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HANDOUTS BOA 04-28-2010 i~Mrir~llrli~~i1~ ~ ~ CD `~ ~. CD ~ O N O ~--~ O Y C/1 C/~ C/1 CD '~ 0 ~~ ~? .~" ~~ ,~ Q ~~ ~ Sherburne County Assessors Office ~' 'Gerald Kritzeck, County Assessor i s 13880 Business Center Drive 'Elk River, MN. 55330 erald.kritzeck co.sherburne.mn.us co.sherburne.mn.us 763-241-2880 local 1-800-438-0577 outstate 2 C Staff Responsibilities for Elk River Commercial Residential Agricultural John Cullen Bill Riley Greg Olson Theresa Quinn Jeanne Henderson Sherburne County Assessors Office ~ Theresa Quinn s ,~ Eastern Elk River 13880 Business Center Driver s ~, Elk River, MN. 55330 • 763-241-2880 or763-241-2889 • ~ theresa.quinn co.sherburne.mn.us • co.sherburne.mn.us New for Elk River in 2009 ~ MSB CAMPUS ADDITION • (COMMERCIAL & EXEMPT) ~ RENNER FOURTH ADDITION ~ (INDUSTRIAL) ~ GATEWAY BUSINESS PARK • (COMMERCIAL) ~ ELK RIDGE CENTER FIFTH ADD. ~ (COMMERCIAL) 700 600 500 400 300 200 100 0 M d' ttf to G1 01 01 C1 01 O~ a1 O ~ ~ ~ ~ Source Data: County Zoning 1~ 00 01 O rl N M ~ LA ~O 1~ 00 01 01 d1 t71 0 0 0 0 0 0 0 0 0 0 d1 01 C1 0 0 0 0 0 0 0 0 0 0 .-~ r~ .~ N N N N N N N N N N # Homes ^ Multi-fam 19 Calendar Years t~ Sales Study s _. ~ Sales from October 1St' 2008 to September ~ 30th, 2009 were used to determine the ~ January 2nd, 2010Assessor's Estimated s Market Value. ~' The Department of Revenue requires the i Assessor to maintain a ratio of 90 to 105%. ~~ Elk River Home Sales 500 450 400 350 300 250 200 150 100 50 0 1993 Source: State Report 1996 1999 2002 2005 2008 llo s SALES Calendar Years Elk River Average Sale Price 250, 000 200, 000 150, 000 100, 000 50, 000 Ave Sale 0 r 1995 1997 1999 2001 2003 2005 2007 2009 $223,021 1.2 Source Data: County Study Calendar Years Sherburne County Assessors Office ~ Greg Olson: Elk River City Assessor s Western Elk River 13880 Business Center Drive Elk River, MN. 55330 • 763-241-2880 or 763-241-2886 a ~ greg.olson@co.sherburne.mn.us co.sherburne.mn.us 13 Elk River Average Sale Price V S . Average EMV 300,000 250,000 200,000 150,000 100,000 50,000 0 ~1 ~~ ~o~ ~p ~~ ~~, ~~ Off` Oh Oco ~1 ~~- O~ ~~ ~~ ~~ ~O ~O ~O ~O ~O ~O ~O ~O ~O ~O Calendar Year -~ EMV -a-- Avg SP EMV $220,972 Source Study: County Study Avg SP $223,021 ~ ~" ~! 105 100 95 90 '''' 85 80 ' ' 75 Elk River Median Sale Ratio a1~` o~~O ~~ 00 01' Off` O~ O~ ~O 100.5% Source Data: State Report Assessment Years - 5 _ '. st ~ '~ Elk River Ratio Distribution 2009 Sales 20 18 16 14 12 10 8 6 4 2 0 55- 65- 75- 85- 95- 105- 115- 125- 59 69 79 89 99 1.09 119 129 Source: County Study Calendar Year ~ ~' Elk River Local Effort -5.81 Source: State Report Assessment Years Elk River Adjusted Sale Ratio loo ... 98 Ratio 88 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 Source Data: State Report 94.69% Assessment Years ~~ Elk River Residential Market Value 2009 al Effort • Spring 2010 ~' Beginning Ratio ,~ Local Effort a Adjusted Ratio 1,577,653,900 -91,689,300 1,485,964,600 100.5% - 5.81% 94.69% Source: County Report 1 ~) 2007 MINNESOTA STATUTES 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 aboard 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. ~~ '~ BOARD OF APPEAL AND EQUALIZATION E7 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 m valuation or classification which are intended to correct errors in judgement 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 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 if the owner or other person having control over the property has refused the assessor access to inspect the property and the interior of any buildings or structures as provided in section ~~ 273.20. Disclaimer: s s Every attempt has been made to ensure that s the information contained in the attached s i material is valid at this time. Additionally, a Sherburne County disclaims any and all ~ liability for damages incurred directly or ~ indirectly as a result of errors, omissions, or a discrepancies and is not responsible for a misuse or misinterpretation. ' 2007 MINNESOTA STATUTES .~, 273.20 ASSESSOR MAY ENTER DWELLINGS, BUILDINGS, OR STRUCTURES. Any officer authorized by law to assess property for taxation may, when necessary to the proper performance of duties, enter any dwelling-house, building, or structure, and view the same and the property therein. Any officer authorized by law to assess property for ad valorem tax purposes shall have reasonable access to land and structures as necessary for the proper performance of their duties. A property owner may refuse to allow an assessor to inspect their property. This refusal by the property owner must be either verbal or '' expressly stated in a letter to the county assessor. If the assessor is denied access to view a property, the assessor is authorized to estimate the property's estimated market value by making assumptions believed appropriate concerning the property's finish and condition. ~~ Elk River Residential Tax Base 1,800,000,000 1,600,000,000 1,400,000,000 1, 200,000,000 1,000,000,000 800,000,000 600,000,000 400,000,000 200,000,000 0 1994 1996 1998 2000 2002 2004 2006 2008 2010 $1,485,964,600 Source Data: State Report Assessment Years ~~ Elk River Market Value by Class A(~, 2.67"/0 C&I, 20.13 Apt, 2.69% ^ Residential ^ C&I ^ AG ^ Aut Residential, 74.51 2010 Spring Adjusted Local Effort Program Assessment Year ' `~ Elk River Total Tax Rate 106.082% 140 120 100 80 60 40 20 0 1994 Source: County Auditor 133.832% Taxes Payable Year ~7 1996 1998 2000 2002 2404 2006 2008 2010 Elk River Tax Rate Components ! ~~:~ City Tax Rate 44.560 r ~ County Tax Rate 44.519 ,School Tax Rate 40.050 ^' Coun S ecial 1.860 ~=_~, ~' P ~ HRA 1.295 Economic Dev 1.548 ~_ ~,, Total Tax Rate 13 3.8 3 2 '' ~}~ Market Value Rate .l 8297% Taxes Payable Year zoov 43.280 41.999 36.215 1.233 1.221 1.575 125.523 .17462% ?