Loading...
HomeMy WebLinkAboutCity Council Packet 04-29-2003 BOEAgenda City of Plymouth Board of Appeal and Equalization Reconvened from April 15, 2003 Tuesday, April 29, 2003 7:00 p.m. Council Chambers 1. Call to Order 2. Council action on recommendations 3. Adj ourn 2003 LOCAL BOARD OF APPEAL & EQUALIZATION STAFF RECOMMENDATIONS Oral Presentations Pin Number 2003 _Estimated Staff' RecommendationMarketValue 2. 1. Francis & Barbara Otto 03-118-22-44-0045 $452,"/UU No Ltnange 2. Theodore Dorenkamp 29-118-22-43-0095 $263,200 No Change and Pomv Ketema 1. Jeff & Kathleen Pepski 17-118-22-44-0030 623,800 600,000 2. Van & Vali Kardashian 35-118-22-21-0006 196,600 186,900 3. Philip Erickson & Donna 23-118-22-43-0053 382,900 No Change Wain 4. Jacek Wojtowicz 16-118-22-11-0077 392,800 No Change 5. Todd Palmberg 22-118-22-14-0036 527,800 No Change 6. Sudhir & Sunita Singh 17-118-22-13-0119 517,100 503,500 7. Greg S. Hoglund 05-118-22-31-0003 297,400 No Change 8. Jeffrey Schi ull 03-118-22-43-0037 201,300 No Change Written into the Minutes: 9. Vladimir & Irina 11-118-22-43-0082 262,000 240,800 Davydov REPORT #1 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Francis & Barbara Otto PROPERTY ADDRESS: 5475 Rosewood Lane North PID #: 03-118-22-44-0045 LEGAL DESCRIPTION: Bass Lake Woods — Long Legal PROPERTY TYPE: Single Family Residential 2003 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 70,000 413,600 $452,700 STRUCTURE MARKET VALUE 382,700 TOTAL MARKET VALUE 452,700 No Change ASSESSMENT HISTORY 2001 2002 2003 Total Market Value $404,100 419,200 $452,700 Limited Market Value $376,000 413,600 $452,700 j Improvement OWNERS CONCERNS: Mr. Otto addressed the Board of Review on April 15, 2003. He voiced his concerns regarding his increase in property taxes. He did not address any concerns about the estimated market value of his property. Mr. Otto stated that the City's portion of his taxes would be increasing $90. He stated his overall taxes have increased approximately 10%. He asked how new developments, such as the Reserve Development, affect the City's tax base. Mr. Otto stated his taxes increased approximately $1,500. He asked what the average tax rate is per household. ADDITIONAL INFORMATION: I contacted Fran Otto on 4/16/03 to schedule an inspection of his home. Fran stated he was not concerned with the market value of his house, but instead with rising taxes in our city. At the Board of Review, City Manager Dwight Johnson stated he would be happy to meet with Mr. Otto to provide information relating to his questions about property taxes. I gave him Mr. Johnson's telephone number and Mayor Judy Johnson's voice mail number to further discuss these issues. I also mailed him a Minnesota Property Tax Refund booklet so he could look into the special property tax refund" that is available. It is based on percentage of property tax increase, not related to income. RECONCILATION OF VALUE: Mr. Otto stated he knew homes in his neighborhood are selling in the $400,000 range and felt his value was probably correct. He stated I did not need to inspect and re-evaluate the market value of his home. Market value will remain the same at 452,700. Cindy Bowman, CMA Appraiser 763) 509-5353 cbowman@ci.plymouth.mn.us 2003 LOCAL BOARD OF APPEAL & EQUALIZATION CITY OF PLYMOUTH April 15, 2003 Address: J ( 90 Property Identification: Owner Name: Purchase Price: Address: %SPk46 Ssi KUdcID 4 v Purchase Date: j City/Zip: 4 7` 2003 Estimated Market Value:L}/T4 Daytime Phone: Any appeal should be based on evidence that the 2003 Estimated Market Value exceeds the true market value of the property. Please list the reasons why you believe the property could not sell, for the value under appeal. Please check if you wish to summarize your appeal to the Board at the podium. Report #2 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Theodore Dorenkamp and Pomy Ketema PROPERTY ADDRESS: 1300 Dunkirk Lane North PID #: 29-118-22-43-0095 LEGAL DESCRIPTION: Lot 11 Block 1 Gleason Lake PROPERTY TYPE: Residential 2003 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 75,000 263,200 STRUCTURE MARKET VALUE 188,200 263,200 TOTAL MARKET VALUE 263,200 No Change ASSESSMENT HISTORY 2001 2002 2003 Total Market Value $224,900 256,100 263,200 Limited Market Value $217,100 238,800 263,200 improvement 0 0 0 SUBJECT PROPERTY Dimensions Sq Ft Diagram Ground Fl. Area = 11110 Second Fl. Area = 924 Gross Bldg Area = 2,034 Porches[Decks DECK 10 x 12 120 3 x 6 = 18 138 Garages 22 x 122 — 484 1 Subject Location Map SALES COMPARISON ADJUSTMENT GRID Subject Comparable #1 Comparable #2 Comparable #3 ADDRESS: 1300 Dunkirk Lane North 1320 Black Oaks Lane 1700 Peony Lane North 2711 Black Oaks Lane PID# 29-118-22- 43-0095 29-118-22-43-0101 30-118-22-42-0047 20-118-22-43-0017 SALE DATE: 11/2002 4/2001 11/2001 4/2002 SALE PRICE: TIME ADJUSTMENT: ADJ.SALE PRICE: 280,000 312,000 280,000 280,000 24,960 22,400 11,200 336,960 302,400 291,200 ADJ.SALE/SQ FT: 143.45 147.44 140.61 TYPE OF BLDG: 2 Story split 5000 2 Story 2 Story ABOVE GRADE FINISH 2034 2072 1710 2040 2205 4140 QUALITY: Good Good Good Good AGE: 1983 1980 1976 8400 1973 14560 CONDITION: Average Average Average Average BEDROOMS: 3 4 5000 4 5000 4 5000 OF BATHS 3 3 3 4 FIN. BSMT. AREA: 0 490 4900 500 5000 818 8180 WALKOUT: Yes No 4000 No 4000 No 4000 FIREPLACES: 1 1 1 2 2500 GARAGE: TYPE AREA SQ FT: 2 Car Att 2 Car TU 3 Car Att 10000 2 Car Att DECK: Yes No 3000 Yes No 3000 PORCHES: No SP 10000 No No LOT DESCRIPTION: Pond Average Average Average LOCATION: Average Average Average Average NET ADJUSTMENT: 9610) 7600) 1740 ADJ SALE PRICE: 327,350 294,800 292,940 ADJ SALE /SQ FT: 157.99 144.51 132.85 284,760 @140 Per Sq Ft COMPARABLE SALES COMPARABLE #1 1320 Black Oaks Lane COMPARABLE #2 1700 Peony Lane North COMPARABLE #3 2711 Black Oaks Lane VALUE CONCLUSION LOCATION: The subject is located south of County Road 6 off of Dunkirk Lane in an average neighborhood. Homes in close proximity are homogeneous in age and quality. SITE: The lot is heavily treed with a pond at the rear. It is irregular in shape. IMPROVEMENTS and FEATURES: The site is improved with a 2 Story home constructed in 1983. OWNERS CONCERNS: The home was recently purchased in November 2002 for $280,000. He feels that 11is home is valued significantly higher than his neighbors and feels that he is paying more than his fair share. COMPARABLE #1 Comparable I is a split level located in the same neighborhood. It was built in 1980 and is basically the same quality construction as the subject. The site is irregular in shape and is located on a cul-de-sac. It is the weakest of the comparables because the style of the house is different COMPARABLE #2 Comparable 2 is a two story located on a corner lot of average size. The home was built in 1976 and is of the same quality as the subject. It is the most comparable to the subject for it has the fewest adjustments. COMPARABLE #3 Comparable 3 is a two story home built in 1973 and is of similar quality. It is located on a standard size lot which is heavily treed. sw1 Comparable Sales Map p i I i N l Cityty oT This represents a compilation of information and W+E data from city, county, state and other sources that has s not been field verified. Information should be field S Plymouth, M N verified and compared with odgianl source documents. RECONCILATION OF VALUE: On April 17 Mr. Dorenkamp was contacted by phone. He stated that although his recent sale price is higher than the 2003 Estimated Market Value he objects to the large increase between assessment years. It was explained that the increase between 2002 and 2003 was less than 4%. He had been looking at the increase between the 2001 and 2002 assessment dates. He also had been comparing the taxable market value for taxes payable in 2003 and seeing discrepancies between who was paying on what value. It was explained that the Limited Market value affects the taxable amount. When