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„_ <br />CITY OF ORONO <br />Local Board of Appeal and Equalization <br />Wednesday, April 21, 2010 <br />7:00 o'clock p.m. <br />refinancing process they were requested to obtain an appraisal by the mortgage company. The appraiser <br />is a person who has lived in this area. <br />Humphrey indicated the real estate appraisal was very thorough and the appraiser arrived at a figure of <br />$850,000. The Hennepin County Assessor's Office says that the property is worth $1.243 million, which <br />is a huge disparity of almost $400,000 from the real estate appraisal. Humphrey indicated in his view the <br />appraiser has undervalued my property slightly and the County has overvalued the property. Humphrey <br />indicated he would be willing to split the difference. Between 2008 and 2009, Humphrey indicated his <br />property taxes went up 40 percent. <br />Humphrey stated the assessor did visit his property and reduced his valuation by $50,000 less than what it <br />is currently valued at. Humphrey indicated in his opinion there are two areas of disparity. One is the <br />difference between the independent appraisal and the county appraisal. The other point of disparity is the <br />increase in 2008 and 2009. <br />Humphrey stated he would like the assessor to revisit his property. The realtors he has spoken to have <br />said that lake property has dropped 20 to 25 percent. Humphrey stated if that is indeed the case, his <br />property, based on the local appraisal of $1,059 million, would probably sell for between $869,250 and <br />$927,200, but that his valuation is at $1,043 million, which is another huge disparity. <br />Kunik stated the 20 to 25 percent decrease is probably the difference between the initial listing prices of <br />the properties and what they sold for.. <br />Humphrey stated that percentage was based on the sale price of the properties and not the listing price. <br />Humphrey indicated he does have an appraisal that he would like the Assessor's Office to review. <br />Written letters submitted: <br />Cornelia Klitzke, 555 Oxford Road. <br />ADJOURNMENT <br />Murphy moved, Franchot seconded, to adjourn the Orono Local Board of Appeal and Equalization <br />at 8:24 p.m., and to reconvene the hearing on Wednesday, May 5, 2010, at 7:00 p.m. VOTE: <br />Ayes 3, Nays 0. <br />ATTEST: <br />in a S. Vee, City Clerk <br />LJ tZ5-- <br />a s M. White, Mayor <br />PAGE 6 of 6 <br />• <br />• <br />