4-29-91 Bd of ReviewCITY OF RICHFIELD, MINNESOTA
Council Letter No. 111
Agenda April 29, 1991
Issue Statement:
Convening of the 1991 Board of Review.
Background:
The 1991 Richfield Board of Review is scheduled for Monday, April
29, 1991 at 7:00 p.m. in the Council Chambers of City Hall. As
provided by City Charter, the Board of Review consists of the
Mayor, Council Members and two citizens appointed by the City
Manager with confirmation by the City Council. Mr. Lawrence
Emond and Mr. Glenn Erickson were recently appointed to serve on
the 1991 Board of Review.
The duties and responsibilities of the Board of Review are
established by state law. In general, it is the Board's
responsibility to hear appeals by property owners from the
Estimated Market Values established by the City Assessor and to
determine if market values should be adjusted. The appeals
typically concern market values rather than tax rates or other
concerns which property owners may bring up to the Board.
Each parcel of property in Richfield has had an Estimated Market
Value (EMV) set as of January 2, 1991. Overall, residential
property values increased by approximately 2$ from 1990 values.
Properties which were physically reappraised received reductions
and increases, but were generally increased. Properties which
were not physically reappraised received statistical adjustments
based on the characteristics of the property and a computer
assisted assessment.
For the tenth year, the Richfield property assessment has been
conducted through a contract with Hennepin County which is
supervised by the Administrative Services Department. Staff
works closely with the Hennepin County property appraisers to
ensure that the local assessment complies with the provision of
the law. For example, the Administrative Services Director
verifies that the number of on-site properties appraised for 1991
exceeds the standard (25$ of total properties in the City)
established by law.
In addition, the median ratio (comparing Estimated Market Value
to sales price) for Richfield's 1991 assessment is 92.7. The
County Auditor's suggested level of assessment (median ratio) for
all municipalities in Hennepin County is 92.5$. Thus, the
Richfield local assessment is on target with comparable Hennepin
County communities.
In March, property valuation notices were mailed to all property
owners showing the 1991 Estimated Market Value. The notices
advised property owners to contact the City Assessor's office
regarding any questions or to schedule an appearance before the
Board of Review if the property owner desired to.challenge the
EMV. About 410 inquiries have been received to date, as compared
to 225 last year. In addition, 90 property .reviews were done by
Assessing staff. Some resulted in adjustments by the Assessing
staff. ,
To date, the City has received nine notifications of appeals to
the Local Board of Review. All of these individuals indicated
that they will appear before the Local Board.
A list of the property owners who are appealing their EMV is
attached to this Council Letter.
Any adjustments made by the Richfield Board of Review will be
recorded on the property assessment rolls. After appearing at
the Local Board, property owners may subsequently appeal to the
Hennepin County Board of Review, and then to the State Board of
Review andjor the State Tax Court.
Recommended. Motion:
It is recommended that the Board of Review convene at 7:00 p.m.
on Monday, April 29, 1991 and conduct the business scheduled for
the Board.
Basis for Recommendation:.
1. State Statute and City Charter mandate a Board of Review
Hearing each year to be conducted before May 31.
2. The City Council has established Monday, April 29, 1991 at
7:00 p.m. as the date and time of the Board of Review. Hearing
for.: 1991.
3. Notice of the Hearing has been published and posted pursuant
to law.
Alternative Recommendation:
None.
Discussion/Decision Mode:
The Hearing is likely to be conducted and completed on April 29,
1991. However, if it becomes necessary, the meeting could be
continued to a future date in May.