comparing the Estimated Market Value for 2003 with the surrounding homes in his neighborhood they are all in a range from $216,400 to $292,000 with his being in the middle at $263,200. I informed Mr. Dorenkamp that to make any type of adjustment that an inspection of the home would be required. He stated that they would think about how to proceed. He was told of the time constraint in getting a report back to the Local Board. The law now states that the local authority can not make an individual market adjustment without the assessor being permitted to view the property. It is the opinion of this appraiser that the 2003 market value remain unchanged at: 263,200 Jan Olsson RES Senior Appraiser 763-509-5355 jolsson@ci.plymouth.mn.us i 2003 LOCAL BOARD OF APPEAL & EQUALIZATION CITY OF PLYMOUTH April 15, 2003 Address: 1300 "„1 LA) , Al. ,QLYHouYlfi Property Identification: c,.,9'1 -- /! I—, `i3 (90 9J` Owner Name: IJIUD LC bQXQ'JICAµr 90 - A Y K 15r7 tA Address: 1300 Du,)u21L (.n1, Al Purchase Price: f22'D, V00 Purchase Date: H/yu l 2o0 D City/ Zip: e L yAaA-r , t -W Sof q 7 2003 Estimated Market Value: T SGT(''' Daytime Phone: bo) ti -7 & — a Ztf - Any appeal should be based on evidence that the 2003 Estimated Market Value exceeds the true market value of the property. Please list the reasons why you believe the property could not sell `x fnr the value under anneal Please check if you wish to summarize your appeal to the Board at the podium. Minnesota Statutes 2002, 274.01 Paget of 3 Minnesota -statutes -20.02, Table -of Chapters Table of contents for_Chapter 274 274.01 Board of appeal and equalization. Subdivision 1. Ordinary board; meetings, deadlines, grievances. (a) The town board of a town, or the council or other governing body of a city, is the board of appeal and equalization except (1) in cities whose charters provide for a board of equalization or (2) in any city or town that has transferred its local board of review power and duties to the county board as provided in subdivision 3. The county assessor shall fix a day and time when the board or the board of equalization shall meet in the assessment districts of the county. Notwithstanding any law or city charter to the contrary, a city board of equalization shall be referred to as a board of appeal and equalization. On or before February 15 of each year the assessor shall give written notice of the time to the city or town clerk. Notwithstanding the provisions of any charter to the contrary, the meetings must be held between April 1 and May 31 each year. The clerk shall give published and posted notice of the meeting at least ten days before the date of the meeting. The board shall meet at the office of the clerk to review the assessment and classification of property in the town or city. No changes in valuation or classification which are intended to correct errors in judgment by the county assessor may be made by the county assessor after the board has adjourned in those cities or towns that hold a local board of review; however, corrections of errors that are merely clerical in nature or changes that extend homestead treatment to property are permitted after adjournment until the tax extension date for that assessment year. The changes must be fully documented and maintained in the assessor's office and must be available for review by any person. A copy of the changes made during this period in those cities or towns that hold a local board of review must be sent to the county board no later than December 31 of the assessment year. b) The board shall determine whether the taxable property in the town or city has been properly placed on the list and properly valued by the assessor. If real or personal property has been omitted, the board shall place it on the list with its market value, and correct the assessment so that each tract or lot of real property, and each article, parcel, or class of personal property, is entered on the assessment list at its market value. No assessment of the property of any person may be raised unless the person has been duly notified of the intent of the board to do so. On application of any person feeling aggrieved, the board shall review the assessment or classification, or both, and correct it as appears just. The board may not make an individual market value adjustment or classification change that would benefit the property in cases where the owner or other person having control over the property_ will not permit the assessor to inspect the property and the interior of any buildings or structures. http://www. revisor. leg.state.mn.us/stats/274/0l .htm1 2/13/2003 Written Report #1 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Jeff & Kathleen Pepski PROPERTY ADDRESS: 3630 Yuma Lane North PID #: 17-118-22-44-0030 LEGAL DESCRIPTION: Sugar Hills, 2°a Addition PROPERTY TYPE: Single Family Residential 2003 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 103,000 103,000 STRUCTURE MARKET VALUE 520,800 497,000 TOTAL MARKET VALUE 623,800 600,000 ASSESSMENT HISTORY 2001 2002 2003 Total Market Value $539,400 $566,200 $623,800 Limited Market Value ---------- ---------- ---------- Improvement ------------------------------ SUBJECT PROPERTY 3630 Yuma Lane North/Sugar Hills 17-44-0030) VALUE CONCLUSION LOCATION: The subject is located on Yuma Lane North in Sugar Hills, an above average neighborhood. SITE: The site is irregular in shape with trees in the rear. IMPROVEMENTS and FEATURES: The home is a two story, single family residence built in 1994. OWNERS CONCERNS: After reviewing Mr. Pepski's appraisal and inspecting his property, I agreed to reduce his value from $623,800 to the appraisal value of 600,000. We both agreed that this was a proper value for his property. A second issue was then brought up by Mr. Pepski. He found that two of the comparables used in his appraisal have a 2003 estimated market value that is lower than the recent sale price. He wants his reduced value of 600,000 given the same "discount" as those two properties. RECONCILATION OF VALUE: While the two estimated market values from the comparables in his appraisal are under the sale price, there are other sales in the neighborhood that are also at or above the sales price. We do not "discount" certain values after a property sells, rather we look at all the sales in a neighborhood to come up with an estimated market value. Some sold homes will have a market value under the sale price, some at the sale price and some over the sale price. We are looking at the averages in mass appraisal to calculate an estimated market value. With this in mind, I recommend that the 2003 estimated market value remain at the previously agreed to reduced value of 600,000. v J Mike Henderson, CMA Appraiser, City of Plymouth PEPSKI 3630 YUMA LANE N. PLYMOUTH, MN 55446 April 7, 2003 City of Plymouth Board of Appeal and Equalization Plymouth City Hall Plymouth, MN 55447 RE: 3630 Yuma Lane N. PIN 17-118-22 44 0030 Dear Board Members: Upon receiving my 2003 Notice of Valuation and Classification for the above referenced property, I contacted the City Assessor's department to determine how they had arrived at the Taxable Market Value of $ 623,800. After speaking with Mike Henderson, he mailed me a copy of the City of Plymouth Sales Report for Sugar Hills, 2nd Addition. (See attached Exhibit 1.) This sales report is for the period October 1, 2001 through September 30, 2003. After reviewing the data on the report, I contacted Mike Henderson a second time to obtain both clarification and additional information. He stated that the property grade on our residence is Grade 2. The report listed three Grade 2 properties sold during this time period of which two were similar in foundation size to our residence (1,932). These two properties and their respective 2003 Valuations follow: Address Foundation Size 2003 Valuation 16000 37th Ave. N. 1,940 $ 572,700 3690 Yuma Lane N. 1,930 $ 