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050503 CC Br AgP CITY OF SHOREWOOD BOARD OF REVIEW MONDAY, MAYS, 2003 S7SS COUNTRY CLUB ROAD COUNCIL CHAMBERS 7:00 P.M. AGENDA 1. RECONVENE BOARD OF REVIEW MEETING A. Roll Call Chair Love_ Garfunkel_____ Lizee _ Zerby _ Turgeon _ B. Review Agenda 2. APPROVAL OF MINUTES A. Board of Review Meeting Minutes of April 21, 2003 (Att. - Minutes) 3. CONSIDER ADJUSTMENTS TO APPELLANTS' VALUATIONS 4. SET DATE TO RECONVENE (IF NECESSARY) S. ADJOURN DRAFT BOARD OF REVIEW CITY OF SHOREWOOD MONDAY, APRIL 21, 2003 5755 COUNTRY CLUB ROAD COUNCIL CHAMBERS 7:00 P.M. MINUTES 1. CONVENE BOARD OF REVIEW MEETING Chair Love called the Board of Review meeting to order at 7:02 P.M. A. Roll Call Present: Chair Love, Boardmembers Garfunkel, Turgeon, and Zerby; Administrator Dawson Absent: Boardmember Lizee B. Review Agenda Administrator Dawson explained that the purpose of the a Board of Review tonight whose purpose was to examine property valuations and hear concerns brought forward by residents regarding proposed valuations for their property. He stated that the property tax system was established by the Minnesota State Legislature, and the Board of Review could consider all issues regarding valuation to be remedied no later than twenty days from this date. Administrator Dawson explained that although this property valuation may form the basis for property taxation, it does not necessarily correspond to property taxation increases. He explained that the City had contracted with Hennepin County to perform assessment of property valuations. He also explained the procedures to be utilized in this meeting and noted the Board could approve the valuation, make changes to the valuation, or suggest the appellant work to remedy the areas of concern with the assessors. As a result, he anticipated the Board of Review would be holding another meeting in approximately one week to hear progress made on issues brought forth this evening, which would be decided later in the meeting. Chair Love explained that the next step in the process was for the assessors to review the cases, meet with the appellants, and provide comparables for discrepant properties. He then introduced City Assessors, Bill Davy and Tom Kunik, of the Hennepin County Assessors Office. 2. PRESENTATION BY HENNEPIN COUNTY ASSESSOR Mr. Davy explained that state law requires that the estimated market value of each property be established as of January 2nd of each year. Estimated market value is defined as the most probable price which a property should bring in a competitive and open market assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for sale and assuming for prices not affected by undue stimulus. BOARD OF REVIEW MEETING MINUTES April 21, 2003 Page 2 of6 Administrator Dawson stated that approximately one-fourth of the properties are reviewed by the assessors each year and asked Mr. Davy to explain what areas of Shorewood were reviewed and the general changes in property valuation that were determined. Mr. Davy stated that the properties approximately east of Eureka Road, south of County Road 19, and south of Excelsior were reviewed. He also explained that there were many factors, such as size of the building and quality of the structure on the property, involved in providing an accurate assessment. The sale study period began from October 1, 2001, and ended on September 30, 2002. In the fall of 2002, the Hennepin County Assessor's Office ran ratio studies for each city in Hennepin County and compared actual sales to what they had been valued at as of January 2, 2002. Then the property valuations are adjusted based on the comparison results, along with all similar properties, in