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. Cherba noted there is a comparable on Shadywood with a market value of $1.13 million, which sold for $226,000 less than its estimated market value. Another house at 905 Shadywood sold for 65,000 less than its estimated market value. Cherba commented it appears that market values have decreased and questioned why his market value is increasing when the rest of the market is going down. Bremer asked when those sales occurred. Cherba stated the sales were in 2007 and 2008. Bremer noted the 2008 sale would not apply. Bremer indicated the Council does have the sales from . 2007, and by her review it appears the majority of the sales sold above their estimated market value. Bremer noted all four of the properties on the lake sold for more than their estimated market value. Bremer stated in her view in 2009 the City will -see more homes being sold for less than the estimated market value due to the real estate market. Cherba stated it is frustrating for the property owners when their taxes keep increasing even though no improvements are being made. The Orono Board of Appeal directed the Hennepin County Assessor to visit Mr. Cherba's property and review his information. 30. . Robert Hanning, 4220 County Road 6, PID #31- 118 -23.12 0015 Hanning asked what his estimated market value is. Davy stated the estimated market value is an estimate of what the property would sell for as of January 2, 2008. Hanning stated it is very clear that the estimated market value is too high given the number of people that have appeared tonight. If a comparison is done to his neighbor's house, the only difference is the age of the residences. Hanning stated in his opinion the values are substantially wrong across the board. Hanning indicated he did speak with Mr. Skulc, but that if estimated fair market value is what they are being taxed on, the Assessor's Office needs to face reality and acknowledge that property values have decreased. Murphy stated in approximately nine months the City is going to know for sure how much the property values have diminished. Davy stated there was approximately a 15 to 20 percent of the City who saw a reduction in their market value. Davy acknowledged they are in a different market but that he cannot predict what the sales will be like in the coming year. • n U Hanning stated in his view there is enough evidence to show that values have decreased and that the valuations should be decreased. His estimated market value is $780,000 and it is very doubtful he would be able to get $780,000. Hanning asked why he is being asked to pay an extra $1000 this year. • PAGE 16 of 18