~ .~.~ 2 1 Tax a at r cu o Jurisdiction-School 75-728 Taxable Market Value $223,021 $3,221 (201-1) Residential Homestead 1 a Class Rate ~~ Class Rate ~~ ,, Net Tax Capacity ~" Total Tax Rate Capacity Taxes Market Value Rate Homestead Credit Net Tax Payable ~- 2010 Effective Tax Rate $223,021 1.00% $2,230 $0 1.25% ~0 $2,230 133.832% $2, 985 18.297% $408 - 172 $3,221 1.4% 2008, 2009, 2010 Estimated Taxes '~ 2008 Residential Homestead 2009 Residentia Value Tax EfR Hstd Q~. Value Tax 50,000 478 0.96% 200 50,000 75,000 717 0.96% 300 75,000 100,000 1074 1.07% 282 100,000 ~.. 125,000 1435 1.15% 260 125,000 150,000 1797 1.20% 237 150,000 175,000 2158 1.23% 215 175,000 200,000 2520 1.26% 192 200,000 225,000 2882 1.28% 170 225,000 250,000 3243 1.30% 147 250,000 275,000 3605 1.31% 125 275,000 300,000 3966 1.32% 102 300,000 325,000 4328 1.33% 80 325,000 350,000 4689 1.34% 57 350,000 375,000 5051 1.35% 35 375,000 400,000 5412 1.35% 12 400,000 425,000 5764 1.36% 0 425,000 450,000 6103 1.36% 0 450,000 475,000 6442 1.36% 0 475,000 500,000 6781 1.36% 0 500,000 525,000 7195 1.37% 0 525,000 550,000 7609 1.38% 0 550,000 "~`"""" 575,000 8022 1.40% 0 575,000 600,000 8436 1.41% 0 600,000 ~. ., I Homestead 2010 Reside ETR Hstd G. Value 515 1.03% 200 50,000 772 1.03% 300 75,000 1147 1.15% 282 100,000 1527 1.22% 260 125,000 1907 1.27% 237 150,000 2287 1.31% 215 175,000 2677 1.34% 192 200,000 3047 1.35% 170 225,000 3427 1.37% 147 250,000 3807 1.38% 125 275,000 4187 1.40% 102 300,000 4567 1.41% 80 325,000 4947 1.41% 57 350,000 5327 1.42% 35 375,000 5707 1.43% 12 400,000 6077 1.43% 0 425,000 6434 1.43% 0 450,000 6792 1.43% 0 475,000 7149 1.43% 0 500,000 7585 1.44% 0 525,000 8021 1.46% 0 550,000 8457 1.47% 0 575,000 8893 1.48% 0 600,000 ~ntial Homestead 1 Tax EfR Hstd G. 561 1.12% 200 841 1.12% 300 1239 1.24% 282 1642 1.31 % 260 2045 1.36% 237 2447 1.40% 215 2850 1.43% 192 3253 1.45% 170 3656 1.46% 147 4059 1.48% 125 4461 1.49% 102 4864 1.50% 80 5267 1.50% 57 5670 1.51 % 35 6073 1.52% 12 6465 1.52% 0 6846 1.52% 0 7226 1.52% 0 7606 1.52% 0 8070 1.54% 0 8534 1.55% 0 8998 1.56% 0 9462 1.58% 0 _) ~ ' 2009 Range of Sales ___ 55 50 45 40 35 "' 30 25 20 15 10 .=~ { 5 ~r 4' ~~~ E, ,; >>2 ~ _ ~ , rn~ ~l ~~j. `~ F~ ,.~ a $100,000- $1.30,000- $160,000- $1.90,000- $220,000- $250,000- $280,000- $310,000- $340,000- $380,000- $41.0,000- ~ 1 $129,000 $159,000 $189,000 $219,000 249,000 $279,000 $309,000 339,000 $379,000 $409,000 Over n Gr ~'a fi V1 ~ V1 O V1 0 0 0 ~ 2~~ ~s ~~~ o~ ~, Qo af~„ s~ s~, ~` ~~ w N '' t y 0 it ~~"'~ ~+ ', M~ • F~~ M~ M~ • v I '' 0 CD I-t~ndmaf~ f 412~I~o ~~ud a~ l(~ ~ -~~~ 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment KAAP ENTERPRISES, LLC P.I.N. 75-445-0130 21850 BROOK RD ELK RIVER MN 55330 Plat: BARRINGTON SQUARE Legal description .. LOT 3, BLK 1 TOGETHER WITH EASEMENT & UNDIVIDED 1-3 INTEREST IN OUTLOT A 2010 Original Land $ 148,300 Building $ 362,200 Total $ 510,500 2010 Suggested Change $ 111,300 $ 309,000 $ 420,300 Reduction: Building reduced by $53,200 Land reduced by $37,000 Reason: After reviewing the building with the new owner, a lot of repair to the interior is needed before space can be leased. The building has been vacant for over a year. The land value was reduced because the street portion of the parcel should not be valued. ~~ ~~~°~' . 75-435-OQ1 ~ ` 75-449-0140 75-449-0150 _ , . ~ ~. .w~ . ,,, ~ C 'r1 ,~ 75-449=fl135 2010 ELK RIVER BOAI2ll OF EQUALIZATION OWNER: YEARWOOD DEVELOPMENT, LLC ADDRESS: 21025 COMMERCE BLVD ROGERS MN 55374 LEGAL: See attached PARCEL# 75-002-4405 ADDRESS: 10528 175TH AVE NW Elk River, MN 55330 Chuck Christian called and inquired about his 2010 assessed value on a rental property at 10528 175`x' Ave NW. After a reassessment on April 23`d 2010, I recommend no change in the land value and a reduction in the building value from $95,200 to $65,500. A reduction of $29,700. Assessment of property is as follows: Before change Land Building Total $86,100 $95,200 $181,300 After change Land Building Total $86,100 $65,500 $151,600 I~ Decrease : $29,700 DSPPRCL2 Display Parcel Description Parcel number/Tax year: 75-002-4405 2011 Sect/Town/Range/Dir 2 32.0 26 Plat/Lot/Block Man. home court number: Deed acr/undiv int pct: 6.80 100.00 Legal description . 