573,300 Initially, my issue was the determining factor of my 2003 valuation of $ 623,800. An appraisal value as of November 11, 2002 was at $ 600,000 and both of the sales reported above were used as comparables. (See attached Exhibit 2.) After comparison of the 2003 valuations for these other properties, I asked to meet with him and scheduled an inspection of our residence on April 1. An additional issue has now arisen, this being the valuation discount of the two property sale amounts of about 7.7%. (See attached Exhibit 3.) Mike Henderson inspected our residence on April 1 as scheduled at which time I provided him with copies of Exhibits 2 and 3. He indicated that he would consider my arguments and contact me later in the week with any new findings. Mike Henderson contacted me on April 4 and discussed his findings with me. After reviewing the November 11, 2002 appraisal, he agreed to reduce my 2003 Valuation to the appraisal amount of $ 600,000. We are in agreement that this reflects the value of our residence. It does not however address the second issue, the appropriate discount in arriving at Taxable Market Value. As reflected in Exhibit 3, the 2003 valuation as a percent of the 2002 sales price for the two comparable properties was 92.15% and 92.48 % respectively — an average discount of about 7.7%. When the City's Assessor placed these 2003 Valuation amounts on these two properties sold during 2002, they did it with full knowledge of the sales price of each property thus knowing they were applying a discount to these properties. My position is that this same discount should apply to my property value of $ 600,000. Sincerely, Je A. Pepski cc: Mike Henderson From Sale Date >= 10/0 1/2001 To Sale Date <= 09/30/2002 Neiehborhood = 1716 Assmnt. Property City of Plymouth Sales Report Year Instrument Type Qualification Vacant Sale Date Price Neighborhood 17-118-22-44-0012 368' Style: 20 Grade: 3 2002 HS R u O&O TODD HANSON & NANCY PACIOTTI 2002 CV R a OWNER -TODD HANSON & NANCY PACIOTTI i 9/27/2002 470,000 Sugar Hills -1716 i 9/27/2002 470,000 Sugar Hills -1716 17-1 i8-2244-0022 16015 36TH PL N, Style: 30 Grade: 3 Year Built: 1996'' Foundation Size: 2067 2002 HS R u i 3/29/2002 526,000 Sugar Hills -1716 0 & O KHURSHEED A & BADAR R SIDDIQUI 2002 CV R n i 3/29/2002 526,000 Sugar Hills -1716 OWNER: KHURSHEED & BADAR SIDDIQUI 1.7-118-22-44-0038 3690 YUMA LN N Style: 30 Grade: 2 Year Built: 1999 Foundation Size: 1930 2002 HS R u t 5/20/2002 619,950 Sugar Hills -1716 O & O EDWARD & MARY ERICKSON 2002 CV R n i 5/20/2002 619,950 Sugar Hills -1716 OWNER = EDWARD V & MARY M ERICKSON 17-118-22-44-0'044 16025 37TH AVE N- . Style: 30 Grade: 3 Year Built: 1994 Foundation Size: 1803 2002 HS R u i 8/28/2002 410,000 Sugar Hills -1716 O&O THOMAS & BETH EDWARDS THE EDWARDS JOINT REVOCABLE TRUST OF 1999 2002 CV R a i 8/28/2002 410,000 Sugar Hills -1716 OWN - THOMAS R & BETH H EDWARDS 17-118-22-44-0056 3695 YUMA LN N' Style: 30 Grade: 2 Year Built: 1994 Foundation Size: 1424 2002 CV R a 4/23/2002 515,000 Sugar Hills -1716 OWNERS - ALTON PORTER & MICHAEL MIRANDA 2002 HS R u i 4/23/2002 520,000 Sugar Hills -1716 O & 0 ALTON PORTER & MICHAEL MIRANDA 17-118-22-44-0058 16235 37TH AVE N Style: 30 Grade: 3 Year Built: 1996 Foundation Size: 2214 2002 CV R a i 6/19/2002 552,000 Sugar Hills -1716 OWNER - THOMAS GARVIN 17-118-22-44-0067 16000 37TH AVEN Style: 30 Grade: 2 Year Built: 1996 Foundation Size:1940 2002 HS R u i 9/13/2002 621,500 Sugar Hills -1716 0&0 J CRAIG & BRIDGET MACBEAN 2002 CV R a i 9/13/2002 621,500 Sugar Hills -1716 OWN -J CRAIG & BRIDGET N MACBEAN Total Sales Count: 13 n:\apps\govern\rerports\ma—sales.rpt Note: This total may not be accurate if there are two or more subrecords per property. Page: I of 1 J(14 113 IT- I sumelvia - f aesktop Underwriter Quantitative Analysis Appraisal Report File No.: 40691 eec organ ..*nRT hs niTFunFn FnR 115E BY THE LENDER/CLIENT FOR A MORTGAGE FINANCE TRANSACTION ONLY. I Property Address 3630 Yuma Ln City Plymouth State MN zip Code 55446 Legal Description Lot 14 Block 1 Sugar Hills 2nd Addition county Hennepin Asseaws Parcel No. 17 118 22 44 0030 Tax Year 2002 R.E.Taxes $ 6 970.74 S ecial Assessments $ Borrower Pe skj Current owner Same Occu ant: X Owner FITenant Vacant Neighborhood or Project Name Plymouth-Suclar Hills Project T e PUD Condominium HOA$ Mo. Sales Price $ Refi Date of Sale N/A Desa tion/S amount of loan charges/concessions to be aid b seller None known P lits a iced X Fee Sim le Leasethold Map Reference Census Tract 266.05 Note: Race and the racial composition of the neigh rhood aro not appraisal factors. ban RuralLocation urbanYXSt Property values Increasing X Stable Declining balance Oversupply Singie fanuly housin PRICE AGE PRICE AG Bust up X Over 75% Under 25% Demandlsupply Shortage X In 5(000) s) E(OOOy (Yrs) Law Growth rate e Skhw Marketingtime X Under 3 mos 3S mos. Over 6 mos 200 Low New 600 High 20 HighNeighborhoodboundariesThesubjectsneighborhoodboundariesareHwy55tothesouth, Plymouth border to the west and norh and 1-494 to the east. Predominant Predominant 350 5 Dimensions 90.2WO1.08xl 44.8xl 56.09 Site area 20992Sq.Ft.+/- Shape Irregular Specific zoning classification and description R -t Single family residential Zoning compliance X Legal Legal nonconforming (Grandfathered use) 0 Illegal, attach description No zoning Highest and best use of sub'ed property as improved or as per plans and speCifteliGDO X Present use Other use, attach description. Utilities Public Other Public Other Of!-ellehagxovenrenta Type Public Private Q Electricity X 200 amp Water X street Asphalt Gas X Sandary sewer X Ailey None El - Am there any apparent adverse site conditions easements an assessments. slide areas, etc . Yes X No It Yes attach description. Source(s) used for physical charederistics o1 property: X Interior and exterior inspection F derior inspection from street Previous appraisal files MLS sessment and taz records Prior in ectirm Pro a owner Other )ascribe): No. of Stories Two T Det./Aft. Detached Exterior Waus Stucco/Lap Roof Surface As h. Sh. Manufactured HousingYes X No Does the generally conform to the neighborhood in terms of , condition, and construct on mater els? X Yes No If No. attach descrition. Are there any apparent physical deficiencies or conditions that would affect the soundness or structural integrity of the improvements or the livability of the property? Yes X No If Yes, attach description. Are there any apparent adverse environmental conditions (hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the immediate vicinity of the subject Yes X No If Yes attach description. See Attached Addendum. I researched the subject market area for comparable listings and sales that are the most similar and proximate to the subject property. My research revealed a total of 10 sales ranging in sales price from S 550,000 to $ 650,000. My research revealed a total of 5 listings ranging in fist price from $ 5501000 to S 650,000. The analysis of the comparable sales below re ads market reaction to sitinificcant variations between the sales and the subject property. FEATURE SUBJECT SALE1 SALE SALE3 3630 Yuma Ln 16000 37th Ave 3690 Yuma Ln 4955 Weston Ln Address Plymouth PI mouth Plymouth Plymouth Proximity to Subject 1 block +/- 1 block +/- 112 mile +/- Sales Price $ Refi $ 630,000 $ 619 950 $ 569 000 RioefGross Liv. Area S 0.00 ol S 178.520 $ 187.640 $ 194.260 Data g Ve, Sources MLS/DOM 7 MLSlDOM 24 MLS/DOM 32 VALUEAOXISTMEIM DESCRIPTION DESCRIPTION +OSJafrnsn.a DESCRIPTION-iMPA**-g DESCRIPTION Sales or Financing Conv Conv Conv Concessions 0 Points 0 Points 0 Pis Date of SalsM a WA 9-13-2002 5-20-2002 8-26-2002 Location Suburban Suburban Suburban Suburban Ste 20992 S .Ft. +/- 19691 sf +/- 13243 sf +/- 19260 sf +/- view Residential/Wds Residential/Wds 1 ResidentiaVWds Residential/Open +10000 Design (Style) Two St/Gd Two St /Gd Two St /Gd Two St /Gd Actual a (Yrs.)1994 1996 