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City Council Packet 05-15-1989 BOE
rp)City of Plymouth Adding Quality to Life Materials for City Council Meeting 3400 PlymouthPlymouth Blvd • Plymouth, Minnesota 55447-1482 • Tel: 763-509-5000 • www.plymouthmn.gov Ot M I N U T E S BOARD OF REVIEW MAY 8, 1989 The meeting of the Plymouth City Council, sitting as the Board of Review, was called to order by Mayor Schneider at 7:30 p.m. in the Council Chambers of the City Center at 3400 Plymouth Boulevard on May 8, 1989. PRESENT: Mayor Schneider, Councilmembers Vasiliou, Zitur, Ricker, and Sisk, and City Manager Willis, Assistant City Manager Boyles, Finance Director Hahn, City Assessor Hovet, Appraisers Mauderer, Carroll, Toy, and Bye, Assessment Technician Olsson, and City Clerk Rauenhorst ABSENT: None BOARD OF REVIEW Mayor Schneider stated the purpose of the meeting was to review the valuations of all real property within the City, to hear citizens who have complaints with respect to their valuations, and for the Board of Review to make any adjustments which they believe are warranted based upon their independent review. He stated that the central question is not the level of property taxes nor the percentage of increase. The issue is the market value or classification of the property on January 2, 1989. Assessor Hovet stated that this year's ratio studies did not indicate a need for an increase in residential property valuations. Plymouth's median ratio is currently 91.5%. Assessor Hovet stated that notice of the meeting was published in the City's official newspaper, the Plymouth Post, and notices were also posted within the community, and on the City's cable channel. He explained the procedure for those wishing to address the Board and pointed out that final determinations would not be made tonight, but at a reconvened meeting of the Board of Review. City Assessor Hovet introduced his staff. A Minnesota law states that an appeal must be made in person, by a representative, or in writing to the City before the value can be appealed to the County to protect the individual's right to further appeal. He stated he had 8 written appeals which he would read into the record later in the meeting. Mayor Schneider opened the meeting to the public at 7:40 p.m. Leo J. Wisescha, 12210 60th Avenue North, P.I.D. 02-118-22-24-0021, stated that his valuation of $121,900 does not adequately address the negative impact of being located near County Road 10. He stated that Lot 12, Bass Lake Shorewood Hills, at a valuation of $110,000, should be used as a comparable because with similar cubic footage and more baths, it recently sold for $115,000. This home was rejected by the assessing staff as not comparable because of style. Mr. Wisescha also compared his home to a similarly constructed home in Maple Grove which was built and sold at the same time as his home. The valuation of that property is currently $97,400. He stated that this valuation more accurately reflects the value of his home than his current valuation. 0,5 1,5 8 1 (366 r Board of Review May 8, 1989 Page Two Lori Schwartz, 4280 Ximines Lane, Lot 8, Block 2, Robert Middlemist Sixth Addition, stated she purchased her home from HUD on March 1, 1989 for $54,819. Her current valuation is $68,200. She stated that the loud traffic from County Road 9 which is located 50 feet from her home, should be considered when determining the valuation. Ms. Schwartz stated there has been a serious reduction in property values in her area evidenced by the significant number of foreclosures In her cul-de-sac. She requested a reduction in her valuation to $51,250 - her purchase price minus the first year of taxes paid by HUD. Cathleen M. Olson, 4235 Ximines Lane North, P.I.D. 13-118-22-23-0067, requested that the Board review her valuation. She recently purchased her home for $77,500, and the current valuation is $89,900. She shared other recent sales that she felt were comparable. Tony Chen, 5605 Lawndale, P.I.D. 06-118-22-44-0001, reviewed the increases in valuation of his home from 1977 to the present. He requested that his valuation be lowered to $185,000 based on an April, 1989 independent appraisal and that his property status be adjusted to agricultural rather than residential. Rande Yeager, 17405 6th Avenue North, P.I.D. 32-118-22-32-0021, stated the home was sold in 1981 for $276,000. At that time the valuation was $220,000. In October, 1986 he purchased the property for $270,000. The valuation was increased to $251,400 for the 1987 assessment. Last year (1988) the valuation rose to 255,800. He stated that the current valuation has increased due to an inappropriate inflation factor. Mr. Yeager requested that the Board review his valuation based on a recent independent appraisal which valued the property at 225,000. Keith A. Duin, 6150 Dallas Lane, P.I.D. 03-118-22-22-0024, stated that his valuation is 98% of market value. He cited examples from the 1987 Parade of Homes book which showed a lower ratio between valuation and market value in other communities. He requested that the Board review his valuation. Patrick B. Hallisey, 4065 Quantico Lane, P.I.D. 16-118-22-32-0009, stated that he wished to appeal his 1988 valuation, as well as his 1989 valuation. He stated that at last year's Board of Review meeting, the City Assessor stated there was no need for the Board to consider his 1988 valuation because it was going to be considered in tax court. The tax court ultimately reduced his 1987 valuation by 4,600, to a valuation of $130,000. He stated that this year his valuation is 142,000. He stated.that the valuations of the comparables used in court have remained the same. Assessor Hovet stated that the Board cannot readjust the 1988 valuation, however, they could give direction for abatement which would again refer the matter to Hennepin County for a review appraisal. MOTION was made by Councilmember Ricker, seconded by Councilmember Vasiliou, to direct the City Assessor to file an abatement against the 1988 valuation, payable 1989, to the valuation established by the tax court - $130,000. Board of Review May 8, 1989 Page Three Councilmember Ricker explained that statements made at last year's Board of Review meeting could have led Mr. Hallisey to believe that he had done everything necessary to perfect his right to appeal his valuation. Motion carried, four ayes, Zitur nay. Mayor Schneider stated that the Board will consider Mr. Hallisey's comments regarding his 1989 valuation at the reconvened Board of Review meeting. James R. Zook, 16975 30th Avenue North, P.I.D. 20-118-22-31-0038, stated he purchased his property March 1, 1989 for $145,000. His current valuation is 181,300. He requested that the Board consider reevaluation to the $150,000 range, due to the non-functional bath on the second floor and lack of master bathroom which he considers a major flaw in the home. He stated it would cost 20,000 to correct this flaw and change the bathroom. John J. Werr, 10600 43rd Avenue North, P.I.D. 13-118-22-21-0065, stated that he purchased his condominium from HUD last year for $57,900. He described the location of his unit and the resulting traffic and noise. He requested that the Board review his valuation of $70,000, due to the less desirable location of the unit. John F. Lau, Jr., Lau Properties, 13055 15th Avenue North, P.I.D. 27-118-22-44-0039, stated his valuation increased by $110,000 in two years. He noted the limited business use of the structure due to the location and 75' required setbacks. He requested that the Board review his valuation. Assessor Hovet read the following names and P.I.D. Is into the record as having asked for market value or classification review: Bob Klaus, World Carpets, P.I.D. 28-118-22-13-0008 and 28-118-22-13-0007; Garth Lewis, Real Estate Tax Services, P.I.D. 27-118-22-21-0001, 36-118-22-42-0018, 27-118-22-31-0006, and 27-118-22-24-0004; Shirley Shaffer, Southmark Corporation, P.I.D. 36-118-22-43-0017 and 36-118-22-43-0016; Richard Hurt, Property Tax Research Company, P.I.D. 36-118-22-11-0026 and 21-118-22-31-0014; Joyce and Karl Pokorny, 1890 North Troy Lane, P.I.D. 30-118-22-31-0008 and 30-118-22-31-0009; John Duffy, 10850 County Road 15, P.I.D. 36-118-22-23-0027; Joseph P. Van Oss, 14000 and 14010 36th Avenue North, P.I.D. 15-118-22-33-0115 and 15-118-22-33-0114. Mayor Schneider asked if there were other individuals wishing to address the Board of Review. There were none and the meeting was adjourned to be reconvened at 6:00 p.m. on Monday, May 15. City Clerk MEMO CITY OF PLYMOUTH 3400 PLYMX Ii BOLIEVARD, PLYM=, MIN ESOTA 55447 DATE: May 15, 1989 TO: Plymouth City Board of Review FROM: Scott L. Hovet, CAE, City Assessor and Staff SUBJECT: 1989 BOARD OF REVIEW PLAINrIM The following is a list of the property owners in Plymouth who appeared at the May 8, 1989 Board of Review. This is followed by our review and recommendation for each in the order in which they appeared. All plaintiffs have been notified by letter as to our review and reccnuendation prior to the reconvened meeting on May 15, 1989. CLASS OR VALUE Bamms 12210 60th Avenue NM 1. Leo Wasescha 2. Lori Schwartz 3. Cathleen Olson 4. Tony Chen 5. Rande Yeager 6. Keith Duin 7. Patrick Hallisey 8. James Zook 9. John Werr 10. Lau Properties 20-31-0038 Letters #1-8) CLASS OR VALUE Bamms 12210 60th Avenue PRINNU PID# 02-24-0021 BECOMMM No Change 4280 X.imines Lane 13-23-0061 No Change 4235 Ximines Lane 13-23-0067 No Change 5605 Lawndale Lane 06-44-0001 No Change 17405 6th Avenue 32-32-0021 No Change 6150 Dallas Lane 03-22-0024 No Change 4065 Quantico Lane 16-32-0009 No Change 16975 30th Avenue 20-31-0038 Reduction 10600 43rd Avenue #111 13-21-0065 No Change 13055 15th Avenue 27-44-0039 No Change Various See Attached Various 1989 Board of review Plaintiffs Letters Page 2 HM hum= PRIMARY PID# RECOMMM 1. World Carpets 2100 Niagara La. N. 21-13-0007 No Change 2. World Carpets Vacant Lot 21-13-0008 No Change 3. Garth Lewis Various Various No Change 4. Willow Creek Apts. 135 & 235 Nathan La. 36-43-0016 No Change 5. Banner Engineering 9714 10th Ave. N. 36-11-0026 No Change Brown Cavell Corp.15405 Medina Rd. 21-31-0014 No Change 6. K. & J. Porkorny 1890 Troy Lane 30-31-0008 No Change 7. John Duffy 10850 Old Co. Rd. #15 36-23-0046 No Change 8. Joseph Van Oss 14000 36th Ave. N. 15-33-0115 No Change 1989 STAFF REPORT #1 PROPERTY OWNERS NAME: Leo Wasescha PROPERTY ADDRESS: 12210 60th Avenue North PID #: 02-118-22-24-0021 LEGAL DESCRIPTION: Lot 2, Block 2, BASS LAKE SHOREWOOD HILLS 1989 ESTIMATED MARKET VALUE $121,900 1989 REVISED MARKET VALUE No Change ISSUE: Mr. Wasescha believes his property is overvalued due to negative impact of increased traffic and announced conversion of County Road #10 into a 4 lane divided highway. ION: The sales of comparable properties in similar locations indicate the property is not overvalued. An active sales market along County Road #10 denotes a market demand still remains at this time and sale prices on these properties indicate we are not overvalued. No change in value is recommended. Dwelling Style: 1 3/4 Story Year Built: 1981 Square Feet: 912 Sale Price: 103,000 Sale Date: 10-82 1989 Board of Review Page 2 This property was reinspected on May 11, 1989 and included an exterior inspection. This quality home was built in 1981 by Richard Dempsey. It is a 1 3/4 story home with attached garage and full unfinished basement under the entire house and garage. The main floor includes a living room, kitchen, dining roam, den and 1/2 bath. The second floor includes 3 bedrooms and a full bath. There is no bath off the master bedroom. Mr. Wasescha purchased this home at an auction sale on 12-15-82 for $103,000. At Mr. Wasescha's request this property was reappraised for the 1987 assessment, at which time the value was reduced from $121,100 to $116,500 based on a recalculation of the amount of living area on the second floor. The adjusted 1987 market value was increased approximately 5% for the 1988 assessment as was the rest of the neighborhood and city in response to increasing sales prices based on market activity. The 1988 market value of $121,900 has remained unchanged for the 1989 assessment. The current value reflects the location along County Road #10 and the lack of a master bath. Mr. Wasescha has several concerns as to why he believes his market value is overvalued. Refer to attached letter.) 1) Mr. Wasescha had this property appraised for refinancing purposes. The market value was estimated at $117,000 as of 1-2-87. The appraisal estimated the negative impact of County Road #10 to be offset by the positive impact of the "lake rights" via outlot access to Bass Lake) associated with this lot/neighborhood. The lack of a master bath was estimated to have a small negative impact on the value. Generally, an appraisal for refinancing purposes does not attempt to estimate full market value, but rather to support the amount of the mortgage. (copy attached) The appraisal now is nearly 2 l years old. This appraisal is not believed to be indicative of the market value of the subject property. 2) In previous conversations, recent sales prices of homes comparable in style, size and quality, were discussed, and, generally supported the market value of the subject property. The recently sold home along County Road #10 Mr. Wasescha is using for comparison purposes is not believed to be comparable to the subject as it is a 25 year old rambler vs Mr. Wasescha 's nearly new 1 /34 story home. Recent sales prices of comparable homes located along County Road #10 and County Road #18 have been analyzed and support the market value of the subject property. (See attached.) 3) The current lot value of the subject property is $25,000 and reflects the location along County Road #10. Lots located further away from County Road #10 carry a higher value. A vacant lot abutting County Road #10 recently sold for $35,000 and is included as comparable #4. 4) A "sister" home is located in Maple Grove and currently is valued at $97,400. This home also was an auction sale and was purchased for $92,500 in 1982. The Maple Grove home does not have a walk out, or basement area under the garage. Although it does not abut County Road #10, it does not have lake access rights to Bass Lake. Generally, the market and pricing of homes between Maple Grove and Plymouth are different and not comparable. 