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MINUTES OF THE RECONVENED BOARD OF REVIEW MEETING <br />HELD MAY 11, 1998 <br />would be paid on the full valuation of $270,000. One - fourth of the difference between the new value <br />and the old one is taken over four years. The full market value will be listed, but taxes will be paid <br />on the limited value. The 40% increase is taken over four years, beginning at $203,000. Each year <br />the increase is roughly 10 %. <br />Kane felt the 40% increase was out of line with the normal taxation in the County. Jabbour <br />responded that there is not a normal amount in Orono as sales vary greatly. <br />Erickson suggested that Kane contact the County Board of Equalization to do a more in -depth <br />appraisal of the property. Jabbour cautioned Kane to be aware of all his options and implications <br />in proceeding with further appeals. Erickson noted that any changes the County would make to the <br />market value would not affect the limited value at $203,000. Erickson added that the legislature <br />created the limited value as a protection for property owners so they wouldn't have large increases <br />all in one year. <br />Jabbour reiterated that -the Council was not in a position to change the market value. He suggested <br />Kane talk to Erickson if he had any further questions. <br />COUNCIL ACTION ON ASSESSOR'S RECOMMENDATION • <br />Goetten moved, Peterson seconded, to accept the City Assessor's recommendations for the 1998 <br />Board of Review. Vote: Ayes 5, Nays 0. <br />ADJOURNMENT <br />Kelley moved, Goetten seconded, to adjourn the Reconvened Board of Review adjourned at 6:44 <br />p.m. <br />Gabrie Jabbour, Mayor <br />ATTEST: <br />Lin Vee, City Clerk <br />2 • <br />