05-23-2016 Council Packet - Laserfiche WebLink

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Good Afternoon, First off, thank you for the opportunity to view your industrial properties last week. I have viewed the properties, analyzed and sent you sales comparables, reviewed your income/expenses statement, researched comparable for lease properties, formulated an income approach using market data, and researched and equalized the industrial land values in your area. Although it was a large increase in values from pay 2016 to pay 2017 on industrial properties our sales indicated that this was warranted and based on all of my analysis our values appear to be in line with the market. I do not have any evidence to support lowering all the values based on the market. I did not receive the appraisal that may or may not have been done for the refinance of the properties in 2013, which could provide me with information to prove otherwise or any comparable sales that you may feel are more comparable to prove what value you feel would be more appropriate. The 4 industrial properties located at 524 Apollo Drive appear to be listed on the market for higher than the values we have on those properties. This would indicate to me that a realtor would agree that those properties could sell for close to that value. Although the market data analysis of comparable properties indicated our values were in line with the market there were 2 parcels that I would like to adjust for taxes payable in 2017 based on the information found on the inspection and land evaluation. They are as follows: 17-31-22-21-0029 p2017 Current p2017 fix 524 APOLLO DR UNIT 102 Land 192,400 128000 Bldg. 802,400 802400 Difference Total 994,800 930400 (64,400) 17-31-22-22-0047 475 APOLLO DR UNIT 479 Land 151,800 151800 Bldg. 1,044,800 901356 Difference Total 1,196,600 1053156 (143,444) For Pin 17-31-22-21-0029 the land value on our records was not equalized appropriately with the rest of the neighborhood, I made that adjustment to equalize it and it resulted in lowering the value $64,400. For Pin 17-31-22-22-0047 after review of the property it came to our attention that there were some repairs needed as well as a high vacancy rate at this time. After taking that information into account I am able to lower the value on that property for pay 2017. We will track that property and check for permits to see if the repairs and vacancy are remedied at which time the value will go back to market value for that assessment year.