4/23/10 15:50:22 Last change: 1/26/06 10:53:49 By MURSCHSL N 1-2 OF SE 1-4 OF SE I-4 EX E 853 FT & EX THAT PART OF THE N 1/2 OF SE 1/4 OF SE 1/4 THAT LIES W OF THE E 853 FT AS MEASURED AT RT ANGLES THEREOF; & THAT LIES N OF A LINE 33 FT N OF AS MEASURED AT RT ANGLES TO THE FOLL DESC CENTER LINE OF A FORMER TWP RD NOW KNOWN IN PART AS 175TH AVE NW, SAID THOROUGHFARE HAVING A WIDTH OF 66 FT: COMM AT THE SW CORNER OF SW 1/4 OF SE 1/4;THENCE S 89 DEG 37 MIN 23 SEC W ASSUMED BASIS OF BEARINGS ALONG S LINE OF SW 1/4 FOR 293.37 FT; THENCE N 0 DEG 22 MIN 37 SEC W FOR 33 FT TO A POINT TO BE HEREAFTER KNOWN AS POINT "A" FOR THE PURPOSE OF THIS DESC; THENCE S 89 DEG 37 MIN 23 SEC W PARR WITH S LINE OF SW 1/4 FOR 434.95 FT MORE OR LESS TO INTERSECT THE NELY LINE OF ROW OF BNRR AT THE POB OF THE CENTERLINE TO BE HEREBY DESC; THENCE RETURN N 89 DEG 37 MIN 23 SEC E TO POINT "A";THENCE NELY & NLY ALONG A TANGENTIAL CURVE TO THE LEFT RADIUS 229.87 FT FOR A CENTRAL ANGLE OF 88 DEG 42 MIN 19 SEC & A LENGTH OF 464.26 FT; THENCE N 0 DEG 55 MIN 04 SEC E TANGENT TO SAID CURVE FOR 554.93 FT; THENCE NELY & ELY ALONG A TANGENTIAL CURVE TO THE RT RADIUS 317.09 FT FOR A CENTRAL ANGLE OF 86 DEG 49 MIN 40 SEC & A LENGTH OF 480.52 FT; THENCE N 87 DEG 44 MIN 44 SEC E TANGNET TO SAID CURVE FOR 2301.27 FT MORE OR LESS TO INTERSECT WITH & TERMINATE SAID CENTERLINE AT THE E LINE OF SE 1/4 AT A POINT THEREON DIST 17.31 FT S OF NE CORNER OF S 1/2 OF SE 1/4. More... -q 2010 ELK RIVER BOARll OF EQUALIZATION OWNER: NELSON, SCOTT & LISA L ADDRESS: 10039 209TH AVE NW ELK RIVER MN 55330 LEGAL: Lot 4 Block 1 Hidden Creek harms PARCEL# 75-665-0120 An arbitrary assessment was performed because Appraiser was unable to make an interior inspection. On April 23rd, 2010 an interior inspection was completed. I recommend the following changes. Assessment of property is as follows: Before change Land Building Total $108,300 $404,000 $512,300 After change Land Building 'Total $108,300 $337,600 $445,900 Decrease : $66,400 i 2010 ELK RIVER BOARD OF EQUALIZATION OWNER: BROWN, LEROY r & RUTH ADDRESS: 17773 TYLER S'1' NW ELK RIVER MN 55330 LEGAL: See attached PARCEL# 75-002-3101 ACRES: 12.54 Ruth Brown called to inquire about her 2010 Assessed value. I recommend lowering the per acre value from $8,320 to $7,800. The contiguous parcel owned by Ruth Brown is also valued at $7,800 per acre. Assessment of property is as follows: Before change Land Building Total $104,300 $0 $104,300 After change Land Building "Total $97,800 $0 $97,800 (~~ Decrease : $6,500 ,.- -r DSPPRCL2 Display Parcel Description 4/26/10 16:24:46 `. Parcel number/Tax year: 75-002-31.01 2011 Last cl'iange: ZO/26/99 I6:3Z:13 By HENDERJY Sect/Town/Range/Dir 2 32.0 26 Plat/Lot/Block Man. home court number: Deed acr/undiv int pct: 12.54 100.000 Legal description . THAT PART OF THE SW1/4 OF SEC 2, THAT LIES 60 FT NELY AND ELY OF THE FOLLOWING DESC: COMME- NCING AT THE NE CORNER OF SAID SWI/4; THENCE N 89 DEG 38 MIN 23 SEC W, AN ASSUMED BEARING ALONG THE N LINE OF SAID SW1/4,A DIS OF 1269.90 FT TO THE ACTUAL POB OF SAID LINE TO BE HEREAFTER DESC: THENCE SELY A DIS OF 552.3 9 FT ALONG A NON-TANGENTIAL CURVE CONCAVE TO THE NE HAVING A RADIUS OF 820.21 FT A CENTRAL ANGLE OF 38 DEG 35 MIN 14 SEC AND A CHORD BEARING OF S 46 DEG 37 MIN 48 SEC E; THENCE S 65 DEG 55 MIN 26 SEC E, TANGENT TO SAID LAST DESC CURVE, A DIS OF 477.52 FT ;THENCE SELY & SLY A DIS OF 418.96 FT, ALONG A TANGENTIAL CURVE CONCAVE TO THE SW HAVING A RADIUS OF 459.32 FT AND A CENTRAL ANGLE OF 52 DEG 16 MIN 12 SEC; THENCE S 13 DEG 39 MIN 13 SEC E, TANGENT TO SAID LAST DESC CURVE A DIS OF 155.43 FT; THENCE SLY A DIS OF 727.19 FT ALONG A TANGENTIAL CURVE CONCAVE TO THE W HAVING A RADIUS OF 2788.71 FT A CENTRAL ANGLE OF 14 DEG 56 MIN 26 SEC; THENCE S O1 DEG 17 MIN 13 SEC W, TANGENT TO SAID LAST DESC CURVE A DIS OF 547.94 FT AND THERE TERMIATING. More... 2010 ELK RIVER BOARD OF EQUALIZATION OWNER STIMPSON, MARLIN & VICTORIA ADDRESS: 606 JEFFERSON LN ELK RIVER MN 55330 LEGAL: Lot 1 Block 1 Presidential Estates PARCEL# 75-446-0105 An arbitrary assessment was performed because Appraiser was unable to make an interior inspection. On Apri128th, 2010 an interior inspection was completed. I recommend the following changes. Assessment of property is as follows: Before change Land Building "Dotal $40,900 $107,300 $148,200 After change Land Building Total $40,900 $66,300 $107,200 Decrease : $41,000 2010 Ellc River Local Board of Appeal and Equalization Apri129, 2010 Parcel No. 75-124-3100 Fee Owner: LeeRoy and Kathryn Kemzedy Address: 10205 201s` Ave. NW, Elk River, MN 55330 Acreage: 25.00 Based on a review of the above parcel on April 23, 2010 it is the appraiser's recommendation to correct the classification of the parcel to Agricultural. BEFORE - Classification Residential Rural Vacant Land Total $289,600.00 $53,600.00 $343,200.00 AFT ER - Classification Agricultural Building Total Till .60 acre Pasture 18.00 acres Woods 4.29 acres Road .11 acres Sites 2.00 acres Total - $157,100.00 $176,500.00 $333,600.00 The change in classification to Agricultural will result in a reduction of $9,600.00 to the estimated market value of the land only. . - 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment BTDJ PROPERTIES & INVESTMENTS, LLP P.I.N. 75-105-2105 22823 ELK LAKE RD ELK RIVER MN 55330 Legal description ..: N 1-2 OF NW 1-4 LYING ELY OF CSAH 1 Acres: 20.00 2010 Original Classification Land Building Total 111-0 $ 60,800 $ 0 $ 60,800 233-0 $ 55,100 $ 15,800 $ 70,900 201-0 $ 61,000 $109,100 $170,100 2010 Suggested Change Classification Land Building Total 111- 0 $ 60,800 $ 0 $ 60,800 233- 0 $106,800 $ 66,600 $173,400 Reduction: $ -67,600 Changed the residential site value to a commercial classification. ~~ Reason: After reassessment, all of the buildings are being used commercially and were lowered due to their physical condition. } 75-1 D5-21 Q5 (. V~ i \t i ". 