order to create the growth reports. Mr. Davy reported that residentiallakeshore properties averaged approximately 15% adjustments and residential off-lake properties averaged 8.1 %. The overall rate of adjustment for the City of Shorewood was approximately 11 %. State law requires that all properties be valued at their appropriate market value amount regardless of whether they are on the market. Mr. Davy also explained the steps of the appeal process in first appearing before this Board of Review, then appealing to the Hennepin County Board that meets on June 16, and finally, before the Minnesota State Tax Court if the issue remains unresolved. Chair Love stated that the Board's job was to examine and evaluate the process with the assessor so that fair market value is established for the properties. The purpose of the Board is not to set taxes and it has no control over any taxes that have been set. 3. APPEALS BY RESIDENTS John Bridge, 25810 Birch Bluff Road, PID 34-117-23-22-0018, stated that the information he had gathered suggested that the estimated market value assigned to his home was too high. Mr. Bridge presented MLS sheets to the Board listing property valuation of houses within five homes of his own. One home was listed last August for $849,000 and sold for $829,000. Mr. Bridge's home was set on a cliff next to the lake with approximately 77 steps to the lake and considered to be a disadvantage to the children and the elderly. The second house near Mr. Bridge's sold on December 1, 2002, and only sold after 241 days on the market with a list price of $798,000. Chair Love asked Mr. Bridge ifhe had talked directly to the tax assessor regarding the valuation of his home. Mr. Bridge stated that he had talked to Mr. Davy but that he had no visit from the assessor. He provided the Board with the information from houses comparable to his own in order to correct his own estimated market value. Chair Love asked Mr. Davy ifit was possible to visit Mr. Bridge's property although he acknowledged that the values oflakeshore properties varied significantly. He expressed appreciation to Mr. Bridge for his request. Mr. Davy stated he would examine Mr. Bridge's property. BOARD OF REVIEW MEETING MINUTES April 21, 2003 Page 30f6 Chair Love stated that the Board would hear the report by the assessor regarding Mr. Bridge's property at the next meeting ofthe Board of Review and that Mr. Davy would keep in contact with Mr. Bridge. Raymon Brockhouse, 25960 Birch Bluff Road, PID 29-117-23-44-0012, stated that between 2000 and 2003, his property value has gone up 2.25 times. His next door neighbor had placed his home on the market for 2 years and it finally sold for $625,000. That house was two times bigger than Mr. Brockhouse's home, with a 50% bigger yard. Mr. Brockhouse's home was appraised at $581,000. In January of 2002, Mr. Brockhouse considered the housing market to be flat as there were already 77 other houses listed when Mr. Brockhouse put his house on the market. His house was appraised by ReMax at $650,000. He stated that his home was a glamorized cabin that was 31 years old. Chair Love asked Mr. Brockhouse what was the proposed assessed property value of his home. Mr. Brockhouse stated it was $737,000. Chair Love asked Mr. Brockhouse ifhe had met with the assessor. Mr. Brockhouse stated that he had not met with the assessor but two years ago his house had been visited twice. Mr. Davy stated that there was sufficient evidence for a reassessment of his property. William Colopoulos, 26215 Shorewood Oaks Drive, PID 32-117-23-43-0028, stated that his wife and himself were realtors. His property was not on the lake but in a residential area. No other house in