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1989 RECONVENED BOARD OF REVIEW <br />lake access. Mr. Bernier stated he has no lake access because <br />of the low lake level. Mr. Erickson stated that in 1988 before <br />the lot line rearrangement the land was valued at $112,000 and <br />is valued at $158,000 for 1989. Councilmember Goetten asked Mr. <br />Erickson what would happen if the Board reduced the entire City <br />to the 1988 market values. Mr. Erickson stated the County would <br />not allow such an action and would raise the valuations. He <br />stated the Board can reduce values by 1% of the total value of <br />the City, noting the total City value is $400 million. Hennepin <br />County is not accepting the action by the City of Minnetonka's <br />Board where they reduced the entire City's 1989 market value by <br />1 %. Administrator Bernhardson stated the Assessor has lowered <br />some values, the persons present tonight are most likely persons <br />who did not agree with the Assessor's valuation. Mr. Erickson <br />stated there could be some relief from the State in the form of <br />a 10% cap on market value increases or some other type of <br />relief. <br />It was moved by Mayor Grabek, seconded by Councilmember Peterson <br />to accept the Assessors 1989 market value. Motion, Ayes 5, Nays <br />0. The Board reminded Mr. Bernier of his right of appeal to the <br />County Board. <br />4. Thomas Sarenpa, 1670 Shadywood Road <br />P.I.D. 17- 117 -23 32 0015 <br />Mr. Sarenpa stated he lived on Shadywood Road north of the • <br />bridge. After a revaluation by Mr. Erickson the 1989 market <br />value is now $177,000. Mr. Erickson stated that he had <br />depreciated the house considerably because of age and lack of <br />footings on portions of the structure, stating the value is <br />based on sales data. Councilmember Callahan asked Mr. Erickson <br />why land values can vary in the same neighborhood. Mr. Erickson <br />stated that site values can vary depending on their depth or <br />road location. <br />It was moved by Mayor Grabek, seconded by Councilmember Nettles <br />to accept the Assessor's 1989 market value. Motion, Ayes 5, <br />Nays 0. Mr. Erickson stated that anyone who feels aggreived <br />should hire a real estate appraiser and go to Court, stating our <br />appraisals are done on a mass appraisal basis. <br />5. Robert Merkow, 2340 Abington Way <br />P.I.D. 03- 117 -23 23 0011 <br />Mr. Merkow asked where citizens can get a copy of the State laws <br />relating to market value. Mr. Erickson stated that it is <br />available at public libraries. Mr. Merkow stated market value <br />can have many different definations; purchase price, appraisal <br />value, mortgage value, etc. He requested the Board reduce his <br />1989 valuation from $393,000 to $300,000 or $325,000. He stated <br />he had purchased the property for $425,000 but felt he could not <br />sell the property for that amount. <br />It was moved by Mayor Grabek, seconded by Councilmember Nettles, • <br />to accept the Assessor's 1989 market value. Motion, Ayes 5, <br />Nays 0. <br />2 <br />