1~j t Y " ~ ~ ~ ~ ,; ~~ 7 ~~,'` r i l 1 t i ~ ~ ~ ~ ~~t~9t*. ,~' ~ ~ #~~;.'~ +~ ;~~ ,r~' ~ ~~ Ala ~' ~~ r ~~~ ~~~,• ~~ ~ ~~~~~ I ~ ~~ ~, ~~ ~ ~~ ~ r ~..;...- a ~ , ~ __ .,~;,~ - 3 ~ ++ < - .: t4 -` ~ ,, •Y~ X F ' ' .~" ,. - . ~ t ~ ~.,, :.. .. - .. __<-~ . :~ a . ~~~ e ,, v. ~ ~... ; s ~ ~.. _. _ _~ _. ".. ~._ _ ''~- . _ _ • :~~. ~- - - *~,.~ - 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment P.I.N. 75-132-2400 ENRIGHT, JAMES & SMITH, D 13291 HIGHWAY 10 ELK RIVER MN 55330-1719 Sec/twp/rge : 32 33.0 26 Acres: 2.25 Legal description ..: THAT PT OF SE 1-4 OF NW 1-4 : COM AT THE NE COR OF SE 1-4 OF NW 1-4, THENCE RUNNING S ALONG THEN & S 1-4 LINE OF SAID + 2010 Original Classification Land Building Total 201 $31,100 $118,700 $149,800 233 $85,800 $284,500 $370,300 2010 Suggested Change Classification Land Building Total 201 $31,100 $118,700 $149,800 233 $27,500 $91,000 $118,500 205 $58,300 $48,400 $106,700 Reduction: Total reduction of $145,100 Reason: South portion of the building is in a shell state. The owner is turning 68% of the commercial area into apartments. The 205 (apartment) classification has been created to reflect the change of use as of January 2°d, 2010. a, ~~~~ '., Y mss,' ~ r 5^ ,~K, ,R ~. ,. ~. f" ~;<: 75-1 -2_426 ~~ 7 -132-2425 ~ ~ ! ,~ ~ ~ 1 75-794-0105 o ~„ ~~" d. ,.,+rrri~ ~ ~- 75-794-0110 .r `~ ~r ~' ~ ~ 75-132-2125 }. ~~ , ~,~~~~• ~ ~ t~ 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment Owner(s): HABIB, IRFAN A 34321 MYRTLE LN UNION CITY CA 94587 P.LN. 75-405-0630 Plat: VILLAGE (ELK RIVER) Legal description ..: LOT 3, BLK 6 Property adr: 817 MAIN ST NW, ELK RIVER MN 55330 2010 Original 2010 Suggested Change Land $ 73,600 $ 73,600 Building $ 56,900 $ 46,200 Total $130,500 $ 119,800 FJ Reduction: Building value reduced $10,700. Reason: Owner sent income information and the house is still not rented and is in an unfinished state. ~~ 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment K & C, LLC P.I.N. 75-402-0043 630 PROCTOR AVE ELK RIVER MN 55330 Plat: AUDITORS SUBDIVISION NO 3 Legal description ..: THAT PT OF LOT 4 THAT LIES S OF THE BNR R-O-W & W OF A LINE PARA TO THOMAS STREET, RUNNING NLY FROM THE NE CORNER OF LOT 8 BLK 8 OF W. + 2010 Original 2010 Suggested Change Land $ 170,500 $ 99,100 Building $ 503,300 $ 456,100 Total $ 673,800 $ 555,200 Reduction: Total reduction of $118,600. Land value reduced $71,400. Building value reduced $47,200. Reason: After talking with the owner, functional depreciation for the building was given and a reduction was given for the location of the land. 75-410 ~~ . 5-403-00307 ~, ~• ~ ~ ~:i. ~.. `75=410 5-403-0020 75.410 ~ ~,~ ~ _ ': "~ P - _. A ~~ '.:• ~>, ~ ~ ~~ U;, . -:. -- ~ .. n. ~~n ~G ~~n n ~ e~~° e~ ~~ 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment K & C, LLC P.I.N. 75-410-0850 630 PROCTOR AVE ELK RIVER MN 55330 Plat: W H HOULTON'S ADDITION Legal description ..: LOTS 7 & 8, BLK 8 SUB TO EASEMENT OVER & ACROSS THE S 6 FT OF E 45 FT OF W 80 FT OF LOT 7, BLK 8. 2010 Original 2010 Suggested Change Land $ 109,600 $ 84,600 Building $ 123,400 $ 123,400 Total $ 233,000 $ 208,000 Reduction: Total reduction of $25,000. Land value was reduced $25,000. Reason: After talking with the owner the land value was reduced to reflect the location of the land. 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment Owner(s): P.LN. 75-445-0120 EQUITY MANAGEMENT, INC 200 5TH ST NW SUITE H ELK RIVER MN 55330 Plat: BARRINGTON SQUARE Legal description ..: THAT PT OF LOT I, BLK I LYING WLY & SLY OF ALINE DES AS BEG AT THE PT OF INTERSECT ION OF S LINE OF SAID LOT 1 WITH SELY EXT 2010 Original 2010 Suggested Change Land $ 168,600 $ 130,400 Building $ 417,500 $ 417,500 Total $ 586,100 $ 547,900 ~~ Reduction: Land value reduced $38,200 Reason: The land was reduced by .19 of an acre the amount of the parcel that is considered street. i a -Sao-o~o~ ~. ~: ~~` 445=0130 tom. ~,., .;~ .z ~~ 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment BRANDENBURG, J & FOX-BRANDENBURG, C P.I.N. 75-466-0170 18629 SIMONET DR ELK RIVER MN 55330 Plat: BEST POINT ON LAKE ORONO Legal description .. LOT 17 2010 Original 2010 Suggested Change Residential Residential Commercial Land $ 142,600 $ 137,600 $ 5,000 Building $ 148,600 $ 125,700 $ 22,900 Total $ 291,200 $ 263,300 $ 27,900 Reduction: $0 value change. Create a second classification of commercial. Reason: This property was reassessed and a business is being operating from the garage. 