1999 -5,000 1997 5000 Condition Good Good Good Good Above Grade Tastl ' Bdrna ' Banta ToW ' Bdmm ' e.hna Ta•I ' Bhma ' BMs Toil ' etrim ' BILa , 9% 4 2.501 +5,000 Room Count 9: 4: 3.50 9: 4) 3.50 9 4 3.50, 3,529 Sq. Ft. +7,000 3.304 Sq. Ft; +16,000 2,929 Sq. A.' +31,000 pors Area 3,705 Sq. Ft. Basement andFiiised Full -WO Full -WO -Bath 3,000 Full -LO -Bath Full -LO +3,000 Rooms Below Grade Unfinished 1453 sf fin. -29,060 1650 sf fin. -33,000 Unfinished Garage/Carport 3 Car Garage 3 Car Garage 3 Car Garage 3 Car Gara e 2 F Ic's Deckin 2 F Ic's Deakin 1 F Ic Deckin +2,000 1 F Ic POr,Dk -12,000 ExtxtrasGoodExtrasGoodExtrasGoodrasLGoodE Net Adj. tote * X - ' S 25,060 U - W- '$ 20,000 LXg + is 32,000 Adjusted Sales Price 6.2% 9.0% 11.6% 604,940 -3.2% $ 599,950 5.6% $ 601,000 of C able- -4.09/6 $ Date of Prior Sales N/A N/A WA N/A NIA Price of Prior Sales $ N/A $ N/A $ N/A $ or listing of the subject property and analysis of the prior sales of subject and comparables: The sublect andAnalysisofanycurrentagreementofsale, option, com arables have not sold! urchased in the past year other than their current transactions. Summary of sales comparison and value conclusion: Selected comparables are considered to be ood indicators of the subjects marketablli .Salesarealllocatedwithinthesubjectsoverallmarketareaaresalestakinglacewithinthel2astear. The adjusted sales prices indicate a consistent range of value. Adjustments note variances in age, square footage and varying amenity features based on an estimate of contributory value. All three sales were considered in the estimate of value. l ndition that the imThisappraisalismadeX "as -is", orprovements have been completed. or subject N ncompletionperplansendspeciatioon the basis of a hypodhefiaco subject to the following repairs. alterations or conditions: See Attached Addendum. THE STREET OR AN INTERIM AND DaMORe+ISPECTrOr'1, 1F`'"" TEili6 VAWE gFJ=VJFJ1' BASED ON AN EXTERIOR INSPECTION FROM nF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT TO BE $ 600,000 , AS OF 11 November 2002 Fannie Mae Form 2055 9.96 10CH. PAGE 1 OF 3 n:. an, .., paa,m a, ti xi w,wT...• B.r.sam. s haoovsamn CNlgrr Z ( IupZ) unaerwnter gaanutatlVC Anoysis Apprallsall Keport File No.: 4U691 ERTIFICATION: The Appraiser certifies and agrees that: 1. 1 performed this appraisal by (1) personally inspecting from the street the subject property and neighborhood and each of the comparable sales (unless I have otherwise indicated in this report that I also inspected the interior of the subject property); (2) collecting, confirming, and analyzing data from reliable public and/or private sources; and (3) reporting the results of my inspection and analysis in this summary appraisal report. I further certify that I have adequate information about the physical characteristics of the subject property and the comparable sales to develop this appraisal. 2. 1 have researched and analyzed the comparable sales and offerings/listings in the subject market area and have reported the comparable sales in this report that are the best available for the subject property. I further certify that adequate comparable market data exists in the general market area to develop a reliable sales comparison analysis for the subject property. 3. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the Immediate vicinity of the subject property of which I am aware, have considered these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them, and have commented about the effect of the adverse conditions on the marketability of the subject property. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 4. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 5. 1 have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 6. 1 have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 7. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to, approve a specific mortgage loan. 8. 1 estimated the market value of the real property that is the subject of this report based on the sales comparison approach to value. I further certify that I considered the cost and income approaches to value, but, through mutual agreement with the client, did not develop them, unless I have noted otherwise in this report. 9. 1 performed this appraisal as a limited appraisal, subject to the Departure Provision of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in the place as of the effective date of the appraisal (unless I have otherwise indicated in this report that the appraisal is a complete appraisal, in which case, the Departure Provision does not apply). 10. 1 acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value. The exposure time associated with the estimate of market value for the subject property is consistent with the marketing time noted in the Neighborhood section of this report. The marketing period concluded for the subject property at the estimated market value is also consistent with the marketing time noted in the Neighborhood section. 11. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. I further certify that no one provided significant professional assistance to me in the development of this appraisal. SUPERVISORYAPPRAISER'SCERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certified and agrees that; I directly supervise the appraiser who prepared the appraisal report, have examined the appraisal report for compliance with the Uniform Standards of Professional Appraisal Practice, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 5 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. APPRAISER: Signature: Name: Gredrry R. Anderson Company Name: Appraisal Concepts, Inc. Company Address: 2565 Hemline Ave N. Suite B. Roseville, MN 55113 Date of ReportlSignature:11 November 2002 State Certification A or State License: 4002735 State: MN Expiration Date of Certification or License: 8-31-2003 Certified Residential Real Property Appr. ADDRESS OF PROPERTY APPRAISED: 3630 Yuma Ln Plymouth, MN 55446 APPRAISED VALUE OF THE SUBJECT PROPERTY E 600,000 EFFECTIVE DATE OF APPRAISAL/INSPECTION 11/11/2002 LENDER/CLIENT: Name: Company Name: Marketplace Home Mortgage Company Address: 3600 Minnesota Dr. #150 Edina, MN 55435 SUPERVISORY APPRAISER (ONLY IF REQUIRED): Signature: Name: _ Company Name: _ Company Address: Date of Report/Signature: State Certification M or State License 1f: State: Expiration Date of Certification or License: SUPERVISORY APPRAISER: SUBJECT PROPERTY Did not inspect subject property Did inspect exterior of subject property from street Did inspect interior and exterior of subject property COMPARABLE SALES Did not inspect exterior of comparable sales from street Did inspect exterior of comparable sales from street 10CH. PAGE 3 OF 3 mu trm w, woacdmNe ILI Oe'A4n+ +q 1B0Pr 21 Appraisal Concepts Inc. ExpI S t r -Z— ( z 0= Z) NAME ADDRESS PEPSKI 3630 YUMA LANE N. MAC BEAN 16000 37TH AVE N. ERICKSON 3690 YUMA LANE N. 2003 VALUATION / 2002 NAME SALES PRICE PEPSKI MAC BEAN 92.15% ERICKSON 92.48% LAST FOUNDATION INSPECTION SIZE AUG 2001 1,932 FALL 2002 1,940 SEPT 1999 1,930 57,600 APPRAISED 09/13/02 VALUE 52,900 600,000 2003 VALUATION COMPARISONS 4/1/03 NOTES: 1. 2002 SALES PRICE OBTAINED FROM CITY OF PLYMOUTH 2. MAC BEAN SALES PRICE FROM APPRAISAL COMP WAS 630,000 600,000 X 92.3%) 553,800 VALUATION SALE DATE 2002 SALES PRICE 2003 VALUATION 2002 VALUATION INCREASE INCREASE N/A N/A 623,800 566,200 57,600 10.17% 09/13/02 621,500 572,700 519,800 52,900 10.18% 05/20/02 619,950 573,300 488,100 85,200 17.46% NOTES: 1. 