04-25-2005 CC MIN - BOA - Laserfiche WebLink

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. . . Board of Appeal and Equalization Minutes April 25, 2005 Page 3 Mr. Jacobs stated that farmland close to the Cargill property is valued at $1200 an acre. Assessor Kritzeck stated that the Spects' farm has 119 acres valued at $145,100 and is enrolled in the Green Acres Program. MOVED BY COUNCILMEMBER FARBER AND SECONDED BY COUNCILMEMBER GUMPHREY TO ASSESS AT ONE VALUE OF $7,015 PER ACRE FOR ALL THE PARCELS. MOTION CARRIED 5-0. 4. Michael Wirig, Parcel Identification Number 75-601-0450 Mr. W1rig stated that he purchased this bank owned foreclosure property in November 2004 for $347,000 and the county now has a value of $403,000. He stated that there was extensive damage to the house: holes in the sheetrock, urine and feces from animals on the carpeting, knobs and handles throughout the house stolen, wet bar removed from the basement, etc. He stated that this house sold in 2001 for $370,000. He stated that he has invested about $40,000 in doing repairs and he still needs to redo the basement and yard Appraiser Olson stated that he did not have knowledge of the damages and that he agrees that it should be valued between $347,000 to $403,000. He stated that as of January he is agreeable to a value of $360,000. MOVED BY COUNCILMEMBER DIETZ AND SECONDED BY COUNCILMEMBER MOTIN TO PLACE A $360,000 VALUE ON THIS PROPERTY. MOTION CARRIED 5-0. 5. Russell Anderson, Parcel Identification Number 75-417-0520 Councilmember Motin wished to disclose that Mr. Anderson is a client of his in unrelated matters. Mr. Anderson stated that his home was built in 1956 and his valuation has gone up about $50,000 in the past four years. He was inquiring if at any time there is an adjustment to be made for depreciation. Assessor Kritzeck stated that he is eligible for the limited market value program. Mr. Kritzeck stated that this property has a limited market value of $202,500 and estimated for 2005 at $205,110 and it was estimated in 2004 at the price of $196,100. This is a 4.5% increase which is less than the typical increase for the City of Elk River. Most are at 5%. Appraiser Holmgren stated that Mr. Anderson has a double lot and this is where the difference comes from. His lot is 120' by 120'. The average home value in this neighborhood is $175,000. Mr. Anderson cannot subdivide because the house is in the middle of the lot and as a result of having two lots, valued at 33% more. Assessor Kritzeck feels that this property is assessed appropriately since it has two full lots and that the limited market value situation will level off. MOVED BY COUNICLMEMBER FARBER AND SECONDED BY COUNCILMEMBER DIETZ TO LEAVE THE PROPERTY VALUE THE SAME BASED ON THE RECOMMENDATION OF THE COUNTY ASSESSOR. MOTION CARRIED 5-0.