04-16-2008 Council Minutes Local Board of Appeal & Equalization

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1 • ROLL • C, 2008 LOCAL BOARD OF Wednesd 7:00 ES OF THE PPEAL AND EQUALIZATION , April 16, 2008 clock p.m. The'Orono Board of Appeal and Equalization met on the above - mentioned date with the following members present: Mayor James White, Council'Members James Murphy, Lili McMillan, Cynthia Bremer., and David Rahn. Representing Staff were Finance Director Ron Olson, Hennepin County Senior Appraiser William Davy, Hennepin County Appraiser Nathan Stulc, Mike Gaffron, and Recorder Jackie Young. Mayor White called the meeting to order at 7:07;p.m. APPEALS White stated the purpose of tonight's meeting is to help property owners determine whether they are being assessed a fair valuation for their property, White noted the Orono Board of Appeal and Equalization does not determine whether the person is being taxed fairly according to his or her income. White indicated this meeting will be recessed later tonight in order for the Board to receive any subsequent reports from the County Assessolr. Mr. Davy, Hennepin County Assessor's Office, 'Stated the Assessor's Office, in determining this year's valuations, took actual sales starting from October 1, 2006, and going through September 30, 2007. The City experienced 77 sales in 2007. The sales prices are then compared to other homes throughout the City to determine whether those homes are of a certain ratio as compared to the market price received. The City is required to meet a medium ratio of the sales, which is 95 to 96 percent of the sale price. In 2007, half of the homes fell below '95 percent and half were above 95 percent. In 2008, Davy noted that the majority of the homes within the city were valued at the 94, 95 percent ratio. Davy stated the sales in 2008 will help determine what the values will be in 2009. Davy noted that we are in a different market and that may require a reduction in 2009 valuations. Murphy noted the valuations are based on Davy stated people who did not experience an have seen the taxable limited value increase in cap for 2008 was kept at 15 percent. In 2001, Legislature extended it to 2009. Davy indicat 2009. Davy explained the process that would be fo opportunity to discuss their valuation. Davy process, with the third step being to appear b 1. John and Cheryl Uran,120 Big Mrs. Uran stated their estimated market value is $525,000. The back of their property is located the boats congregate on the weekends. Approxii sales and not on what the houses are listed at. crease in their actual estimated market value may . me cases. As determined -by the state legislature, the cap was scheduled to end, but the Minnesota that every house will be at the full market value for d tonight, with each property owner being given the I tonight's meeting is the second step in the appeal the Hennepin County Board of Appeal. PID 23- 117 -23 22 0018 '00,000 and in their view it should be reduced to an area of Big Island called Cruisers Cove where all .tely 100 boats congregate there starting on Friday PAGE 1 of 18 . I .