2002 SALES PRICE OBTAINED FROM CITY OF PLYMOUTH 2. MAC BEAN SALES PRICE FROM APPRAISAL COMP WAS 630,000 600,000 X 92.3%) 553,800 Written Report #2 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Van and Vali Kardashian PROPERTY ADDRESS: 1015 Ives Lane North PID #: 35-118-22-21-0006 LEGAL DESCRIPTION: Lot 4 Block 2 Beacon Heights 1 st PROPERTY TYPE: Residential Single Family 2003 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 77,000 77,000 STRUCTURE MARKET VALUE 119,600 109,900 TOTAL MARKET VALUE 196,600 186,900 ASSESSMENT HISTORY 2001 2002 2003 Total Market Value $160,700 $180,900 $196,600 Limited Market Value $149,800 $164,800 $184,500 Improvement SUBJECT PROPERTY Subject Location Map OWNERS CONCERNS: The Kardashians say in their letter to The Local Board of Appeal and Equalization that the property valuation and taxes have been rising over the last few years regardless of the age of the property. The 1963 house is all original with undersized bedrooms and kitchen. Because the house would need many repairs and updating, any person considering buying the house might want to tear it down and build a new home on the site. The house is on a cul-de-sac off Highway 55 with no other residential streets to form a neighborhood. The Kardashians feel that the last few years valuations were not justified, based on the age and condition of the house. RECONCILATION OF VALUE: The property was reviewed on April 16, 2003. The property value has risen over the last few years based the sales of similar age and size homes in their neighborhood. The house was built in 1963 and appears to be completely original. The home does need repairs, such as window replacement and the garage floor. The kitchen is very small and the basement stairway has a three sided landing at the base that is very close to the rear basement wall. Although the home backs to a pond, the rear of the property is very steep. With no real backyard, it would be much harder to sell. The market for this property would usually be a family because it is a three bedroom house, but because of the steep rear yard, it would probably limit the salability. I called Mr. Kardashian on April 17th and he agreed with the new recommendation of $186,900. Based on the observed condition and current sales of similar homes in the area, the recommended 2003 Estimated Market Value is: 186,900 eCtj 1 41 W Paul Kingsbury, CMA Appraiser, City of Plymouth 763 509-5357 pkingsbu@ci.plymouth.mn.us SALES COMPARISON ADJUSTMENT GRID Subject Comparable #1 Comparable #2 Comparable # ADDRESS: 1015 Ives Lane N 2820 Ranier Lane N 16215 14'h Ave N 3815 Quaker Lane N PID# 35-118-22- 21-0006 19-118-22-42-0047 29-118-22-44-0057 13-118-22-42-0049 SALE DATE: 11/01 10/01 1/02 SALE PRICE: TIME ADJUSTMENT: ADJ.SALE PRICE: TYPE OF BLDG: 184,500 185,000 189,400 13,800 14,800 11,400 One story 198,300 One story 199,800 One story 200,800 One story ABOVE GRADE FINISH 1248 s.f. 1239 s.f. 1294 s.f 2,000) 1150s.f 4,400 AGE: 1963 1972 5,000 1963 0 1967 0 CONDITION: Below avg Avg/AA 10,000 Avg/AA 10,000 Avg/AA 10,000 OF BATHS 2+1/2 2 1,500 2 1,500 2 1,500 FIN. BSMT. AREA: 700 s.f. 600 s.f 1,800 1,000 s.f. 5,400) 700 s.f. 0 WALKOUT: yes yes 0 no 3,000 no 3,000 FIREPLACES: 2 1 3,000 2 0 1 3,000 GARAGE: TYPE AREA SQ FT: 2 car attach 2 car attach 0 2 car attach 0 2 car attach 0 DECK: yes yes 0 yes 0 no 0 PORCHES: Screen porch no 2,000 no 2,000 Screen porch 0 LOT DESCRIPTION: Large lot with pond Smaller lot 10,000) Smaller lot 10,000) Smaller lot 10,000) LOCATION: No pond No pond No pond NET ADJUSTMENT: 13,700 ri $20,900 5,100 ADJ SALE PRICE: 184,600 1 $178,900 195,700 COMPARABLE #1 rx >: ss yy- COMPARABLE #3 f E f Comparable Sales Mapp N City of This represents a compilation of information and W E data from city, county, state and other sources that has not been field d. Information should be field s Plymouth, M N verified and compared with origianl source documents. Local Board of Appeal and Equalization City of Plymouth Plymouth, Minnesota Dear Sir/Madam, Van Kardashian 1015 Ives Lane Plymouth, MN 55441 April 14, 2003 Our property valuation and taxes have been rising by leaps and bounds over the last few years, regardless of the age of the house and the devaluation it incurred. Upkeep of the house has been very minimal, not because we do not care but because we could not afford it. We raised three children here, who went to college. Now we are both seniors in our mid -70's with limited income. This is a 3 -bedroom 40 -year old rambler. These are less than average size bedrooms with minimum closet space. The master bedroom is undersized with one small badly located closet. The bathrooms also date back to 1963 and would not meet current standards and needs. The kitchen is extremely small, about 6 ft by 12 ft wall to wall with no adjacent family room. The flooring is still the original linoleum. The carpeting throughout the main floor dates back to 1963. The wear and tear throughout the years is noticeable. The doors and windows also date back to 1963 and are definitely poorly insulated. The entire house is energy inefficient. The fireplace chimney needs a tuck point job. The concrete floor of the garage is badly pitted, cracked and unevenly settled. When it rains, it gets flooded. A new flooring is needed badly. The back of the house has a steep drop and no backyard for family entertainment. At the edge of the drop proliferate aquatic weeds in a pond; such as purple loosestrife which serve as breeding ground for mosquitoes. Any person considering buying the house might want to tear it down and build a new home on the site, such as was done next door. The other alternative would be to account for major remodelling and expansion to make it comfortably liveable for a family. The house is on a cul-de-sac with 5 homes off of Highway 55. There are no adjacent residential streets and therefore no community of neighbors for a family. In addition, Honeywell SSEC (industrial) overlooks and abuts this cul-de-sac. We would appreciate very much your considering the age and condition of the house in estimating the valuation of the property to reflect its true worth. We feel that the last few years the increases in valuation were not justified. However, we did not appeal the value as we were involved with family concerns. In addition, we did not realise that there would be continuous automatic large hikes. Thank you for considering this matter. Sincerely, Van and Vali Kardashian Written Report #3 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Phillip Erickson & Donna Wain PROPERTY ADDRESS: 1172527 th Avenue North PID #: 23-118-22-43-0053 LEGAL DESCRIPTION: Chippewa Trails 2°a Addition PROPERTY TYPE: Single Family Residential 2003 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 98,000 304,400 $340,900 STRUCTURE MARKET VALUE 284,900 TOTAL MARKET VALUE 382,900 No Change ASSESSMENT HISTORY 2001 2002 2003 Total Market Value $287,300 321,200 $382,900 Limited Market Value $276,700 304,400 $340,900 Improvement ---------- SUBJECT PROPERTY 1172527Ih Avenue North/Chippewa Hills 23-43-0053) Sub.iect Location Map ADDRESS: 11725 27th 11905 26th 2530 E. Medicine Lake 2745 Hemlock PID# 23-43-53 23-34-0072 25-12-0042 23-34-100 SALE DATE: 05/15/2002 11/15/2001 11/01/2002 SALE PRICE: TIME ADJ.SALE PRICE: TYPE OF BLDG: 380,000 340,000 490,000 15,200 27,200 Two Story 395,200 367,200 490,000 Two Story Split Split ABOVE GRADE FINISH 2468 2488 2162 2573 7,400 UALITY; Avg Avg Avg Avg AGE: 1979 1977 1987 1986 17,200 CONDITION: Avg Avg Avg Avg BEDROOMS: 3 3 3 4 3,000 OF BATHS 2.5 2.5 2.5 3.5 4,000 FIN. BSMT. AREA: 0 0 921 16,600 1,000 18,000 WALKOUT: Yes Yes Yes No 4,000 FIREPLACES: 2 2 0 6,000 2 GARAGE: TYPE 2 stall att. 2 stall att. 2 stall art. 2 stall att. DECK: Yes Yes Yes Yes PORCHES: SP No 4,000 No 4,000 GP 4,000 LOT SIZE SQ FT: Avg Avg Avg Avg LOT DESCRIPTION: LOCATION: Chippewa Trails Chippewa Trails Medicine Lake Park Chippewa Trails POOL• No No No No NET ADJUSTMENT: 4,000 100 49,600 ADJ SALE PRICE: 399,200 367,300 440,400 Comp 3>.;l Subject Comp 2 rib Comparable Sales Map p N City of This represents a compilation of information and W E data from city, county, state and other sources that has not been field verified. Information should be field sPlymouth, M N verified and compared with origianl source documents. COMPARABLE #1 1190526Ih Avenue North/Chippewa Trails 23-34-0072) COMPARABLE #2 2530 East Medicine Lake Blvd/Medicine Lake Park 25-12-0042) Ali, t 4 f 1 AIM INC Cii VALUE CONCLUSION LOCATION: The property is in Chippewa Hills on quiet 27th Avenue North, east of Medicine Lake Drive, two homes away from Medicine Lake. SITE: The site is rectangular, fronting 27th Avenue North. The back of the site is heavily wooded and elevated. When the leaves are off of the trees it affords a good view of Medicine Lake. IMPROVEMENTS and FEATURES: The home is a two story, single family residence built in 1979. OWNERS CONCERNS: The owners did not understand how the property's value could keep increasing when the economy is in a downward state. They did not think that we had any data to back up our estimated market value of their property. RECONCILATION OF VALUE: I inspected the property, studied the comparables and went over all the information with Mr. Erickson. I showed him how we arrived at his value, the recent sales in Chippewa Trails and recent sales within the city of Plymouth. I believe that the 2003 estimated market value should remain unchanged at: 382,900. 