04-16-2008 Council Minutes Local Board of Appeal & Equalization

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MINUTES OF THE 2008 LOCAL BOARD OF APPEAL AND EQUALIZATION Wednesday, April 16, 2008 7:00 o'clock p.m. Dulin noted since 1993, property values for the City have gone up 10 percent, Hennepin County has gone up over 8 percent, and the Metropolitan Council has increased 20 percent. 22. Sonja Hutchinson/Richard Rohrer, 1424 Baldur Park, PID #08- 117 -23 34 0013 Rohrer stated his situation is similar to the other person who spoke earlier from Birch Lane and that his lot is just around the corner from theirs. Rohrer stated in his view the root of the problem is that his limited market value is the same as the estimated market value. Some of the other properties in the neighborhood are at 75 to 80 percent of the estimated market value for their limited market value. The Orono Board of Appeal directed the Hennepin County Assessor to visit Mr. Rohrer's property and review his information. 23. Steven Snyder, 2715 Pence Lane, PID 21- 117 -23 32 0007 Snyder distributed some information regarding his valuation. Snyder stated he did speak with Mr. Davy and they reviewed the 22 properties that have sold over the past year and eliminated the properties that were not comparable. Essentially the properties, varied in a number of aspects but they were able to identify four properties in the $3 million to $4 million range that would serve as a comparable. • Snyder indicated he utilized a software program called Zillow, which performs a statistical analysis • and essentially algorithmically adjusts the valuations. Based on the analysis done by Zillow, an estimated market value of $3,309,965 was arrived at. Synder stated he then did an analysis of the other comparable properties, which showed that his property was valued significantly higher. Davy stated he will check on the 1000 Wildhurst Trail comparable and that it may be possible that it is a water damaged house. 24. Cathy Lee, 1965 Eagerness Point, PID #18- 117 -2314 0009 Lee stated their house was constructed in 1954 and an addition was added at some point. The house is at the point where it would be torn down if someone else would purchase the property. The majority of the value has been placed on the land. Lee stated in spite of a flat real estate market, their valuation has continued to increase to $901,000 and will soon be a million dollars. No improvements have been done to the house or land. Lee indicated it has been difficult to obtain comparables since they are located on a peninsula, but that in February of 2008, a house in the Navarre area that had an estimated market value of $800,000 sold for $675,000, which is 16 percent less than the assessed value. Lee indicated there are some homes for sale that are located on the lake. One of the houses has an estimated market value of $1,298,000 and is listed for sale at $999,000, which is 23 percent less than the assessed value. Another house is assessed at $1,075,000 and at $799,000, which is 26 percent less than its estimated market value. n U PAGE 12 of 18