1989 Board of Review Page 3 5) A study of all properties along County Road #10 was prepared for each of the past 2 assessment years, indicating an active sales market along County Road #10, and that market values are not overvalued and have been assessed at the proper level ( See map and sales study attached.) The amount of sales activity indicates buyer demand remains strong. As the area changes due to the expansion of County Road #10, values will continue to be reviewed each year. Based on the above information, no change in value is recam ended. Respectfully submitted, Nancy Bye, CMA Sue Mauderer, RES Appraisers Ccoparable #1 PID #02-118-22-21-0045 Address: 12005 60th Place North Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: MARKET COMPARISONS 2 Story 1987 968 140,000 06-87 Miller Construction Comparable #2 PID #02-118-22-21-0079 Address: 12215 60th Place North Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: 2 Story 1988 1,063 140,100 10-88 Miller Construction 0 a r 0 ri MARKET COMPARISONS Canparable #3 PID #24-118-22-41-0027 Address: 2950 Kilmer Lane North Dwelling Style: 2 Story Year Built: 1986 Square Feet: 920 Sale Price: 134,100 Sale Date: 05-86 Builder: Devries Builders, Inc. Camarable #4 (Lot Sale) PID #02-118-22-13-0002 Address: 11730 County Road #10 Sale Price: $35,000 Sale Date: 04-87 f. 6' RES. IRR, un GOVT. LOT 5 Gv. D 02 SEC. 92 F. Gnd 2. 22 IN GOVT. LOT 4 214 0 LS GOVT LOT 1 0.L. wl 1766.65' TIES. WORR 1 SO MEIE! 9) L 5p # a 13w GOVT. LOT 3 93 aCaE°LE rn 1/a NE 1/a SViE EEE N• N c N Y 4 N 0.62139. 66 40. 27 39. a5 40. 74 33. Ca 33. 15 t° +, ) !! a4 1 of f as t !' t4 a• ` L_.. I . ! __ / ...._ J..—.._ __ ... r.. L..r L.1 r E r i..ilE l EA.l 1.' .. ... e V 4v y v v v' v' '4d' !J v in, a) a1 a) a! al a! ai a1 .J . ' vA v' •• 40 v fei 4s v < PL 17d0oNJYb-40 4 49 2644.35 RC5. G U i}' r roS se4•xa l IP. AVE. N. i b•. i , . e1.y N. 4` e(fl e I s i2 n^ nve •tl'rf'n'F may, ... YI= fy • S' - 1e11 i (eil ) _ gNS x1Y I .r _ e. b' o'( i3 n' - ss• i" 1rs' 'xSC' - •ep• 'A[ lin. "' xi. m' f•sr Sw-• I , II.}: M) • 71 ~ $ l35) 1y , ' x ' /]Z) ; Kx 1 (] 41 x°° zM, s+ ubA ;.'( 1 Y.' ( n gp, ,n rr (761 ` v f75)'• Yb ,,`` 7` . a ."(40) - rs (3) S f A . IfSI "S' ' r. 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LOT 3 AGE - - - - - - - STORu SEWER DISTRICT BOUNDARY SCHOOL DISTRICT BOUNDARY HE% NSURvE' O;ciSiON W• • N /S E'9 OIY® WAIERS+EG DISTRICT BOUNDARY E':Ni?:n ;;JNT•, v:`.`;_>,- INCREMENT BOUNDARY BASS LAKE ROAD SALES CO RD 10) PID # SALE $ DATE EMV 89 RATIO LOT VALUE 02-13-01 80,750 03-88 66,000 0.817 20,000 02-13-02 35,000 04-87 Lar VALUE LOT VALUE 02-21-45 141,000 10-87 132,800 0.942 25,000 02-21-46 123,200 04-87 114,000 0.925 25,000 02-21-48 106,900 03-88 101,900 0.953 25,000 02-21-78 108,000 11-88 108,500 1.005 26,000 02-21-79 140,094 11-88 132,900 0.949 25,000 02-21-80 102,000 05-88 99,800 0.978 25,000 02-24-10 115,000 09-88 110,800 0.963 23,000 02-24-33 127,000 03-87 118,600 0.934 25,000 02-24-34 126,655 09-87 110,000 0.869 25,000 02-24-35 129,700 10-88 107,900 0.832 25,000 OVERALL, 0.924 (11) ONLY 88 0.928 (7) A f 12 SEC. 02 F. f 19 ff. o 22 COUNTY ROAD 1 a, SALES O 9 p fx.n , o MATIOMALGOVT LOT 1 R \ n.f lei apo ` b• lai: _ a` +? 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(31) fi• - .• AKS..f LASS ( 19W AERM Pwolo I 4 (M). 5D) .4) — — _ __ _ _— — r} :b ' e , A ' S AIOEOOD 271 2629.05' RES. ~4:fs I s . "•,p. ay4' b. 30), GOV'T. LOT 3 GOV'T. LOT 5 GOVT. LOT 4 2 R(RC4GE NR I/a NE I/4 fVaf ff[: N • ° N N • • H 0.6239. 68140. ?1!39,45110 U133 64 3). 1535. III r. .. - _ ?, t. Y. Y• !e as f' f• f• fs I- (+ Is !0 1'f f• + Y. L Lam` L ,L_. L.._ ._ ._.._..._ ._..- ...,_.-.i...•••,i1 ..i i... i.P `/wwl• nw ..:----' ---. ,._..,... - . -.,.« ,vwA'• i.wr. iww' P•..ar_w.^ b REQUEST FOR REVIEW PROPERTY VALUATION 12210 60TH AVE. N. REA.=:;i=N PROPERTY IS OVERVALUED CITY OF PLYMOUTH ASSESSOR HAS FAILED TO ADEQUATELY D I SCOUN f PROPERTY VALUE DUE TO NEGATIVE IMPACT OF INCREASED TRAFFIC AND ANNOUNCED CONVERSION OF COUNTY ROAD 10 INTO A 4 LANE_ DIVIDED HIGHWAY FACTORn SUPPORTING, CONTENljUfa. 1 LOWER INDEPENDENT APPRAISAL PERFORMED BY BANK UPON REF I NANr_ I NG ($1 16M) . CITED NEGATIVE IMPACT OF BUSY ROAD. C FAILURE B'Y' ASSESSOR TO SHOW ADEOUATE COMPARABLE PROPERTY A) 1900, THREE COMPARABLES SHOWN ---NONE ON BUSY ROAD ALL WERE LARGE=R ALL HAD MORE BATHS ONE HAD POOL B) I `_09 , HOUSE TWO DOORS DOWN SOLD LOT 12 BAST L..AKE. SHOREWOI_ D HILLS SAME CUBIC FOOTAGE MORE BATHS VALUATION AT S 1 10M, SOLD AT $1151-1 ALSO ON BASS LAKE ROAD ASSESSOR REJE=CTED COMPARABLE DUE TO STYLE OF HOUSE 3 ASSESSOR HAS NOT FACTORED NEGATIVE IMPACT OF COUNTY FOAL) 10 IN COMPUTATION OF VALUATION 4 SAME HOUSE, BUILT BY SAME BUILDER, SAME MATERIALS. BUILT SAME TIME LOCATED ICJ MAPLE GROVE (64 18 EVERGREEN LANE N.) APPROXIMATELY 1/2 MILE AWAY, NOT ON A BUSY STREET, IS VALUED AT $97.4M WHICH IS 0% BELOW VALUATION ON MY P'ROP'ERTY 5 CONSULTATION WITH SEVERAL REALTORS INDICATE UNLIKELIHOOD OF DISPOSING OF P'ROP'ERTY AT APPRAISED VALUE. EXISTING PROPERTY ALONG ROAD) IS NOT MOVING DUE TO IMPACT OF ANTICIPATED CONSTRUCTION TWO ADJACENT HOUSES ON MARKET FOR OVER HALF A YEAR PAG E=: REC>!U : t 'If : YWAR REDUCE VALUATION TO THAN OF TRUE:LY COMPARABLE PROPERTY WHICH WOULD BE THAT OF LO_E. 12 LASS LAKE SHOREWOOD HILLS WHICH RECENTLY WAS SOLD WHICH REPRESENTS A FAIR MARKET VALUE THIS HOUSE IS SAME "CUBIC" SIZE. AS SUBJECT PROPERTY AND IS ALSO LOCATED ON EAS'S LAKE::. ROAD OBJECTIONS BY ASSESSOR TO THIS COMPROMISE 1) HOUSE JS OF DIFFERENT STYLE ANSWER: HOUSE VALUE IS PRIMARILY SET BY LOCATION SO FOOTAGE, BEDROOMS AND BATHROOMS, NOT STYLE 2) IMPACT OF COUNTY ROAD 10 CONSTRUCTION UNCLEAR ANSWER: PLANS ARE UNDERWAY --PUBLIC RECORD SINCE LOC:ATION IS MOST IMPORTANT FACTOR IN VALUATION OF HOME, LOCATIONAL FACTORS MUST BE USED IN DETERMINING VALUE 1) TRACK RECORD OF ASSESSOR IN SETTING VALUE. AT OR SLIGHTLY BELOW MARKET VALUE IS GOOD ANSWER: NONE OF COMPARABLES SHOWN WERE LOCATED ON BUSY STREET Le0Ma-sescha _Censor TrscI Map Reference 16-4A v Prt,yerty Address 12210 60th Aven_ule North - ----___—,-- r:lv P1Vmnnf.h r.....,., u_____,_ runticAq asp (.osse yy- u„ LNKr-pUOn Lot 2. Block-2,_.J.as3_1ake_Shor_ewo04 S,le price f Dale of Sale Loan Term yrs Property Rights Appointed— FMf-I Leasehold n De Mrnlm,s PUD Actual Heal Estate Taxes S 2aQ11— (yr) Loan charges to be paid byopen rrSNpOtnsales eoncess-ons _ ne,ychenl_ Lomas Nett ton.._._ - — - Adn•P,t 181 1_ we Dr x.02.7.5 -_woodbur 12pantWase $Cha—_ Appraiser C ita A r !,pct ons to Appras,eo 1 x: pion Urban U Suburban Hural Good Arg. falx PoorUPOOver75% 25% to 75% E:]Und,, 25% Emplovment Stability D O Dtea1-01 Hate Fully Oev. E)Rapidto CJ Slow Convenience to Employment D O D 1'-1p 1y ValuesIncreasin 9 a Stable 0 Del, )-nn,y Convenience to Shopping ox nn'Suppiv shortage FX]InBalance Over Supply Convenience to Schools Q 0 d.n xr nnq Tmn' Under 3 Mos. Lyl e-6 Mos. LJ Over 6 Atns Adequacy of Public Transportation Q n,n..,1 Lend VsjQQ % 1 Family0 %2-e Famdy__Q_%Apts.__.SL%Condo Q %Commercial HPcreanonal Facilities Q rl 0 %Industrial %Vacant 0% Adequacy of Utilities LOJ present land Use Not Likely Likely I.1 Taking Plac, 1.1 P,oi Compal -b -Inv a o DIFromToProtectionfromDetrimentalConditions LdlD O rPnr v,u-,ail Occupancy r 1 O.vner % Vacant Pot-ce and Foe ProjectionDTenanl T D Dn u:v f nay P,,ce Range $100.00 to S 190.000 Predommanl Valt•e S _13S ,tOOQ General Appearances of Properties n D D I a^ ly Age —1 yrs to —1 vas Predominant Aqe--_vrs Appeal to Market Note 1 nLMCIFNMA do not consider race or the racial composition of the neighborhood to be reliable appraisal factor,. r,-,n„nems including those tactors, favorable or unfavorable• allrclrnbdgmwketarty (,• g, public ua-ss. scnuno's'.)ls, view, no's'.) Plymouth is a large r suburban. C.otnmunity_ abou1L_ 0._M1193-mrthwes.t_of_downtQwti- Minneapolis_<__ The sub ect's ilei hbor hoof is -_at the north side of_Bass__Lake_- and ..adjacent to County_Rd_ 10. This road is a busLuo -lane -traffic arterial. A numAer of homes in the sub ect's subdivision share ownership i outlot 1 through a homeowners associationt___Thls.uniynpro e.d.._outlot..affords access to BassLake (see attached plat map). Uimen,-r-ns 115 x 170 125.0 Sq. Ft. o, Acres .J noon LotF °. - gt'.and-cal'n” Residential Presrnri rtki ndu not conlu.rn tv l nnnry,equlatronsI' nip, uvcmenls Ihgll, t ar,d best use. Up,esent Other (specify) Putdre Other (Descnbel OFF SITE IMPHOVEMENTS - T000r -downs8downslo 2a-- --atorer - f sec XJ Streit Accns U Pubhe Pr-valr $w Average un lace Bituminous Shane Rectangular — Maintenance Pub-c P, -vase view Avera e ----__- -- X) (91 StormSewe, L Cu,hlGurte, nanaye Ade uate - - - q------------ - l' Unde,q,wnd Elect. 3 Tet Sidewalk X1Snrn L-ghu Is the prtsperty looted in a HUD Idxrlille0 Special Flood Haxd Area' j No yes t Ci)m,nrnis ffavneatile a unfavorable including any appa-11 advrr,r easements, in c,ouchmrnis n- orhr- adverse cond-tinnsl County Road No. 10 s_'I.he_avilytr v edroadwayimmedlate. Iy__adjace nt_to the rear_ _ This p.ropertj is reported tt to have. lake -.rights through.,_ a.nei.ghbQrhood homeowners- association -that owns Outlot 1_nearbv• r -The nPFativet've iMD;Ct Of the lake ri hts- X F. ntmq prcloosed U Under Const,. No. Unns — Tvpe (del, duplex, sem-/nil, rtc.l I Oesryn I, an,btu, sola revel. etc I Exterior Walls res nqe AL Walh Effective 4 to- No. Stories — Detached 1 2 Story _ Plywood / n H UoI '.tatr.-al Gut ten & Dovrns out None WmtJow (Tyne) _Casement Insula -on None Floor n _'1DRhalt Shingle 11etal _ _lU SrormSasn Screens L Combination Ced-ng Roof WallsjManulaeturedHousingQQkBasemenl - nFloo, D,ai•,------Fn,nhrif CedingiFoundspunWallsXJa,tsrde Entrance Sump Pump F.,nshell Wall, Unfinished__ _ roncrftte--Sl Irk — .. Concrete Finor 0_ %Fmnhed Finished Floor I Sigh on G,slfe UGawa Some. Evndencr of Oampnns $rt Urment — t ...@uilb y Richard De.rraRsey 1981. Coni-t-LQn_.i..4..gcljo 4ittL N emall exceptions: the nye- living I•.... .:-, I_ -S I- i' front walk and a portion of thp ml or RettliPrispn Diu.. On I1V R,^ N.,y. H N d-oonn Nn B.,lhs Lau ndrV Other ti -••. ,t rt pn 02e _ Orle! ..Il 4n — --- - 1/2 f•-- One I — 1 s abnvr q,adr coni l;+:ns a lolal nl._7_----Houma t.•r1'- r 1.5 1 -.mi, Cl rl, L,y,--:, A-",__.1...58.3 ' 1t BsmI 4va__9j2sn h r .IS hon f quq,nn of I 1l10"ye-;upr CXjHdn y-•/Dvi Dspu,al I pith. hr, I 1 ., r, FI n -.-I t Clvn ,;v norvjtt - t "'Cxl X V.it Lw 1 f Ul': -.1 .. Dryer r, IfFAT, Typr_ aiTFu''I-.Gas Cis GOO AIH CONU I,;.ui-.d lOthrr _ l I jd Adequate Inanruum.- a i iLigr Cri1 :-,-.„ wnun 0—d A q. Fair Poo, Plaalel ( — --. Un..l -'s •i t;- •i .l r.rf. tin-, IM.s t,:, -ah & Finish) 11 3 1 vu,h X Gnurl l_ Avn-a1N• .. Fair C.J I•.v-- i; -..I.in I.npnrvrn......., © C,,,j.... c U If....... .'S .inns lay 0U1 © El[x7r-r-„ C— D©DL.. n„rH. - ®av win.Ow• 11C8 f.ir! e in basement walk out basement to .gar. nl,i,.q•--., .ir1•.-„,aly,n,f,.,rh...... © E',< i ,,,-t .-Ih••li,.ri y a„ -I L,--ult--,n DDD n f Tlf, IXl'y es No D Stanway U D,np six-- Seoul• [J(I Ili K.0h n ('.-bin• n anesJua., .,ndtnn,I,,.,.,n D t .-• s-.•tl li)ru:-•1.-I l 1I.,Nr-yntiu-boort G il ' 1()If A(;E (;:n ,-yn 8-11 -n Lj Alt.Xhe I D (',.•t.v i,,., ICJ C,,, Port ()v,•, .-11 L,v.-1-.I,iv f 1 ® Two juJnn- ,- (] h,;,,fo-pi:nc Cnnrhl, Good D Ran,!ment below with overhead door to rear. Tr% ESI RerlvittingEalmneUfa 52 to55 ErpfafnIflantlsanLaw Tom il::Ar.1S.IIA TIOS.PUOL,FENLES.etc ldesc,Ie•IAaah$ltAr_i.Veway._ auto!nat..l 8at g” door opener . wood d,_ -2t, I1fl_x121.__wood fence at reare_smalLeyer-green trees...-_. I', 1.,,, "'I q I„nr,-nasal or Phys-r.,f .na lcq, Kl -” -1•p.nrt m,•d.nl, n,o,Irnnlal.nn .„, , . L 150_smp elPot 1CA1 s e . -- a:k a steL4.ath _is_ eppgcyed_have small _negatiye-mpac. on value, Considering._ tni_;._homn_ site, however, the number of bathrooms is Proortionate and normal. a. .-„ ,, ,, -1,,c0t-r, vtr UlwNAVR5UF 5UHJF CT PROVEFI 1-y AND STREET SCENE FNMA Form 1004 Rev. /,/g 1989 STAFF REPORT #2 Ago= *%J DI WROW.11 VIM V RAWLIL104 I Dam MIEN PROPERTY OJ a ERS NAME: Lori Schwartz PROPERTY ADDRESS: 4280 Ximines Lane North PID #: 13-118-22-23-0061 LEGAL DESCRIPTION: Lot 8, Block 2, ROBERT MIDDLEMIST 6TH ADDITION 1989 ESTIMATED MARKET VALUE $68,200 1989 REVISED MARKET VALUE No Change ISSUE: Ms. Schwartz is contesting the 1989 market value based on her sale price, and sales of other twin homes in her neighborhood. RECOMMENDATION: Based on a current appraisal, and a study of twin home sales that occurred prior to the 1-2-89 assessment date, the 1989 value is a fair market value and is consistent with neighboring twin homes. No change in value is recommended. l K 11 A Dwelling Style: Twin Home Year Built: 1985 Square Feet: 800 Sale Price: 54,819 (HUD) Sale Date: 1-89 1989 Board of Review Page 2 The subject property was inspected on 5-9-89, including both an interior and exterior inspection. This property is a twin hone very similar to the other twin homes in this neighborhood, and abuts new County Road #9. Ms. Schwartz purchased this property on 1-25-89 for $54,819, from HUD, following foreclosure proceedings frcm the previous owners. The previous owners purchased this property for $93,000 on 6-85. The 1989 market values were established based on sales of twin homes in Robert Middlemist 6th Addition, that occurred prior to the 1-2-89 assessment date. At that time 5 recorded sales were available, including one foreclosure -HUD transaction. The remaining 4 sales indicated sales prices in excess of current market values. Over the past several months numerous conversations with area hone owners, and listing agents have provided information that several twin hones in this neighborhood are in the process of being sold and/or converting to HUD following foreclosure proceedings. By all indications it would appear this neighborhood is "in transition" and as sales continue to occur after the 1-2-89 assessment date, prices may indicate depressed values. In response to the problems in this area, market values of all twin homes in Robert Middlemist 6th Addition were reduced for the 1988 assessment, and further reduced for the 1989 assessment. As documented arm's-length sales occur, values will continue to be reviewed each year. Based on the above information it is the opinion of this appraiser that $68,200 is a fair market value of the subject property as of 1-2-89. Therefore, no change in value is recommended. Respectfully Submitted, Susan Mauderer, RES Appraiser Comparable #1 PID #13-118-22-23-0065 Address: 4255 Ximines Lane North Dwelling Style: Twin Year Built: 1985 Square Feet: 800 Sale Price: 86,000 Sale Date: 6-87 Builder: Vision Builders MOS ..• . C • SCM/ .'ll l Comparable #2 PID #13 -118 -22 -0160 -- Address: 10960 43rd Avenue North Dwelling Style: Twin Home Year Built: 1985 Square Feet: 775 Sale Price: 87,000 Sale Date: 7-87 Builder: Modified Builders it r 0 Ccniparable #3 PID #13-118-22-22-0156 Address: 10920 43rd Avenue North Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: Twin Hone 1985 804 91,900 4-87 Modified Builders Comparable #4 PID #13-118-22-22-0158 Address: 10940 43rd Avenue North Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: Twin Home 1986 884 86,000 10-87 Modified Builders t A V: F t A V: 2627.04' 2627.0' (C. 5. 1970) w _ 1T19. 1 • CO. W. AL I W. 1922 DOC MD. J, FlLE0 4.7.67 (AERIAL PHO10 101. 21 4310113 y- -cl FILED 1 iS 6 O r 1• i 1 41.06 37.1 o a it !L IS ..u "• - 4 - ' V tis s C, ,< v _ w •t'i 4 220. . 14 ffi 2i e2-st ori `,• , o h. , . N o• 1S s = ` a a b. .: OO n 2 2. 124. w' v `\. .•CLS i•J i .- _. .. _... 41 dl i L •' 41.1{• O All goVV 1 •.