04-24-2002 Council Minutes Board of Review

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MINUTES OF THE ORONO BOARD OF REVIEW HEARING Wednesday, April 24, 2002 • 7:00 o'clock p.m. ROLL The Orono Board of Review met on the above date with the following members present: Mayor Barbara Peterson, Council Members Richard Flint, Jim White, and Jay Nygard. Council Member Bob Sansevere was absent. The following represented City Staff. City Administrator Ron Moorse, Hennepin County Appraiser Kim Jensen, Hennepin County Appraiser Kevin Wynn, and Recorder Jackie Young. Mayor Peterson called the Board of Review hearing to order at 7:03 p.m. APPEALS Jensen stated the valuations are arrived at by studying the market and by doing market ratio studies of sales through the City of Orono. Those assessments are turned into the Hennepin County Review Board, which reviews the assessments to insure that certain standards are being met. Jensen indicated the Metropolitan Council has moved their affordable housing figure from $135,000 to $170,000, with market values across the metro area increasing on average 12 to 15 percent. Commercial properties have experienced an average increase of 5.2 percent, apartment buildings 16.7 percent, off -lake residential properties experienced an average increase of 10.8 percent, and lakeshore properties experienced a 13.9 percent increase. • Jensen stated each year the Hennepin County Assessors Office conducts a sales analysis to determine what type of valuation changes need to occur. Jensen stated the values are based on sales from October 1, 2000 to September 30, 2001, with the overall valuation of properties in the City needing to be between 90 percent and 105 percent of the valuation determined through the sales analysis. Jensen indicated following a comparison of the estimated market value to the sale price of the properties, they found that the market values were low and needed to be adjusted. Jensen stated each year the Hennepin County Assessors Office looks at one -fourth of the City, with this year being slightly different since the Assessor's Office was in the process of a quality conversion that has updated its building quality grade system to expand. Jensen stated approximately 50 percent of the properties were reviewed prior to the valuation notices being mailed. Jensen stated the County Assessor's Office will be looking at the remaining 50 percent to see that they have been converted correctly. Jensen stated in total they received calls from 140 people; with 64 total reviews being conducted, changes to valuations being 53 and no changes being 11. Jensen stated if after reviewing the valuation the property owner was not satisfied with the valuation, they were informed they could bring their concerns up at the Board of Review hearing. Jensen stated by appealing to the Board, the assessor will review the information on file regarding the property. The property owner may request that the assessor visit the property and provide information on how that valuation is obtained. After reviewing the property, the assessor brings his findings back to the local Board for their approval, and the property owner may appear at the reconvened Board of Review if he is still dissatisfied with the valuation assigned to the property. The property owner may also choose to appeal the local Board's decision by appearing before the County Board of Equalization and Minnesota • Tax Court is always available. PAGE 1