Respectf lly submitted,
Jam D. Prosser
City Manager
JDP:ds
LOCAL BOARD OF REVIEW
April 29, 1991
1. Mrs. Robert Sarff, 6745 Elliot Avenue, 26-028-24-31-0082,
EMV $94,100
2. Douglas Faust, 7321 11th Avenue, 35-028-24-24-0029,
EMV 590,300
3. Donald Rasmusson, 6445 Clinton Avenue, 27-028-24-14-0070,
EMV $123,100
4. John Aura, 7315 10th Avenue, 35-028-24-24-0046,
EMV $60,900
5. Richard Gunderson, 7509 Oakland Avenue, 35-028-24-32-0062,
EMV $87,400
6. Ernest Lindstrom, 7406 Fremont Avenue, 33-028-24-42-0035,
EMV 5158,000
7. Brad Ames, 7445 Emerson Avenue, 33-028-24-42-0012,
EMV $115,800
8. Robert Bainbridge (for Gertrude Bainbridge), 6500 Woodlake Drive #601,
28-028-24-14-0145, EMV 571,200 (Letter)
9. Robert O'Neill, 6745 Pleasant Avenue, 27-028-24-31-0025,
EMV $166,500 (Letter)
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SUBJECT PROPERTY
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Address 6745 Elliot Avenue South
PID 26-028-24-31-0082
Story Height
1 1 /4
Baths 1 ~ 3/4
1st Floor Area 982 sq. ft.
Gross Building Area 1227 sq. ft.
Year Built 1848
Condition Good
1st Floor Rooms Living .room,.
dining room, kitchen, 2 bedrooms
2nd Floor Rooms 1 bedroom
Bedrooms 3
~ Baths
Finished Basement 300 sq. ft.
Walkout No
Fireplace 1
Air Conditioning Yes
Garage 2 car detached
Porches/Deck Enclosed porch - 180 sq. ft.
Lot Size 70 x 131
Comments:
GRID - COMPARABLE DATA
APPLICANT'S NAME: Robert D. Sarff
ADDRESS: 6745 Elliot Avenue South
rROPERTY ADDRESS: 6745 Elliot Avenue South
P.I.O. ~: 26-028-24-31-0082
MUNIC: Richfield
SUBJECT .6733 11th 6744 Etliot 6610 Columbus 6706 3rd
26-31-116 26-31-65 26-32-5 27-42-118
PROPERTY COMP T1 COMP ~2 COMP j3 COMP =1
TYPE OF BLDG.: Expansion Expansion Expansion Expansion Expansion
STORY HEIGHT: 1 1/4 1 1/4 1 t/4 1 1/4 11/4
1ST FLOOR AREA: 982 920 982 944 955
GROSS BLDG. AREA: 1227 1115 1227 1152 1188
YR. OF CONST.: 1948 1950 1848 1950 1942
CONDITION: Good Good Good Good Good
1ST FL. ROOMS: 5 5 5 4 5
2ND FL. ROOMS: 1 1 1 1 1
BEDROOMS: 3 3 3 3 3
BATHS: 1 ~ 3/4 1 ~ 3/4 1 1 ~ 3/4 1
HALF BATHS: -- __ 1 __ __
"IN. BSMT. SQ.FT.: 300 460 490 475 Unfinished
WALKOUT: No No No No No
FIREPLACE: 1 1 1 2 1
AIR COND: Yes. Yes No Yes Yes
GMRAGE AREA: gg0 det. 1152 det; 308 det, 280 de t, 280 att.
PORCH AREA: 180 E.P. -- 120 S.P. -- 108 E.P.
LOT SIZE:
7o x 131
75 x 130 144 deck
7o x 130
78 x 131
75 x 135
COMPS-SALE .DATA:
SALE DATE 4/g0 12/89 5/90 10/go
SALE PRICE 95,500 87,000 88,500 95,500
SALE/SQ.FT. 85.65 70.90 76.82 80.38
SUBJECT - ASSESSMENT DATA
1991 ASSESSMENT 94,100
ASSESSMENT/SQ.FT. 76.69
RE`1ARKS
COMPARABLE #~ 1
?~uni c
Address: 6733 11th Avenue South
COMPARABLE ~ 2
IrStaic
Address: 6744 Elliot Avenue South
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- COMPARABLE ~ 3
Manic:
.ddress: 6610 Columbus Avenue South
COMPARABLE # 4
Manic:
Address: 6706 3rd Avenue South
SUBJECT PROPERTY
Address 7321 11th Avenue South
PID 35-028-24-24-0029
Story Height 1~ Baths 1 3/4
1st Floor Area 952 sq. ft. ~ Baths 0
Gross Building Area 1428 sq. ft. Finished Basement 380 sq. ft.