+ 71 y VI 1. 411, NO. 52 3D 30- 37.03'E 760.17' it c . o s Atl. SAOArONE DIN O f A CONDO. ?S 58-105) LA Y . N ^ f lid J ` O 4 .. i •+ ,.ice _ , . o„ .: v J a 1 4 ' q 1L14 4 J• e n 2 .t; Q 103.20' Tr v , 01. co 10-57) I \ \ \ Svr. Y , Mti . J, 1 , ( 1 1 ^ I pal o mss. P Ile42.99' e, ` r N iO 9 r r 7D. 5p' Irv, Q 1 ` `'4D• J ds ' ?S API. OM1. Q. 90 106 153) c 4 Ica - 195' 4CI TV 134. o nyOtf FOUR.A SCd0O. ti 1 S 90' 1 - 12-47) OMB No. 2502-0249 (Exp. 12/31/88) U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT OFFICE OF FINANCE AND ACCOUNTING MORTGAGE INSURANCE ACCOUNTING CERTIFICATION PAGES FOR SETTLEMENT STATEMENT INSTRUCTIONS: This Certification Page for Settlement Statement shall be completedat settlement and submitted with Form HUD- 1, Settlement Statement, to the Director, Mortgage Insurance Accounting, Office of Finance and Accounting, Department of Housing and Urban Development, Washington, D. C. 204 10. Attention: Acquired Home Property Branch. PURCHASER OLD FHA CASE NUMBER Lori J. Schwartz 271-301177-203 LOCATION OF PROPERTY NEW FHA CASE NUMBER 4280 Ximines Ln. Plymouth 5544 271-4632933 MAILING ADDRESS (]f n:,t the same as property location) DATE O.F FIRST PAYMENT 4/1/89 EARNEST MONEY DEPOSIT (Amount shown on Linc 201, HUD-]) SCHEDULE NUMBER DATE Amount S CASH DUE HUD FROM SETTLEMENT (amount shown un Line 603, SCHEDULE NUMBER DATE Amount S HUD-]) TAX DATA COMPUTED ON: 365 Day 12 MONTH BASIS HUD SHARE OF TAXES From Beginning of Tax Year to Closing Date) TAX YEAR PENALTY AMOUNT NO.OF TYPE OF TAX HOW PAID ANNUAL FROM TO DAYS AMOUNT FROM TO DATE TAX MONTHS County 1/1/89 12/31/89 Semi- 5/16/89 2712.10 Annual 0/16/89 TOTAL TOTAL 1 IF HUD HAS PAID MORE THAN ITS SHARE OF TAXES 2 IF HUD HAS PAID LESS THAN ITS SHARE OF TAXES Taxes Prepaid by HUD HUD Share of Taxes Less HUL: Share of Taxes Less Taxes Prepaid by HUD Due HUD for Prepaid Taxes Due Purchaser for Taxes INITIAL TAX ESCROW REQUIREMENT TYPE OF TAX ESTIMATED TAX REQUIREMENT MONTHLY INSTALLMENTS From Through Date Shown in Cal. (3)) TO ESTABLISH ESCROW FUND AMOUNT TO BE COLLECTED BY NUMBER ((4)x (S)) 2 Minus 6) 1) 2) 3) 4) (5) (6) 7) x = x = x = TOTAL PRIVACY ACT OF 1974 (P.L. 93.579) STATEMENT The information requested on this form is required under Section 204 of the National Housing Act, (P.L. 73.479) and regulations pro- mulgated thereunder as Title 24, Code of Federal Regulations. The information requested on this form is to be used by the Department in the closing of a sale of a Secretary -held property and for accounting purposes related to the sale. The information may be transferred to the closing agent, third party mortgagees, bulk sale purchasers, and appropriate Federal, State and Local Agencies when relevant to civil, criminal or regulatory investigations or prosecutions. Failure to provide the information requested on this form could void the property sale. DISCLOSURE OF THIS INFORMATION IS VOLUNTARY CERTIFICATIONS A. Settlement Statement US Department of Housing and Urban Development , r OMB No 2502-0265 R Tvnp of 1 nan 1. 129 F HA 2.7 FmHA 3.7 Conv. Unins. b File Number 7. Loan Number 8. Nbrtgage insurance Case Number 4. 7 VA 5,7 Conv, Ins. 512. Assessments 149516 271-463293-3 C. Note: This form is furniO • d to give you a statement of actual settlement costs. Amounts paid to and by the settlement .,jent are shown. Items mal ked "(p.o.c.)" were paid outside the closing; they are shown here for information purposes and are not included in the totals. D. Name and Address of Borrower Lori Jeanette Schwartz 5626 Penn Avenue South Minneapolis, MN 55419 G. Property Location 4280 Ximines Lane North Plymouth, Mn 55442 J. Summary of Borrow, is Transaction 100. Gross Amount Due From Borrower 101. Contract sales price 102. Personal property 103. Settlement charges to borrower (line E. Name and Address of Sellar Secretary of Housing and Urban Development Washington, D.C. F. Name and Address of Lander OLD STONE MORTGAGE CORPORATION 7151 METRO BLVD., SUITE 115 EDINA, MN 55435 IA. Settlement Agent Twin Cities Closing Sery Place of Settlement 7200 France Avenue South Suite 225 Edina, MN 55435 K. Summary of Sellers t ransactlon 400. Gross Amount Due To Seller 00 401. Contract sales pl ice 402. Personal property 6.20 1403. 105. Adjustments for items paid by seller in advance 106. City/town taxes to 107. County taxes to 108. Assessments to 109. 110. 111. 112. 120. Gross Amount Due From Borrower 58, 065.20 200. Amounts Paid By or in Behalf of Borrower 201. Deposit or earnest money 1,500.00 202. Principal amount of new loan(s) 55,688.00 203. Existing loan(s) taken subject to 204. 205. 206. 207. 208. Adjustments for items unpaid by seller 210. City/town taxes to 211. County taxes to 212. Assessments to 213. 214. 215. 216. Early closing bonus 217. 1. Settlement Date March 1, 1989 405. Adjustments for items paid by seller in advance 406. City/town taxes to 407. County taxes to 408. Assessments to 409. 410. 411. 412. 420. Gross Amount Due To Seller 54,819.00 500. Reductions in Amount Due To Seller 501. Excess deposit (see instructions) 502. Settlement charges to seller (line 1400) 4,151.01 503. Existing loan(s) taken subject to 504. Payoff of first mortgage loan 505. Payoff of second mortgage loam 506. Executive Closers 55.0 507. 508. Adjustments for items unpaid by seller 510. City/town taxes to 511. County taxes 1 / 1 / 89 to 1/1/90 512. Assessments to 513. non homestead credit 1990 514. Water bill 515. Early closing bonus/agent 516. Early closing bonus/buyer 517. 219. 1 1519. 220. Total Paid By/For Borrower 157, 428.00 520. Total Reduction Amount Due Seller 18, 326.34 300. Cash At Settlement From/To Borrower 600. Cash At Settlement To/From Seller L. Settlement Charges 700. Total Sales/Broker's Commission based on price $ Division of Commission (line 70M ss follows: 701. $ to 702. $ to 703. Commission paid at Settlement ReMax 1 704. 800. Items Payable in Connection With Loan 801. Loan Origination Fee 1 % 802. Loan Discount 3 % 803. Appraisal Fee to 804. Credit Report to $48.0( 805. Lender's Inspection Fee 806. Mortgage Insurance Application Fee to 807. Assumption Fee 808. Commitment Fee 809. Tax Registration fee 810. 811. @ % = Paid From Borrower's Funds at Settlement Paid From Seller's Funds at Settlement 1001. Hazard Insurance 2 months @ $ 17.83 per month 35.66 536.50 900. Items Required By Lender To Be Paid in Advance 901. Interest from to @$ /day 902. Mortgage Insurance Premium for 360 months to 2,038.70 903. Hazard Insurance Premium for years to 904. vears to 1.67 1000. Reserves Deposited With Lender 1101. Settlement or closing fee 1001. Hazard Insurance 2 months @ $ 17.83 per month 35.66 1002. Mortgage Insurance months @ $ per month 1003. City property taxes months @ $ per month 1004. County property taxes months @ $ per month 1005. Annual assessments months @ $ per month 1006. months @ $ per month 1007. months @ $ per month 1008. months @ $ per month 1100, Title Charges 1101. Settlement or closing fee to Twin Cit 1102. Abstract or title search to Minnesot 1103. Title examination to 1104. Title Insurance binder to 1105. Document preparation to 1106. Notary fees to 1107. Attorney's fees to includes above items numbers: 1108. Title Insurance to American includes above items numbers: 1103 & 1 1109. Lender's coverage 55,688.0 1110. Owner's coverage 54,819.0 1111. 1112. 1113. 1200. Government Recording and Transfer Charges 1201. Recording fees: Deed $ 20. 00 Mortgage S 1202. City/county tax/stamps: Deed $ M 1203. State tax/stamps: Deed $ exempt M 1204. Conservation Fee to Hennepin County 1205. 1300. Additional Settlement Charges 1301. Survey to 1302. Pest inspection to 1303. 1304. 1305. Releases $ Ell Form PE -20 Certificate of Real Estate Value Buyer's Last Name. First, Middle Initial Present Address 5626 Penn Avenue South Schwartz, Lori Jeanette Minneapolis, Mn 55419 Seller's Last Name. First. Middlelnitial Address Secretary of Housing and Urban Development, washington D.C. Street Address or Rural Route of Property Purchased City or Township County 4280 Ximines Lane North Plymouth, Hennepin Legal Description of Property Purchased (Fill in lot number, block number and plat name, or attach 3 copies of the legal description) Lot 8, Block 2, Robert Middlemist Sixth Addition together with the appurtenant easements created pursuant to Declaration, Document No. 4997585 Type of Acquisition (check all boxes which apply) You and seller are relatives You are a religious or Your name added to or co -owner's or related businesses charitable organization name removed from deed (not a sale) Property is a gift or inheritance You are a unit of government You purchased partial interest only You received property in a trade You condemned or foreclosed Date purchase agreement on the property signed is over two yoars ago If you checked any box above, skip the rest of this form, sign it and fill out schedule B Type of Property Transferred (check all boxes which apply) Land Only X® Land and Buildings Construction of a new building completed after January 1 of year of sale Planned Use of Property (check one box) a Residential (single, duplex, triplex) Apartment (four or more units) Cabin or Recreational Agricultural Commercial -Industrial Other Use (describe below) Financial Arrangements (instruction are on back of yellow copy) 1 Total Purchase Price 2 Total Amount of Personal Property 3 Date Seller Signed Purchase Agreement from schedule A on back of this sheet) 54,819.00 na 1/25/89 4 Down Payment 5 Points or Prepaid Interest Paid by Seller 6 Points or Prepaid Interest Paid by Buyer 1,500.00 1,670.64 none Describe Jpurchase F.QJ J l n°u Is this a each m cCt s.e Contract or Assumed Mortgage or Contract for Deed Monthly Payment for Interest Rate Total Number Date Of Any Lump Sum Mortgage? Amount At Purchase Principal and Interest (In Effect Now) Of Payments (Balloon) Payments Yes No X,)a 7 55,688.00 488.71 10.00 360 n 8 9 10 If the interest rate of a mortgage or contract for deed is not a variable market rate now and is scheduled to change to a different rate on a fixed date, fill in its line number from above, the month and year of the change, and the rate it will change to: 11 If the dollar amount of the monthly payment is scheduled to change (not as a result of a change in the interest rate). fill in its line number from above, the date of change. and the amount it will change to (or attach payment schedule): Fill out schedule B on the back of this sheet to determine the amount of your deed stamp tax I declare that the information filled in on this form is true, correct and complete to the best of my knowledge and belief. Print or type name of person signing this form S* atture Phone Number Date % opLoriJeanetteSchwartz It 4',E 2 Dz:?A Ti.iENT OF REVENUE COFY 1989 STAFF REPORT #3 PROPER'T'Y OWNERS NAME: Cathleen M. Olson PROPERTY ADDRESS: 4235 Ximines Lane North PID #: 13-118-22-23-0067 LEGAL DESCRIPTION: Lot 16, Block 2, ROBERT MIDDLEMIST 6TH ADDITION 1989 ESTIMATED MARKET VALUE $89,900 1989 REVISED MARKET VALUE No Change ISSUE: Ms. Olson is contesting the 1989 market value based on her sale price of 77,500. RECOMMENDATION: Based on a sales study of twin homes in the area that sold prior to the 1-2-89 assessment date, no change in value is recommended. Dwelling Style: Twin Home Year Built: 1984 Square Feet: 710 Sale Price: $77,500 Sale Date: 4-89 1989 Board of Review Page 2 The subject property was inspected on 5-11-89, including both an interior and exterior inspection. This property is a custom quality twin home built by Robert Middlemist. Ms. Olson purchased this home on 4-25-89 from the previous owner for $77,500. The 1989 market values were established, based on sales of twin hones in Robert Middlemist 6th Addition, that occurred prior to the 1-2-89 assessment date, indicating sales prices in excess of current market values. In response to the problems in this area, market values of all twin hones in Robert Middlemist 6th Addition were reduced for the 1988 assessment, and further reduced for the 1989 assessment. This set of twin hones is the only structure in this neighborhood built by Robert Middlemist. Although the custom quality originally may have enhanced the value of this property, these twin homes now may be overbuilt for the area compared to the neighboring twin homes. As documented arm's-length sales continue to occur after the 1-2-89 assessment date, values will continue to be reviewed for next year. Based on the above information it is the opinion of this appraiser that $89,900 is a fair market value of the subject property as of 1-2-89. Therefore, no change in value is recommended. Respectfully Submitted, Susan Mauderer, RES Appraiser 1989 BOARD OF REVIEW MARKET COMPARISONS Ccnparable #1 PID #13-118-22-23-0065 Address: 4255 Ximines Lane North Dwelling Style: Twin Home Year Built: 1985 Square Feet: 800 Sale Price: 86,000 Sale Date: 6-87 Builder: Vision Builders Comparable #2 PID #13-118-22-0160 Address: 10960 43rd Avenue North Dwelling Style: Twin Home Year Built: 1985 Square Feet: 775 Sale Price: 87,000 Sale Date: 7-87 Builder: Modified Builders NowS t Ccarparable #3 PID #13-118-22-22-0156 Address: 10920 43rd Avenue North Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: Win Home 1985 804 91,900 4-87 Modified Builders Comparable #4 PID #13-118-22-22-0158 Address: 10940 43rd Avenue North Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: Twin Home 1986 884 86,000 10-87 Modified Builders MARKET COMPARISONS V Id Y r P a CV 6. ID3.7 4 0OUTI OT 9 8) I 168. So 9e. 39 18].60' s 54 E ass' E a'. 7 • % ME7' p' S'• f 40 R. Ip. 3 SOOOL 01ST. 281 N (2) < C) Ne7.32'3YE 656.53' comp 3 C 34 6 9 . :r Q iomp27 ( 160)• (159) eti ti , 1 _ 156 - 55) C 154r RO RT . h) (,57 DL MIST k' 270.64 leo I57.4e 46J* '9 A'ZD11 1112.11. R•f A? COMV4§ r ( 161) R 43f 778.01 " e+ 761.25' o W ; zsr.9' -_ 9 $ 1E#KPIN COWTY DOC. NO. 4677831 oi. A•190.' It, OUTLOT A L•752.21' CL ( 164) — — 5r R•5729.58' n•7.31'19.5• W.55•21•6 . 9 ac . 4 •4 or 476.67 It-sw. b• 282.83' t n 4 .7 W- 1' oT— - - - t63) b(It62) C - - -2 - - - •21.40 03' t . _ 7 6 g ,9 . o P.1N. 4 10 oyH9 (61) (60) (58) (5e) (D57 (56) 62) 2a c 47Pa ( SS) • 1 S ' 1 A, t? A (38) / / l _aQ' F+, 13 b< '? _ • .. ( 54? 3s (30) 14. a, ttbI t (65) p 16 Ars rJ 4 a65S(67) 5 V-- 66) • 31) 7 2• _(28) Comp $ o 2*) x. 41' ST14 o ^ 9 2 h r1 1 s•A' A1', '.: 12 .4 ..•' 1. cb . 4 -' s (32) I•• e• y.• 11 9) ,16.03. • 's ?' /. • %;'• / — 40, 20 01 t t; \ 4f \6\ e2 ° Cc' roti • 'Oa / / : 34't e• p2. :l (40) • . r fJ /p63 3 `8 NO 2 / `a . :\' LOT1" ` 9 r_qs Q. ( 33^/ / 1 70' 9-4 (4 1) 2'- (52) `r- ' ; •• -27.8A')f t / /Gr u = _ T3-- n s\ dy (34) 47g= 3 e\ ) _ h 2 ,ty IlO (42) C' T4s ® (53) _ ^ a (35) I Fy n. - S' . 7 168 1 , .46 _ 17 v (46) 39 ROBERT 221. Sti 1 7 N — 3 _ 13 !( 41'= _ (1950 AERIAL PH( N (43) s F 3(12) - Z = (36).: o CIN 168 ._ 150'-__.._ 5 $ 6 S. p° (44)1 1 (45) 4 0 14 ,\\ 7 .43.28' \ 76.97 167 1 . 