4 WJ2") Mike Henderson, CMA Appraiser, City of Plymouth 11725 27th Avenue North Plymouth, MN 55441 April 3, 2003 Local Board of Appeal and Equalization City Hall City of Plymouth Dear Local Board of Appeal and Equalization, APR 1 S 2003 Reference 23 118 22 43 0053, a non-lakeshore residential property. Estimated Market Value Taxable Market Value Year Valuation $ Change % Change Valuation $ Chane Change 2000 235,000 235,000 2001 261,300 $ 26,300 11.2% 255,000 $ 20,000 8.5% 2002 287,300 $ 26,000 10.0% 276,700 $ 21,700 8.5% 2003 321,200 $ 33,9001 11.8% 304,400 $ 27,7001 9.1% 2004 382,900,$ 61,7001 19.2% 340,900 $ 36,5001 12.0% TOTAL 147,9001 63.0% 105,9001 45.0% There are no data to support such changes in values. Not for Plymouth much less Chippewa Trails. Inflation is 2% or less. Interest rates for savings are 1 % or less. We recommend no change for the current valuation, i.e., remain at #21,200 and $304,400 respectively. llip Erickson, Donn in o I WRITTEN REPORT #4 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Jacek Wojtowicz PROPERTY ADDRESS: 1451043 rd Avenue North PID 4: 16-118-22-11-0077 LEGAL DESCRIPTION: Lot 5 Block 9, Kingsview Heights 2nd PROPERTY TYPE: Single Family Residential 2003 VALUE PRIOR TO MARKET VALUE LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE $ 90,000 2003 STRUCTURE MARKET VALUE $302,800 321,200 TOTAL MARKET VALUE $392,800 No Change ASSESSMENT HISTORY 2001 2002 2003 Total Market Value 321,200 367,600 392,800 Limited Market Value 307,400 338,100 378,600 Improvement 0 0 0 SUBJECT PROPERTY Square Feet Calculations Ground Fl. Area = 1385 Second Fl. Area = 967 Gross BldgArea = 2352 Porches/Decks 3 Season 1 12 1 X 1 12 = 14 Garaves Three Car 30 x 22.5 675 Attached 1 1 Diagram OARAOE 14 10 2 ?opl 10 4 Subject Location Map SALES COMPARISON ADJUSTMENT GRID Subject Comparable #1 Comparable #2 Comparable #3 ADDRESS: 14410 43RD Ave 4215 Juneau La. 1448042 nAve. 1450544 1Ave PID# 16-118-22- 11-0077 16-118-22-13-0004 16-118-22-14-0045 16-118-22-11-0051 SALE DATE: 8/29/02 6/28/02 1/17/03 SALE PRICE: TIME ADJUSTMENT: ADJ.SALE PRICE: 365,000 429,900 400,000 2.68% 4% 374,800 447,100 400,000 ADJ.SALE/SQ FT: 156/S .Ft. 180/S .Ft. 152/S .Ft. TYPE OF BLDG: 2 Story 2 Story 2 Story 2 Story ABOVE GRADE FINISH 2352 2403 2487 13500 2630 27800 QUALITY; Above Avg Avg 5,000 A.Av . A.Av . AGE: 1987 1986 1993 12900 1994 14000 BEDROOMS: 3 4 3000 4 3000 4 3000 OF BATHS 3 1/2 21/2 4000 21/2 4000 21/2 4000 FIN. BSMT. AREA: 900 sq -ft. 500 s .ft. 12400 960 s .ft. No 20700 WALKOUT: Below Avg Avg 1000 B.Av No 3000 FIREPLACES: 1 1 1 1 GARAGE: TYPE AREA SQ FT: 3 car att. 3 car att. 3 car att. 2 car att 12000 DECK: No 108 s .ft. 1200 356 s .ft. 4100 No PORCHES: 3 season Screen 5200 No 7900 No 7900 LOCATION: Kingsview Heights Kingsview Heights Kingsview Heights Kingsview Heights NET ADJUSTMENT: 21,400 21,600 2,800 ADJ SALE PRICE: 396,200 425,500 402,800 ADJ SALE /SQ FT: Indicated value as of Jan 2, 2003 402,800 COMPARABLE #1 COMPARABLE #2 Lt 04 LLLi 1 46TH AVE N 100 44TH AVE N S z 41 G) rz z 43RD PL N 42ND PL N z Z OJ 42ND AVE N X U 0 PJ" N o O N 40TH AVE N Z VA 39TH AVE N 46TH AVE N GLACIER LN N Z Z tiA 4sT l41 hq IFN 45TH AVE N 44TH PL N y 44TH AVE N 7p 2 2 D 2 J D r u, z S z 2 . Y z 43RD AVE N y m Zi r 2ND AVE N z z m 3 Comp 1 z Corn 0 LU z 41 STAVE z AVE N 43Rp AVE N O r n 41 ST AVE N m 1 z z m z ROCKFORD RD O y 40TH AVE N 40TH PL N rZ 419Q z Z N41 4138TH PL N M M z z J w 40TH AVE N 39TH AVE N U J C7 39TH AVE N r10 Comparable Sales Mapp N City of This represents a compilation of information and w E data from city, county, state and other sources that has not been field verified. Information should be field s Plymouth, M N verified and compared with origianl source documents. OWNERS CONCERNS: Mr. Wojtowicz questioned his property's 12% increase in value. He wanted an explanation of how we determine increases in property values. ADDITIONAL INFORMATION: An interior inspection was conducted April 17, 2003. At that time I addressed Mr.Wojtowicz's concerns on the 12% increase of his value. I explained the laws on limited market value and that his taxable increase was 12% due to statutory limits of a 12% maximum increase in his taxable value. I explained the estimated market value on his property for assessment year 2003 increased 6.9%. RECONCILATION OF VALUE: The comparable sales I used in determining the value are all located in the same neighborhood as the subject property. All properties are two stories. I feel the properties are similar and have made adjustments to sale prices for the differences (see attached sales comparison grid). The comparable properties indicate the subject property to have a value range of $396,200 to $425,500. Based on the interior inspection of this property and the comparable sales, it is recommended the subject property's estimated market value remain unchanged. 392,800 Cindy Bowman, CMA Appraiser 763) 509-5353 cbowman@ci.plymouth.mn.us 2003 LOCAL BOARD OF APPEAL & EQUALIZATION CITY OF PLYMOUTH April 15, 2003 Address: (Q S(O 45Ro -Ue , (4 Property Identification: t (— R9 _ 22 (( 1007 Owner Name: Purchase Price: Address: City/Zip: rk `e KOcJTf+ , VAN 5544 Daytime Phone: %(p3— SS(— o9 2 -,- Purchase Date: ( 1 9 2003 Estimated Market Value: 578, 60 d Any appeal should be based on evidence that the 2003 Estimated Market Value exceeds the true market value of the property. Please list the reasons why you believe the property could not sell for the value under appeal. _ Please check if you wish to summarize your appeal to the Board at the podium. Written Report # 5 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Todd Palmberg PROPERTY ADDRESS: 1294032 nd Avenue North PID #: 22-118-22-14-0036 LEGAL DESCRIPTION: Lot 14 Block 3 Heritage Ridge PROPERTY TYPE: Residential Single Family 2003 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 83,000 STRUCTURE MARKET VALUE 444,800 TOTAL MARKET VALUE 527,800 No Change ASSESSMENT HISTORY 2001 2002 2003 Total Market Value $442,200 $510,200 $527,800 Limited Market Value $405,200 $445,700 $499,100 Improvement OWNERS CONCERNS: Mr. Palmberg stated t hat t he e stimated in arket v alue o f s imilar p roperty i n t he area i s lower and the selling value is lower. RECONCILATION OF VALUE: Mr. Palmberg retuned a phone call to me on April 18` h. He informed me that his only concern was how the estimated market value and the limited market values are calculated and not his 2003 Estimated Market Value. I explained how they are calculated and how they effect his current valuation See attached email from Mr. Palmberg. Based on this discussion the recommended estimated market value is: 527,800 Ca 4A L Paul Kingsbury, CMA Appraiser, City of Plymouth 763 509-5357 pkingsbu@ci.plymouth.mn.us 2003 LOCAL BOARD OF APPEAL & EQUALIZATION CITY OF PLYMOUTH April 