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Lawrence Boik~, 9401 Thomas Road, Bloomington - 29-32-25-24-0001 and 29-32-25-21-0002 - stated his ~t$Jles On two parcels went up 63% and 30%. He felt there should be some sort of cap so an individt~ doesn't get "socked" all at once. He asked if the raise could be done in increments. City AssessOr Keefe replied the State requires the assessment to be as close to market value as possible. In the:case of vacant land, it had been underassessed in the past and it cannot be taken care of in i~ierernents. Mr. Boike stated his value is actually at 100%. Mr. Keefe will arrange a meeting with Mr. Boike to make sure the assessed amount is not over the market value, James StruwVe, 15328 Hematite Street N.W. - 22-32-25-24-0009 - expressed concern with the amount his value was raised. Mr. Keefe stated the subject property is part of the 153rd Avenue N.W. extension project and was severed beeal~se :.of this project. Prior to the split, the market value was $91,100. Following the split, the vai~ ~ adjusted to about $87,000 based on a reinspection in 1991. Since that time the property was~sol~ for $86,000. Due to confusion because of the split of land, etc., Mr. Keefe and Mr. Thurstonwill meet with Mr. Stmwve. Jim AndersOtl, representing property at 6650 Highway #10 - 34-32-25-13-0006 - stated the market value went up 33% and the taxes up 46% and inquired if there was anything in particular Mr. Keefe was looking at besides the fact that the property was underassessed in the past. Mr. Keefe stated that land values are based on land sales in the area. Carol Vevea, Co,owner of property at 14047 Azurite Street N.W. - 34-32-25-11-0008 and 34-32- 25-11-0009 3 ~;tated they have two parcels of property, one containing a warehouse which is a 44 x 160 pole builfling, assessed last year at $50,500 and this year at $83,100. She stated that is an increase in l~petty value of $32,600. She stated that the parcel with the factory measuring 60 x 80 (4800 sq~l~e feet) was valued last year at ,$, 75,100,,and this year at $88,000. She inquired why the parcel with th~ pole building would have jumped so much in value and the other parcel with the factory iSn't worth as much. She stated they are on a dirt road and there have been no improvements. There appe ~ared to be a discrepancy in the measurements of the pole building and Mr. Keefe will remeasure it. Ms. Vevea added that the people should have gotten to know that the previous assessing was "screwed up". Wayne Johnson, owner of commercial/industrial Sunfish Lake Boulevard- 35-32-25-22-0005 - stated he ha~ been in the Real Estate business for 29 years and has been dealing with commercial/industrial properties for 23 years. He stated that the sales amount being used were from 1986 a~nil 1987. He stated the assessor has to make a distinction between the kinds of property. Ha reported some facts which he felt proved that commercial/industrial property values have decreased. Mr. Keefe stated he has several sales showing inflation, 11-1/2% inflation a year from 1986 through AugUst 1990. He added that sales is the tool he has to determine market value and that he is "standing by his assessment". Board of Review/April 15, 1992 Page 2 of 5