the area had sold at the price of $452,000, which is the current property valuation of his home. The estimated market value of his house last year was $385,000 and this year's valuation is a 19% increase, making it higher than the lakefront and the overall city adjustment rate. The average increase per year in the Lake Minnetonka/MLS district has been 13%, which is largely driven by an 18% market increase from 1998 to 1999. Recent statistics showed an 8.6% increase overall between 2002 and 2001 and a 7.7% increase in 2001 over 2000. He stated that there was not a lot of sales activity as his wife was involved with 6 of the 8 total sales in their neighborhood. The selling price of one neighboring property was $415,000 and its house is approximately the same size as Mr. Colopoulos's house. He stated that his property valuation was too much of an increase. Chair Love instructed Mr. Colopoulos to provide his phone number to Mr. Davy in order to be contacted by the assessor for an assessment. Dennis Regnier, 5250 St. AIbans Bay Road, PID 25-117-23-33-0040, questioned the unusually high rate of 11 % in his property valuation as no properties have sold in his neighborhood for the last three to four years. He stated that he was not questioning the increase but merely the increase rate of 11 %. BOARD OF REVIEW MEETING MINUTES April 21, 2003 Page 40f6 Mr. Davy stated that 11 % was the average rate of adjustment for all the residential properties in the City of Shorewood, with some being adjusted less than 11 % and some adjusted more than that percentage. Chair Love asked Mr. Regnier if he had spoken with the assessor concerning factors that impact property valuation. Mr. Regnier stated that he had not spoken with the assessor previously but that he would like to discuss his concerns with the assessor. Celia Garcia-Hall and Steven Hall, 6195 Deer Ridge, PID 35-117-23-3342, stated that they were not aware of the dates used in determining the current property valuation. They purchased a new home in Shorewood last fall and questioned the current property valuation. As they are relatively new to Shorewood, the Halls had not previously met with the assessor. Mr. Davy stated that the Halls' property transaction was an open transaction and he liked to visit sold houses so that he could compare the property valuations between recently sold properties with surrounding houses. The Halls agreed to an inspection of their property. Mike Hoy, 25480 Smithtown Road, PID 33-117-23-23-0005. stated that his home was valued at $233,000 and he asked whether his house, which was a 1920s farmhouse, qualified for the This Old House exclusion. Chair Love stated that he believed no Shorewood homes have ever qualified for the This Old House exclusion. Mr. Davy stated that the intent of the This Old House exclusion is that costs of home improvements would be excluded from a home's market value for 10 years and then it would gradually be phased in. Mr. Hoy asked Mr. Davy whether the date of the home improvements for the This Old Home exclusion applied to the date of completion of the improvements or the date of application. Mr. Davy stated that the home improvements must be completed 10 years from the time that the application was completed. Mr. Hoy asked ifhe could apply now for the This Old House exclusion. Mr. Davy stated that the program was initiated in 1993 or 1994 and it was now phased out as this past year was the last year that applications were accepted. He also stated that home improvements completed prior to 1993 or 1994 do not qualify for this exclusion. Mr. Hoy also questioned whether his property could be reclassified as a farm as his primary income is derived from the selling of