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John Ploeger - Stated that averages are misleading and disagreed with placing all river properties in the same zone because some subdivisions have public utilities and more expensive homes and some have much larger lots. John Keefe noted that a lot in Rum Acre Estates, similar to John Ploeger's, sold for $37,900. Other river lot sales in the last two years, similar to that of John Ploeger's, sold for $35,000 to $40,000. John Ploeger noted that a lot in his neighborhood sold for $33,500. John Keefe stated that the third home north of Mr. Ploeger's lot sold for $160,000 in June, 1989; the land value was $39,000 and there are no trees on the lot; Ploeger's lot was based at $39,000 and $2,500 was added for trees. Mayor Reimann inquired as to the reason for the sharp valuation increases this year. Mr. Keefe replied that in Zone 1, the sales ratio is probably the lowest in the City; at a lot value of $39,000, the City was at a 90% sales ratio and should be at 95%. Mayor Reimann inquired as to property values of fiver lots north in St. Francis or Oak Grove. John Keefe replied that the general trend is that lot values decrease as you go north; fiver lot values in Andover are similar to Ramsey's and a lot of changes were made to fiver lot values in Oak Grove this year. Mr. Keefe stated that in his opinion, lots in Ramsey were under-assessed last year. Upon inquiry, Mr. Keefe indicated that the average rate of inflation this year in the City was 8%. City Council directed Mr. Keefe to meet with Mr. Ploeger to verify his figures. John Ploeger then referred to the valuation of the lot on which his home is located (PIN 24~ 32-25-11-0017) noted that his valuation increased from $140,000 in 1988 to $162,000 in 1990; the increase amounts to more than 8%. Mr. Keefe stated that Mr. Ploeger's land valuation was decreased by $3,000 because it is in a different zone than his river lot. John Ploeger stated that the home across the street, which is very similar to his, sold for $128,000 about one month ago. Mr. Keefe noted that there is another two-story home close to Mr. Ploeger's that is not on a fiver lot that sold for $176,000. The home across the street from Mr. Ploeger was assessed at $119,000; it had almost 400 less square feet than Mr. Ploeger's; and it was a partial second story. City Council directed Mr. Keefe to reinspect Mr. Ploeger's home property and explain the reasons for the valuation. Jean Hendrickx - 16821 Zirconium Street N.W. - PIN 10-32-25-41-0006 - Stated that his property valuation increased by $6,000 last year and $7,400 this year. Mr. Hendrickx stated that he has not made any improvements to his property; one acre is wetland and the valuation should be adjusted accordingly. Board of Review/April 4, 1990 Page 2 of 9