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Board of Review Meeting Minutes April 8, 1997 Page 2 • 1 . Motion carried unanimously. 2 Mayor Ranallo asked if it was necessary to recess the Board of Review Meeting and 3 reconvene in two weeks. 4 Ms. Luther stated the meeting could be reconvened in two weeks and she would report the 5 results of the revaluations to the Council. Property owners did not need to be present at that 6 meeting. 7 Ralph Amundsen, 3424 Highcrest Road, stated he was concerned with his property valuation. 8 He noted his home was built of concrete block not brick. There were cracks in the walls that 9 needed to be repaired and water in the basement. He stated he felt it was an injustice that his 10 value increased $3,000. 11 Motion by Faust, second by Marks to approve a County reappraisal of the property owned by 12 Ralph Amundsen, 3424 Highcrest Road, as requested. 13 Motion carried unanimously. 14 Lowell Timmersman, 3221 Wendhurst Avenue, stated he had built an addition onto his house 15 and had received the "This Old House" exemption. He noted there was to be no increase in • 16 his valuation if the addition was under $25,000. 17 Ms. Luther explained the "This Old House" exemption allows up to $25,000 to be exempt 18 from taxation for 10 years. After 10 years, the amount exempt from taxation decreases at a 19 rate of 20% for 5 years. At the end of 15 years, the entire value of the home and addition are 20 taxable. However, during this period the valuation of the property will still increase at the 21 same rate as other homes in the area. 22 Mr. Timmersman stated he was confused as to the value of the addition which was listed on 23 his tax statement. 24 Ms. Luther explained it was probably due to the completion date of the addition but that she 25 would check it for him. 26 Mr. Timmersman thanked Ms. Luther for the clarification and stated he did not want his 27 home reevaluated. 28 There was no action necessary by Council for this property. 29 Gary Danyo, 3540 Edward St. N.E., stated he felt the valuation of$129,000 for his property" 30 was too high. He stated he felt his property was unusual in that he could not even find a 31 similar sale in the MLS book in New Brighton, St. Anthony or New Brighton. He stated his • 32 is a one bedroom home with an unfinished lower level.