Year Built 1954 Walkout No
Condition Average Fireplace
1st Floor Rooms Living room,
kitchen, 2 bedrooms Garage
1
Air Conditioning Yes
2 car detached
2nd Floor Rooms 2 rooms Porches/Deck
Bedrooms 3 Lot Size 75 x 132
Comments: Subject has 26' dormer across rear of house.
Second floor has one large bedroom.storage room and 3/4 bath.
GRID - COMPARABLE DATA
APPLICANT'S NAME: Douglas Faust
ADDRESS: 7321 11th Avenue South
~rtOPERTY ADDRESS: 7321 11th Avenue South
P.I.D. ~: 35-028-24-24-0028
MUNIC: Richfield
7333 Elliot 7208 10th 6626 Chicago 7301 11th
SUBJECT 35-24-g1 35-24-66 26-32-72 35-24-32
PROPERTY COMP T1 COMP n2 COMP `3 COMP -1
TYPE OF BLDG.: Expansion Expansion Expansion Expansion Expansion
STORY HEIGHT: 1 1/2 1 1/4 1 1/4 1 1/4 1 1/4
1ST FLOOR AREA: 952 912 952 852 952
GROSS BLDG. AREA: 1428 1122 1190 1047 1190
YR. OF CONST.: 1854 1951 1952 1950 t953
CONDITION: Average Average Average Average Average
1ST FL. ROOMS: 4 5 5 5 5
2ND FL. ROOMS: 2 1 2 2 1
BEDROOMS: ~ 3 3 4 3 3
BATHS: 1 3/4 1 1 1 1
HALF BATHS: __ __ 1 __ __
SIN. BSMT. SQ.FT.: 380 275 476 426 285
~lALKOUT: No No No No No
FIREPLACE: 1 0 1 0 1
AIR COND: Yes No No No Yes
GARAGE AREA: .400 det. 400 de.t. 374 att. 640 det. 400 det.
PORCH AREA: No No 81 E.P. 234 deck No
LOT SIZE: 75x132 75x134 75x133 75x139 72x132
COMPS-SALE DATA:
SALE DATE 2/90' 6/go 11/80 10/g0
SALE PRICE 80,000 g0,ooo 80,500 85,500
SALE/SQ.FT. 80.2t 75.63 86.43 71.85
SUBJECT - ASSESSMENT DATA
1991. ASSESSMENT .80,300
ASSESSMENT/SQ.FT. 63.23
RE`4ARKS: There were no 12 story comparable sal es .located within close proximity
of the subject property. Sales on 1 1/4 stories were used which
are smaller than the subject in total living area.
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Manic: Richfield
Address: 7333 Elliot Avenue South
. COMPARABLE ~ 3 ..
'~Iunic: Richfield
Address: 6626 Chicago Avenue South
car~A~1~ ~ 2
I~xaic: Richfield
Address: 7208. 10th Avenue South
COMPARABLE ~ 4
Ionic: Richfield
Address: 7301 11th Avenue South
SUBJECT PROPERTY
Address 6445 Clinton Avenue South
PID 27-028-24-14-0070
Story Height 1 Baths 1 ~ 3/4
1st Floor Area 1.526 sq. ft. ~ Baths 0
Gross Building Area 1526 sq, ft. Finished Basement 535 sq. ft.
