05-09-1985 CC MIN - BOE - Laserfiche WebLink

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~ BOARD OF EQUALIZATION MEETING OF THE ELK RIVER CITY COUNCIL HELD AT TIlE SHERBURNE ADMINISTRATION BUILDING - COMMISSIONER'S ROOM THURSDAY~ MAY 9~ 1985 Members Present: Mayor Hinkle~ Councilmembers Schuldt, Williams and Gunkel. Councilmember Engstrom arrived at 9:30p.m. Members Absent: None The meeting was called to order at 7:00 p.m. by Mayor Hinkle. Mayor Hinkle introduced the City Council and County Assessors, Ty Bisc.hoff and Jerry Kritzek, to members of the audience. Ty Bischoff explained the purpose of the meeting and the procedure for reviewing the 1985 assessed valuations for property in the City of Elk River. Mr. Bischciff ~e:g,plained that it has taken four years for Assessor Jerry Kritzek, to complete the assessed valua- tions for the entire City of Elk River beginning with the 1980 legislation ordering the assessment of property on a yearly basis. Therefore, some properties that were done most recently has not been assessed for quite some time and received a more sub- standial increase in their assessed valuations. Councilmember Williams questioned whether or not surrounding properties were taken into account when establishing property valuations. Jerry Kritzek stated that generally, if the surrounding land values and zoning is the same, the assessed valuation would remain consistent, however, if a higher grade home is located in a neighborhood where the homes are in a deteriorated condition, the higher grade may be depreciated somewhat. Ty Bischoff explained that a more competitive reassessment of apartment buildings in Elk River has been completed this year at the direction of the State of Minnesota Revenue Department. Mr. Bischoff stated that the ratio between the market value and the assessed valuation for property of this type should be between 80 and 90 percent. At the present time, based on recent apartment building sales in the City, the market value versus the assessed value is approximately 58 percent. Therefore, there has been quite an increase in the assessed valuation for the apartment properties. A sign-in sheet was used for property owners that were present to discuss the assessed valuation of their property for 1985, with the City Council. The following names appeared on the list: Richard Goetz Bruce Goetz Lyman Marshall Donald and Delles Singer Ernest Toth Wilber Taylor Earl Hetrick Milo Hennemann John E. Nicholay Peter T. Rob VanValkenburg Warren Williams