15, 2003 Address:),A9yo 3,R*" >AeN Property Identification: 020-) -I I% -o2a 1 y X36 Owner Name:--I'AAd ?A4,ej&ZpZ Purchase Price: 32 3 ,,ndp , 06 Address: JasLla 3;t A 9 Purchase Date: a&Ao5w City/zip:VM,0,1 mA/ 2003 Estimated I Market Value: BO Daytime Phone: %M ;Sc —,Q 7S - Any appeal should be based on evidence that the 2003 Estimated Market Value exceeds the true, ' market value of the property. Please list the reasons why you believe the'property could not sell ,. for the value under appeal. Please check if you wish to summarize your appeal to the Board at the podium. Page 1 of i Paul Kingsbury From: Todd Palmberg [tpalmberg@yahoo.com] Sent: Friday, April 18, 2003 11:49 AM To: Paul Kingsbury Subject: Thanks for answering my questions. Paul, Thank you for calling me back regarding my questions on the assessment of my property located in Plymouth MN. As per our discussion, I attended the assessment meeting this past Wednesday 4/15 to get additional information regarding the assessment process and average property value increase. The information that was handed out at the meeting along with our discussion today answered my questions. As per our discussion, the average property increase is related to the Estimated Market value as opposed to the Limited market value. As you explained, the Limited value increase (which was set at approximately 11-12% this year) is a different than the average property increase which is determined by the Estimated Market value. Again, thanks for answering my questions related to the definition and meaning of Estimated Market Value and Limited Market value and it's relationship to the average property increase. Please consider my questions and concerns answered. Thanks, Todd Palmberg 12940 32nd Ave. N. Plymouth MN 554441 Do you Yahoo!? The New Yahoo! Search - Faster. Easier. Bingo. 4/18/2003 Written Report #6 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Sudhir & Sunita Singh PROPERTY ADDRESS: 16600 401h Avenue North PID #: 17-118-22-13-0119 LEGAL DESCRIPTION: Westbranch, 2nd Addition PROPERTY TYPE: Single Family Residential 2003 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 111,000 111,000 STRUCTURE MARKET VALUE 406,100 392,500 TOTAL MARKET VALUE 517,100 503,500 ASSESSMENT HISTORY 2001 2002 2003 Total Market Value $418,300 $473,600 $517,100 Limited Market Value $418,200 $460,000 $515,200 Improvement ------------------------------ SUBJECT PROPERTY 16600401h Avenue North/Westbranch 2nd Addition 17-13-0119) ADDITIONAL SUBJECT PHOTO 16600 401h Avenue North/Westbranch 2nd Addition 17-13-0119) Subject Location Map SALES COMPARISON ADJUSTMENT GRID Subject Comparable #1 Comparable #2 Comparable #3 ADDRESS: 16600 40 165T5_407— 16625 40 3795 Black Oaks PID# 17-13-119 17-42-27 17-42-29 17-42-42 SALE DATE: 5/10/02 2/28/02 10/1/01 SALE PRICE: 419,000 429,900 415,000 TIME ADJUSTMENT: 16,800 25,800 41,500 ADJ.SALE PRICE: 435,800 455,700 456,500 TYPE OF BLDG: Two Story Two Story Two Story Two Story ABOVE GRADE FINISH 4108 3270 67,000 3438 53,600 3334 61,900 QUALITY; Avg Avg Avg Avg AGE: 1998 1995 6,500 1997 1999 CONDITION: Good Good Good I -- -- Good BEDROOMS: 4 4 4 4 OF BATHS 4 3 4,000 4 4 FIN. BSMT. AREA: 0 0 1,100 19,800 0 WALKOUT: Yes No 4,000 No 4,000 No 4,000 FIREPLACES: 1 1 3 8,000 1 GARAGE: TYPE AREA SQ FT: 3 stall attached 3 stall att. 2 stall att. 10,000 3 stall att. DECK: Yes Yes No 3,000 Yes PORCHES: No No No Yes small SP) 5000 LOT SIZE SQ FT: 45 Acre 32 A 42A 24A LOT DESCRIPTION: Avg Avg Avg Avg LOCATION: Westbranch 2 in from Dunkirk) Westb. 3 in from Dnkrk) Westb. on Dnkrk) 5,000 Westb. near Dnkrk/ Cty Rd 9) 5,000 POOL: No No No No NET ADJUSTMENT: 81,500 47,800 56,900 ADJ SALE PRICE: 517,300 503,500 513,400 040 R o RZo Al O Q z N j z z m rz TA z 41 ST AVE N N q1 Z LU 0 C N W A 40TH PL NzW Comp 2 Z 40TygV N Comp 1 40TH AVE N M M U3N 39CNP M Mcn n 39TH PL N OD 39THp Nz z N rz Z VFRFST t NU 0 38TH AVE N o Q 39TH AVE N 38THAVE N ; a Y37TH AVE N z61/1 6r/1— G O y I i r Com arable Sales Mapp N City of This represents a compilation of information and data from city, county, state and other sources that has W E 4 Plymouth, M N not been field verified. Information should be field verified and compared with origianl source documents. s COMPARABLE #1 16525 401h Avenue North/Westbranch 2nd Addition 17-42-0027) COMPARABLE #2 16625401h Avenue North/Westbranch 2°d Addition 17-42-0029) COMPARABLE #3 3795 Black Oaks Lane North/Westbranch 2nd Addition 17-42-0042) VALUE CONCLUSION LOCATION: Property is the second home on the left off of Dunkirk on 40th Avenue North in Westbranch 2nd Addition. SITE: The sitt is .45 acres, wooded in the back and fronting 401h Avenue North -one of several roads leading into Westbranch. When facing Mr. Singh's home, to the left is a two story residence, and to the right are the Townhomes of Westbranch. IMPROVEMENTS and FEATURES: The home is a large two story, 1908 single detached residence. It is well maintained With amenities consistent within the neighborhood of Westbranch. OWNERS CONCERNS: Mr. Singh feels that he cannot sell his home for the value that we have arrived at due to the fact that he is near Dunkirk Avenue North and on 401h Avenue North. Also, he feels that living next to the townhomes has reduced his value as well. RECONCILATION OF VALUE: After inspecting the property and comparing similar properties that have recently sold, I recommend that Mr. Singh's value be reduced from $517,100 to 503,500. Mike Henderson, CMA Appraiser, City of Plymouth 2003 LOCAL BOARD OF APPEAL & EQUALIZATION CITY OF PLYMOUTH April 15, 2003 Address: Property Identification: k 7 1 I -- Z2 - 1- 0 I I Owner Name: S V D H t P It NC,1, Address:- (44tso LknYh Are- N City/Zip: L`( Mb U"( h S SLk/ Daytime Phone: % C ," 5 X - 7S Sr Purchase Price: '3 c( 9 K Purchase Date: 71 9 j 019 2003 Estimated Market Value: S `7 p c, Any appeal should be based on evidence that the 2003 Estimated Market Value exceeds the true market value of the property. Please list the reasons why you believe the property could not sell for the value under appeal. 60 V rAT u9- T.IF jam• u .I 1 %I /. / ' / Please check if you wish to summarize your appeal to the Board at the podium. Written Report #7 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Greg S. Hoglund PROPERTY ADDRESS: 5635 Dunkirk Lane North PID #: 05-118-22-31-0003 LEGAL DESCRIPTION: Unplatted PROPERTY TYPE: Residential 2003 MARKET VALUE VALUE PRIOR TO ASSESSOR'S LOCAL BOARD RECOMMENDATION LAND MARKET VALUE 160,000 STRUCTURE MARKET VALUE 137,400 TOTAL MARKET VALUE 297,400 No Change ASSESSMENT HISTORY 2001 2002 2003 Total Market Value 269,800 278,800 297,400 Limited Market Value 181,600 199,800 223,700 Improvement 0 0 0 Subject Location Map i 2003 LOCAL BOARD OF APPEAL & EQUALIZATION CITY OF PLYMOUTH April 15, 2003 Address: S6 as- DLN Al Property Identification: OS ( ( 8 22 310000 Owner Name: Address: 11220 IMCAF-4W MZ6W City/Zip: 002 C )2sMl 141V-S'V4a Daytime Phone: 76 3 478 -d%-242 Purchase Price: 12-2,000 Purchase Date: 12 --SS 2003 Estimated Market Value: , .015-j QNB Any appeal should be based on evidence that the 2003 Estimated Market Value exceeds the true market value of the property. Please list the reasons why you believe the property could not sell for the value under appeal. Please check if you wish to summarize your appeal to the Board at the podium. CITY OF PLYMOUT- April 8, 2003 Gregory & Jackie Hoglund 5635 Dunkirk Lane N. Plymouth, N N 55446 Re: Revised 2003 Valuation Notice PID #05-118-22-31-0003 Dear Property Owner: The following is a revised breakdown of your 2003 Valuation Notice which will impact your payable 2004 property taxes. Please note changes and retain a copy of this notice for your records. Estimated Market Value: $297,400 Limited Market Value: $223,700 Taxable Market Value: $223,700 City of Plymouth Assessing Department PLYMOUTH :q Beautifu(Pface to Live 3400 PLYMOUTH BOULEVARD • PLYMOUTH, MINNESOTA 