04-16-2008 Board of Appeal and Equalization Minutes

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MINUTES OF THE 2008 LOCAL BOARD OF APPEAL AND EQUALIZATION Wednesday, April 16, 2008 7:00 o'clock p.m. who agreed to reduce the valuation to $975,000. Waldron stated the Assessor's Office admits the market is flat and yet his property and other valuations have increased, which does not make sense. Davy stated there were pockets where the market was flat but that approximately 15 percent of the City saw some type of an increase. . Waldron stated there are two other lots that are comparable to his lot. One is 1935 Concordia, which has 75 feet on the lake. The property went up for auction along with another property and the two properties together did not bring in one million. Waldron noted 1935 Concordia sat on the market in the 800,000 range for a year and did not sell and then went to auction. Waldron stated something is worth what somebody is willing to pay for it, and if someone is not willing to pay that, then it is not worth it and a justification cannot be made that it really is worth it. Waldron stated as he understands it, the Assessor's Office is theoretically looking at what these properties are valued at as of January 2, 2008. McMillan noted the date is January 2, 2007, for this year's taxes. Davy stated the market value will be set January 2, 2008, for taxes payable in 2009. • Waldron commented the real estate market does not appear to be improving and that he has spoken with Tom Parker, areal estate agent, who indicated that a property located at 1350 Rest Point Curve sold in August of 2007. The property consists of al 500 square foot house, rambler, 70 feet of lakeshore, and sold for $850,000. Waldron indicated in his view that is a good indication of what his . property is worth. White asked how many feet of lakeshore Waldron has. Waldron indicated he has 75 feet of lakeshore and that in his view his property is worth a maximum of $875,000, with little value in the building itself. Waldron requested his valuation from $1,020,000 be reduced to $875,000.. The Orono Board of Appeal directed the Hennepin County Assessor to visit Mr. Waldron's property and review his information. Murphy asked what the tax value would be on a home that is surrounded by properties that are in' foreclosure and whether the formula that the state has been using is going to stand up. Davy stated those cities will likely need to adjust their valuations. 27. Gerald Clark, 870 Windjammer Lane, PID # 07- 117 -23 110012 Clark stated his valuation was for $1,000,041, and requested his valuation be reduced to $750,000 based on what the real estate market is actually experiencing. Clark stated in his opinion the market is going down. • PAGE 14 of 18