Year Built 1955 Walkout Yes
Condition Good Fireplace 3
1st Floor Rooms Living room,
family room, kitchen, 3 bedrooms
2nd Floor Rooms --
Bedrooms 3
Air Conditioning No
Garage 2 car attached
Porches/Deck Deck 266 sq. ft.
Lot Size 131 x 170
Comments: Located on Milner's Pond - City has a sewer easement across
the south side of the lot.
GRID - COMPARABLE DATA
APPLICANT'S NAME: Donald L. Rasmusson
ADDRESS: 6445 Clinton Avenue South
PROPERTY ADDRESS: 6445 Clinton Avenue South
P.I.D. #: 27-028-24-14-0070
MUNIC: Richfield
TYPE OF BLDG.:
STORY HEIGHT:
1ST FLOOR AREA:
GROSS BLDG. AREA:
YR. OF CONST.:
CONDITION:
1ST FL. ROOMS:
2ND FL. ROOMS;
BEDROOMS:
BATHS:
HALF BATHS:
FIN. BSMT. SQ.FT.:
~~1AL,<OUT
FIREPLACE:
AIR COND:
GARAGc AREA:
PORC,~J AREA:
LOT SIZE:
COMPS-SALE DATA:
SALE DATE
SALE PRICc
SALS/SQ.FT.
SUBJECT -ASSESSMENT DATA
1981 ASSESSMENT
ASSESSMENT/SQ,. FT.
REi~AR;CS
6520 5th
SUBJECT 27-14-39
PROPERTY COMP ~1
360 Appte Ln 6438 5th 6439 Clinto
27-14-52 27-14-26 27-14-6g
COMP ~Z COMP ~3 COMP .=-'.
Rambler Rambler Rambler Rambler Rambler
1 1 1 1 1
1526.. -1302 1120 1542 1088
_1526. 1302 1120 1542 1088
1955 1955 1954 1955 1953
Good Good Good. Good, Average
6 4 5 6 4
3 3 3 3 3
1 ~ 3/4 1 ~ 3/4 1 ~ 3/4 1 ~ 3/4 1
535 65.0 560 1200 750
Yes Yes Yes Yes Yes
3 2 2 2 0
No. Yes Yes Yes No
640 att. 432-att. 320 att. 484 att. 418 att.
98 O.P.
266 deck -- -- 138 deck 72 O.P.
323 deck
131x170 75x137 66x148 82x137 75x175
(pond) (pond) (pond) (pond) (pond)
5/90 8/87 5/90 4/91
95,000 104,900 152,000 g2,ooo
72.96 93.66 98.57 84.55
123,100
80.66
All comparable sales are located on Milner's Pond.
COI~ARAB7.E ~ I
Manic:
Address: 6520 5th Avenue South
car~A~z~ ~ 2
Manic:
Address:- 36o'Apple Lane.
COMPARABLE # 4
Manic:
'dress: 6438 5th Avenue 'South
Manic:
Address: 6439 Clinton Avenue South
. COMPARAB LE ~ 3 ..
SUBJECT PROPERTY
Address 7315 10th Avenue South
PID 35-028-24-24-0046
Story Height ~ Baths 1
1st Floor Area 814 so. ft. ~ Baths 0
Gross Building Area $14 sq. ft. Finished Basement No - Slab
Year Built 1852 Walkout No
Condition Average Fireplace No
1st Floor Rooms Living room, Air Conditioning No
kitchen. 2 bedrooms Garage 2 car detached
2nd Floor Rooms -- Porches/Deck No
Bedrooms 2 Lot Size 75 x 134
Comments: Slab house currently rents for 5600 per month
GRID - COMPARABLE DATA
APPLICANT'S NAME: John Ro Aura
ADDRESS: 5167 Tipton Drive, Edina, MN 5543.5
rttOPERTY ADDRESS: 7315 10th Avenue South
P.I.D. Y: 35-028-24-24-0046
MUNIC: Richfield
TYPE OF BLDG.:
STORY HEIGHT:
1ST FLOOR AREA:
GROSS BLDG. AREA:
YR. OF CONST.:
CONDITION:
1ST FL. ROOMS:
2ND Ft. ROOMS:
BEDROOMS:
BATHS.
