04/13/2009 Council Packet - Laserfiche WebLink

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RECEIVED APR 0 3 2009 CITY OF LINO LAKES Board of Appeal and Equalization Lino Lakes City Hall 600 Town Center Pkwy Lino Lakes MN 55014 Dear Sir /Madam: April 1, 2009 Tibor Kiss 7722 Marilyn Dr. Lino Lakes MN 55014 I have just received my property tax statement and to my astonishment. the estimate value of my house was the same as before! The average home value in the past 2 years have dropped 20% nationwide and it is predicted that it will continue to drop yet another 15 -20% for the next two years. How is that my house value is the same as before? How was this calculated and why? My neighbor who purchased the house next to mine bout two years ago — that house is slightly larger than mine and have an extra garage on the property - was purchases for $200,000. Since then theirs has also dropped to an estimated market value of around $180,000. I work at a relatively small company (about 30 employees) and one of my coworkers sold his house a few months ago, last year it was appraised at $230,000, he was able to sell it for $150,000! My other coworker just purchased a house in St. Paul that was up for sale for $170,000, a year later the price was dropped to $154,000 and he ended up purchasing it just a couple of weeks ago for the exact figure of $114,00! Another good friend (from Rosemount) just tonight told me her tax estimate was $20,000 less than last year's (her townhome was priced just a little higher than mine)! I would like to see a realistic value for my property tax, I just can't accept a value that does not reflect current market prices. I am expecting to see a value at around $180,000, a more realistic value. Pease readjust this as well as next year's estimate— which should be at least 15% less than this years. Thank you! Sincerelly, Tibor Kiss 7722 Marilyn Dr. Lino Lakes MN 55014 eMail: tibork @royus.net