5-132-1300 ~~ ~~ ~~ II 75-466-0171, 7 , 466-01: 0 50 ~~ 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment ASHLAND INC 3499 BLAZER PKWY LEXINGTON KY 40509 Plat: HILLSIDE CROSSING Legal description ..: LOT 3, BLK 2 2010 Original Land $ 363,800 Building $ 186,400 Total $ 550,200 P.I.N. 75-566-0230 2010 Suggested Change $ 345,600 $ 172,000 $ 517,600 Reduction: Larid value was reduced $18,200. Building value was reduced $14,400. Total reduction of $32,600. Reason: Reduction was given because of comparisons with other comparable oil change buildings. r"` 7° ~ _ 75-538-0114 75-566-D22t} - "'"' ,~ ~~ ~ ~~°~'<, 75-538-Dt16 I ..~i~.°~~r 105. 75-810-OD10; ~~m f ~~' .•: ~T ,~- ;_ ..~~ :a .~ ~i 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment ELK RIVER BUSINESS PARK, LLC C/O BROOKSTONE INC 810 NORTH LILAC DR, SUITE 212 GOLDEN VALLEY MN 55422 Plat: ELK RIVER BUSINESS PARK Legal description ..: LOT 2, BLK 1 2010 Original Land $ 184,500 Building $ 1,938,300 Total $ 2,122,800 P.I.N. 75-659-0110 2010 Suggested Change $ 184,500 $ 1,662,400 $ 1,846,900 Reduction: Building value reduced 14.2%. Reason: The owner of the building proved income and vacancy data and the adjustment reflects that information. Bill Riley From: RvM2955@aol.com Sent: Monday, April 26, 2010 4:23 PM To: Bill Riley Subject: Re: 75-659-0110 Bill Thanks for sending this over. At this time we accept the 2010/Pay2011 reduction to $1846900. Will I receive from you a confirmation when you have this completed With regard to the 2009/Pay 2010 we will file a petition this week and I will then follow up with you Thanks Rick Martens ~; ~, . t i =3; ': 75-003-1100 ~_: 3~ 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment P.I.N. 75-807-0105 MOWRY PROPERTIES, LLC 13760 BUSINESS CENTER DR ELK RIVER MN 55330 Plat: PORTSIDE ADDITION Legal description ..: LOT 1, BLK 1 2010 Original 2010 Suggested Change Land $ 1,049,100 $ 1,049,100 Building $ 804,400 $ 4,047,600 Total $ 1,853,500 $ 5,096,700 Reduction: None Reason: New Improvements added to the building for the 2010 assessment. 33 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment FRANKLIN OUTDOOR ADVERTISING P.LN. 75-800-0040 20092 EDISON CIR E CLEARWATER MN 55320 Plat: PERSONAL PROPERTY Legal description ..: UNDERLYING P.I.N. 75-013-3000 2010 Original 2010 Suggested Change Land $ 11,800 $ 11,300 Building $ 0 $ 0 Total $ 11,800 $ 11,300 Reduction: Site value reduced $500 Reason: After talking with Franklin Outdoor Advertising, one billboard value was removed. 3~1 2010 City of Elk River Board of Appeal and Equalization Apri128th, 2010 Recommendations from County Assessor For changes to the 2010 Assessment FRANKLIN OUTDOOR ADVERTISING P.I.N. 75-800-0046 20092 EDISON CIR E CLEARWATER MN 55320 Plat: PERSONAL PROPERTY Legal description ..: UNDERLYING P.I.N. 75-014-1200 2010 Original 2010 Suggested Change Land $ 12,300 $ 10,800 Building $ 0 $ 0 Total $ 12,300 $ 10,800 Reduction: Site value reduced $1,500 Reason: After talking with Franklin Outdoor Advertising, three billboard values were removed. ~~ Bill Riley From: chuck Christian [chuckchristian38@gmail.com] Sent: Thursday, April 22, 2010 4:16 PM To: Bill Riley Cc: Katie Benson ~ ~ ..~~ ~7~~..~-'1~5~' v ~p Subject: PID # 75 405 0270 ~- ~~C~ LifYli Bill, As per the property at 707 Hwy 10, I would line to have you reconsider the value. I believe that the value has dropped as the difficulty that we have in collecting rent, and the aint. of rent that can be collected has dropped considerably from prior years. I will get you more information. Thank You Chuck Christian 763 360 0438 4 i I ~ t ~ Y 1 Iw.~ ~ '! 3~ Bill Riley From: gba7625@aol.com Sent: V1/ednesday, April 28, 2010 9:47 AM To: Bill Riley Subject: 75-709-0105 ~ S~D~{-I s~~ i2-~e C,l~~ lc~h~~ I would like the value of this parcel reviewed for the 2010 assessment. ~~.l,n~ ~ ~~-I.. Greg Arnott, Treasurer 4620 W 77th St, Ste 220 Minneapolis MN 55435 952-893-5470 952-893-3131 Fax This notice is required by IRS Cir. 230, which regulates written communications about federal tax matters between tax advisors and their clients. To the extent the preceding corres. and/or any attachments is a written tax advice communication, it is not a full "covered opinion". Accordingly, this advice is not intended and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS. This message (including any attachments) may contain confidential client information. This information is intended only for the use of the individual or entity to whom it is addressed. If you are not the addressee or the employee or agent responsible to deliver this email to its intended recipient, you are hereby notified that any review, use, dissemination, distribution, disclosure, copying or taking any action in reliance on the contents of this information is strictly prohibited. ~~ dill Riley From: Daniel H. Krahn [DHKrahn@SandCompanies.com] Sent: Tuesday, April 27, 2010 8:21 PM To: Bill Riley ~5-(pa")-(~ ~Q j Cc: Matzen Joanne Subject: RE: meeting (re: Chico lodging) ~ I ~ ~~~ ~~ ~ ~~ Mr. Riley, Thank you for