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MINUTES OF THE RECONVENED BOARD OF REVIEW <br />MEETING HELD ON MAY 12,1997 <br />( #3 Public Comments - Continued) <br />Mosley asked on what basis the increased value is determined. • <br />Kelley noted that the appraised value of Mosley's property increased on an average of <br />2.88% each year, which is in line with the real estate market. <br />Mosley said the assessed value increased 58% in four years but based it on the assessed <br />value at the time he purchased the property. Jabbour clarified that the value of the <br />property is adjusted to the sales price at the time of purchase. He noted that the assessed <br />value and sales price eventually meet. <br />Mosley was informed that he would be required to have a professional appraisal if he <br />took his appeal to court. Erickson said Mosley would be given the opportunity to drop <br />the appeal if the County's appraisal was higher than the assessed value. <br />Erickson informed Mosley that the properties within Orono are diverse making <br />assessments difficult at times. <br />Kelley noted that the main value of properties is in the land itself. <br />Jabbour indicated there are many properties that are torn down and rebuilt. Mosley said <br />his property is limited in the size of the footprint for any type of expansion. • <br />Erickson said individual properties are reviewed every four years for updating of assessed <br />value. <br />Council action: Goetten moved, Peterson seconded, to adopt the assessment schedule <br />as presented with the addition of the six properties noted above. Vote: Ayes 5, Nays 0. <br />ADJOURNMENT <br />Mayor Jabbour adjourned the meeting at 6:45 p.m. <br />.� <br />bbour, Mayor <br />ATTEST: <br />is <br />