04-24-2002 Council Minutes Board of Review

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lk MINUTES OF THE ORONO BOARD OF REVIEW HEARING Wednesday, April 24, 2002 • 7:00 o'clock p.m. Fames indicated in his view the property should be valued at $175,000. White inquired whether the County Assessor's Office is in possession of the information that Mr. Fames distributed tonight. Jensen indicated they do not have a copy of the information Mr. Fames distributed tonight. Jensen stated the Board of Review will reconvene in 20 days, and in order for a further reduction in valuation to be considered, the Assessor's Office will need to visit the property and will also need to be provided access to the property since their office does not have a boat. Fames indicated providing transportation to the island is a problem since his son is not here, but that he is willing to provide a key to the residence so they may inspect the property. Mayor Peterson stated it is the property owner's responsibility to provide some transportation to the property. Jensen stated if they are unable to arrange for transportation out to the island, the next level of appeal would be the County Board of Equalization. Fames inquired whether there is state law requiring that they provide transportation for the Assessor's Office. Mayor Peterson stated it is the property owner's responsibility to provide transportation to the island. Fames indicated he does not have a boat but he perhaps could rent a boat. 2. Jim Johnson, 2240 Fox Street, PID 03- 117 -23 -32 -0009, stated his proposed valuation for 2002 is $488,000. Johnson stated in his view the property should be valued at $386,000. Johnson indicated the property has been divided into three parcels, with the residence now being on three acres of land and the other two lots being vacant at the present time. Johnson stated the property has been reduced from eight acres to three acres, but yet their taxable market value has increased from $315,500 to $488,000, which amounts to a 55 percent increase. Johnson noted the limited market value increased from $223,800 to $488,000, which is an increase of 118 percent. Johnson stated the intent of the subdivision was to help lower the valuation on their land. Johnson stated the land value is apparently based on a recent sale of a lot for $330,000, which consists of five acres. Johnson stated in his opinion his land valuation based on the comparable should be $198,000, with the house being valued at $188,000, for a total valuation of $386,000. Johnson indicated they have had an independent appraisal done in 2000, which suggested that the market value of 2240 Fox was $350,000. Johnson stated based on some comparable properties in the area, an appropriate 2002 valuation for 2240 Fox Street should be $223,800. Jensen stated they have not physically reviewed this property, noting the last time this property was • visited was in 1998. Jensen stated they are using some land sales that occurred on Willow Drive and a PAGE 3