pumpkins that he cultivates on his property. BOARD OF REVIEW MEETING MINUTES April 21, 2003 Page 5of6 Mr. Davy stated that he would contact Mr. Hoy regarding his classification as a farm property and his eligibility for the This Old House exclusion. Cary Robinson, 26995 Marsh Point Court, PID 32-117:-23-23-0009, stated that three years ago when he built his new house it cost $475,000. The latest assessment of his home was $603,000 with a limited market value of $504,000. This represents a 27% increase in adjustment since the house was built. He also stated that the housing statistics showed that sales fell 11 % from January to February 2003, considered to be the largest decline in 10 years as stated by the Commerce Department. He stated that he had his home refinanced and the appraiser from the mortgage company assessed his home at between $525,000 to $540,000. Chair Love stated that Mr. Robinson could exchange phone numbers with the assessor in order to coordinate an assessment of his home. Dale Woodbeck, 26475 Strawberry Court, PID 32-117-23-31-0037, stated that he believed his home was appraised too high as other similar two-story houses in his area had sold for approximately $380,000. His property consisted of 1,900 square-foot, split-level home that was assessed at $403,000. He also stated that he had spoke with Mr. Davy and that he was looking forward to meeting with him soon. Mr. Davy stated that he would reassess Mr. Woodbeck's home. Mike Histon, 26220 Wildrose Lane, PID 32-117-23-12-0032, stated that he did a comparison study of 10 properties that were adjacent to or within one lot of his own home. From his study, he concluded that there was a 36% higher estimated market value for his property than the average estimated market value of the surrounding ones. His house was appraised at $405,000 last year while nearby houses are valued at between $65,000 to $85,000 lower than his own home despite their similarities. Chair Love stated that equity and the determination of a reasonable price were concerns ofthe Board. He asked Mr. Histon ifhe would agree to a meeting with the assessor. Mr. Histon agreed to a meeting. While there was no one present wishing to address the Board, Mr. Daly explained that there were some requests that they had received that wished to be entered into the minutes for this evening as having concerns with the proposed valuations for the properties specified. . Marjorie Yaeger, 5445 Timber Lane, PID 34-117-23-22-0018 . Dean Stinchfield, 19655 Silver Lake Trail, PID 36-117-23-43-0021 . Clifford Whitehill, 19215 State Highway #7, PID 25-117-23-41-0028 . Jim Quandt, (vacant lot issue), PID not given . Jeff Fox, 5270 Howard's Point Road, PID not given BOARD OF REVIEW MEETING MINUTES April 21, 2003 Page 6of6 4. BOARD DIRECTION TO ASSESSOR Without objection from the Board, Chair Love closed the testimony before the Board of Review this evening. - Zerby moved, Turgeon seconded, that the Board close the hearing of additional appeals. Motion passed 4/0. Mr. Davy stated that concerned property owners could continue to meet and speak with the assessors, changes would be made administratively, rather than as a case heard before the Board of Review. 