your time on the phone today. lam unable to make the Board meeting tomorrow. Please accept this note as an appeal to the current 2010 assessment for Chiko Lodging LLC (dba Country lnn and Suites). Based on the many factors discussed and presented, we believe the property value to be at $45,000 per room x 78 rooms for a total valuation of $4,170,000. Thank you for the consideration. We will await a response. Best regards, l7an Krahn Vice President of Hotel Management Sand Companies, Inc. (S. C. I.) 366 Sauth Tenth Avenue P.O. Box 727 ~vaite Parlr, Mtd .5 638 7-0 72 7 Cell # (.320) 282-0743 Main office # (320) 202-3200 Fax # (320) 202-3139 Web site: http://www.SandCompanies.com From: Bill Riley [mailto:Bill.Riley@co.sherburne.mn.us] Sent: Monday, April 26, 2010 9:52 AM To: Daniel H. Krahn Subject: RE: meeting (re: Chico lodging) or today if that wauld help you out From: Daniel H. Krahn [mailto:DHKrahn@SandCompanies.com] Sent: Monday, April 26, 2010 9:51 AM To: Bill Riley Subject: RE: meeting (re: Chico lodging) Great, I will see you then, thanks! .Best regards, Ilan Krahn Vice President of Hotel Management DSPAVALI Asmt yr: 2010 ~arce`1 number/Tax year: Classification code : Homestead code : Owner/Relty/Disab Acts: Multi-property number : Multi-property choice : Assessed/Tilled acres Ref Parcel: Estimated land Deferred land Buildings . r~ ~ 1'drlll J1tC 1 CI IV Tax refund 10 ac House/garage New improvements New impr to land Tillable value Total land/bldg Display Assessment Record: 1 of O1 4/28/10 08:58:08 75-627-0105 2011 Taxp: CHIKO LODGING, LLC 233 COMMERCIAL Notes: No 0 Non-homestead Net tax cap: 39,896 75-627-0105 000 COPG: 3. 36 Undiv 2010 CAMA Last change code/date: KB 4/12/10 Reviewed by/Appraiser: J&J 0/00/00 G&T No Exempt new improvement: 0 Disabled vet exclusion: 0 Int Pct: 100.00% Plat increment: 0 2010 Est & FV Taxable 2009 Limited 483, 500 483, 500 493, 400 1, 548, 800 1, 548, 800 1, 580, 400 2, 032, 300 2, 032, 300 FV 2, 073, 800 Press Enter to continue or enter new parcel/tax year. 75-627-0105 2011 F1=CAMA F2=MP Inq F3=Exit F5=More F6=Summary F7=Bckwrd F8=Prt F9=Tax cap F10=Hstd F11=Hist F12=Cancel F14=TIF F16=Notes F21=Totals F22=Exemptions •,'~ ~, r ~~ City of Ells River Local Board of Appeal and Equalization April 28, 2010 Owner: M. Dillenburg and L. Burke 13165 Ranch Road Elk River, MN. 55330 Parcel #75-117-1210 Presented by Greg Olson, Elk River City Assessor On Tuesday Apri127t~' a re-assessment was completed on this property. The property is vacant and listed for sale. The condition of the property is such that the assessed value should be adjusted for the 2010 assessment. This is a log home with a detached garage and 2 pole buildings. There CniSw a Sigiiiiicaui aiiivuii~ of ucicucu iilaiiucuaucc. i uc iauu 1.V11J1sW v1 J. /~r aCrcS Gt waste and was recalculated. After a complete revaluation of the property, I recommend the following changes: Before change Land Building Total $93000 $173600 $266600 After change $76700 $128700 $205400 Difference -$16300 -$44900 -$61200 ~.J~ Greg Olson I ~ 1 3~ - ~~ ~~~~~ From: CARTER LEUTHOLD [ca3mleuthold@msn.com] Sent: Wednesday, April 28, 2010 3:31 PM To: Greg Olson Subject: letter To the City of Elk River local Board of Appeal and Equalization, I'm writing to you regarding our assessment for 2011, I feel very strongly that we are assessed to high. The market as you know if very tough out there. I am not able to make it to the meeting due to schedule conflict. I called before statements went out to discuss our assessment, and I was told I had to wait until I got the statement. Then I called when I got the statement and I was told it was to late to dispute it. Thank you for your time, Amy Leuthold 40 Greg Olson From: Sent: To: Subject: Craig Prange [Craig.Prange@maryville.com] Tuesday, April 27, 2010 8:40 PM Greg Olson Wednesday Board Meeting Importance: High rasa Craig : ~Te~~.~y~ ~r~~e LiVill yof.~ please present the follo~~fi~~g letter (s:~e k~el€~vv)at the t3oard meeting this 4~ledr~esday evening gat G;30? ~incereiy, Crait; C~ran~;e Dear Board Members, RE: Valuation of Parcel ID# 75-777-0120 I would certainly like to be at the April 28, 2010 meeting, but work will not allow me to attend in person. In visiting with Greg Olson on April 26, 2010, he suggested I write this letter by way of communication to the Board. I am writing you for consideration of the 2010 assessed value of Parcel ID # 75-777-0120 located at 14312 215th Court, EII< River, MN. The 2010 assessed value is currently proposed at $403,100 for taxes due in 2011. Due to my refinancing of this properly, a formal appraisal was required. According to this appraisal done on April 16, 2010 for Wells Fargo Mortgage, the property value is $370,000. I am requesting a decrease in assessed value that more closely aligns to the recent appraisal of $370,000. Mr. Olson will be able to supply you with the most current appraisal documentation. If I can supply additional information, please don't hesitate to contact me. Please provide your response as follow-up. Respectfully, Craig Prange 14312 215th Court NW