61 • 125.64 ` s 9 g WODL ST o A / 16 1( a (5) ; c.00 (49) J 48) - ; Ir ( 615) - Ln = 1 5 w 1 1 1 .. ..Z PROPERTY OWNERS NAME: PROPERTY ADDFESS: PID #: LEGAL DESCRIPTION: ISSUE: 1989 STAFF REPORT #4 Tony & Carol Chen 5605 Lawndale Lane North 06-118-22-44-0001 Unplatted - Long Legal - Section 6 1989 ESTIMATED MARKET VALUE 1989 REVISED MARKET VALUE Taxable) (Deferred) 181,900 $217,300 No change Property owners believe their deferred market value is overvalued based on a private appraisal estimating the value at $185,000 and compared to other properties in the area. RECOMMENDATION: ENDATION: Based on a review of the subject property, and a study of comparable homes and acreage sales indicating the property is not overvalued, no change in value is recc miended . Dwelling Style: Rambler Year Built: 1968 Square Feet: 1,776 1989 Board of Review Page 2 The Chen property was reappraised on 05-09-89 including both an interior and exterior inspection. This property consists of 70.88 acres and includes multiple uses and qualifies for the Green Acres" classification. The taxable value, or Green Acres value, of $181,900 has been established based on a county wide schedule used for taxation purposes. The Chen's are not contesting the taxable value. The deferred value, or actual market value is $217,300. The breakdown of the deferred market value is as follows: Property Use 1) 2.00 acre site & Residential Hcme 2) 1.00 acre site & Mobile Hone 3) 67.88 acreage & barns Zbtal Deferred Market Value Land Value Building Value Total Value 25,000 $117,500 $142,500 81000 $ 5,000 $ 13,000 S52.000 $ 91800 $ 61,800 585,00 S132,30 S217,30 The Chens are contesting the deferred market value. Due to the complexity of the multiple uses on this property, each entity will be analyzed individually. 1) Residential Home and 2 acre site This "L" shape rambler is in average condition. Amenities include finished basement, walkout, central air, deck, large concrete drive, 2 fireplaces, miscellaneous built-ins, and 2 -car attached garage. Mr. Chen's private appraisal does an excellent job of comparing "L" shape ramblers on typical lots in residential neighborhoods, and more than supports the 1989 market value attributable to Mr. Chen's home and residential site. However, the appraisal does not address or include the value of the mobile home, nor does it support the value estimated for the remaining acreage. A sales study of comparable homes located on acreage parcels supports the market value of $142,500 attributable to the residential home and 2 acre site. 4 of these comparables are attached. 2) Mobile Home and 1 acre site This 737 square foot trailer includes the original trailer built in approximately 1950, plus several additions. The Chens currently rent the mobile home for $350 per month. A sales study of mobile homes in Sun Valley Mobile Hcme Park supports the market value of $13,000 attributable to the mobile home and one acre site. 1989 Board of Review Page 3 3) Barns & 67.88 acres The remaining acreage of the propert consists of approximately 52 acres of wasteland plus 15.88 acres of good and or tillable land. The wasteland has been valued at $50 per acre, and the good land has been valued at $3100 per acre. The original barn plus the 1984 barn addition are included in the market value of 61,800 that is attributable to the acreage and barn value. Vacant land sales were analyzed indicating the market value of the acreage to be well equalized and valued appropriately. 3 of these comparable land sales are attached. Mr. Chen is comparing his market value to an adjacent "green acres" property, which consists of 15.15 acres, and includes a remodeled 1 3/4 story farm house built in the early 1900's, the original milking barn, and a new pole barn. The property sold 08-86 for $145,000 and is not believed to be ccn parable for valuation purposes. Based on the above information, no change in value is recommended. Respectfully Submitted, Mike Carroll, CMA Sue Mauderer, RES Appraisers Comparable #1 PID #04-118-22-13-0006 Address: 5815 Juneau Lane North Dwelling Style: Rambler Year Built: 1973 Square Feet: 1,185 Sale Price: 210,000 Sale Date: 06-88 Acreage: 9.75 Comparable #2 PID #04-118-22-42-0006 Address: 5535 Dunkirk Lane North Dwelling Style: Rambler Year Built: 1976 Square Feet: 1,611 Sale Price: 140,400 Sale Date: 05-86 Acreage: 5.00 MARKET COMPARISONS Ca iparable #3 PID #17-118-22-12-0002 Address: 16440 County Road #9 Dwelling Style: Rambler Year Built: 1960 Square Feet: 1,743 Sale Price: 170,000 Sale Date: 03-86 Acreage: 4.55 Camarable #4 PID #17-118-22-22-0005 , Address: 17135 County Rd. No 9 Dwelling Style: Rambler Year Built: 1977 Square Feet: 2,008 Sale Price: 257,000 Sale Date: 09-86 Acreage: 4.44 MARKET COMPARISONS eu,U F v ,-,r u::+ear il;ui :: `:i`L^ Land Sale Comparable #1 PID # 06-118-22-23-0001 Total Acres: 21.59 Good/Tillable Acres: 2.00 Sale Date: 01-87 Total Sale Price: $50,000 Land Sale Comparable #2 PID # 06-118-22-23-0002 Total Acres: 20.40 Good/Tillable Acres: 2.00 Sale Date: 09-87 Total Sale Price: $50,500 Land Sale Comparable #3 PID #05-118-22-14-0008 Total Acres: 22.75 Good/Tillable Acres: 16.00 acres Sale Date: 11-88 Total Sale Price: $98,000 r? c Location Map N P F ITY OF SCALE OF MILES PLYMOUTINt 3,. Q y Q, MXv>TF R110Wb a s.s ,Woo,s m u8 u ag„$gsgae:€ gW: N .a> ' oI ; e aggg ggg. g-gg , g€:-, g: a: g W gggi gg: gg>: 1;segggasagg : gg g._ a Saa xx.; g gga 3E .1 ggggr$S$$p';e a ?888 85@i G3880##s@?Biii%$€SR3cRRRIEAg88888g5s43 zs$&$81R& STREET BASE MAP.:.—.'—',,,., iratum ate swevio," UNIFORM RESIDENTIAL APPRAISAL REPORT FlN No. Purpm of Appriiiisaf is to estimate Market Vain as defined in the Certification & Statement of Limiting Conditions, BUILDING SKETCH (SHINY GROSS LIVING AREA ABOVE GRADE) ESTIMATED REPRODUCTION COST -NEW -OF IMPROVEMENTS: W ro Rwd%, Mac o Fam1a Mw. Now orry sol bot calmAttox are [osr apwwd+ ccnxror % in MS acoee. Dwelling _L 7 7 6 Sq. Ft. 4 $ 60 = $ 106. 560 low r SR k. rc $, 13 = 15,132 r--. Extras 2 fireplaces 4,000 a 28' x 29' 812 Special Energy Efficient Iterns central air = 00 17' x 35' = 612 Pacttes, Patios. etc. 2 decks 3,000 16' x 22' = 352 Garage/Carport 576 Sq, Ft, g $ 12 = 6,912 Total Estimated Cost New ................ ...... $ 136,804 Physical Functional External Total = 1,776 SF less Depreciation 23,256 - - - - =$ 23,256 Depreciated Value or Improvements .............. _ $ 113,548 Site Imp. -as is" (driveway, landscaping. etc.) _ $ 3,000 ESTIMATED SITE VALUE ... . . . ...... . ........... - $ 71,000 11 leasehold, straw only leasehold value.) INDICATED VALUE BY COST APPROACH ........... - 187.548 Not Required by Freddie Mac and Fannie Mae) Construction ftiranty Yes L?q No Does property conform to applicable HUD/VA property standards? Yes No Name of Warranty Program barns 14,000 9 No, explain_ Warranty Coverage Expires 201,548 The undersigned has rest" tMCe recent sales of propW43 T -W simitar and proximate to subject ane has Considered ftrzse in the market analysis. The description inc"s a dollar adiumment, refWtl g market MQClion to Hiose items of significant vanatim between the aubject and cormaram mosrties. if a significant nem in the Comparable txonerly is suW o, to. or more favorable than, the Sonic} property, a minus 1-) adjustment is mads, thus reducing the indicated rake of subject; if a signifipant 'item in the comparable is interior to. or lass favorable than, the wbiW property. a plus (+I adjustment is made, thus ir>ng the inacated rake of the subject. ITEM SUBJECT COMPARABLE N0, 1 COMPARABLE NO.2 COMPARABLE NO. 3 5605 Lawndal 3805 Sartto a tD' 17430 24th Av J Address - * 7J 244.E Jewel v g Lane r - /0 i r. K Zt _ Z-, - ( \tit .. Proximity to Subject MET= 5 miles m es Sales Price $ - - - S 146 000 St000S 5ross Liv. Area $ - - - W $ 73.44 S 96.88 m S 72.40 m Dara ;ource our files MLS MLS MLS VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION . (-)S Adus"rft DESCRIPTION (-lS Agra"W DESCRIPTION $ Adluslmrt Sales or FnandN Concessions Conventional; closed cash closed conventional closed Date of Sale/Tinge as of 3-20-8 4-4-88 6-16-88 9-26-88 11-29-88 4-748 7-1-88 Location average good -5,000 good -5,000 good - 5,000 Site/View excellent average ; +34,500 averse ; +33,800 averse *29, 8QQ design and Appeal; average average averse average Ouality of Construtticn average averse average average Age 22 years 20 years 22 years 22 years Condition auernge fair &v*rd a A.,,,1; - 3,000 avers e/ ood , - 3 Ovv avers ood 000 Above Grade Total , edam r Barns Tull i Ddnrc r Bane Total ; Bdrrns . Dams Tsai , ad,"$ eaft ; 4RoanCount621i , 2 -1,000 6 • 3 ; 2.5 -2,000 6 3 ' 2.5 -2,000 Gross Living Area 1,776 Sq, Ft. 1988 Sq. Ft. ; -6, 300 1,600 Sq. Ft. I +5,300 2,279 Sq. Ft. -15, Q0 Basement & Finished rec . t m 2 bre rec . rm/den ; +2, 000 lee. rm/3 bdrtn +1, 000 rec r rm/bore ROOMS Below Grade bath bath den Functional Utility average verage avers a avers e Heating/Cooling FA CA FA CA I FA CA FA CA arage/Carport 2 attached 2 attached I 2 attached 2 attached orches. Patio, 2 decks deck deck & patio; large deck ools, etc. pool :-5.000 pecial Energy 2 barns none l +14,0' 00 none ; +14, 000 none +14, 000fficientItems replace(s) ; + p* ,(e.g.kitchen partial full walkout;- 2,000 full walkout:- 2,000 none + 1,000remodeling) walkout IF et Adj. (total) + -'S 2 + - ;S 43,100 + -'S 1 800 ndicated Vane f Subject S 1759200 S 198,100 S 184,800 Cfxnrnents on Sales Comparison: Sale ::lar a rambler cr Sale 2:smaller rambler on 67 acre Sale 3- larger rambler on acre NOICAM VALK DT SALES C6011"As1SON APPROACR , . , , ..... _ ............. . . .. . ....................... ..................................$ 185,000 INDICATED VALDE BY INCOME APPROACH (If Applicable) Estimated Market Rent S nor /Mo. Gross Rentx Multiplier nor -S na This appraisal is made Q 'as is" Q subject to the lep8ir3, altCraliurs, inspection$ or condldons listed below completion per plans and speeifimtdits. Comments and Conditions of Appraisal: See "Limiting Conditions" attachedI- Final Reconciliation: There were no recent sales in our sold files of single family houses located on large hobby -farm type sites with Private ute e recti t s les oK appraisal is based upon the above requirements, the certification, contingent and limiting cOrlditiorls, and Market ce definition mat are stated in Q FmHA HUD &/or VA instructions. Freddie Mae Form 439 (Rev. 7/86)/Fannie Mae Form 10048 (Rev. 7/86) filed with client 19 I -x attached. 1 (11111) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SUBJECT PROPERTY AS OF March 20 19 89 to be $ lg Mk) certify: that to the best of my (our) knowledge and belief the facts and data used herein are true and correct that I (we) personalty inspected the subject property. bath ir6de and out, and have made an exterior ins of as co abie Sales cited ih this report: and that I (we) have no undisclosed interest, present or prospective therein, AApraiser(s) SIGNATURE Review Appraiser SIGNATURE O Did Q Did NotThomasampWell, RM, IFLUpplicable) NAME Inspect property v. vv rv.n, rwrra arra .rano rile.,, ala rvnmley ova.. naw naaren, l;r V0.h17 1(800) 243.4545 FA -.c We Fo• 1004 10%e5 1989 STAFF REPORT #5 a• • • i • a •.iia+ i • PROPERTY OWNERS NAME: Rande E. Yeager PROPERTY ADDRESS: 17405 6th Avenue North PID #: 32-118-22-32-0021 LEGAL DESCRIPTION: Lot 2, Block 2, BURL OAKS 2ND ADDITION 1989 ESTIMATED MARKET VALUE $255,800 1989 REVISED MARKET VALUE No Change ISSUE: Mr. Yaeger's contention was that I asked him to secure an independent fee appraisal from a designated appraiser. An independent fee appraisal was conducted and the value estimate as of March 30th was $270,000. The fee appraiser also projected an "assessed value" based on a hypothetical procedure which arrived at a value of $225,000." (see attached). RECOMMENDATION: Based upon the fee appraisal as secured by Mr. Yaeger, and several market comparables in his neighborhood, and on a sales study of the Burl Oaks Subdivision indicating his value was well equalized, I am recommending no change in the 1989 estimated market value. (See attached map & study.) 1 Dwelling Style: Contemporary Year Built: 1981 Square Feet: 1,945 Sale Price: $270,000 Sale Date: August, 1987 Sale Price - 1981: $276,676 Sale Date - 1981: August, 1981 Respectfully Submitted, Scott L. Hovet City Assessor M-24-39 203,000 220,100 1.OB4 L2E 32-32-49 81 1,845$270,000 0&-84 230,900 1 :r 1 32-32-36 r 2,015 265,000 04-83 262,000 0.989 UICE LDE r 2,069 307,500 01438 238,700 1 LINE 24-42 R 79 2,187 197,000 1' • 225,300 1.144 LINE 247,000 2: 11 1.151 MPM :/ 32-31-01 rl 230,000 1: :4 237,100 1.031 LTM 32-32-48 83 2,452 230,000 1 : 268,900 LDE 32-24-40 1 1,936 264,000111 1 :,. 228,700 0.866 LRE 228,000 10-80 Subject r 94 270,000 1: 255,800 0.947 81 276,700 OB-81 1,096$203,000111 1 : 181,000 0.892 81 1,120 205,000 1 :• 185,900 0.907 32-32-32 83 1,208 w 1 111 05-88 194,700 0.844 LIW r 208,000 1 :. 190,900 0.918 32-3243 r 1,260 230,000 1 :. 189,500 0.824 79 1,274 2.111 1 203,20011 1 :+. 32-32-44 r 1,376 212,000 1: 211,900 1.000 32-32-47 r 1,390 267,00010 09-82 w,r.. 11 1 • .1 UEE LUE r 1 1,396 206,500 1G-80 1• :11 1.016 32-32-33 83 1,450 236,000 07-86 227,500 0.%4 LDE 32-24-34 2/B 90 1,460 239,700 06-W 255,400 1.065 UIE LIT 32-32-42 r 1,476 232,000 1. :: 201,900 0.870 32-3246 r 1,478 265,000 83 248,000 0.936 1 32-32-37 r 1,507$240,000 1: 223,500 0.931 UEE1 I 81 1,542 265,000 07-86 216,400 0.817 32-23-50 81 1,552 195,000 05-85 212,900 1.092 81 1,555 220,000 1. 222,600 1.012 32-32-28 87 1,6% 239,900 1 32-24-38 90 1,792 290,000 02-83 272,900 0.975• 1 10-4 a Cyt. `* P • WI 1 '•, , _` • r . . ,', _ _ ' til • - / I ' v • w ^ R r Y'i R l \ R+ w r t •' F ti • R „ a wu J 'F I o _ ••R i Vi ON TVW- tv All w• ^ Y d s ' , • z I __Z Vin. rz-r7r --` F-- j w . ' r i R U . 32- - 32-0021 VO A \ \ MAIN LEVEL DINETTE G Dentty FOR AL 1 DINING ret. 12 - GARAGE 123'D'x 23'O' KITCHEN IOV/ER LEVEL 935 East Wayzata Boulevard Wayzata, Minnesota 55391 612-473-1231 FOYER deck LIVING ROOM \ I - 3 Y MASTERBEDROOM ti A Tkwe.00e DRESSING L 121 Equal Houwry Opponunny April 21, 1989 Z Mr. Scott Hovet 2 Ms. Sue Mauderer / City of Plymouth % 3400 Plymouth Boulevard `7 Plymouth, MN 55447 Dear Mr. Hovet and Ms. Mauderer: Pursuant to our discussion in January, I obtained an appraisal on my home. I asked the appraisers to do an appraisal of my home and its assessed value compared to similar priced homes and according to the Minnesota Statute defining market value 0 272.03, Subd. 8). As you will recall, my home was built in 1981 for $276,000. In 1987, I paid 270,000. The assessed value was $220,000 in 1981 based on a sale of 276,000. Based on a sale of $270,000 in 1987, the assessed value has risen to $255,800 in 1988. Based upon other sales I was familiar with, my assessed value seemed excessive. In our meeting you agreed that if I obtained an appraisal, relative to the assessed value, from a qualified appraiser and he determined the assessment was high in comparison to other homes of comparable value, you would reduce my assessment. The appraiser found comparables, prepared an appraisal and analyzed the assessed value. He determined a fair assessment value to be $225,500. This appears to be in line with the 1981 value. I believe it is fair. Therefore, I will appreciate a reduction to the appropriate assessment of 225,500. Thank you for your time and consideration. Since ly, ,y Z 7v 0 Ra de . Yeager 17405 6th Avenue North I Plymouth, MN 55447 y val"tikm S"tMn UNIFORM RESIDENTIAL APPRAISAL REPORT Fila no. Purpose of Appraisal is to estimate Market Value as defined in the Certification & Statement of Umitng Conditions. BUILDING SKETCH (SHOW GROSS LIVING AREA ABOVE GRADE) ESTIMATED REPRODUCTION COST -NEW -OF IMPROVEMENTS: N for Fradde Mac w Farvr k4ee, Mow orly ss.