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1 BOARD OF REVIEW <br /> 2 APRIL 13, 1993 <br /> 3 PAGE 2 <br /> 4 <br /> 5 <br /> 6 The appraiser explained the formula for determining a property <br /> 7 value. He noted that- comparables are used and age, <br /> . 8 construction, size and sale price are looked at in this <br /> 9 formula as well . <br /> 10 <br /> 11 Mr . 'Johnson'r 2500- W'. Armour Terrace, stated his property value <br /> which was three times the average. The <br /> 12 increased 6 . 47% in 1991 <br /> 13 previous increase was 2 . 5% which Mr. Johnson found acceptable. <br /> 14 <br /> 15 In 1988 , Mr. Johnson paid $86 , 900 for the property. It was <br /> 16 valued at $72 , 600 in 1990 , $77 , 300 in 1991 , $79, 000 in 1992 <br /> 17 and $81 , 000 in 1993. He requested that another on-site <br /> 18 reviewal be done of hi's property as he had concern regarding <br /> 19 the value placed on it and what he paid for it . <br /> 20 <br /> 21 The appraiser advised that the reviewal serves to verify the <br /> 22 data already on the appraising sheet as well as establish a <br /> 23 value for the current year. <br /> 24 <br /> 25 Motion by Enrooth, second by Fleming to request that the <br /> 26 property at 2500 W. Armour Terrace be reviewed by a Hennepin <br /> 27 County appraiser. <br /> 28 <br /> 29 Motion carried unaniinous"ly <br /> 30 <br /> 31 <br /> 32 The appraiser will have this information available at the <br /> 33 April 27th Council Meeting. <br /> 34 <br /> 35 <br /> 36 4 . ADJOURNMENT <br /> 37 <br /> 38 Motion by Wagner, second by Enrooth to adjourn the Board of <br /> 39 Review at 6: 58 p.m. <br /> 40 <br /> 41 Motion carried unanimously <br /> 42 <br /> 43 <br /> 44 <br /> 45 Respectfully submitted, <br /> 46 <br /> 47 <br /> 48 Jo-Anne Student , Council Secretary <br />