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James Fitz~ttrie_k, 9150 - Highway gl0 N.W. - stated his taxes went from $1,527 to $2,487, an increase o~ $960.00 which, he stated, seems like a "big jump". He stated he has about 5.5 to 6 acres and 2/3 of it is along the river and not fit for development. Mr. Keefe agreed to meet with Mr. Fitzpatrick. Doug Hanson, 14040 Azurite Street N.W. - 06-31-24-30-0004 - expressed concern that at the rate the values are gging up, if there is a 20% increase a year, in five years a building will double in value. He Statecl there is land for sale along Sunfish Lake Boulevard N.W. that is not selling and just becau~ ~ "oddball paid $16,000 for some property, we shouldn't have to suffer". He felt it was an excessive increase with an excessive load to bear. He stated "I can appreciate your numbers ar[d'rformulafions, but this increase cannot be justified". He felt this increase was unfair. Mr. Keefe ~stated this increase is fair in comparison to Anoka County and across the State of Minnesota. Mary Jo Fold, Ramsey Boulevard and Highway gl0 - apologized for buying land in Ramsey 10 years ago if property va,!ue is based on someone else's sale. She stated her property is for sale now and theY've!had no bites". She said there was a 14% increase in property value for 1989-90 and a 3-1/2e/o,~, tax, increase, then for 1990-91 there was a 9% increase in value and a 1% reduction in taxes but;for 1991-92 there was a 47% value increase and a 60% increase in taxes. She stated she has about 150 acres - one parcel went from $23,700 to $45,900, one from $60,000 to $77,900, o ~n~'from $60,800 to $84,200, one from $42,700 to $85,600 and one from $101,000 to $131,000. Site felt these increases were "Gestapo tactics" and that they are "unfair to the people in Ramsey" and Sheagain apologized for even buying land in the City. Mr. Keefe S~ted the acreage is 141-3/4 and included on that land is an old farm house and a run- down pole ~h~l.. He informed Ms. Feltl that this area is the lowest priced zone for commercial property in the City and stated it is about the same value as large residential vacant land. Ms. Feltl stated she feels it is an unfair formula if she sells a piece of property for $150,000 then someone who lives next to her experiences an increase in their property value. She stated the person buyii~$ th, property should be willing to pay the taxes but 14 to 15% increases is totally unjustified. [She added the house on the property isn't even rentable. Mr. Keefe staled the property was bought in 1981 for a price of $323,200 ($2,288 an acre);, He stated he habit valued at $2,071 an acre now and feels that valuation is justified but offered to take another look" ~t the property. The Board of Review recessed at 9:00 p.m. The Board of Review reconvened at 9:15 p.m. Jerry Joseph, 14832 Waco Street N.W. - 25-32-25-12-0024 - asked if the value of residential land was based on a formula similar to vacant land and commercial property. Mr. Keefe replied it is all based on previous sales. Mr. Joseph stated he can look at houses on his immediate block similar to his house and see a range of $130,00,8. to $161,500. He inquired how to make comparison's of his property to someone els~'s (wath regard to three bedrooms versus four, three bathrooms versus two, etc.) Mr. Keefe stated the biggest difference is square footage of the house. He gave the following example of Value comparisons: If 10 ramblers sell, you extract out land value and establish that Board of Review/April 15, 1992 Page 3 of 5