+w W talon"and cost approach comments in rr apace. Dwelling1814 Sq. FL ®$ 75 - $ 136,100 1st Floor 2nd Floor LL finish 1690Sq. Ft. ®$ 20 33,800 Extras 4fpts;kit equip;see front - for extras 22,000 Special Energy Efficient Items - Pvches,Patios etc. deckinq;patio - 3,000 Garage/carport 512 Sq. FL ®$ 14 7,200 Total Estimated Cost New ....................... - $ 202,100 P Functional External 26 x 34 - 884 x 15 x 22 330 x 14 x 16 224 x 10 x 12 - 120 x Irregular 256 x x = x - Total 1814 Total Total GLA (Gross Living Area) = 1814 square feet Less IDepreciation41000 0 - $ 4,100 Depreciated Vakie of Improvements .............. _ $ 198,000 Site Imp. "as is" (driveway, landscaping, etc.) _ $ 7,000 ESTIMATED SITE VALUE ........................ - $65,000 h leasehold, show only leasehold value.) INDICATED VALUE BY COST APPROACH ........... 270,000 Not Required by Freddie Mac and Fannie Mae) Construction Warranty Yes I x I No Does property conform to applicable HUD/VA property standards? Yes No Name of Warranty Program K No, explain: Warranty Coverage Expires The wderepnad has recited three recent sales of properties most similar and proxlmats to subject and has considered ttrese in the rturket analysis. Tna description nckides a dollar a0gstment, refiectxv market reaction to those items of significant variation between the subject and Comparable properties. e a i ipiifirant item in the comparable property is superior to, or more favorable than, the subject property, a mirws (—) adiustment is made, than reducuV the kdicated vakie of subject; N a significant Nem in the comparable is inferior b, or less favorable than, the subject property, a pkm (+) adjustment is made, thus increasing the indicated vaLie d the subject. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 174056thAve.N 17020 5th Ave. N 16915 5th Avenue 17925 2nd Ave. N Address Plymouth Plymouth Plymouth Plymouth Proximity to Subject 11111111111111111111111111MI —1block south 2 blocks southeast 1/3 mile south Sales Price $ n /a S 253,900 $ 307,500 S 240,00 Price/Gross Liv. Area $ n /a W $110.39 zi $153.67 0 $ 91 .19 UZ] Data Source Inspection MLS MLS MLS VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION . ()S Adµ9mant DESCRIPTION .l -IS A4ustmiem DESCRIPTION .l -IS A*sonw Sales or Financing New VA mtg ; New Conv mtg New Conv frog; Concessions @ mkt rates @ mkt rates @ mkt rates; Date of Sale/Time 3-89 5-88kkred6-88 i-88/dosed3-88 I 748/cbsed8-88 Location Good Good Good Good Site/ View Good/Good Good/Good G/lake/Ext ' -25 000 Good/Aar j+10 000 Design and Appeal Split Ivl/G 2 stor /G Rambler/Gd i 2 story/ d ; Quality of Construction GoodGood Good Good/infer I+10 000 Age 8 years 9 ears 6 years 7 years Condition Good Good Good Good Above Grade Total BAmn ; Bafha Tmal Writs : Bats Tout r BOrms , Bafhs Total r Bdma Bars Room Count 5 1 '1 7 !3 12 -1,000 5 1 2 -1,000 8 '4 1-3/4: -1,000 Gross Living Area 1814 Sq, Ft. 2300 Sq. Ft. -9,700 2001 Sq. Ft. I -3,700 2632 Sq. Ft. I-16 400 Basement S Finished Full bsmt w/o Full bsmt 1 +1,500 Full bsmt w/o: Full bsmt w/o: Roans Below Grade 1 690sf. finish300sf.finish +19 500 1700sf.finis H 624sf. finish ;+14.900 Funcfional Utility Good Good Good Good Heating/ Cooling FWA/central FWA/central: FWA/central FWA central Garage/ Ca Dbl/Att Dbl/Att 3 Car/Att -1,500 Dbl Att Porches, Patio, Wd decking; Wood deck + 500 Wood deck; I Wood deck; I -2,000 Pods, etc. patio patio 3seas. rch Special Energy • None None None None Efficient hems Fireplace( s) Four Two I +2,000 Two +2,000 Two +2,000 Other ( e.g. kitchen kit equip; kit equip; 1 kit equip; kit equip; equip., remodeling) manv extras 'nf x ra +4.000 im extras inf.extras +4.000 Net Adj. (total) 16,800 + x —'S 29.200 + —'S 21 qAA indicated electValueS 270,700 S 278,300 11111 $ 261,500 Comments on Sales Comparison: Lack of recent closed sales of homes in the subjects vicinit necessitated the salesse ofolderthan6months.No time ad'.needed. Sale#2 is situated on a superior lot with ake n a e Sales 3E4 are situated on Inferior Iots.Sale#3 is deemed to be inferior in quality. INDICATED VALUE IT SALES COMPARISON APPROACH Design /appeal adjs_were not oonside-ed. iemsa y. See attacheld.info. S 270,000 INDICATED VALUE BY INCOME APPROACH (h Applicable) Estimated Market Rent $ n /a /Mo. x Gross Rent Mtnpiw /a -S n /a This appraisal is made ® "as is" subject to the repairs, aheratiors, inspections or conditions listed below completion per plants and specifications. Comments and Conditions of Appraisal: None of the 4 listed sales involved the seller paying excessive points r fees to aid the buyer in obtaining inancin . Final Reconciliation: The cost and market approaches develop similar values. Each approach is ccuratepertinent and reliable. Both approaches are given equal consideration. The ncome approach was not utilized due to limited and inconclusive data. This appraisal is based upon the above requirements, the certification, contingent and limiting conditions, and Market Value definition that are stated in FmHA, HUD S/or VA instructions. x Freddie Mac Form 439 (Rev. 7/86)/Fannie Mae Form 1004B (Rev. 7/86) filed with client March 30 1989 ® attached. I ( WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE SURJECT PROPERTY AS OF March 30 10 89 b be $ 270,000 1( We) certify: that to the best of my (our) knowledge and belief the facts and data used herein are true and correct; that 1 (we) personally inspected the subject property, both inside and out, and have made an exterior inspection of all comparable sales cited in this re t and mfttl it (we) have no undisclosed interest, present or prospective therein. / ` A oe",e1., n...+,e<. ci _ , ice L r l fFA f X1 r1iA lint Property Address 17405 6th Avenue N Census Tract 266.07 LENDER DISCRETIONARY USE City PlymouthCounty Hennepin State MN Zip Code 55447 Sale Price $ Legal Description Lot 2 Block 2 Burr Oaks 2nd Addition Date Owner/Occupant Randy Yeager Map Reference 24-1B Mortgage Amount $ Sale Rice $ Date of Sale PROPERTY RIGHTS APPRAISED Mortgage Type Loan charges/concessions to be paid by seller $ ® Fee Simple Discount Points and Other Concessions R.E. Taxes $ 6503 Tax Year 19$9 HOA S/Mo. n a Leasehold Paid by Seller b Lender/Client Randy Yeager Condominium (HUD/VA) De Minimis PUD Source LOCATION Urban Suburban 11 Rural NEIGHBORHOOD ANALYSIS Good Avg. Fau Poor BUILT UP x Over 75%25.75% Under 25% Employment Stability ® E:1 1:1 1:1GROWTHRATE Rapid x Stable Slow Convenience to Employment © PROPERTY VALUES Increasing x Stable Declining Convenience to Shopping x DEMAND/SUPPLY Shortage x In Balance Over Supply Convenience to Schools ® MARKETING TIME Fx-j Under 3 Mos. 3.6 Mos. Over 6 Mos. Adequacy of Public Transportation x PRESENT LAND USE % LAND USE CHANGE PREDOMINANT SINGLE FAMILY HOUSING Recreation Facilities x Single Family 100 Not Likely x OCCUPANCY t RICE AGE (Adequacy of Utilities FX-1 1:1 112.4 Family likely Owner © Property Compatibility Q Multi-family In process Tenant 170 5 Protection from Detrimental Cond. Q Commercial To: Vacant (0-5%) © 20 H 12 Police 8 Fire Protection Q Industrial Vacant (over 5%) Predominant General Appearance of Properties ® Vacant 1 225 — I to Market x Note: Race or the racial composition of the neighborhood are not considered reliable appraisal factors. COMMENTS: Plymouth is a popular western suburb of M Is. The subject is located in Burr Oaks a desirable quality subdivision I mile N of the intersection of Hwy 12 S Hwy 101. Surrounding homes in the neighborhood are similar to the subject in quality S vintage. Convenient to schools shopping and all other amenities and necessities. Dimensions 73.8 x 70.55 x 58.19 x 157.58 x 154.94 Topography gently rolling Sae typical Shape irregular Site Area t22,000 square feet Corner Lot yes Zoning Classification SFR Zoning Compliance yes HIGHEST & BEST USE: Present Use yes Other Use Drainage adequate View of homes & woodsUTILITIESPublicOtherSITEIMPROVEMENTSTypePublicPrivate Electricity x Street asphalt x Landscaping professional Gas © Curb/Gutter concrete x Driveway asphalt Water x Sidewalk no Apparent Easements none noted Sanitary Sewer 0 Street Lights yes x FEMA I" Hazard Yes' No x Storm Sewer F7x AlLey no FEMA' Ma /Zone COMMENTS (Apparent adverse easements, encroachments, special assessments, slide areas, etc.)Sub'ect has a desirable view of woods to the rear. No unfavorable or adverse easements encroachments or conditions known or noted. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION Units 1 Foundation Cnct back Slab Area Sq. Ft. 1778 Roof Stories 1 Exterior Walls Cedar Crawl Space Finished 95 Ceiling Goodx Type (Dec/Att.) detached Roof Surface Shake Basement 100% Ceiling drywall Walls Goodx Design (Style) split Ivl Gutters iL Dwnspts. Aluminum Sump Pump no Walls drywall Floor Existing yes Widow Type Casement Dampness no evidencc Floor carpet None Proposed Storm Sash Combo Settlement no evidencE Outside Entry yes Adequacy—dood EE Under Construction Screens yes Infestation no evident Energy Efficient Items: Age (Yrs.) 8 years Manufactured House no Good enerav efficiencvEffective (Yrs) 7-8 ROOMS Foyer Living Dining Kitchen Den Family Rm Rec. Rm. Bedrooms r Baths Laundry Other Area Sq. Ft. Basement 1 1 3 1 x 1690 Level x 1 1 1 1 1 1 1814 Level Finished area aboq grade contains: 5 Rooms; 1 Bedrooms ; 14 ath(s); 1814 Square Feet of Gross Living Area SURFACES Materials/Condition HEATING KITCHEN EOUN. ATTIC IMPROVEMENT ANALYSIS Good Avg. Fair Poor Floors C t Cer.tile G Type 2—FWA Refrigerator FN None Quality of Construction ® Walls Drywall/Good Fuel Gas Range/Oven Stairs . Condition of Improvements ® Trim/Finish Oak/Good Condition Disposal Drop Stair Room Sizes/Layout ® Bath Floor Ceramic tile/GAdequacy Dishwasher Scuttle Closets and Storage ® Bath Wainscot Ceramic tole/G COOLING Fan/Hood Roof Energy Efficiency ®E] Doors Central Compactor Heated Plumbing-Adequacy & Conditio%mWasher/Dryer EOther Condition Microwave Finished Electrical-Adequacy 8 Condition Kitchen Cabinets-Adequacy 8 Cond. ® 1:1 Fireplace(s) Xes N 4Adequacy ves Intercom F7 r7i Compatibility to Neighbahood ® Appeal d Marketability ® 1:1 ED 1 CAR STORAGE: Garage Attached AdequateEntry No. Cars 2 Carport Detached Inadequate e Entry Estimated Remaining Economic Life 60-65 Yrs. Condition GoodNone Suitt-In Electric Door ment Ent Estimated Remaining 'cal Life Yrs. AdditionalfeaturesWhirl pool tub; wet bar; security system; decking; patio; BI desks E bookcase; central vac. • 2 box windows • vaulted T&G ceiling; 2 skylights. Depreciation (Physical, functional and external inadequacies, repairs needed, modernization, etc.):Sub'ect is a quality split level dwelling. Having only one bedroom above street c1rade is common for upper bracket homes. This will not affect marketability. No functional physical or external inade uacies. No repairs needed. General market conditions and prevalence and impact in subject/market area regarding loan discounts, interest buydowns and concessions: Diligent effort was made to obtain specific financing information and none f the sales utilized involved thp- seller p@ying excessive p9ints or fees to aid the buyer in obtaining financing. SALES COMPARISON ANALYSIS PHOTO NO. PARCEL NO. DOCUMENT NO. File 4 26gg4 These recent sales of properties are most similar and proximate to subject and have been considered in the market analysis. The description includes a dollar adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or more favorable than, the subject property, a minus (-) adjustment is made, thus reducing the indicated value of subject; if a significant item In the comparable Is Inferior to, or less favorable than, the subject property, a plus (+) adjustment is made, thus increasing the indicated value of the subject. ITEM SUBJECT COMPARABLE NO. 4 COMPARABLE NO. COMPARABLE NO. Address 2500 Yuma Lane Plymouth Proximity to Subject Sales Price Price/Gross Liv. Area FRUFFMI11111111 M 11 mile north s 247 000 99.56 M a M 1111111111111111111111111M 1111111111 11111s M 1111 Data Source MLS VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION t + I-) S Adjustment DESCRIPTION t + I-) 3 Adjustment DESCRIPTION t + I•) S Adjustment Sales or Financing Concessions Adj. rate t Cony. t t t Date of Sale/Time 8-88/Cjpsel:19-88t t Location Good SiteNiew Good/Avg+j Q QQQ Design and Appeal 2 stor Gd Cluality of Construction Good ' Age New -4,000 Condition Good ' Above Grade Room Count Gross Living Area Total ; Bdrms; Baths Total; Bdrms; Baths t 8 : 4 24 1 –1,500 Sq. Ft. 2481 Sq. Ft. --13 300 Total; Bdrms; Baths Sq. Ft. t Total ; Bdrms; Baths t Sq. Ft. Basement & Finished Rooms Below Grade Full bsmt +1,500 unfinished 423,700 Functional Utility Good Heating/Cooling F W A/ ce n t ra I' Garage/Carport 3 Car/Att -1,500 Porches, Patio, Pools, etc. None +1,000 t Special Energy Efficient Items None Fireplace(s) One +3,000 Other (e.g. kitchen equip., remodeling) Kit equip; inf.extras ' +4 ,000 Net Adj. (total) Indicated Value of Subject Comments on Sales Comparison: x +F1—, $ + — t $ + — 1$ 269 900 MINNESOTA APPRAISAL SERVICES, INC. REAL ESTATE APPRAISERS • CONSULTANTS 3450 LEXINGTON AVE., SHOREVIEW, MN 55126 TEL (612) 483-4700, FAX (612) 483-8163 April 11, 1989 Randy Yeager 17405 6th Avenue N Plymouth, MN 55447 Re: 17405 6th Avenue N Plymouth, MN 55447 Dear Randy: You have requested my comments pertaining to your assessed value with regards to the comparables used on the above referenced file. According to Hennepin County the assessed value for comparables 1-3 sale 4 is assessed only as a lot) ar a follows: r y Comparable Sales Price V A se s d Value Ratio (assessed value:salesprice 17020 5th Ave. oPlymouth $253,900 $209,500 82.5% 16915 5th Ave. ( Plymouth $307, 500 ; $238,700 77.6% 17925 2nd Ave. Plymouth $240, 0004, $217, 200 90.5% t Subject market value '$270,000 x 83.5% (mean ratio) _ $225,500 Using the above ratios, it is my opinion that the subject would be assessed a value between $210,000 - $244, 000(with a mean of $225,500) using a market value of $270,000 for the subject. If you should have any further questions, please contact me. Very truly yours, David R. Osterta DRO/tl PETER A. FISHER, M.A.I., S.R.P.A. PATRICK D. GRENGS, S.R.A., R.M. 1989 STAFF REPORT #6 PROPERTY OWNERS NAME: Keith A. Duin PROPERTY ADDRESS: 6150 Dallas Lane North PID #: 03-118-22-22-0024 LEGAL