04-18-2007 Council Minutes Board of Appeal & Equalization

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MINUTES OF THE ORONO BOARD OF APPEAL AND EQUALIZATION Wednesday, April 18, 2007 7:00 o'clock p.m. 4. Don Chase, 365 North Ferndale Road, PID 36- 118 -23 41 -0002 Don Chase stated he resides on the border of Wayzata, Plymouth and Orono, which may have some bearing on his valuation. Chase indicated his taxable market value in 2006 was $433,000 and this year it went to $571,000, which is over a 33 percent increase in two years. Chase stated twenty -three appraisals have been completed on comparable properties within the relevant time period and those appraisals have been provided to the assessor's office. The appraisal on his property was $430,000 as the low and $441,000 as the high. Chase requested his market value be reduced to the $431,000. . Chase stated he did speak with Mr. Kunik, who also reviewed the appraisals, and that Mr. Kunik indicated there was a comparable property located on Chevy Chase. The Chevy Chase property has a square footage of 3600 square feet and his home is 2600 square feet, which includes a partially unfinished basement. Chase stated the Chevy Chase property is not a good comparable, and that if that property was going to be used as a comparable, the figures should have been prorated. If that had been done, the selling price of the Chevy Chase home would be at $425,000, which is in the range that he is speaking of for his house. Chase stated there were also some Orono sales after the time period that also fell within the same range. Chase requested his market value be adjusted down to $431,000. Mr. Kunik stated the Ferndale property was the sale that caused Mr. Chase's valuation to increase. • Kunik noted Mr. Chase's land value increased and that Mr. Chase's property is larger than the Ferndale property. Kunik stated the assessor's office was willing to reduce Mr. Chase's valuation but not down to the $431,000. Davy stated there were a number of properties that were located in Plymouth on smaller lots and that there were two very good comparables. Davy indicated the property on Myrtlewood was a good comparable as well as 85 North Ferndale, which sold for $485,000 this last November. Mr. Chase stated that his home is not within the parameters the state is supposed to use. Chase stated the Myrtlewood home is approximately the same footage but the house has been totally remodeled and is located on 1.5 acres. Chase noted his property consists of slightly less than one acre. Davy stated he felt the $571,000 was on the high side and that $540,000 was a more reasonable value, which is what Hennepin County agreed to reduce the value to. Davy stated the $430,000 is unrealistic for what properties are being sold at. Chase stated he does not have the information on 85 North Ferndale. Davy stated he would be happy to provide that information to Mr. Chase and discuss his valuation with him. Chase noted his basement is not finished. The Orono Board of Appeal directed the Hennepin County Assessor's Office visit Mr. Chase's property. • PAGE 4