55447-1482 • TELEPHONE (763) 509-5000 www.b.plymouth-minus OWNERS CONCERNS: Mr. Hoglund feels that the 2003 assessment is excessive and more than he could ever expect to sell his home for. He also wants the city to grade the road in front of the property. RECONCILATION OF VALUE: Mr. Hoglund was originally sent a valuation notice that read and 2003 estimated market value of $485,400. After the notices were sent out it was noticed by our office that there was an error in his assessment and he was sent a revised evaluation of $297,400. He had not received the revised value prior to the meeting on the 15th. Upon contacting Mr. Hoglund on April 16th and explaining the situation to him he concurred with the 2003 value. The value will remain at the revised market value of 297,400 441, clswt-) Jan Olsson RES Senior Appraiser 763/509-5355 jolsson(a-),ci.plMouth .mn.us WRITTEN REPORT # 8 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Jeffrey Schipull PROPERTY ADDRESS: 5553 Vinewood Lane North PID #: 03-118-22-43-0037 LEGAL DESCRIPTION: Lot 4 Block 4, Bass Lake Terrace PROPERTY TYPE: Single Family Residential 2003 MARKET VALUE VALUE PRIOR TO ASSESSOR'S LOCAL BOARD RECOMMENDATION LAND MARKET VALUE 58,000 STRUCTURE MARKET VALUE 143,300 TOTAL MARKET VALUE 201,300 No Change ASSESSMENT HISTORY 2001 2002 2003 Total Market Value 175,700 190,900 201,300 Limited Market Value 166,800 183,500 201,300 improvement 0 0 0 SUBJECT PROPERTY OWNERS CONCERNS: Mr. Schipull had questions regarding a 10% increase in his limited, or taxable market value for his 2001 assessment year/2002 payable tax year and his 8.65% increase for his 2002 assessment year/2003 payable tax year. He would like more information to explain the percentage allowed for taxable market value. Mr. Schipull purchased the property on April 4, 2003. He recently had a bank re- appraisal for a re -finance on his home. He feels based on the bank re -appraisal his home has decreased in value. RECONCILATION OF VALUE: I met with Mr. Schipull on April 18, 2003 to view his property and to discuss the estimated market value and the laws governing the limited or taxable market value increases on his property over the past few years. I explained that each year estimated market values are based on sales that occur in his neighborhood. I gave him a copy of a sales report from his neighborhood that we used in determining the market value increase for the 2002 assessment. I also gave him the sales report of sales used for the 2003 assessment. The sale of his property was included in the sales study for the 2003 assessment. We also discussed his bank appraisal that he had available for review. After reviewing the sales in his neighborhood and discussing the bank appraisal, Mr. Schipull agreed the value of home has not decreased since his purchase one year ago. Based on the purchase price of $226,000 that Mr. Schipull paid in April of 2002, as well as other sales in his neighborhood, I feel the value on his property should remain unchanged. 201,300 Cindy Bowman, CMA Appraiser 763) 509-5353 cbowman@ci.plymouth.mn.us 1 2003 LOCAL BOARD OF APPEAL & EQUALIZATION CITY OF PLYMOUTH April 15, 2003 Address: 65 3 Jiq&,4 i 4Z, y#jod)r# t fN f5yl; Property Identification: D;- //8-12 Y3_ X37 Owner Name: Sr.-/AXL Purchase Price: 6 , ooa Address:S3 VW6_00 4 U n/ Purchase Date: It City/Zip: MAW*, MAI gF yz 2003 Estimated Market Value: 'f 40, 4B0 Daytime Phone: 70-76,V-61% Any appeal should be based on evidence that the 2003 Estimated Market Value exceeds the true A a yvu wwu w auuuuaitc.c yvui appcai w uic 1Jvaiu a< <uc wuiuiu. Written Report #9 2003 BOARD OF APPEAL & EQUALIZATION STAFF REPORT AND RECOMMENDATION PROPERTY OWNERS NAME: Vladimir and Irina Davydov PROPERTY ADDRESS: 4585 Forestview Lane North PID #: 11-118-22-43-0082 LEGAL DESCRIPTION: Lot 11 Block 7 Deerwood Meadows Plat 2 PROPERTY TYPE: Residential Single Family 2003 MARKET VALUE VALUE PRIOR TO LOCAL BOARD ASSESSOR'S RECOMMENDATION LAND MARKET VALUE 62,000 62,000 STRUCTURE MARKET VALUE 200,000 178,800 TOTAL MARKET VALUE 262,000 240,800 ASSESSMENT HISTORY 2001 2002 2003 Total Market Value $216,800 $236,800 $262,000 Limited Market Value $208,600 $229,500 $257,000 Improvement SUBJECT PROPERTY Subject Location Map TI OWNERS CONCERNS: The Davydovs stated in their appeal that the value was not evaluated correct last year and they wouldn't be able to sell the house for this amount. They feel they would have to invest at least $40,000 to sell the house for $250,000. RECONCILATION OF VALUE: The property was reviewed on April 18`h. The home is twenty years old and with the exception of a new roof in 2001, is original. Most of the windows ( including the patio door) and the composition siding need to be replaced because of deterioration. The ceiling in the dining area and basement ceiling directly below it, are water damaged and need to be repaired. The property was reviewed in May 2001 as part of the 2002 quartile. Since that time more deferred maintenance has occurred. Since the owners do not have any written estimates for the repair work that needs to done, it is uncertain the exact amount to remedy the repairs. I agree that the cost would be substantial. The three comparables are in the same neighborhood and were also interior inspected for the 2002 quartile. At the time of the 2002 quartile inspection, my opinion was that these comparables were superior in condition to the subject. I contacted Mrs. Davydov on April 23, and she agreed with the new recommendation of $240,800. Based on this opinion the recommendation is: 240,800 I - Ll 1 C 41 - Paul Kingsbury, CMA Appraiser, City of Plymouth 763 509-5357 pkingsbu@ci.plymouth.mn.us Sales Comaarison Adiustment ADDRESS: 4585 Forestview Lane N 4610 Forestview Lane N 4600 Forestview Lane N 4550 Forestview Lane N PID# 11-118-22-43- 0082 11-118-22-43-0093 11-118-22-43-0092 11-118-22-43-0012 SALE DATE: 12/02 4/02 6/02 SALE PRICE: 250,000 266,000 314,900 TIME 9,300 6,300 ADJ.SALE PRICE: 250,000 275,300 321,200 TYPE OF BLDG: 2 Story 2 Story 2 Story 2 Story ABOVE GRADE FINISH 2024 S.F. 2001 S.F. 0 1758 S.F. 12,000 2262 S.F. 10,700 AGE: 1983 1983 0 1983 0 1979 0 CONDITION: BA Avg/AA 25000 Avg/AA 27,500 Avg/AA 32,100 OF BATHS 3+1/2 2+1/2 3,000 2+1/2 3,000 2+1/2 3,000 FIN. BSMT. AREA: 500 S.F. No 9,000 No 9,000 648 S.F. 2,700 WALKOUT: Yes No 4,000 No 4,000 No 4,000 FIREPLACES: 2 1 2,000 1 2,000 l 2,000 GARAGE: TYPE AREA SQ FT: 2 car attach 2 car attach 0 2 car attach 0 3 car attach 10,000 DECK: Yes Yes 0 Yes 0 Yes 0 PORCHES: 3 Season 2,200 3 Season 7,900 3 Season 11400 NET ADJUSTMENT: 9,200 5,400 57,900 ADJ SALE PRICE: 240,800 269,900 263,300 COMPARABLE #1 COMPARABLE #2 COMPARABLE #3 IFA9T z A N zJ 48TH PL N U Z J v 48TH AVE N O A8T O O O 48TH AVE N yci ti m 2 Z O v z v 47TH AVE N z z za 4 0 47TH AVE N D z z SCHMIDT LAKE C 46TH AVE N z COQ O A Y ? Comp 1 z , . Z 1 7vZQ = m o° z0 Coma 3 3 Q o v Z 45TH AVE N z z 44TH PL N pLN 44TH AVE N m Z z v z OC p .-p 44TH AVE N r z w Z0qZ Q" 0 0 Z z ZO Y U 0 Z p 43RD AVE N Y W SRO P IA = _ ROCKFORD RDv k w rib Comparable Sales Map_ p N I City of This represents a compilation of information and w E I data from city, county, state and other sources that has i not been field verified. Information should be field S verified and compared with origianl source documents. Plymouth, MN 2003 LOCAL BOARD OF APPEAL & EQUALIZATION CITY OF PLYMOUTH April 15, 2003 Address: 7S-8E,p,ES% V/E J r 4kq nJ- Property Identification: 3 0092 Owner Name: lei 11,iL &09.!/ P&V Purchase Price: /7/ DOn Address: Purchase Date: ` Q i City/Zip: Ss- It Y Z 2003 Estimated Market Value: 2 D D O Daytime Phone: 7i3 9574 T Any appeal should be based on evidence that the 2003 Estimated Market Value exceeds the true market value of the property. Please list the reasons why you believe the property could not sell for the value under appeal. Please check if you wish to summarize your appeal to the Board at the podium.