DESCRIPTION: Lot 11, Block 2, LAKE CAMELC7T ESTATES 1989 ESTIMATED MARKET VALUE $292,100 1989 REVISED MARKET VALUE No Change ISSUE: Mr. Duin believes his market value is excessive compared to other parade sales in Plymouth (Camelot) and other suburbs. His ratio studies targets upper level homes, and spans several years. REC(]MMENDATION: Originally, I talked with Mr. Duin prior to his closing on this property 5-13- 88. The home was built by Harstad Co. in 1987 and was shown in the 1987 Parade of Homes with an asking price of $308,000. The value for 1988 was established at $292,100 which is also its 1989 market value. Lake Camelot Estates was developed by the Harstad Co. and features upper level hones of all styles. In my opinion this property is not overvalued and is reflective of its neighborhood. (See attached comparables.) Dwelling Style: 2 -Story Year Built: 1987 Square Feet: 1,742 Sale Price: $299,000 Sale Date: 2-29-88 1987 Parade of Hones LAKE CAMELOT ESTATES SALES RATIO STUDY PIN# SALE DATE PRI 1989 EMV RATIO SUBJECT 03-118-22-22-0024 02-29-88 299,000 292,100 946 COMP #1 03-118-22-22-0015 05-05-88 287,000 271,400 945 COMP #2 * 03-118-22-22-0016 02-04-88 280,000 265,700 948 COMP #3 * 03-118-22-22-0028 03-20-88 280,000 255,200 911 COMP #4 03-118-22-24-0038 06-88 322,000 302,500 939 COMP #5 * 03-118-22-22-0084 03-01-88 370,000 355,000 959 COMP #6 03-118-22-22-0093 06-10-88 282,871 290,000 1.025 COMP #7 03-118-22-21-0075 05-13-88 295,300 280,700 950 Lake Camelot Estates overall ratio including 3 Parade Homes- 953 When Lake Camelot Estates opened, sales were slow in the $300,000 bracket. however, in 1988 it has become clear that this subdivision can compete for homes in excess of 300,000. There are several other sales and new construction which indicates this subdivision has a strong "upper bracket" buying market. In my opinion no change in value is recommended on Mr. Duin's property. Ccmparable #1 PID #03-118-22-22-0015 Address: 6115 Dallas Lane North Dwelling Style: 2 -Story Year Built: 1988 Square Feet: 1,631 Sale Price: 287,000 Sale Date: 5-5-88 Builder: T.H. Waurtz Ccuparable #2 PID #03-118-22-22-0016 Address: 6125 Dallas Lane North Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: 1987 Parade Home 2 -Story 1987 1,519 280,000 2-4-88 Ziegler Homes MARKET COMPARISONS Cunparable #3 PID #03-118-22-22-0028 Address: 6110 Dallas Lane North Dwelling Style: 2 -Story Year Built: 1987 Square Feet: 1,504 Sale Price: 280,000 Sale Date: 4-29-88 Builder: LeGran 1987 Parade Hone Cunparable #4 PID #03-118-22-24-0038 Address: 13810 58th Avenue North Dwelling Style: 2 -Story Year Built: 1988 Square Feet: 1,721 Sale Price: 322,000 Sale Date: 6-1988 Builder: Harstad Co. 1989 BOARD OF REVIEW MAP= COMPARISONS it Aw.. MARKET COMPARISONS Carparable #5 PID #03-118-22-22-0084 Address: 6130 Cheshire Lane North Dwelling Style: Multi Level Year Built: 1988 Square Feet: 2,140 Sale Price: 370,000 Sale Date: 3-1-88 Builder: Ziegler 1988 Parade Hone Ccnparable #6 PID #03-118-22-22-0093 Address: 6135 Berskhire Lane North Dwelling Style: 2 -Story Year Built: 1988 Square Feet: 1,760 Sale Price: 282,871 Sale Date: 6-10-88 Builder: LeGran Coaparable #7 PID #03-118-22-21-0075 Address: 6110 Berkshire Lane North Dwelling Style: 2 -Story Year Built: 1988 Square Feet: 1,540 Sale Price: 295,320 Sale Date: 5-13-88 Builder: LeGran 989 .BOARD OF REVIEW VAWET COMPARISONS 9 • • • •10 • lal• I PID #: LEGAL DESCRIPTION: ISSUE: Bi• • • Itr I I 1 It •: Patrick B. Hallisey 4065 Quantico Lane North 16-118-22-32-0009 Lot 21, Block 1, PLYMDUTH CREEK 1989 ESTIMATED MARKET VALUE $142,000 1989 REVISED MARKET VALUE No Change Mr. Hallisey's concerns of $130,000 as set by the Minnesota State Tax Court was increased to $142,000. His contention was he was misinformed during the 1988 Board of Review and was unable to contest his value at that time. He approached the 1989 Board of Review with both years of valuation under protest. At council direction an abatement was initiated and mailed to Hennepin County asking that the 1988 estimated market value be reviewed by Hennepin County. Any change in his 1988 value must come either from Hennepin County or filing a petition with the tax court. He was informed of the proper dates. Based on the attached market comparables and map of the subject neighborhood, demonstrating a large amount of market activity, it is reconu ended no change in valuation for the 1989 assessment. Dwelling Style: Townhouse Year Built: 1982 Square Feet: 1,441 Sale Price: $100,000 Sale Date: April, 1987 Respectfully Submitted, Scott L. Hovet, CAE City Assessor PIN k SUBJECT Sale #1 16-23-0051 Sale #2 16-23-0052 Sale #3 16-23-0056 Sale #4 16-23-0055 Sale #5 16-23-0054 Sale #6 16-23-0097 Sale #7 16-23-0061 Sale #8 16-24-0003 Sale #9 16-31-0012 Sale #10 16-32-0008 15620 40th Ave. N. Ponderosa 136,700 01-20-86 4 Level 151,095 15630 40th Ave. N. Spruce 180,100 03-12-89 191,06 0 15645 40th Ave. N. Ponderosa 139,200 02-07-86 4 Level 155,245 15655 40th Ave. N. Ponderosa 137,500 06-30-87 4 Level 147,615 15665 40th Ae. N. Ponderosa 138,900 03-18-88 4 Level 172,200 4130 Terraceview La. N. Spruce 178,900 10-01-88 S158,000 15565 41st Ave. N. Ponderosa 147,800 10-03-87 5 Level 165,000 4072 Quantico La. N. Spruce 139,700 09-14-88 146,800 4049 Quantico La. N. Ponderosa 137,200 02-20-87 4 Level 5143,000 4061 Quantico La. N. Ponderosa 148,700 04-04-86 5 Level 145,000 9s1h T oos[ Ooil+/ \5 aS 0 s / / , eti\'9 / • S18V-10d ON f or •tis, . c ` Is 2c sy Bi y8 w.1B Q1110-lino cit a ioj- no 00 E` SFn iR to 00 m so Q Q O ' ' .P r Q' = • I ti ' 1', ti II• • •[ j, J o h .° I Q 4 - o to oma' / _' • . M, r 1p in go W W W W W fro: l oN _ d Q Q Q D ADDIroO01 'o PR it O OD b, H 1 S to j_ 0 1 Q 96 1117 C V'1 T A t .SI 4 ASSESSMENT AREA PLYMOUTH 40 PID * 16-118-22-32-0009 ASSESSMENT YEAR 1988 PLyMck R REAL PROPERTY NAME PATRICK HALLISEY ADDRESS 4065 OUANTICO LANE NORTH PROPERTY TYPE Y CITY PLYMOUTH, MN 55446 HOME PHONE 559-6696 WORK PHONE 933-0409 Complete Assessor's section and attach to Real Estate Reduction abatement requests - NOTE: If request includes more than one parcel, a separate abatement and review sheet will be necessary for each parcel. Office Reviewal Only MIKE CARROLL Field Revieal By FOR LOCAL ASSESSOR Bldg. Age 1982 5-11-87 Date Applicant's Requested Market Value $ 130,000 Present Valuation Market Land $ 15,000 Bldg $ 127,000 Mach $ Assessor's Recommended Market Value $ 142,000 Total $ 142,000 Assess ent du ti n: APPROVED DENIED X J o Assessor's Recommended Value Breakdown ASSESSONR"S IGATURE Date Market Please briefly explain your recommendation: Land S 15,000 Bldg S 127,000 LOCAL BOARD OF REVIEW RECOMMENDED THAT AN ADMINISTRATIVE Mach $ ABATEMENT BE FILED WITH THE COUNTY ON BEHALF OF THE Total $ 142,000 PLANTIFF, Date: Land Bldg Mach Total Aerial Field Check Appraiser: FOR COUNTY ASSESSOR Zoning Assessment Year PRESENT REQUESTED APPRAISER'S RECOMMENDED RECOMMENDED REDUCTIO*; M -I -t- vnl„o Market Value Market Value Market Value REMARKS: ABATEMENT RECOMMENDATION: HC 1344 (5/95) commis sinner of Revenue Abate formerly Forms 3 and 4) Q o , E oO o O u Z V Z Applicant's Nome PATRICK HALLISEY Social Securtty No. 472.44-6545 DESCRIPTION OF PROPERTY Form 3 (Rev. 3/74) c0 u APPLICATION FOR REDUCTION IN ASSESSED VALUATION OF REAL ESTATE TELEPHONE NUMBER HomE Work 559-6696 Complete in triplicate if tax reduction exceeds $5,000, otherwise complete in duplicate. Pfease print or type. For Taxes Assessed in Year 1988 Applicant's Mailing Address 1 4065 QUANTICO LANE NORTH PLYMOUTH, MN 55446 and Payable in Year 1989 Street Address (if different than above) City or Township School District No. SAME PLYMOUTH 284 Legal: Lot 21 Block 1 PLYMOUTH CREEK PID# 16-118-22-32-0009 ASSESSMENT DATA (on Jan. 2 of year of assessment) 1. Market Value Exclusive of Structures and Improvements 15,000 2. Market Value of All Structures and Improvements 127,000 3. Total Market Value (line 1 t line 2) 142,000 4. Assessed Valve OWNER'S DATA ( on Jan. 2 of year of assessment ) 1. Owner's Estimated Market Value 130,000 2. Total Fire Insurance Carried on Said Property 3. Date Property Acquired APRIL 19 87 Purchase price 100a 000 4. Cost of Additions and Improvements since purchase is this property applicants homestead? Yes 6. Type of instrument used to convey title: CONTRACT FOR DEED 7. In applicant's opinion the excessive assessment was due to: NON-COMPLIANCE WITH TAX COURT OPINION 8. Applicant did not secure a correction of said excessive assessment before it had been finally equalized because: APPLICANT'S REQUEST Applicant affirms no proceedings of any kind for correction of the assessment against said property are now pending in any court. Applicant believes that this property is assessed higher than property in the some class and of the some value in this assessment district and therefore requests that the assessed valuation be reduced and that the market value of said property forsaid yearbereduced and that the market value of said property for said year be reduced to and fixed at $ Applicant's Signature SCOTT HOVET FOR PATRICK HALLISEcY- NOTE: Minnesota Statutes 1971, Section 609.41 "Whoever in making any statement, oral or written, which is required or authorized by law to be made as a basis of imposing, reducing, or abating any tax or assessment, intentionally makes any statement as to any material matter which he knows is false may be sentenced, unless otherwise provided by law, to imprisonment for not more than one year or to payment of a fine of not more than $1.000, or both." Patrick B. Hallisey 4065 Quantico Lane Plymouth, MN 55446 559-6696 (Home) 933-0409 (Daytime) May 10, 1989 Mayor Virgil Schneider City of Plymouth 3400 Plymouth Blvd. Plymouth, MN 55447 Re: 1989 Board of Review P.I.D. 16-118-22-0009 Dear Mayor Schneider: First let me apologize if my behavior at the Board of Review was offensive to you and/or the other members. While there is no excuse for offensive behavior, let me explain that bureaucratic red tape to which our system subjects a property owner is extremely frustrating and at times leads me to irrational venting of anger, not at the individuals, but at the system. Unfortunately that anger is sometimes uninten- tionally directed at individuals as there is no way to direct it at the system. Next let me thank the Board for directing the Assessor to file an abatement for my 1988 valuation. Unfortunately I did have to go through the process and expense of filing a tax protest in order to preserve my rights in the event that the abatement is denied. In my April 14, 1989 letter to you I expressed my desire to arrive at a negotiated truce. In keeping with that desire and in an effort to save the City, County, and myself the aggravation and expense of a trial regarding my 1989 valuation, I would be willing to accept a 1989 valuation of $132,700. This represents a $16,000 valuation difference, the original cost difference, between my home and the home the Court, Mr. Hovet, and I agreed during trial was the best comparable. I am offering to agree to this $2,700 raise in valuation even though that "best comparable's" valuation has not been raised since our trial. You letter of April 25, to me speaks of the Assessor's responsibility to equalize the values of similar parcels. Mayor Virgil Schneider May 10, 1989 Page 2 My response to that is twofold; A. The court upheld my ongoing contention that these parcels are not similar and that there is indeed a substantial difference. B. To raise the court determined valuation of a property by $12,000 while not raising its best comparable at all is actually reverse equalization or discrimination. Thanking you in advance for your thoughtful consideration, I remain, PBH/dmm/15 cc: L. Ricker R. Fitur M. Vasiliou J. Sisk S. Hovet Sincerely, Patrick B. Hallisey PROPERTY CFVMRS NAME: PROPERTY ADDRESS: PID LEGAL 1M• •M ISSUE: a P • • is •, i dal NOW", James Zook 16975 30th Avenue North 20-118-22-31-0038 Lot 2, Block 2, SHILOH 2ND ADDITION 1989 ESTIMATED MARKET VALUE $181,300 1989 REVISED MARKET VALUE $168,600 The issue that Mr. Zook presents is that his 1989 estimated market value is too high based upon an inherent functional problem in the property. His concern was a lack of a shower on the second floor. Based on a bid he received, his estimated cost to cure the problem was $20,000. RECCMMENDATION: After a review appraisal was completed, and sales of comparable properties were analyzed, it is recommended that the 1989 estimated market value be reduced to $168,600. Dwelling Style: 2 -Story Year Built: 1979 Square Feet: 1,448 Sale Price: $145,000 Sale Date: 3-1-89 1989 Board of Review Page 2 Prior to the 1989 Board of Review, Mr. Zook called our office to discuss his estimated market value. At his request a review appraisal was done on May 5, 1989. As Mr. Zook explained to the Board of Review, there is an inherent design problem with his property due to the type and location of the bathrooms in the house. However, since access to the property was never allowed prior to the reappraisal date, this problem was not evident to our office. Nor was it indicated in 1983 when the property was resold for 165,000. Obviously, the absence of a shower on the second level can present a problem or inconvenience, especially to a large family. But this problem is not only curable, it is owner or buyer dependent. It should also be noted that the property was purchased through a relocation real estate company and may not represent a true market transaction. The review appraisal also indicated this functional or design problem was the only negative feature observed. The property was noted to be in excellent condition, featuring many marketable amenities such as a fireplace, high quality ceramic tile, central air, first level guest bedroom, with full bath and jacuzzi, central vacuum, etc. A sales analysis of comparable properties in the same neighborhood leads to a value conclusion of approximately $171,500. The recommended value of $168,600 recognizes or accounts for the functional problem of the property. Respectfully Submitted, Richard Toy, CMA Appraiser Comparable #1 PID #20-118-22-33-0060 Address.: 17120 28th Avenue North Dwelling Style: 2 -Story Year Built: 1975 Square Feet: 1,278 Sale Date: 173,000 Sale Date: 7-20-88 Carparable #2 PID #20-118-22-32-0071 Address: 17115 30th Avenue North Dwelling Style: 2 -Story Year Built: 1979 Square Feet: 1,373 Sale Price: 170,000 Sale Date: 3-12-88 Builder: 989 BOARD OF •p n MARKET COMPARISONS Canparable #3 PID #20-118-22-32-0067 Address: 3040 Holly Lane North Dwelling Style: 2 -Story Year Built: 1977 Square Feet: 1,418 Sale Price: 170,500 Sale Date: 2-22-88 Builder: Cc -parable #4 PID #20-118-22-33-0003 Address: 17415 28th Avenue North Dwelling Style: 2 -Story Year Built: 1975 Square Feet: 1,588 Sale Price: 172,000 Sale Date: 4-21-88 Builder: 1989 BOARD OF REVIEW MARKET COMPARISONS Y s1.9•.a Q •z El asl .a..ofl " .oz cal rs.3 .91 e. :zo's T t 1 41 r01 sl be t w Al" Il •W it It, Lu N. f I.YO $. 