04-24-2002 Board of Review Minutes

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MINUTES OF THE ORONO BOARD OF REVIEW HEARING Wednesday, April 24, 2002 7:00 o'clock p.m. • Jensen indicated they have not visited this property this year, noting the last time they visited the property was in 1999. Jensen stated there have been a couple of sales to the south of this property where the houses have been torn down, 50 -foot lots, and have sold for approximately $450,000. Jensen stated an adjustment to the frontage was made, which resulted in a decrease in the valuation. Jensen stated the property owner has between 20 and 25 feet of actual lakeshore frontage, which results in a lower land valuation than the other properties in the area. Jensen stated they do not view this property as being an immediate tear down, and they would need to look at the structure. The Local Board requested the County Assessor's Office visit this property. White indicated there are two programs Kirchner can apply for since he is retired if his property taxes increase by more than $100. White provided the information to Kirchner for his review. 6. Ward Edwards, 2474 Carman Street, PID 20- 117 -23 12 0027. Edwards stated the value of his property this year is $539,000, with the value last year being $490,700. White inquired whether this was lakeshore property. Edwards stated it is. Edwards stated he has a concern regarding the high increase this year. Edwards • inquired why there is a difference between the estimated market value and the limited market value. Jensen stated their office has not spoken with Mr. Edwards. Jensen stated the estimated market value this year is $781,000, with the estimated market value last year being $750,000. White inquired how much lakeshore this property has. Edwards stated it is 125 feet. Flint stated the reason why the limited market value increased was because of the 10 percent increase. Moorse commented the limited market value was at 8.5 and is now at 10 percent. Jensen stated the limited market value is $539,800, which means that the estimated market value increased by more than 10 percent in one year, with the new estimated market value being $785,000 versus the limited market value from last year of $490,700. Jensen stated the calculation to determine that would be the greater of the two numbers. Jensen explained the difference between the limited market value and the estimated market value over the next few years will eventually equal each other. Edwards inquired who determines the estimated market value. Jensen stated the County Assessor's Office determines that number, which is based on the sales activity in the area. Jensen indicated the building characteristics are determined on the structure and the improvements that have been made to the property. Jensen stated the County Assessor's Office has • determined based on what they have in their files that this property should be able to be sold at $785,000. PAGE 6