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George Adams - 4850 177th Avenue N.W. - PIN 01-32-25-14-0005 - Stated that his <br />property valuation increased 21% from 1989 to 1990; that he has discussed this with Mr. <br />Keefe but he still feels a 21% increase is unfair when the average increase is 8%. <br /> <br />Mr. Keefe stated that his adjustments are his attempt to get property valuations as close as <br />possible to market value. Mr. Keefe noted that the 8% figure represents a city-wide <br />average. A major reason for the increases in property valuations is the necessary <br />adjustments to land values. Mr. Keefe stated that George Adams' land value was <br />previously set at $15,600; it is impossible to buy a river lot in Ramsey for $15,600 but you <br />can buy one for $35,700. <br /> <br />Mr. Keefe stated that this is a correction year for property values and he hopes that all <br />future increases will be for inflation reasons only. <br /> <br />Gregory and Kathryn Piela - 15400 Okapi Street N.W. - PIN 20-32-25-24-0010 - Stated <br />that they purchased their home in 1989 for $79,900; at that time the VA appraised it at <br />$74,000; their 1990 property valuation is $98,900. <br /> <br />City Council directed Mr. Keefe to schedule an appointment with Gregory and Kathryn <br />Piela to reinspect 20-32-25-24-0010. <br /> <br />John Katnis - 14660 St. Francis Blvd. N.W. - PIN 25-32-25-21-0010 - Stated that his <br />property valuation in 1989 was $74,100; in 1990 it is set at $113,700; this increase <br />amounts to a 54.5% increase. John stated that he has discussed his property valuation with <br />Mr. Keefe; an error was found and the valuation was being reduced to $101,600; this now <br />amounts to a 35% increase. Mr. Katnis stated that he has a real estate market value <br />comparison chart which indicates his property value is $89,400. <br /> <br />Mr. Keefe replied that he inspected Mr. Katnis' home and property; the home is valued at <br />$42,000; the bulk of Mr. Katnis' increase is because of the land value. Mr. Katnis <br />property is 15 acres in size and zoned B-l; based on that,the land is value is set at $54,400. <br /> <br />Mr. Katnis stated that his property is 13.2 acres in size. <br /> <br />Mr. Keefe stated that he would adjust Mr. Katnis' valuation to $92,200 based on the 2 acre <br />discrepancy in size. <br /> <br />Tony Persons - 6521 170th Lane N.W. - PIN 10-32-25-14-0002 - Stated that he <br />refinanced his home in 1986 and at that time the FHA appraised it at $66,000 and his <br />property valuation was $68,000; since then, his property valuation has been corrected <br />every year at a rate of 7%-9% per year. <br /> <br />Mr. Keefe stated that Mr. Persons' valuation is set at $83,600; no increase was made due <br />to the structure on the property; the land value was increased from $7,600 to $14,500. Mr. <br />Keefe noted that the valuations are based on actual sales in the area. Mr. Keefe stated that <br />percentages aside, his job is to determine market value and be as close to that value as <br />possible; the adjustments to land value were necessary in order for the valuations to be <br />acceptable to State and County standards. <br /> <br />Council recessed at 8:30 p.m. <br /> <br />Board of Review/April 4, 1990 <br /> Page 4 of 9 <br /> <br /> <br />