00 66I ''i!b 7.11.( ' '.. ..• i-1s n 0 10 • . o '. j4 .a •4.. - ? •$ "• r . 1 < ..c. okl .•tr p'• I , '4. pp1E , 91 - rf fe 8 6 0. y .$:: N ^ "•, rte -- - -_!_ 8 - R?- G _ - a _ g - wtee R " , 7..1.n..W Ib TII r_ tiV •`... c^m IP R jb Ny •¢ L -• 1 i. WP , ` . e? • , y+d. e 'o •- `. y L6 8 . + FQ y `f ° , q V1 A DIDr°! rEDW 9ca18. owl oo R -ter R$ - pNE trs•,. pp W' -_. ° i . oo .e s1 o._ r `. z9w s'" • ^. rA=A m „rn `.r_L _q'°It '},e ® r'S,. r, .,.8 oGARLANS ..j1•23' ` o"` "- , , ^ . c •Ts r 8 - i co 1 t4 Ir A Do ILL S' •8 .r ^ .K' ao ca .so .% R „ 2 . R ^• M •• °, a 't .tbl '. az , r •. x 9s1-Y IQ - .y $ I (• 8 - - = ih_ *_ R- '48 ¢ S Ott ¢ 4. 09, Ir ll o0 WE U . R P G,' q - n = 6 oo Le mLs Tei(, 8 —91rI 91 .4 e ' n 1 v -• mil_ ^}. N` `' I j,^ - rte' p "_- eV r.. r, . r . 1• ; i Sr %1 , - 00 i ._ I I' r.6..,r ,• $ N 69 c ry . 1619, 0. cox V c3'• 'v ^ ICOW, SG WE r19 t.1 I! - R ^ v IY f'/ S oe - s . del ... 1• - d . . ` '° 5 16 N" P,j •: 2 e " - R e I ::' cin «.M1 ,M . _44 , ' maca- A t .. x.so.u. y ^'O o • I<'zr .. # o w+"° } .. 0.0 rJ1if3 .oz LV 1///tt 18I•Fyy STATES 6b s i r` r^---.... - 10` 1989 STAFF REPORT #9 V D4 0) 1.4 WillollV 91k•,iia+ i •; PROPERTY OWNERS NAME: John Werr PROPERTY ADDRESS: 10600 43rd Avenue North, Unit #111 PID #: 13-118-22-21-0065 LEGAL DESCRIPTION: Unit #111 CONDOMINIUM NO. 429 SAGAMORE FIVE 1989 ESTIMATED MARKET VALUE $70,700 1989 REVISED MARKET VALUE No Change ISSUE: Mr. Werr purchased his home in May of 1988 for $57,500 cash from HUD, which was less than the 1989 estimated market value of $70,700. Mr. Werr expressed concern about the noise from the hallway in the building and the parking lots outside affecting the value of his unit. RECOMMENDATION: Based on the inspection and reappraisal of this property and a current sales study of comparable units, no change in the 1989 estimated market value is recommended. Dwelling Style: Condo "D" Year Built: 1983 Square Feet: 1,104 Sale Price: 57,500 Cash) HUD Foreclosure Sale Date: 5-17-88 1989 Board of Review Page 2 On May 9, 1989 Mr. Werr's property was reappraised including both an interior and exterior inspection. Mr. Werr's unit is in average conditon and consists of a living froom, dining room, kitchen, 2 bedrooms and 1 3/4 bath. Noise from the hallways and the parking lots is a common problem shared by all units in a condominium complex of this size and affects the values equally. The 1988 sales study of the Sagamore Condominium buildings 5-7 indicate only Mr. Werr purchased his unit after a foreclosure from HUD. All other sales appear to be open market/arms length sales. In sale ratio studies conducted by the State Property Equalization Division, sales involving legal action, as foreclosure or bankruptcies, are not used. These do not meet their criteria as being an "open market sale" or an "arms length sale". Based on the sales of comparable units and the curcumstances involved in the sale of this unit, no value change is recommended for the 1989 assessment. Repsecfully Submitted, Nancy Byer CMA Appraiser P ' kz OOM, Ccmparable #1 PID #13-118-22-21-0083 Address: 10600 43rd Avenue North Unit #305 Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: Condo "D" plan 1983 1,104 77,000 6-11-88 Quality Home Inc. Ccaparable #2 PID #13-118-22-21-0304 Address: 4385 Trenton Lane North Unit #311 Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: Condo "D" plan 1985 1,104 80,400 4-18-88 Quality Home Inc. WOO; l#-:9 , aL rl;u• :: -:icy Comparable #3 PID #13-118-22-21-0166 Address: 10540 43rd Avenue North, Unit #104 Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: Condo "B" plan (1 bedrocin, 1 bath) 1984 892 58,500 1-25-88 Quality Home Inc. Ccmparable #4 PID #13-118-22-21-0084 Address: 10600 43rd Avenue North Unit #306 Dwelling Style: Year Built: Square Feet: Sale Price: Sale Date: Builder: Condo "A" plan 1983 1,315 85,000 9-13-88 Quality Home Inc. PROPERTY OWNERS NAME: Lau Properties (John F. Lau, Jr.) PROPERTY ADDRESS: 13055 15th Avenue North PID #: 27-118-22-44-0039 LEGAL DESCRIPTION: Lot 22, Block 1, GLEN ECHO PONDS 1989 ESTIMATED MARKET VALUE $730,000 1989 REVISED MARKET VALUE No Change ISSUE: 1989 STAFF REPORT #10 Mr. Lau's concern was his 1989 estimated market value at $730,000. His office warehouse business is known as T.L.C. Polyform located on 15th Avenue North right near the AT&T Microwave Tower. Mr. Lau was contacted on May 9, 1989 in attempt to discuss his valuation issue. He was out of town but was informed that his value recommendation is no change and that he may appeal to Hennepin County if he wishes. He was invited to contact me at a later date to discuss his problem. 11*10k%i101i• • Based upon the 3 traditional approaches to value primarily the income approach, comparing leased office warehouse buildings, and documented market sales of office warehouses in Plymouth it is recommended no change in the 1989 estimated market value. Please see attached market comparables. Building Type: Year Built: Square Feet: Original Bldg: 1986 Addition: Conclusion: Off /Warehouse 1985 & 1986 19,700 10,100 Sq. Ft. 9,600 Sq. Ft. added 37.00 P/Sq. Ft. Respectfully Submitted Scott L. Hovet, CAE City Assessor 1989 BOARD OF REVIEW MARKET COMPARISONS Comparable #1 PID #21-118-22-31-0014 Address: 15405 Medina Road Building Style: Office Warehouse Year Built: 1980 Square Feet: 18,680 Sale Price: 1,000,000 Sale Date: June, 1987 Complex Name: Brown Campbell Company 1989 EMV: 865,000 Value P/Sq. Ft: 46.30 Comparable #2 PID #22-118-22-33-0003 Address: 2720 Fernbrook Lane North Building Style: Office/Warehouse Year Built: 1966 Square Feet: 16,613 Sale Price: 630,000 Sale Date: January, 1987 Complex Name: Raddatz Building 1989 EMV: 560,000 Value P/Sq. Ft: 37.92 rn ro Z7 ME5 —tANE— kc v _'r- rtl 146 LA LP rriM z r4 ns, t LA te LIP CA 10 r3 xrn 0 Z RO C7 jo M a. CA Ivo 1W to 71D all PROPERTY OWNERS NAME: PID #: LEGAL DESCRIPTION: ISSUE: STAFF REPORT LETTERS #1 & 2 V.11 al M • DI • • Zd W.11 ILI I IM . •. 1141 MDUMMKI60 World Carpets 2100 Niagara Lane North Vacant lot adjacent to the north 28-118-22-13-0007 & 0008 N 1/2 & S 1/2 Lot 13, Block 2, CIRCLE STAR BUS CENTER 1ST ADD. 1989 ESTIMATED MARKET VALUE 1989 REVISED MARKET VALUE 690,000 - Industrial Bldg. 92,000 Vacant Lot No Change A letter was received from Bob Klaus of World Carpets in Dalton, Georgia regarding the 1989 value of the above described property. They request to go on record as protesting the 1989 market value and protect their right to appeal to Hennepin County. (See attached letters.) After a review and considerations for values per square foot of comparable sales of surrounding land, the 1989 estimated market value for the vacant lot should remained unchanged at $92,000. ($1.00 P/Sq. Ft.) current industrial lot sales equal $1.75 to 2.00 P/Sq. Ft. The market value on the World Carpet Industrial Building for 1989 is placed at 690,000. This represents a value of $28.00 Per Sq. Ft. of the gross building area. Based on ratio studies and sales of comparable buildings the market value is believed to be well equalized and no change is recommended. Building Style: Off/Whs Year Built: 1975 Square Feet: 24,534 Sale Price: Self Built Respectfully Submitted Scott L. Hovet, CAE City Assessor M, l7, OES, L KERS LAKE f 12 SEC. 1 2ff Fffffff.22 M, 00, Ims I ; 0 RES O AL EAGE - - - - - - - - Ell 7. 7. 7. 0139 70 i79 7z i9. 7.! .................. April 27, 1989 Scott Hovet, City Assessor 3400 Plymouth Blvd. Plymouth, MN 55447 Dear Mr. Hovet, CERTIFIED MAIL RETURN RECEIPT REQUESTED The purpose of this letter is to formally protest the assessment on property identification number 28-118-22 13 0008. This piece of property is in the Circle Star Business Center addition, lot 13, block 2. A copy of the tax bill and the valuation notice is enclosed. The property is vacant land zoned for industrial use and is owned by World Carpet Industries, Inc. The market valuation of this piece of land was increased by your office from $69,000.00 in 1988 to $92,000.00 in 1989 which is an increase of 33.33%. By way of comparison, there is a similar piece of property located at 2600 Fernbrook in Plymouth. It consists of 3.03 acres or 131,987 square feet. It is zoned for industrial use and is vacant land just like the property referred to above. From 1988 to 1989, the market value of the property at 2600 Fernbrook remained the same, $131,000. In light of this experience at 2600 Fernbrook, we respectfully request that the valuation of the World Carpet Industries property be reduced to a more reasonable figure. We certainly feel that 33.33% is an excessive increase in valuation in just one year. Thank you for your time and consideration of the points covered in this letter. Sincerely, WORLD CARPETS, INC. Bob Klaus Accountant 12346 MAY 1989 Gty of Awwth 1 4h1fo l IW • Fax (404) 278-945C, _`= April 28, 1989 Scott Hovet, City Assessor 3400 Plymouth Blvd. Plymouth, MN 55447 Dear Mr. Hovet, The purpose of this letter is to formally protest the valuation on property identification number 28-118-22 13 0007. This piece of property is in the Circle Star Business Center addition, lot 13, block 2. A copy of the tax bill and the valuation notice is enclosed. The property consists of 106,000 square feet of land, 23,000 square feet of warehouse space, and 1,600 square feet of office areas. The building is a Class C tilt -up concrete building. The market valuation of this property was increased by your office from 580,000.00 in 1987 to $664,000.00 in 1988 to $690,000.00 in 1989. This represents increases of 14.5% and 3.9% respectively. We respectfully request that the market valuation of this property, owned by World Carpets, Inc. be reduced to a more reasonable figure. We certainly feel that 14.5% is an excessive increase in market valuation in just one year. Thank you very much for your time and consideration of the points covered in this letter. Sincerely, WORLD CARPETS, INC. 45 / z Bob Klaus Accountant MAY 1989 pity of MYNA low* Oft PROPERTY OWNERS NAME: PROPERTY ADDRESS: PID #: LEGAL DESCRIPTION: ISSUE: 1989 BOARD OF REVIEW STAFF REPORT AND PECC14E[QDATION Garth Lewis Various (Letter #3) Various (See Below) 27-21-0001; 36-42-0018; 27-31-0006; 27-24-0004 Various - Commercial & Industrial Buildings 1989 ESTIMATED MARKET VALUES See Below 1989 REVISED MARKET VALUE No Change Recommended I was contacted both by phone and in writing by Mr. Garth Lewis of the Real Estate Service Company Inc. in regards to the 1989 estimated market values of the above described properties. According to his letter at this point, they are not sure if any or all of the above properties will be appealed to the County Board of Equalization. They would like to protect their right to appeal to the county if necessary. The properties they are appealing are as follows: Plymouth Office Technical Center, 2405 Xenium Lane North, EMV: 2,900,000; S.J. Groves Building, 10000 State Highway No 55, EMV: $9,069,000; Plymouth Service Center, 1720 Annapolis Lane North, EMV: $2,070,000; and Westpoint Business Center, 1880 Berkshire Lane North, EMV: $6,205,000. RECOTION: After a review of the current appraisals of these properties it is recommended that no change in market value be made at this time. The property owners through there representative have asked that these properties be placed on the Local Board of Review agenda so that they can reserve their right to appeal to the Hennepin County Board of Equalization should the need arise. No change is recommended. Respectfully Submitted Scott L. Hovet, CAE City Assessor Real Estate Tax Services, Inc. DALLAS • PHOENIX • AUSTIN • LOS ANGELES • TAMPA • HOUSTON • ATLANTA May 6, 1989 Mr. Scott Hovet CITY OF PLYMOUTH ASSESSOR 3400 Plymouth Blvd. Plymouth, MN 55447 Dear Mr. Hovet: 3 MAY 1989 Gty of Plymmm 4 wok A As we discussed by telephone on May 3, we are submitting this letter as our request for your office to review the 1989 Estimated Market Values for the following properties: Plymouth Office Technical Center PID #27-118-22-21-0001 S.J. Groves Building PID #36-118-22-42-0018 Plymouth Service Center PID #27-118-22-31-0006 Westpoint Business Center PID #27-118-22-24-0004 At this point, we are not sure if any or all of these properties will be appealed to the County Board of Equalization, but we would like to preserve our right to appeal should an appeal be necessary. We are still in the process of gathering pertinent financial information concerning these properties, and we will be in touch with you soon to furnish income and expense statements, rent rolls, etc., for your review. Thank you very much for your consideration. Yours very truly, Clar4th STATE T ERVICES, INC. Lewis GGL/mmd 111 W. Spring Valley, Suite 100 • P.O. Box 832310 • Richardson, Texas 75083-2310 • FAX 214/680-3174 • 214/699-8100 I WI's LEGAL DESCRIPTION: ISSUE: 1989 STAFF REPORT LE TER #4 Willow Creek Apartments 135 & 235 Nathan Lane North 36-118-22-43-0016 & 0017 Lots 1 & 2, Block 1, WILLOW GROVE 1989 ESTIMATED MARKET VALUE $8,570,000 1989 REVISED MARKET VALUE No Change Recommended A letter was received from Shirley Shaffer, Assistant Property Tax Manager for Southmark Corporation. The letter requests that we hold this appeal in abeyance until they have had an opportune time to meet with me to discuss the 1989 estimated market values. is a•,uwi i: •, The Willow Grove Apartment Complex which consists of 2-120 unit apartments (240 units) sold October 28th, 1987 for $9,373,689. This equates to approximately $39,000 per unit. The 1989 estimated market value is well under this sale price which occurred in 1987. Market comparables as well as well as the income approach substantiates the 1989 value for this property. No change is recommended. Dwelling Style: 240 Apartments Year Built: 1978 Sale Price: $9,373,689 Sale Date: October 28, 1989 Respectfully Submitted, Scott L. Hovet, CAE City Assessor III= j-11 SOUTHMARK CORPORATION May 4, 1989 Hennepin County City Assessor 3400 Piymouth Blvd. Plymouth, MN 55447 RE: Protest of Proposed 1989 Property Values Willow Creek N & S Apartments, Minneapolis, MN Property ID# 36-118-22-43-0017 36-118-22-43-0016 Dear Sir/Madam: 101112 Please accept this letter as our formal protest of the proposed 1989 property values on the captioned property. We humbly request you hold this appeal in abeyance until we have had an opportune time to meet with an appraiser to discuss these values. We would also appreciate your informing us of a convenient date and time which we might meet before the Board, if necessary. If any additional documentation is required for the processing of this protest, please let me know. ry truly yours, Shirley S affer Assistant Property Tax Manager SS:ps P.O. BOX 105 9 NORCROSS, GA 30091 • (404) 859-9770 tJUt UUUUU0 0 0 0 4d () V 4) 0 1),J) J) 1) C V V i 41) 1) V J) It' & V 1) V 0 U 4) V 4) 4) C V S. U2 SEC. cYff F e f f ff ff e 22 F MST SUSIMSS NAT b, 2M. 21 MM v aL I ;- i f D F= v P) V Of OpOVES 37) NIL- FF rwMir S(26) . ...... l32)( 77) ... 