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MINUTES OF THE <br />ORONO BOARD OF REVIEW MEETING <br />Wednesday, April 25, 2001 <br />7:00 o'clock p.m. • <br />$633,000. Frommelt indicated he purchased the property for $60,000 in 1970, with the house having <br />been built in 1935. <br />Frommelt indicated he will speak with the Assessor's Office regarding his valuation. <br />5. Robert Larson, 724 Tonkawa Road, PID 05- 117 -23 34 0003. Larson stated he has spoken with the <br />Assessor Office's who indicated lakeshore property is worth $5,000 per foot. Larson stated his <br />estimated market value is $278,000, which is a 45 percent increase. The property value in 1973, shortly <br />after he remodeled the property, was $6,876.00, and no improvements have been done to the residence <br />since that time. <br />Mayor Peterson inquired how much lakeshore Larson owns. <br />Larson indicated he owns 50 feet of lakeshore. Larson showed a chart illustrating the increases in <br />valuation his property has experienced over the years. Larson questioned whether the $5,000 a square <br />foot valuation was reasonable. Larson stated he has experienced an $87,000 increase in his valuation <br />this year, and questioned where the increases will end. Larson commented at this rate, he will soon be <br />owning a million dollar home. Larson stated the 15 percent and the eight and a half percent figures <br />given earlier in the meeting do not correlate with his increases. <br />Jensen stated the 15 percent was the limited market value. Jensen stated the Assessor's Office can <br />provide him with a written explanation on the.limited market value. <br />6. Monica Young, 2845 Wear Circle, PID 33- 118 -23 34 0009. Young stated they purchased the land • <br />just recently in 1999 for $126,000, with the land being assessed last year at $140,000. Young stated the <br />value on just the land has now increased to $180,000. Young questioned why the value of the land <br />would increase so much in such a short period of time. Young noted they own four acres, with the land <br />being on the market for a very long time prior to their purchase. Young stated in her view the valuation <br />on their home is fair at $406,000, but feels the value on the land is too high. <br />Jensen indicated the $140,000 valuation was a result of the improvements made to the site and what the <br />other sites in the area were valued at. Jensen stated this property is within the one quadrant that their <br />office has not yet reviewed and will be reviewed this summer. Jensen indicated they used a house that <br />recently sold in the area for $406,000 as a comparison, which gave them some indicators on the value of <br />the land in this area. <br />Young noted they are not able to subdivide this property. <br />Jensen noted the land values in this area were below the standard and adjustments had to be made to the <br />values. Jensen stated the land is not being taxed as a dividable lot. <br />Mayor Peterson stated the assessor will revisit the property. <br />8. Jim Rivers, Windward Marina, 1444 Shoreline Drive, PID 11- 117 -23 22 0006. Rivers stated in the <br />past year he has had an estate planner do a business evaluation on his business and property. Harry <br />Baker of Baker Appraisers completed a report in December of 2000, and his value for the property is <br />$580,000, which includes the land and buildings. The value of the business was based on what the <br />business is actually doing now and the zoning in Orono. Rivers stated this property consists of five <br />PAGE 4 <br />