each year the Hennepin County Assessors Office conducts a sales analysis to determine what type of valuation changes need to occur. Davy stated the values are based on sales from October 1,2003 to September 30,2004, with the overall valuation of properties in the City needing to be between 90 percent and 105 percent of the valuation determined through the sales analysis. Davy indicated following a comparison of the estimated market value to the sale price of the properties, if they find that the market values are low, they needed to be adjusted. Davy noted 135 sales out of 2,915 residential properties occurred in Orono within the last year, with 47 of diose sales being located along the lake. Davy suted each year the Hennepin County Assessors Office looks at one-fourth of the City to insure that the median used by the Assessors Office is at the 95 or % percent median of the market value. Davy stated if, after reviewing the valuation, the property owner is not satisfied with the valuation, they have the right to appeal their valuation at the County Bovd of Review. Davy stated following appeal by a property owner to the local Board, the assessor would review the information on file regarding the prop^. The property owner may request that the assessor visit the property and provide information on how that valuation is obtained. After reviewing the property, the assessor brings his findings back to the local Ekiard for their approval, and the property owner may appear at the reconvened Board of Review if he is still dissatisfied with the valuation assigned to the property. The property owner may also choose to appeal the local Board’s decision by appearing before the County Board of Equalization, followed by the Miiuiesota Tax Court Mayor Peterson stated the purpose of tonight’s meeting is to listen to the comments of the residents regarding their valuation. The Local Board or property owner may request that the assessor visit the proferty and review their valuation, followed by a reconvened Board of Review meeting. Mayor Peterson noted the reconvened Board of Appeal and Equalization has been scheduled for May 9,2005. PAGEl