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1 0 <br />CITY COUNCIL BOARD OF REVIEW APRIL 5, 1993 <br />in regard to the valuation of Outlots A and B, Reshanau Park <br />Estates. Mr. Bowen has already contacted Mr. Smith on this <br />matter and Mr. Smith explained the current taxable status of the <br />two (2) outlots. <br />Mr. Smith gave a detailed outline of how the property value was <br />divided when the property was platted in 1989 and again in 1991. <br />Since Outlots A and B are "common element" lots, their original <br />values were divided and spread among the 36 platted lots in <br />Reshanau Park Estates. This left the "common element" outlots <br />without any value and they will never be taxed separately. Their <br />value is now included in each of the 36 lots and the taxes that <br />would have been paid on these two (2) outlots are spread over the <br />36 lots. <br />Council Member Bergeson asked if someone filed a complaint about <br />the value of a particular home in Reshanau Park Estates, could <br />the City Assessor determine the portion of value on this <br />particular lot that came from the outlots. Mr. Smith said that <br />he could. He explained that the buyers in Reshanau Park Estates <br />are paying, on average, about $10,000.00 more per lot than any <br />other lot around the lake. The reason they are paying more for <br />their particular lot is because of the ownership they receive in <br />the "common element" outlots. Mr. Smith also explained that the <br />lots in Reshanau Park Estates are in a separate "zone" from other <br />lots on the lake and different figures are used to determine <br />their value. He noted that when determining the value of a <br />particular lot, the value of the structure is determine. The <br />only variable is the value of the land. <br />Mr. Bowen asked how the "common element" lot on the west side of <br />Reshanau Lake is valued. Mr. Smith explained that the lot is not <br />a "common element" lot. The lot is actually owned by 17 <br />different homeowners. <br />Mayor Reinert asked who determined the original $30,000.00 value <br />on the outlots before they became "common element" lots. Mr. <br />Smith explained that the total value that was on the property at <br />the time it was platted was divided by the number of platted lots <br />and the two (2) outlots. (i.e. the total value was divided into <br />38 portions). This was done by the previous City Assessor and <br />was done as outlined by state statute. After the values for all <br />lots and the two (2) outlots were determined, then the value of <br />the outlots were divided among the 36 platted lots. Mayor <br />Reinert felt that based on this method the value from the outlots <br />that were placed on non -lake lots would be paying less taxes. <br />Mr. Smith felt that this may be true, however, all the lots have <br />an increase in value of $10,000.00 or more because of the outlots <br />and it would be difficult to determine if any taxes were lost. <br />PAGE 2 <br />1 <br />1 <br />