5. ESTABLISH DATE FOR BOARD TO RECONVENE In cooperation with Mr. Daly and Mr. Kunik, the Board of Review agreed to reconvene on May 5,2003, at 7:00 P.M. 6. ADJOURN Turgeon moved, Garfunkel seconded, adjourning the Board of Review Meeting of April 21, 2003, at 7:52 P.M. Motion passed 4/0. RESPECTFULLY SUBMITTED, SUSAN FISCHER Recording Secretary Woody Love, Chair Craig W. Dawson, City Administrator ,~ '- > Hennepin County Assessor Department A-21 03 Government Center Minneapolis, Minnesota 55487-0231 May 05, 2003 Local Board of Review City of Shorewood Dear Board Members: As you requested, we have reviewed the 2003 Estimated Market Value on several properties in Shorewooa. Those properties are listed below with their original 2003 EMV and a recommendation based on the review appraisal. Original 2003 EMV Local Board Action Recommendation 1 Marjorie J. Yaeger 5445 Timber Ln. 34-117-23-22-0018 2 John Bridge 25810 Birch Bluff Rd. 29-117 -23-44-0007 3 Raymon Brockhouse 25960 Birch Bluff Rd. 29-117-23-44-0012 4 William Colopoulos 26215 Shorewood Oaks Dr. 32-117-23-43-0028 5 Dennis P. Regnier 5250 ST. Albans Bay Rd. 25-117-23-33-0040 6 Steven C.Hall 6195 Deer Ridge 35-117-23-33-0042 An Equal Opportunity Employer $806,000 No Change $857,000 $817,000 $837,000 $675,000 $452,000 $425,000 $566,000 No Change $442,000 $409,000 RecycledPaper .11 : Local Board of Review May 05, 2003 Page: 2 7 Michael D. Hoy $233,000 No Change 25480 Smithtown Rd. 33-117-23-23-0005 8 Cary S. Robinson $603,000 No Change 26995 Marsh Pointe Ct. 32-117-23-23-0009 9 Dale A. Woodbeck $403,000 $393,000 26475 Strawberry Ct. 32-117-23-31-0037 10 Mike Histon $492,000 $466,000 26220 Wild Rose La. 32-117-23-12-0032 11 Dean J. Stinchfield $685,000 $635,000 19655 Silver Lake Tr. 36-117-23-43-0021 12 Clifford Whitehill $185,000 No Change 19215 State Hwy. #7 25-117-23-41-0028 13 James J. Quandt $85,000 No Change 22425 Murray St. 34-117-23-44-0059 Sincerely, ~~~ William Davy 7 Senior Appraiser -p;:::: fI1.<~ Thomas Kunik Appraiser SUBJECT INFORMATION SHEET NAME Mariorie J. Yaeger ADDRESS 5445 Timber Tr. PID# 34-117-23-22-0018 PROPERTY TYPE Resid. Lakeshore SALE PRICE N/A SALE DATE N/A YEAR BUILT 1962 STORY HGT. 4-Level split BSMT. FINISHING 80% LOT SIZE 26,554 Sq. Ft. GROSS BLDG. AREA 2116 BATH - DELUXE 1 PORCH - GLAZED GROUND FLR. AREA 1871 FULL 1 SCREENED GARAGE-ATT. 738 3/4 1 OPEN DET. 1/2 DECK 360 TUCKUNDER # OF BEDROOMS 4 # OF FIREPLACES 2 CENTRAL AIR YES WALKOUT YES LAKE SHORE 90 Eff. Feet MISe. COMMENTS No adjustment was made. V ALUA TION 2002 PAY 2003 LAND 500000 BUILDING 190000 TOTAL 690000 ASSESSOR Bill Davv 2003 PAY 2004 590000 216000 806000 RECOMMEND COUNCIL ACTION 590000 216000 806000 DATE May 05, 2003 1 SUBJECT INFORMATION SHEET NAME John Bridge ADDRESS 25810 Birch Bluff Rd. PID# 29-117-23-44-0007 PROPERTY TYPE Resid. Lakeshore SALE PRICE $157,500 STORY HGT. 100 GROSS BLDG. AREA 1417 GROUND FLR. AREA 1417 GARAGE - ATT. DET. TUCKUNDER 520 CENTRAL AIR YES SALE DATE 06/1980 BSMT. FINISHING 20 % BATH - DELUXE FULL 1 3/4 1 1/2 # OF BEDROOMS 3 WALKOUT YES YEAR BUILT 1951 LOT SIZE 38,478 Sq. Ft. PORCH - GLAZED 153 SCREENED OPEN DECK # OF FIREPLACES 1 LAKE SHORE YES MISC. COMMENTS Adjustment was made for value of the site. VALUATION 2002 PAY 2003 LAND 695000 BUILDING 55000 TOTAL 750000 ASSESSOR Bill DavY 2003 PAY 2004 800000 57000 857000 RECOMMEND COUNCIL ACTION 760000 57000 817000 DATE May 05,2003 2 SUBJECT INFORMATION SHEET NAME Raymon J. Brockhouse ADDRESS 25960 Birch Bluff Rd. PID# 29-117-23-44-0012 PROPERTY TYPE Resid. Lakeshore SALE PRICE N/ A STORY HGT. 150 GROSS BLDG. AREA 2259 GROUND FLR. AREA 1691 GARAGE - A IT. 896 DET. TUCKUNDER CENTRAL AIR YES SALE DATE N/A BSMT. FINISHING 50 % BATH - DELUXE FULL 1 3/4 1 1/2 # OF BEDROOMS 3 WALKOUT NO YEAR BUILT 1972 LOT SIZE 29,710 Sq. Ft. PORCH - GLAZED SCREENED OPEN DECK 665 # OF FIREPLACES 2 LAKE SHORE . 