HALF BATHS:
rIN. BSMT. SQ.FT.:
"WALKOUT:
FIREPLACE:
AIR COND:
GARAGE AREA:
PORCH AREA:
LOT SIZE:
COMPS-SALE DATA:
SALE DATE
SALE PRICE
SALE/SQ.FT.
SUBJECT - ASSESSMENT DATA
1991 ASSESSMENT .60,800
ASSESSMENT/SQ.FT. 74.81
338 loth
7 7245 10th 628
E 67th 6
708 tst
SUBJECT
PROPERTY 5
3
OMP 4T 87 3
P4 ~
O
7 3
2
CO
3 6 7
42; 8
O
C M
C
2 MP
~ MP
C
Rambler Rambler Rambler Rambler Rambler
1 1 1 1 1
814 814 814 828 813
814 8.14 814 828 813
1952 1952 1952 1953 1957
Average Average Average Average Average
4 4 4 4 4
2 2 2 2 2
1 1 1 1 1
Slab Slab Slab Unfinished 400
No No No No No
No No No No No
No No Yes No Yes
360 det. 440 det. 352 det. 320 det. 280 det.
-- -- 130 E.P. -- --
75x134 75x134 73x134 45x131 50x135
10/90 8/90 6/90 7/90
60,000 67,300 72,100 73,900
73.71 82.67 86.97 90.89
RE?'IAR~CS
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COMPARABLE ~ 1
Music:
Address: 7338 10th Avenue South
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Music: .
3dress: 629 East 67th Street
COMPARABLE ~ 2
I~saic
Address: 7245 10th Avenue. South
Manic:
Address: 6709 1st Avenue South
. COMPARABLE ~ 3 •~ COMPARABLE ~ 4
Address 7509 Oakland Avenue South
PID 35-028-24-32-0062
Story Height 1 1/2 Baths 1 ~ ~/4
1st Floor Area 9.12 sq. ft. ~ Baths
0
Gross Buildinc Area .1368 sq. ft. Finished Basement _360 sa. ft.
Year Built 1950 Walkout No
Condition Average Fireplace 1
1st Floor Rooms Living room, Air Conditioning No.
kitchen, 2 bedrooms Garage 1 car att.
2nd Floor Rooms 2 bedrooms Porches/Deck 190 ~q_ft 9ta~,t ~nrrh
Bedrooms 4 Lot Size 75 x 1R4
Comments: Updated kitchen
• Above information based on 1987 inspection.
Applicant did not wish to have a review- prior to
Local Board appearance.
SUBJECT PROPERTY
GRID - COMPARABLE DATA
APPLICANT'S NAME: Richard and Wendy Gunderson
ADDRESS: 7509 Oakland Avenue South
PROPERTY ADDRESS: 7509 Oak land Avenue South
P.I.D. ~: 35-028-24-32-0062
MUNIC: Richfield
SUBJECT
PROPERTY 6706. 3rd
?COMPT18 755333 Elliot
3
OMP ~Z 33755208 1660th
P4
~
6 7~53~01 11th
3~
4
~
C COM
;
3 _
MP
TYPE OF BLDG.: Expansion- Expansion Expansion- Expansion Expansion
STORY HEIGHT: 1 1/2 1 1/4 1 1/4 1 1/4 1 1/4
1ST FLOOR AREA: 912 955 912 952 952
GROSS BLDG. AREA: 1368 1188 1122 1.190 1190
YR. OF CONST.: 1950 1942 1951 1952 1953
CONDITION: Average Average Average Good Average
1ST FL. ROOMS: 4 5 5 5 5
2ND FL. ROOMS: 2 1 1 2 1
BEDROOMS: 4 3 3 4 3
BATHS: 1~ 3/4 1 1 1 1
HALF BATHS: 0 0 0 1 0
IN. BSMT. SQ.FT.: 360 0 270 475 270
WALKOUT: No No No No No
FIREPLACE: 1 1 0 2 1
AIR COND: No Yes No Yes Yes
GARAGE AREA: 264 280 ~ 440 374 400
PORCH AREA: 120 G1.P. 108 G1.P. No 81 GI.P. No
LOT SIZE: 75 x 134 75 x 135 75 x 134 75 x 133 72 x 132
COMPS-SALE DATA: '
SALE DATE 10/90 2/g0 6/90 10/90
SALE PRICE 95,500 go,0o0 go,0o0 85,500
SALE/SQ.FT. 80.38 80.21 75.63 71.84
SUBJECT - ASSESSMEN T DATA
199 ASSESSMENT .87,400
ASSESSMENT/SQ.i-i. 63.88
RE?ARKS: Subject and comparables one, two and four have updated kitchens.
