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MINUTES OF THE ORONO BOARD OF REVIEW <br />• <br />HELD APRIL 26, 2000 <br />and windows are in bad shape and need to be repaired, which is estimated to cost <br />approximately $100,000. Ryan stated the kitchen cabinets also need to be replaced. Ryan <br />inquired whether any depreciation is factored into the values. <br />Davy stated they do depreciate for the age of the home, which is calculated at one -half <br />a percent a year. Davy stated for a 20 year home, they would be looking at approximately <br />a ten percent depreciation factor. <br />Ryan stated in his view a one -half percent depreciation factor is too low, noting the value <br />of the house has gone up eight percent this year. Ryan commented a one -half depreciation <br />factor would not even pay for residing of the house. <br />Mayor Jabbour requested the Assessor visit the property. <br />5. Morris Nelson, 1900 Shoreline Drive. Nelson indicated he has spoken with the Assessor <br />regarding his valuation. Nelson stated he owns two lots which are treated as one. Nelson <br />stated Bill at the Assessor's office indicated he would have two buildable lots if a variance <br />to build is granted on the one lot. Nelson stated since there is no request for a variance at <br />this time, the land should be treated and valued as an unbuildable lot. <br />• Mayor Jabbour commented he has a concern if the lot is being taxed as a buildable lot when <br />there are variances that need to be approved prior to any structure being erected on the <br />property because it may be taking authority away from the City Council and forcing them to <br />approve the variances in order to make the property buildable simply because the land was <br />valued as buildable. <br />• <br />Davy indicated there was a considerable increase in the value of the land. Davy stated he has <br />spoken with City Staff regarding the definition of buildable and non - buildable, noting the land <br />is less than two acres and would not be considered as a buildable lot. Davy stated the property <br />is being valued currently as adding value to the principal site. <br />Nelson indicated he was given different information earlier and was told that his land was being <br />taxed as two buildable lots. <br />Mayor Jabbour suggested the property owner speak with the Assessor regarding his valuation. <br />Jabbour noted land values are increasing in the area. <br />6. Lindy Purdy, 1975 Fagerness Point Road. Purdy stated they have resided in their home for <br />the past 27 years, with the purchase price being $24,000. They have experienced a <br />400 percent increase in the value of their property over the years and are now facing the <br />situation where they are being taxed out of their home. Purdy commented in her view the <br />real estate market has ups and downs. Purdy remarked in her experience property taxes <br />Page 4 <br />