98 Eff. Feet MISC. COMMENTS Adjustments were made to the land and the building. V ALUA TION 2002 PAY 2003 LAND 638000 BUILDING 98000 TOTAL 736000 ASSESSOR Bill Davv 2003 PAY 2004 736000 10 1000 837000 RECOMMEND COUNCIL ACTION 625000 50000 675000 DATE May 05, 2002 3 SUBJECT INFORMATION SHEET NAME William Colopoulos ADDRESS 26215 Shorewood Oaks Dr.. PID# 32-117-23-43-0028 PROPERTY TYPE Residential SALE PRICE $243,210 STORY HGT. 200 GROSS BLDG. AREA 2561 GROUND FLR. AREA 1514 GARAGE - ATT. 724 DET. TUCKUNDER CENTRAL AIR YES SALE DATE 08/1991 BSMT. FINISHING 0 BATH - DELUXE 1 FULL 1 3/4 1/2 1 #OFBEDROOMS 4 WALKOUT No YEAR BUILT 1989 LOT SIZE 29,319 Sq.Ft. PORCH - GLAZED SCREENED OPEN 115 DECK 144 # OF FIREPLACES 1 LAKE SHORE NO MISe. COMMENTSAdjustment was made to the building value. V ALUA TION 2002 PAY 2003 LAND 116000 BUILDING 269000 TOTAL 385000 ASSESSOR Bill DavY 2003PA Y 2004 158000 294000 452000 RECOMMEND COUNCIL ACTION 158000 267000 425000 DATE May 05,2003 4 SUBJECT INFORMATION SHEET NAME Dennis P. Regnier ADDRESS 5250 ST. Albans BavRd. PID# 25-117-23-33-0040 PROPERTY TYPE Residential SALE PRICE N/A SALE DATE N/A YEAR BUILT 1989 STORY HGT. 100 BSMT. FINISHING 80% LOT SIZE 83,066 Sq. Ft. GROSS BLDG. AREA 2444 BATH - DELUXE 1 PORCH - GLAZED GROUND FLR. AREA 2444 FULL 2 SCREENED GARAGE - ATT. 796 3/4 OPEN 72 DET. 1/2 1 DECK 642 TUCKUNDER # OF BEDROOMS 7 # OF FIREPLACES 2 CENTRAL AIR YES WALKOUT YES LAKE SHORE NO MISe. COMMENTS No Adjustments were made. Two messages were left with Dennis' son, Rob on 04/23 & 04/28 , No Reply. VALUATION 2002 PAY 2003 LAND 102000 BUILDING 404000 TOTAL 506000 ASSESSOR Bill DavY 2003P A Y 2004 115000 451000 566000 RECOMMEND COUNCIL ACTION 115000 451000 566000 DATE May 05, 2003 5 l SUBJECT INFORMATION SHEET NAME Steven C. Hall ADDRESS 6195 Deer Ridge PID# 35-117-23-33-0042 PROPERTY TYPE Residential SALE PRICE $409,900 SALE DATE 10/2002 YEAR BUILT 1993 STORY HGT. 200 BSMT. FINISHING 10% LOT SIZE 23,200 Sq. Ft. GROSS BLDG. AREA 2460 BATH - DELUXE 1 PORCH - GLAZED 168 GROUND FLR. AREA 1320 FULL 1 SCREENED GARAGE- ATT. 840 3/4 OPEN 45 DET. 1/2 1 DECK 576 TUCKUNDER # OF BEDROOMS 4 # OF FIREPLACES 1 CENTRAL AIR YES WALKOUT YES LAKESHORE NO MISC. COMMENTSAdjustment was made to the building value. VALUATION 2002 PAY 2003 LAND 116000 BUILDING 290000 TOTAL 406000 ASSESSOR Bill Davv 2003 PAY 2004 125000 317000 442000 RECOMMEND COUNCIL ACTION 125000 284000 409000 DATE May 05,2003 6 SUBJECT INFORMATION SHEET NAME Michael D. Hoy ADDRESS 25480 Smithtown Rd.. PID# 33-117-23-23-0005 PROPERTY TYPE Residential SALE PRICE $150,000 STORY HGT. 100 GROSS BLDG. AREA 1486 GROUND FLR. AREA 1486 GARAGE - ATT. DET. 616 TUCKUNDER CENTRAL AIR YES SALE DATE 07/1997 BSMT. FINISHING 0 % BATH- DELUXE FULL 1 3/4 1 1/2 # OF BEDROOMS 3 WALKOUT NO YEAR BUILT 1920 LOT SIZE 83,200 Sq. Ft. PORCH - GLAZED 294 SCREENED OPEN DECK # OF FIREPLACES LAKE SHORE NO MISC. COMMENTS No Adjustments were Made. VALUATION 2002 PAY 2003 LAND 139500 BUILDING 93500 TOTAL 233000 ASSESSOR Bill DavY 2003 PAY 2004 120000 113000 233000 RECOMMEND COUNCIL ACTION 120000 113000 233000 DATE May 05, 2003 7 --~ SUBJECT INFORMATION SHEET NAME Cary S. Robinson ADDRESS 26995 Marsh Pointe Ct. PID# 32-117-23-23-0009 PROPERTY TYPE Residential SALE PRICE $477,830 SALE DATE 08/1999 YEAR BUILT 1999 STORY HGT. 200 BSMT. FINISHING 0% LOT SIZE 19,330 Sq. Ft. GROSS BLDG. AREA 3333 BATH - DELUXE 1 PORCH - GLAZED GROUND FLR. AREA 1895 FULL 1 SCREENED GARAGE - ATT. 794 3/4 OPEN 72 DET. 1/2 1 DECK 274 TUCKUNDER # OF BEDROOMS 3 # OF FIREPLACES 1 CENTRAL AIR YES WALKOUT YES LAKE SHORE NO MISC. COMMENTS No adjustment was made. V ALUA TION 2002 PAY 2003 LAND 153500 BUILDING 410500 TOTAL 564000 ASSESSOR Bill Davv 2003P A Y 2004 160000 443000 603000 RECOMMEND COUNCIL ACTION 160000 443000 603000 DATE May 05, 2003 8 SUBJECT INFORMATION SHEET NAME Dale A. Woodbeck ADDRESS 26475 Strawberry Ct. PID# 32-117-23-31-0037 PROPERTY TYPE Residential SALE PRICE $240,750 SALE DATE 06/1993 YEAR BUILT 1993 STORY HGT. 3-Level Split BSMT. FINISHING 80% LOT SIZE 39,204 Sq. Ft. GROSS