04-24-1996 Council Minutes Board of Review Meeting

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MINUTES OF THE BOARD OF REVIEW MEETING HELD APRIL 24, 1996 • Jabbour noted that there are other taxing districts such as the schools and County which receive the majority of the tax dollar. The City of Orono only collects $.14 of every $1.00. Hurr asked about the law relating to houses 65 year old or more. Erickson explained the "This Old House" law which allows the value of qualifying improvements to be excluded for 10 years from taxation and added in over the :iext 5 years. Hurr asked if valuations could be reduced less than the previous year. Erickson responded that there were no restrictions. Steven Beck, 2795 Shadywood Road. #21- 117 -23 310002 - His 1996 valuation states $354,000 and he feels $340,000 would be appropriate. He noted that the estimated market value went up $16,000 while the limited market value went up $31,000 and asked for an explanation. Erickson responded that the limited market value is a carry-over from previous years and that the increase cannot be more than 10% per year by law. Beck explained that he has a unique property right on the narrows, noting excessive boat traffic, snowmobiles and milfoil as negatives for selling his property. The 1995 valuation was $338,000 and went up to $354,000. The limited value went from $306,900 to $337,600. He paid $345,000 fc,r the property two years ago. Katherine Fox 1095 Ferndale Road West. #02- 117 -23 43 _0023 - The 1997 valuation will be • $678,000. She explained that it was a little old house that has been added onto by previous owners. It is very close to the lake with a large boggy area making it not buildable. She thought the value would be about $500,000. They have approximately 150' of lakeshore with an adjacent vacant lot. They do not homestead the property. Lois Hudlow, 3438 Lyric Avenue. #17-117-23 43 0077 - The 1997 valuation is at $59,000 and went from $51,000 in 1994 to $56,000 last year. Her home is behind the main Navarre business district. She has had two real estate agents review the property and they did not think it would sell for $59,000 but between $51,000 and $55,000. She added that there is no basement on this 50' lot and no room for improvements. Even though the property is considered lakeshore residential, it is not near the lake. She thought $55,000 would be a reasonable valuation. She thought financing would be a problem for a buyer because it would not qualify for FHA or VA. Erickson commented that realtors are not licensed to do appraisals and can only do a market analysis for listing purposes. John Ericson 1620 Shadywood Road. #17- 117 -23 21 0012 - The market value for this year's statement is $292,600 with the estimated at $302,000. In 1993 the value was at $240,000; 1994 at $261,000; and 1995 at $266,000 making this year's increase $26,600 which is excessive. He thought a fair value would be $275,000- 280,000. The house was built in 1910 and remodeled in 1988. Jabbour commented that two years ago the Board did reduce the valuation. 2 0