EII< River, MN 55330 763-241-3842 ~~ 1 17123 Yale St. NW Elk River, Minn 55330 763 427-2034 Cell 763 438- 6587 April 19, 2010 Local Board of Appeal and Equalization Elk River City Assessor 13880 Business Center Drive Elk River, MN 55330 To whom it may concern: ~i5 i~~9 oai~ This correspondence is to request that the appraised value of our property at 17123 Yale St. NW, Elk River, MN. Be lowered to more accurately reflect the market value of the townhouse. The townhouse sold foreclosed in June 2009 for $178,000. The townhouse sold on the open market, after being listed for three months, for $195,000 in Febniary 2010. I respectfully suggest that this sale represents the market value of the townhouse. Our townhouse is not directly comparable with most of the other townhouses for a couple of reasons. While some rooms in our basement have been framed and sheetrocked the basement is unfinished. Most of our neighbors on Mississippi Ridge have fiiushed basements. Our townhouse does not have a deck. Most of our neighbors do. Further indication of the value of our property is provided by Hanson appraisal Services, PO Box 738, 131 Babcock Blvd W, Delano, MN 55328. On February 17, 2010 they appraised the property to have a value of $196,00 by the sales comparison approach. They further appraised the property by the cost approach to value as being $199,800. l have attached the two most relevant pages of said appraisal. I will be happy to furnish the entire appraisal upon request. For the reasons I have listed I request that the assessed value of 17123 Yale St. NW be lowered to more accurately reflect the open market value the property sold for two months ago. I have sent this appeal b_y letter since my wife and I are currently in Texas and unable to attend the hearing. I look forward to your thoughtful consideration of my request. Sincerely, Harold Boyum " c. Greg Elk River City Assessors Office attachments. HANSON APPRAISAL SERVICES, INC. 10473186 Uniform Residential Appraisal Report File No. 105181-4 .., r o~n nnn There are 2 com ara ble ro rties wrrentl offe red for sale in the wb'ect nei hborhood ran in i m nee n.,. , . ~ ~~- - in sale ice from S 178 000 -- - to $ 208 000 There are 4 com ara ble sales in the wb~ect nc n hborhood wNhin the asl twelve months ran 1 MPARABLE SALEN0 COMPARABLESALE N0.2 COMPARABLE SALE N0.3 FEATURE SUBJECT . CO e NW h A 18561 Ulysses Street NW t N l St Y W 10844 180th Avenue NW venu 10819 180t ree a e 17123 Elk River Elk River Address EIk River ~ EIk River 22 miles NNE 1 1.23 miles NNE 1.88 miles N cct Proximi toSub 8 195 000 . 8 208,000 5 180,000 8 185,000 Sale Price A f[ 82 S 108 S 131.90 . ft. E 111.87 . h. S 101.54 s . ft. rea Sale PncdGoss Liv. . . . MLS DOM 65 MLS DOM 535 MLS DOM 114 Data Sources Coun Records Coun Records Coun Records Verification Sowce(s) VALUEADIUSTMENTS DESCRIPTION DESCRIPTION .41sAd~ acm DESCRIPTION .ys ~ DESCRIPTION a(IS~-v~cn Sale or Financing NA Conv COnv COnV 0 Points 0 Points 0 Points Concessions T 02/03/2010 10/14/2009 10/15/2009 07/24/2009 ime Date ofSale/ Good/End unit Good/End unit Av ./Middle unit 10,000 End UniVGood Location LeasenotdlFeeSim le Fee Sim le Fee Sim le Fee Sim le Fee Sim le 2 ft 614 S Site 3854 S .Ft. 5,356 S .ft. -1 000 3 484 S .ft. , . . Avers e V1eW Averse Townhome Averse Townhome Avers e Townhome Townhome Desi n St e) Quali w Conswcdon Good Good Good 000 -2 Good 4 -4 000 8 6 -2 000 6 , Actual A e d G Good GOOd Good Condition OO roar eara,s Baia Above Grade T~ amm:. ~r~ Tp1a1 ~' ~~ raa ~. ~~ 5 6 3 2 -2 500 Room Count 5 2 2 6 2 2 ft 577 1 450 6 6 2 2 609 .h. 1 5,490 . 1,822 .h. -900 GossUvin Area 30.00 1 792 s .h. . s . , , , W/O t 000 -2 Full Bsmt. W/O -2,000 easement&Finisned Full Basement Full Basement 1 1105fsf 1 2 765 . Full Bsm 2-1-1, 1,120fsf , 540 Unfinished 17,340 Rooms BelowGratle 3-2-0, 1,156fsf - - Avers e Functional Ulilil Averse Gas FWA C/Air Averse Gas FWA C/Air Averse Gas FWA C/Air Gas FWA C/Air • Heali ICoolin Ener Effcientltems Standard EE Standard EE gtandard EE Standard EE Gera e 2 Att Gera elCar on 2 Att. Gera e 2 Att. Gera e 2 Att. Gera e 000 -4 . Deck -3,D00 k i lD None Deck -3,000 Deck,Patio , ec o P«dVPat F/P F/P F/P F/P N Central vacuum -2 000 None None _ one A liances A liances A liances A liances 8 030 X * - E 4,940 ~ ' + X . g 785 X + - S stmerx Total Nel Ad Adjusted Sale Price Net Adj. -0.4% Net Adj. 4.5% 4 ~ 188 030 Net Ad 2.7% J~ 16.1% Goss Ad' E 189 940 bles C Goss Ad~. 7.3% S 207 215 % . 13. Goss 5 . om ara of I X did did not research the sale or transfer history of the subject property and comparable sales. !