BLDG. AREA 1907 BATH - DELUXE 1 PORCH - GLAZED GROUND FLR. AREA 1907 FULL 1 SCREENED 144 GARAGE - ATT. 799 3/4 1 OPEN 108 DET. 1/2 1 DECK TUCKUNDER # OF BEDROOMS 4 # OF FIREPLACES 1 CENTRAL AIR YES WALKOUT No LAKE SHORE NO MISe. COMMENTSAdjustment was made to the building value. V ALUA TION 2002 PAY 2003 LAND 83500 BUILDING 278500 TOTAL 362000 ASSESSOR Bill DavY 2003 PAY 2004 84000 319000 403000 RECOMMEND COUNCIL ACTION 84000 309000 393000 DATE May 05, 2003 9 SUBJECT INFORMATION SHEET NAME Mike P. Histon ADDRESS 26220 Wild Rose La. PID# 32-117-23-12-0032 PROPERTY TYPE Residential SALE PRICE $359,000 SALE DATE 09/1999 YEAR BUILT 1970 STORY HGT. 100 BSMT. FINISHING 80% LOT SIZE 39,204 Sq. Ft. GROSS BLDG. AREA 3079 BATH - DELUXE 1 PORCH - GLAZED 105 GROUND FLR. AREA 3079 FULL 1 SCREENED GARAGE-ATT. 672 3/4 1 OPEN 576 DET. 1/2 DECK 387 TUCKUNDER # OF BEDROOMS 3 # OF FIREPLACES 2 CENTRAL AIR YES WALKOUT YES LAKE SHORE NO MISe. COMMENTSAdjustment was made to the building value. VALUATION 2002 PAY 2003 LAND 116000 BUILDING 329000 TOTAL 445000 ASSESSOR Bill Davv 2003 PAY 2004 115000 377000 492000 RECOMMEND COUNCIL ACTION 115000 351000 466000 DATE May 05,2003 10 SUBJECT INFORMATION SHEET NAME Dean Stinchfield ADDRESS 19655 Silver Lake Tr. PID# 36-117-23-43-0021 PROPERTY TYPE Residential SALE PRICE $557,500 SALE DATE 04/1999 YEAR BUILT 1991 STORY HGT. 200 BSMT. FINISHING 50% LOT SIZE 22,651 Sq. Ft. GROSS BLDG. AREA 2711 BATH- DELUXE 2 PORCH - GLAZED 208 GROUND FLR. AREA 1885 FULL 1 SCREENED GARAGE - ATT. 790 3/4 OPEN 52 DET. 1/2 1 DECK 399 TUCKUNDER # OF BEDROOMS 5 # OF FIREPLACES 2 CENTRAL AIR YES WALKOUT YES LAKE SHORE NO MISe. COMMENTS Adjustment was made for the building value. VALUATION 2002 PAY 2003 LAND 172000 BUILDING 474000 TOTAL 646000 ASSESSOR Bill DavY 2003 PAY 2004 178000 507000 685000 RECOMMEND COUNCIL ACTION 178000 457000 635000 DATE May 05,2003 11 SUBJECT INFORMATION SHEET NAME Clifford Whitehill ADDRESS 19215 State Hwv. # 7 PID# 25-117-23-41-0028 PROPERTY TYPE Commercial SALE PRICE $165,000 STORYHGT. 100 GROSS BLDG. AREA 1192 GROUNDFLR. AREA 1192 GARAGE - ATT. DET. TUCKUNDER CENTRAL AIR YES SALE DATE 10/1996 BSMT. FINISHING N/ A BATH - DELUXE N/ A FULL 3/4 1/2 # OF BEDROOMS WALKOUT YEAR BUILT 1996 LOT SIZE 13,934 Sq. Ft.. PORCH - GLAZED SCREENED OPEN DECK # OF FIREPLACES LAKE SHORE MISC. COMMENTS No adiustments were made to the value. V ALUA TION 2002 PAY 2003 LAND 65000 BUILDING 105000 TOTAL 170000 ASSESSOR Bill Davv 2003 PAY 2004 72000 113000 185000 RECOMMEND COUNCIL ACTION 72000 113000 185000 DATE May 05, 2003 12 . SALE PRICE N/ A STORY HGT. GROSS BLDG. AREA GROUND FLR. AREA GARAGE- ATT. DET. TUCKUNDER CENTRAL AIR SUBJECT INFORMATION SHEET NAME James J. Quandt ADDRESS 22425 Murrav St. PID# 34-117-23-44-0059 PROPERTY TYPE Vacant Land SALEDATE N/A BSMT. FINISHING BATH - DELUXE FULL 3/4 1/2 # OF BEDROOMS WALKOUT YEAR BUILT LOT SIZE 50,361 Sq. Ft. PORCH - GLAZED SCREENED OPEN DECK # OF FIREPLACES LAKE SHORE MISC. COMMENTS No adjustments were made to the land value. V ALUA TION 2002 PAY 2003 LAND 75000 BUILDING TOTAL 75000 ASSESSOR Bill Davv 2003 PAY 2004 85000 RECOMMEND COUNCIL ACTION 85000 85000 85000 DATE May 05, 2003 13 . . . . .