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

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. . ~ Board of Equalization Minutes May .J9t 1985 Page Two 1. Richard and Bruce Goetz Mr. Richard Goetz indicated that he and his son, Bruce, each owned a 20 acre parcel in the South half of the Northwest quarter of Section 1. Mr. Goetz in- dicated that he had paid $20,000 for the 20 acre parcel and that he was being assessed for 19 acres because one acre was taken up by a county road and the assessed valuation for the 19 acres was $22,800. Mr. Goetz further indicated that his son's property was assessed for 20 acres at $24,000. The Goetz's expressed their feeling that the assessed valuation was too high, based on the sale price of the property. Ty Bischoff indicated that the sale price of one parcel of property did not determine the market value for all parcel of equal size and type in the City. He further stated that the mean is based on many sales of comparable property. Mr. Bischoff explained how agricultural property values were determined and explained the Green Acres process. The Goetz's indicated that they were not aware that they could have maintained Green Acre status on their property. Mr. Bischoff stated that the Green Acres status could have been continued by filing for the continuation within 30 days of the sale. Since this had not been done, they must homestead the property or they must own it for 7 years before they could apply for Green Acres. Mr. Bischoff indicated that the valuation had already been dropped from $1,500 per acre to $1,100 per acre. Councilmember Williams questioned the actual dollar amount of difference in taxes payable in 1986, if the property were assessed at $22,800 versus $20,000. Mr. Kritzek indicated that the amount of difference was $75,00. Mayor Hinkle indicated that he felt the $1,200 per acre was a fair valuation when compared to other 40 acre parcels within the City of Elk River. COUNCILMEMBER GUNKEL MOVED THAT THE VALUATION FOR THE PROPERTIES OWNED BY RICHARD AND BRUCE GOETZ REMAIN THE SAME. COUNCILMEMBER SCHULDT SECONDED THE MOTION. THE MOTION PASSED 5-0. 2. Lyman Marshall Mr. Marshall indicated that he was the owner of a 24-unit apartment building on Baldwin Avenue named Bal-Moral Apartments. Mr. Marshall stated that he had received a 47 percent increase in assessed valuation over 1984. Mr. Marshall stated that the assessed valuation for his property in 1984 was $427,000 and that 1985 assessed valuation was $632,000, a difference of $205,000. Mr. Bischoff indicated that all the apartment properties in Elk River had been reappraised after prodding by the Department of Revenue for the poor sales ratios. Mr. Bischoff further indicated that a certificate of real estate sales had to be filed with the State of Minnesota Revenue Department when a piece of property was sold. The Certificate of Real Estate Sale shows the purchase price of the property. The sales ratio was approximately 58 percent and should be between 80 and 90 percent.