14) WMIllpill 1 26) 1 All 23)ns) SIDE a5) 22) A a ME to) (a) 1 W1 LLoW A CREEKV; ESTATES ri DQ T JANL2)) ( 20) ( 9) 30) (37) (16) (1)) In 2) n 67 v 3*6) (3) A 0. L L !LLDW0 43)) A 04 p42) CREF I IT 6) Y all Fie 22) (7) 27) (2`5) (21)PON@ am0L(O' 9) TREE47) ' 30) 0 ILLOW % Itzeatoo joij - 9 52 112 C) -E-0 TEIZ j m CIT, OF Ykloull 2•els. T Ta fins CITY OF V Lg j 26) 71P 12X2, 23' )':* p STOP sx i MAV .................. NATE IN PROPERTY OWNERS NAME: PROPERTY ADDRESS: PID #s: LEGAL DESCRIPTION: ISSUE: 1989 STAFF REPORT LETTER #5 It •. I I 1 It' • Banner Engineering Brown Campbell Steel Corp. 9714 10th Avenue North 15405 Medina Rd. 36-118-22-11-0026 & 21-118-22-31-0014 Various 1989 ESTIMATED MARKET VALUES 1989 REVISED MARKET VALUE 3,878,000 (Banner) 865,000 (Brown Campbell) No Change Recommended A letter was received from Mr. Richard L. Hurt who is a property tax agent for Property Tax Research Company of Chesterfield, Missouri. As can plainly be seen property tax representative companies are a growing concern and are becoming a large problem for assessors. Mr. Hurt's company solicited commercial and industrial property taxpayers in Plymouth to seek value reductions. His letter is on file as a request to protect his right to appeal to Hennepin County for the above properties should the need arise. Z4 V- % I ID1 ki It • The Banner Engineering building as well as Brown Campbell are well equalized based on the income approach and market comparables. The Brown Campbell building sold for 1,000,000 recently while its 1989 market value is still carried at only $865,000. Based upon my review of the current appraisals of these properties it is recommended that no change in market value be made on either one at this time. 11 z-W PTR) May 6, 1989 Property Tax Research Company OVERNIGHT MAIL: AIRBORNE EXPRESS City of Plymouth Board of Review c/o Mr. Scott Hobet, City Assessor 3400 Plymouth Boulevard Plymouth, MN 55447 RE: Banner Engineering 9714 Tenth Avenue North Plymouth, MN 55440 P.I.D.#: 36-118-22-11-0026 1 5 t$ 9i411 J213 cv P' ggs Brown Campbell Steel Corp. 15405 Medina Road Plymouth, MN 55447 P.I.D.#: 21-118-22-31-0014 Dear Ladies and Gentlemen of the Board: As agent for the taxpayers, I respectfully request that you consider this letter our formal appeal'to the City of Plymouth Board of Review of the valuations of the properties referenced above. Enclosed are fully executed Agent Authorizations signed by the taxpayers as well as our appraisal work-ups for each property. It is my understanding that this letter of appeal and the enclosures will serve as our presentation to the Board of Review. Please review the evidence submitted in lieu of a personal appearance. Should you have any questions, please contact me at the number below. Please send any and all correspondence regarding these matters to: Property Tax Research Company 15450 South Outer Forty Road Suite 270 Chesterfield, MO 63017 Attn: Richard L. Hurt Your time and consideration in these matters are sincerely appreciated. Respectfully submitted, PROPERTY TAX RESEARCH COMPANY 4" 1" Richard L. Hurt Agent for Taxpayer RLH/kss Enclosures 15450 South Outer Forty • Suite 270 • Chesterfield, Missouri 63017 • (314) 537-2700 Atlanta 9 Boston • Cleveland • Colorado • Dallas 9 Houston • Kansas City • Phoenix • Portland PROPERTY OWNERS NAME: PROPERTY ADDRESS: PID #: LEGAL DESCRIPTION: ISSUE: 1989 STAFF REPORT LETTER #6 1*14 D1•• to Io •. I0 elm • • Karl E. & Joyce E. Pokorny 1890 Troy Lane North 30-118-22-31-0008 & 30-118-22-31-0009 Long Legal 1989 ESTIMATED MARKET VALUE $298,000 1989 REVISED MARKET VALUE No Change Mr. and Mrs. Pokorny stated in a letter their concern about the increase in value to their home and vacant adjacent lot on Mooney Lake. A current reappraisal of the property, the sale of the adjacent comparable property and the Pokorny's purchase price of $325,000, indicate the property is not overvalued and is consistent with comparable properties. No change in value is recommended. Dwelling Style: Rambler Year Built: 1983 Square Feet: 1,768 Sale Price: $325,000 Sale Date: 1-13-86 1989 Board of Review Page 2 The Porkorny property, along with all the other properties on Mooney Lake, was reappraised in the "quartile" for the 1989 assessment. Sales over the past several years indicated the area was undervalued. For the 1989 assessment, land values were equalized based on the size of the lot and lakeshore area. The building values were equalized based on size, style, quality and condition. Total market value increases varied because of the reappraisal on each property. Typical market value increases range from +05% to 17%. The Pokorny property's total market value increased +11% for the 1989 assessment. The Pokornys purchased the hone and adjacent vacant lot in 1986 for $325,000. In 1988 they added an inground swimming pool to the property. An adjacent comparable property sold in August of 1988 for $347,400. (See Map). Based on the above information, it is the opinion of this appraiser that the $289,000 is a fair market value of the subject property as of the January 2, 1989 assessment date. Therefore, no change in value is recommended. Respectfully Submitted, Nancy Bye, CMA Appraiser 7 p01 SEC MS ! O o T GOV'T. LOTS 3 & 5 63 I10' I10` 110' 110' 110 110. 70. 05. a) a 514 38.6 C60) 6 18 . 59 53) 54 2m0A (5F55) r5 2• i 186 110' lip' 110' 1 110 110• 110' 1 117 52' I SOLD- 01/86` SOLD= 08/88 325,000 ` $347,400 1 , I\ C 1 i i a) 1. 153 63 D 14) l 56P a 4y• 1 moo\ 1' 0N 9 w A Q Ord IN ww" /, 0W""emzllall " 7-5-4 300 aq c q ?7- 3 I q S ----- iir i +• • I1I %• i2 ---- --- l al - - - - -- P9d N --_ ____ PROPERTY OWNERS NAME: PID #: LEGAL DESCRIPTION: ISSUE: 1989 STAFF REPORT LETTER #7 John Duffy (Duffy Office Building) 10850 Old County Road No. 15 36-118-22-23-0046 Lots 4 - 7 except Hwy - SHIEBES HIGHLAND VIEW ADDITION 1989 ESTIMATED MARKET VALUE $490,000 1989 REVISED MARKET VALUE No Change Recommended A letter was received on May 8, 1989 from John Duffy owner of the Duffy Office Building as described above. He believes his market value is in excess for the 1989 assessment and would like to protect his rights to appeal at Hennepin County. (See the attached letter). Mr. Duffy started construction on his office building in late 1986. I have had several conversations with him regarding his new office building. His market value has increased from $270,000 in 1987 which was a 50% complete building to $490,000 today. This represents the finally completed building. This equates to $61.00 P/Sq. Ft. Office buildings of this caliber are currently selling for between $65.00 and $100.00 P/Sq. Ft. Mr. Duffy has expressed to me his concern for a negative cash flow against the building. I informed him I cannot assess property below market levels or allow for a large amount of vacancy. After another review of the current appraisal of this property it is recommended no change in market value be made at this time. Respectfully Submitted, Scott L. Hovet, CAE City Assessor 0 E'! N N KEVIAV1.1e sF IRfT r• rslr• _ 0 . { 1 S) 4 • W; 20)i 6) LAQTS• f (12) PITS. ( 14) ( 13) r. o r w1 i a . f 50 or j ! C t V t) S 114 OF $a 'A Of W ,w 5151/ 2 3 -3 6PRIME WEST BUSINESS PARK RQ (20 1 7, ` _ g JZ5 sjl,J' O (32) A ( 55) h. (33) 8 i 7j ! 37) ,z, 413 71 vo. 38) — L-2 r, OUTLOT OUTLOT May 8'89 Scott Hovit City Assesor Plymouth, MN Re: Valuation of property at 10850 County Road 15 PID No. 361182223002'!` L44 Dear Scott: We do not believe the value you have placed on our building at 10850 County Road 15 is a fair value. I would base this on comparable other property, what it should take to construct, and the potential income production of the property. I understand that by sending this letter I am keeping my option open to appeal this to the county. In the mean time I hope we will both have a chance to discuss the property. Yours truly, D & H Properties John Gener Partner MAY 1989 City of mymwth ANN* W& e STAFF REPORT LETTER #8 00 PROPERTY OWNERS NAME: Joseph P. Van Oss PROPERTY ADDRESS: 14000 & 14010 36th Avenue North PID #: 15-118-22-33-0115 & 15-118-22-33-0114 LEGAL DESCRIPTION: The easterly & westerly parts of Lot 9, Block 1, Fox Glen 3rd Addition 1989 ESTIMATED MARKET VALUE $141,200 ($70,600 per unit) 1989 REVISED MARKET VALUE No Change ISSUE: Property owner believes the market value is excessive based on the price he paid of $119,470 ($59,700 per unit), and compared to sales prices of other twin homes. RECOMMENDATION: Based on a current sales study of twin homes in Plymouth indicating this property is not over valued, and is consistent with comparable twin homes, no change in value is recommended. 6 Dwelling Style: Twin Home Year Built: 1985 Square Feet: 958 sq. ft. Sale Price: $59,700 Sale Date: Sept. 1988 per unit) 1.989 Board of Review Page 2 The subject property was inspected on May 9, 1989 and included an exterior inspection. This raised rambler style twin home was built in 1985 by Vision Builders. For each unit the ground floor consists of a family room, one bedroom, utility room, and 2 -car tuckunder garage. The upper floor contains the kitchen, dining room, living roan, 2 bedrooms, and a full bath. The home generally is in average condition. Mr. Van Oss believes his purchase to have been an arm's-length transaction. However, this is questionable. The property was originally listed for sale for $150,000 to $160,000 (both units). The property did not sell and went back to the mortgage company who tried unsuccessfully for 3 months to market the property. The property then went back to the mortgage insurer and R.E. Max Realty finally sold the property to Mr. Van Oss for $119,470 (both sides). The subject property originally sold in 1985 for $170,000 ($85,000 per unit). Mr. Van Oss currently rents each unit of this twin home for $750 per month. Of the 5 twin homes Mr. Van Oss is comparing, 3 are located in cities other than Plymouth, one is a 25 year old double bungalow north of Bass Lake on Hemlock Lane and one involves the purchase from a mortgage bank following foreclosure proceedings. They are not believed to be typical of -the subject twin hone for comparison purposes. A sales study of comparable twin hones in Plymouth was prepared indicating sales prices consistent with the subject property, and that market values are well equalized. All sales are compared on a "per unit" basis. In recent years the twin home market has, in some cases, appeared sluggish, particularly when ownership has been for investment purposes. Cash flow problems may exist partly due to the burden of non -homestead taxes which cannot be recaptured by excessive rent amounts. The market values of all twin homes in Mr. Van Oss' neighborhood were reduced for the 1988 assessment, and have remained at that reduced level for 1989. As more sales occur the twin home market will continue to be reviewed each year. Based on the above information it is the opinion of this appraiser that 141,200 ($70,600 per unit) is a fair market value of the subject property as of January 2, 1989. Therefore, no change in value is recommended. Respectfully submitted, Susan M. Mauderer, RES Appraiser Comparable #1 PID #16-118-22-41-0024 Address: 14450 40th Place North Dwelling Style: Twin Home Year Built: 1980 Square Feet: 1,008 Sale Price: 68,000 Sale Date: 5-88 One Unit Only) Ccniparable #2 PID #16-118-22-41-0025 Address: 14440 40th Place North Dwelling Style: Twin Home Year Built: 1980 Square Feet: 1,008 Sale Price: 69,900 Sale Date: 8-87 One Unit Only) 1989 BOARD OF REVIEW MARKET COMPARISONS LOT OF 2.3 LEFT SIDE UNIT 44 LOT 24 162 RIGHT SIDE UNIT Cca parable #3 PID #16-118-22-41-0027 Address: 14420 40th Place North Dwelling Style: 'Twin Home Year Built: 1980 Square Feet: 1,008 Sale Price: 70,000 Sale Date: 4-88 One Unit Only) MARKET COMPARISONS LOT 26 RIGHT SIDE UNIT If 6 W mtqik(t-- 18 SALES = .901 5-09-89 S. Mauderer PER UNIT) PID # AGE SQ. FT. SALE$ SATE EMV(84 BATI4 LOCATION 15-33-0106 1984 576 72,000 5-87 65,100 904 FOX GLEN 09-34-0038 1983 616 80,500 7-88 68,300 848 AMHURST 09-34-0039 1983 616 79,000 3-88 69,100 875 AMHURST 09-34-0040 1983 616 70,000 5-88 64,500 920 ANHURST 16-41-0029 1982 746 70,000 8-87 64,100 921 CEDAR RIDGE 15-33-0098 1983 764 65,000 12-87 56,300 866 FOX GLEN 16-41-0035 1982 765 61,500 7-88 59,100 961 CEDAR RIDGE 15-33-0095 1983 768 63,500 5-87 58,000 913 FOX GLEN 13-22-0160 1985 775 87,000 7-87 67,300 774 MIDDLEMIST 13-23-0065 1985 800 86,000 6-87 69,000 802 MIDDLEMIST 13-22-0156 1985 804 91,900 4-87 69,200 753 MIDDLEMIST 13-22-0158 1985 884 86,000 10-87 71,300 829 MIDDLEMIST 15-33-0114 1985 958 59,700 9-88 70,600 FOX Mai Subject) 15-33-0115 1985 958 59,700 9-88 70,600 FOX GLEN Subject) 16-41-0042 1980 960 68,900 7-87 66,700 968 CEDAR RIDGE 16-41-0024 1980 1008 68,700 3-87 65,600 955 CEDAR RIDGE 16-41-0025 1980 1008 69,900 8-87 65,600 938 CEDAR RIDGE 16-21-0027 1980 1008 70,000 4-88 65,600 937 CEDAR RIDGE 16-21-0036 1980 1287 76,000 5-88 80,300 1.057 CEDAR RIDGE 16-21-0168 1979 1288 84,500 8-88 84,200 996 CEDAR RIDGE 18 SALES = .901 5-09-89 S. Mauderer cc ciz`;; Kait- 1607. 50• C. S. 1970) l: —_ • d d tl tl y tl ws ---moo ,.r >ro• tl E e OG61 ' IS' 31 .OS4091 _ A y Y 40 II t g:'y w t _i:rtL F n, aw0..• L ^ v ' M R L •t - - 7.0 ."r •w _ ell . a^ C'1 ^; -baa C 4 r,i - - y p :.+,i'-wv: • .a ^ 16! dw 66 el h.. t1 eg -F2. 4«t it . 1 1Rr • tv' to . i CL N Y1 NUHHYH a_ t '$nS ; IK w aw 4i'•Li in.: ~ _ `. "w 'i 'S 7 R Cw wwq ' p F v .. •o ...' PI p Ip I'-Iil K ti ! V- ,R O 7 w 531 R ZS 'L192 i. •' .K _ AOI I O , R 4S, .. T R R9 iiy;• .I .wC.. s.M IIIc pP` ^ i . yy_ wY 6SIt n y I I• a _ _ • 4 i . _ — s ( 1956 AERIAL µtw - . - 4 p/d D t P tltat a To: Plymouth City Board of Review From: Joseph P. Van Oss Subj.: Excess evaluation currently on a twin home at 14000 (PIN 15-118- 22-33-0115) and 14010 (PIN 15-118-22-33-0114) 36th Ave. N. Plymouth, MN I purchased the subjest twin home on 9/29/88 for $119,470.00 thru Kent Lagro of ReMax Realty. The property had been. listed at $120,000 for over three months on MLS with not one offer submitted in that entire time. It was an arms length purchase and represents a fair market value. A search of similiar rental property shows the following: 2 ea 4 plexes with 3 BR each at 896-900 Wescott Sq in Egan recently sold for $135,000 each. About four years ago, these 4 plexes each sold sold for $200,000. A 3 BR/3BR twin home at 9389-91 Bass Creek Circle in New Hope recently, sold for $92,000. A 2 BR/2BR twin home at 3077-81 Dundee Lane in Mound recently sold for 82,000. r(((/ 0 _ (/570 A 3BR/3BR twin home at 14000-10 40th Place N. in Plymouth sold for $97,000 about 2 years ago. Iz -?,7 L ----A 2BR/2BR twin home at 6050 Hemlock in Plymouth recently sold for $81,800 plus about $4000 in special assessments. Based on the above information, I believe it only fair that the market value of each parcel be reduced to $56,750. This represents 95% of what I actually paid for the property. Sincerely, Joseph P. Van Oss 13111 Ridgemount Ave. Minnetonka, MN 55343 546-0111