04-19-2006 Council Minutes Board of Appeal & Equalization

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MINUTES OF THE 1 ORONO BOARD OF APPEAL AND EQUALIZATION Wednesday, April 19, 2006 7:00 o'clock p.m. • depreciated rather than appreciated due to the long time it sits on the market. Danko inquired whether this is being addressed in the valuation. Davy stated that sales are stratified based on all the sale price levels. Danko stated she does not feel this is a good valuation for her property since million dollar houses have decreased in valuation due to a surplus of that type of home. Danko stated the selling price of those homes would have to be reduced in order to sell the house. Murphy commented about an article related to the whole metropolitan area and that the real estate market is reaching a point where the higher- priced homes are not selling as quickly. Murphy stated the City of Orono has not experienced the problem of million dollar plus houses sitting on the market for a long period of time. Davy indicated he would take a look at the information that the property owner brought. Danko stated one comparable is the house on Fox Street that is valued at $2.5 million, with the taxable being $1,812,000. Danko stated that property has an indoor pool and other nice amenties. Danko stated a real estate agent would bring comparables to her when she goes to sell her home and requested that the assessor review the comparables that she has brought. Davy indicated that he would take a look at the information. Murphy inquired why the lot with the residence on it is being classified as lakeshore since it is not • located on the lake. Davy stated that area is one section of the city where the homes have a lot across the street that gives them access to the lake. Murphy stated he does not understand why, if there are two tax ID codes on these properties, they would still be considered as one property. Danko stated the actual piece that is located on the lake has no value to her. McMillan commented that the lot on the lake is nonbuildable. Murphy inquired whether these property owners would be taxed separately on the lots. Davy stated they would get two separate tax statements and that it is valued somewhat less as if the home were located on the lake. Davy stated the assessor's office still has to value that access to the lake. Danko stated County Road 15 runs between the• two- lots and-that the•lotwith her - residence on Lit is -not- - lakeshore and that she would not cross the busy road to use that lot. White stated in Orono those two lots would need to be sold together because a dock cannot be put on a lot without a principal residence. 0 PAGE 4