04-24-2002 Council Minutes Board of Review

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MINUTES OF THE ORONO BOARD OF REVIEW HEARING Wednesday, April 24, 2002 7:00 o'clock p.m. • Jensen indicated the amount of the increase is not important but what the property is worth and whether it can be sold at the valuation it is listed at. Jensen pointed out that if someone's property value increases by 20 percent, that does not necessarily mean the person's property taxes will be increased by 20 percent. Jensen requested that the Board close the meeting to any requests that the Assessor's Office may receive after tonight's meeting. 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 property and review their valuation, followed by a reconvened Board of Review meeting. 1. Harold Fames, appearing on behalf of Stephen Fames, Number One, Deering Island, PID 18- 117 -23 -31 -0001. Fames stated the value on the notice was $820,000, and in his view an appropriate valuation would be $174,584. Fames indicated this property was in tax court in 1993, setting the value for 1994. The adjudication in the tax court, that although the property was sold to him for $99,000, it had a true value of $125,000. Fames indicated the property was listed on the market for a long time, with the highest offer received being $107,000, with a $3,000 fee for the realtor. Fames distributed some comparables to the Board. Fames indicated the valuation of Deering Island has been increased 422 percent in three years, which is $663,000 more than the adjudication was eight years • ago. Fames stated Big Island has also experienced huge increases. Fames noted there have been no recent sales on Deering Island. Fames stated he did contact the Assessor's Office, and the value has been decreased to $637,000. Jensen indicated the Assessor's Office did receive a call from Stephen Fames and they lowered the value from $820,000 to $637,000 based on the survey supplied by Stephen Fames. Jensen stated Fames' survey indicated the property was smaller in size that what their survey depicted. Fames stated the property consists of 2.65 acres, with the amount of land being reduced by 57,923 square feet. Fames stated the value of the land was then increased by $26,571 per acre. Fames stated in his view the normal four percent increase should apply, and that the high valuation of this land has made this property very difficult to sell. White inquired why this property would be difficult to sell. Fames stated he is not aware of anyone that would pay half of what this property is valued at. Mayor Peterson inquired whether Mr. Fames would like the valuation to be $566,000. Fames stated he would like the valuation lowered to $175,000. Mayor Peterson questioned item number seven in the information supplied by Mr. Fames regarding the phantom land. • PAGE 2