04-15-2009 Council Minutes - Laserfiche WebLink

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MINUTES OF THE ORONO BOARD OF APPEAL AND EQUALIZATION Wednesday, April 15, 2009 • 7:00 o'clock p.m. Crear stated the assessor is speculating that the tenant rate will be at 80 percent. His tenants are small business owners and that they are not doing well. Crear stated appraisers should not go on speculation when valuing properties and say it should be 80 percent. Crear noted his occupancy rate has not been at 80 percent in well over a year and continues to drop. Murphy asked whether Mr. Crear would like to meet with Mr. Hoglund again. Hoglund indicated he did his market analysis and would not be changing it. Crear noted he did put it on the market for $600,000 and provided his realtor the value as assessed by Hennepin County. Crear indicated it is doubtful he will receive that much for the property. 21. Stephanie Barbour, 4515 North Shore Drive, PID 07- 117 -23 31 -0006 Barbour stated her value for 2009 was $1.856 million. Wells Fargo appraised their house in January of 2009 due to the number of foreclosures in their neighborhood. Wells Fargo's appraisal has six comparables within five miles of their house. That information has been provided to Mr. Stulc. Barbour indicated they did challenge the appraisal but were told by Wells Fargo that this appraiser has been in the area for the past 30 years and that they were confident it was correct and refused to change it. The City Council requested the Assessor's Office review Ms. Barbour's property and comparables. . 22. Daniel Regan, 3410 North Shore Drive, PID 08- 117 -23 43 -0017 Regan stated Mr. Stulc has visited his property and that he received some comparables today. His market value increased from 2003 to 2004 by 6.9 percent. The next year it went up 15.4 percent, then 16 percent, and then 19.7 percent. In four years his estimated market value has increased by 71 percent. White asked how long Mr. Regan has owned the property. Regan stated how long he has owned the property should not make a difference. White pointed out that it may have fallen under the limited market value guidelines. Regan stated he is talking estimated market value and not limited market value. Regan stated in his view the property should be valued around $700,000. White asked what the size of the lot is. Regan indicated it consists of half an acre. McMillan asked whether this is lakeshore. Regan stated the lakeshore is located across the street. Regan noted there are 4000 properties in the City and that there is a relatively small number of people in attendance at tonight's meeting, which probably - demonstrates that the majority of the people have values that are lower and are not dissatisfied with their values. PAGE 11