- SUBJECT INFORMATION SHEET NAME Jeffrey A. Fox ADDRESS 5270 Howards Point Rd. PID# 30-117-23-44-0009 PROPERTY TYPE Res. Lakeshore SALE PRICE N/A SALE DATE N/A YEAR BUILT 1955 STORY HGT. 100 BSMT. FINISHING 80% LOT SIZE 27,878 Sq.Ft. GROSS BLDG. AREA 1966 BATH - DELUXE PORCH - GLAZED GROUND FLR. AREA 1966 FULL 2 SCREENED GARAGE- ATT. 3/4 1 OPEN DET. 1/2 DECK 640 Sq.Ft. TUCKUNDER 599 Sq.Ft. # OF BEDROOMS 5 # OF FIREPLACES 2 CENTRAL AIR YES WALKOUT YES LAKE SHORE 145 Eff. Ftg. MISC. COMMENTS Homeowners issue is with the mass appraisal methodology. A review of the land value was done. Based on the most recent sale on Howards .POInt, as well as other lake shore sales no change is recommended. VALUATION 2002 PAY 2003 2003 PAY 2004 RECOMMEND COUNCIL ACTION LAND 816000 932000 932000 BUILDING 166000 171000 171000 TOTAL 982000 1103000 1103000 ASSESSOR Bill Davy DATE May 05, 2003 12 . .1 .,;;0;. .. Review Memo Ofa Commercial Building 19215 State Highway No.7 Shorewood, Minnesota PID# 25-117-23-41-0028 To: Local Board of Appeal and Equalization City of Shorewood, Minnesota By: Hennepin County Assessor's Office Report date: April 30, 2003 Name: Camp Coffee Subject address: 19215 State Highway No.7 Shorewood Property ID: 25-117-23-41-0028 Building Size: 1,192 Sq. Ft- gross building area Site Size: 13,934 Sq. Ft Current Use: Retail Age: Actual 1996 Overall condition: Good Brief Description: The subject property is a general commercial building located at south side of State Highway No.7 in Shorewood. It is a one-story concrete block building containing 1,192 Square Feet of gross building area, currently the subject property is use as a retail store selling concession and beverage. The subject site is containing 13,934 Sq. Ft of Land. Present owner purchased the subject property for $165,000 in October 1996. The following is the list of my comparable sales to subject property: # Comparable Sales Date Sale Price Size Adjusted sale price per Sq.Ft 1 3712 Quebec Ave S Feb 1,2002 $128,000 480 Sq. Ft $ 224.77/ Sq. Ft S1. Louis Park 2 4615 Excelsior Blvd Oct 16, 2002 $450,000 1,650 Sq. Ft $278. 83 / Sq. Ft S1. Louis Park 3 6110 Brooklyn Blvd Jun 21,2001 $380,000 2,403 Sq. Ft $173.78/ Sq. Ft Brooklyn Center Year Prop. Tvpe Current Value Total Per foot Recommended Value Total Per foot 2003 Commercial $185,000 $155 $185,000 $155 Review Value Found: Year Market Approach 2003 $185,000 . CONCLUSION: After careful consideration of all the available data, and making adjustments for any differences, the comparable sales indicate a value range of$ 173.78 per Sq. Ft to $278.83 per Sq. Ft. It is my opinion that the market value as of January 2,2003 is $185,000 ONE HUNDRED EIGHTY FIVE THOUSAND DOLLARS *~ Chun- Yin Chong, CMA Junior Appraiser Hennepin County Assessor's Office 2 Subject Property 19215 State Highway No.7 PID# 25-117-23-41-0028 Comparable #1 3712 Quebec Ave S St. Louis Park PID: 17-117-21-33-0099 3 Comparable #2 4615 Excelsior Blvd. St. Louis Park PID # 07-028-24-12-0051 Comparable #3 6110 Brooklyn Blvd. Brooklyn Center PID# 34-119-21-43-0042 4 ,. I Hennepin CountyAssessor's()ffi~~ I Subjec:~P!at Ml'lP I Parcel Information ParcellD 25-117-2341 0028 19215 STATE HWY NO 7 SHOREWOOD Land Area (SQ FT) 13934 This is not a legally recorded map. It represents a compilation and data from City, County, and State road authorities and other ... SUBJECT INFORMATION SHEET NAME Jeffrey A. Fox ADDRESS 5270 Howards Point Rd. PID# 30-117-23-44-0009 PROPERTY TYPE Res. Lakeshore SALE PRICE N/A SALE DATE N/A YEAR BUILT 1955 STORY HGT. 100 BSMT. FINISHING 80% LOT SIZE 27,878 Sq.Ft. GROSS BLDG. AREA 1966 BATH - DELUXE PORCH - GLAZED GROUND FLR. AREA 1966 FULL 2 SCREENED GARAGE- ATT. 3/4 1 OPEN DET. 1/2 DECK 640 Sq.Ft. TUCKUNDER 599 Sq.Ft. # OF BEDROOMS 5 # OF FIREPLACES 2 CENTRAL AIR YES WALKOUT YES LAKE SHORE 145 Eff. Ftg. MISC. COMMENTS Homeowners issue is with the mass appraisal methodology. A review of the land value was done. tlased on the most recent sale on Howards Yomt, as well as other lakeshore sales no change is recommended. VALUATION 2002 PAY 2003 2003 PAY 2004 RECOMMEND COUNCIL ACTION LAND 816000 932000 932000 BUILDING 166000 171000 171000 TOTAL 982000 1103000 1103000 ASSESSOR Bill Davy DATE May 05, 2003 12 ~ .