(not, explain M rewarch X did did not reveal an for sales a Vansfers of the wb~ect o f« the three ars ' r to the effective date of this a sisal. Data source s) Coun Records M research did X did not revral an '« sales or Vansfers of the co rable sales I« the ear i« to the date of sale of the cam rable sale. oats source sl Coun Records R the rewas of the research and ana 's W the riot sale «Vansfer Msto of the wb~ect o and co arable sales re additional for sales on 3). MPARABLE SALE N0.3 COMPARABLE SALE N0.2 ITEM SUBJECT COMPARABLE SALE N0.1 None 06/09/2009 None None Date at Ri« SalolTrenster None None Rke of Poi« Saleltransfer $178 000 None Count Records Coun Records Coun Records d s Data Sources Coun Recor 02!17(2010 02/17/2010 ERective Date of Data Source s) 02/17/2010 02/17/2010 has one recorded sale in the ast 36 months. Sale ' ect roe Analysis of prior sale or vansfer history of the wbjeclproperty and comparable sales Tha sub was a bank owned home at that time. None Of ' ect roe occurred 06109/2009 for 178 000 dollars, er coon tax records. The sub the com arable ro rties have sold the revious 12 months. Summary of Sales Compadwn Approach. $BB Attached Addendum. Indicat Value b Sales Co icon A oath S 196 000 000 Cos[A oath (ifdevelo edJS 199 800 IncomeA roach (i/deveb ed)S N/A hE196 , Indkatad Valueb : Sales Cam aristmA roac See Attached Addendum. " subject to completion per plans and specifications on the basis of a hypothetical conditon that the improvements have been completed, X "as is d , e This appraisal is ma ect to the (oAOwing repairs «alterations on the basis of a hypothetical condition that the repairs « alterations have been comp)«ed, « ^ subject to the following required b ith USPAP su j . inspetxion based on the extra«dinary aswmpbon that the condition or deficiency does not require alteration or repair. This re ort is intended to com I w Based on a complete visual f nspection oT the interior and exterior areas of the subject property, defined scope of work, statement of assumptions antl limiting ODO $ 196 i , s conditions, antl appraiser's certHicahon, my (our) opinion of the market value, as tlelined. 01 the real property that is the subject of this report ___ as Of 02/17/2D1D whic74islhe aaleorms nonarwa„o a..~..•.•---•-- -- Falxie Mae Fmn lWl Marty 2005 Fretltlle Ma[ Fa'ni 70 Maim 2005 Roh[W u9y ACI snMr e.800.21/ a1Z] xw.vstrx!~can 1004 05 b90709 Page2d6 Hanson Appraisal Services, Inc. HANSON APPRAISAL SERVICES, INC. 10473186 Uniform Residential Appraisal Report File No. 105181-4 All utilities were on and in workin order at time of a ralsat ms ecnon. COST APPROACH TO VALUE(notr uiredb Fannie Mae) Provide ode uate information for the lender/client tore licate the below cost ri tires and calculatons. Support for the opinion of site value (summary of comparable land sales a other methods for estimating site value) The land Value W8S derived from the extfaCtlOn method. I have researched similar tom arable vacant land sales in the nei hborhood to arrive at m o inion of site value. ESTIMATED REPRODUCTION OR X REPLAGEMEN7 COST NEW " Sourceotwstdata Marshall & Swift Qual' ratio from cost service Good Effectivedatedcostdata 12/01/2009 - Comments on Cost oath ross livin area calculations, de reciation, etc. See the attached addenda for the buildin sketch and calculation • of measured dimensions. I have based de reciation A e-Life Method on the sub ecPs condition. The land value was derived from the extraction method. Land value is not excessive for the nei hborhood. Estimated remainin et~nomic I'rfe is 66 ears. Cost Source: Marshall & Swift Cost Services 8r Local Buildin OPINION OF SITE VALUE .............................. Dwellin 1,792 S .Ft.@E 80.00... R. ca S 20.00... Bsmt:1156 Gara elCar ort 504 S . Ft. @ S 22.00... .. Total Estimate of Cost-New Less 70 Ph seas Functional External De eciation 6% De eciated Cost of lm ovements ....................... "As-is vawcofSitelm ovemcros ....................... - E 29,900 ......... - ......... = E 143,360 ......... = E 23,120 ......... _ $ 177,568 ......... = E 10 654 ......... = E 166 914 3,000 ......... = E and Su tiers. 66 Years Estimated Remainin Economic Life HUD and VA onl 1NCOMEAPPROACHTOVAL INDICATED VALUE BY COST APPROACH .............. UE(notraquired Fannie Mae) ........ = E 199 800 • Estimated Monthl Markei Renl E N/A X Gross Rent Muhi ier N/A = E N/A Indicated Value b Income A roach Summary of Income Approach (including support for market rent and GRM) PROJECTINFORMATION FOR PUDs (if ap licable) Detached X Anached Is the develo !builder in control of the Homeowners Association HOA ? Yes X No Unit a s) Provide the followin information for PUDs ONLY if the develo er/builder is in control of the HOA and the su ~ect o is an attached dwellin unit. L al name of ro cd Total number of bases Total number of units Taal number of units sold • Total number of units for sale Data sources Total number or units rented Was the o ect created b the conversion of an existin lwildin s into a PUD? Yes No If Yes, date of conversion. Does the ro t conwin an multi-dwellin units? Yes No Data sourc s Are the units, common elements, and recreation facilities complete? Yes No If No, describe the status of conpletion. • Arc the common eh:ments leased to or by the Homcrowrmrs' Assaiation? Ycs No tt Ycs, describe the rental terms and options. Describe common elements and reveational facikties. Rotlu[eG sting ACl sohrene. W0234R1P w.w.arMebcan Parties Mae Fam 1004 MarrJt 2005 FreMfc Mac Form 70 March MO5 payp 7 d 6 t W4 ~~ ;a i~~ ~~! ~~! 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