COI~ARABLE ~ 1
Manic:
Address: 6706 3rd Avenue South
COMPARABLE ~ 2
Mc~aic
Address: 7333 Elliot Avenue South
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COMPARABLE ~ 3
'unic:
address: 7208 10th Avenue South
COMPARABLE ~ 4
Manic:
Address: 7301 11th Avenue South
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SUBJECT PROPERTY
Address 7406 Fremont Avenue South
PID 33-028-24-42-0035
Story Height 2 Baths 1 ~ 3/4
1st Floor Area 1461 sq. ft. ~ Baths 1
Gross Building Area 2345 sq. ft. Finished Basement 1300 sq. ft.
Year Built 1971 Walkout No
Condition Good Fireplace
1st Floor Rooms Living room,. dining Air Conditioning
room, kitchen, family room, l bedroom Garage
2nd Floor Rooms 4 Porches/Deck 280 sq.ft. glazed porch
Bedrooms 5 Lot Size 100 x 134
Comments:
Subject has a pool, patio and fence.
2
Central
Dbl. att.
GRID - COMPARABLE DATA
APPLICANT'S NAME: Ernest Lindstrom
ADDRESS: 7406 Fremont Avenue South
NROPERTY ADDRESS: 7406: Fremont Avenue South
P.I.D. 7: 33-028-24-42-0035
MUNIC: Richfield
TYPE OF BLDG.:
STORY HEIGHT:
1ST FLOOR AREA:
GROSS BLDG. AREA:
YR. OF CONST.:
CONDITION:
1ST FL. ROOMS:
2ND FL. ROOMS:
BEDROOMS:
BATHS.
HALF BATHS
'IN. BSMT. SQ.FT.:
WALKOUT:
FIREPLACE:
AIR COND:
GMRAGE AREA:
PORCH AREA:
LOT SIZE:
LOCATION:
POOL, FENCE, PATIO
COMPS-SALE DATA:
SALE DATE
SALT PRICE
SALE/SQ.FT.
6831 Newton 7015 Knox 1717 E 72nd 7424 Fremont
SUBJECT 28-33-21 33-21-45 35-14-G4 33-42-37
PROPERTY COMP ~1 COMP ~Z COMP ~3 COMP =1
Colonial Colonial Colonial Colonial Colonial
2 2 2 2 2
1461 1188 1154 1132 874
2345 2052 1866 1864 1706
1971 1964 1865 1968 1950
Good Good Good Good Good
5 4 4 5 3
4 3 3 4 2
4 3 3 4 3
1 3/4 1 3/4 1 3/4 1 3/4 1
1 1 1 2 1
1300 600 0 600 200
No No No No No
2 2 2 1 2
Yes No Yes Yes Yes
Dbl att. Dbl at-t. Dbl att. Dbl att. 4 car att.
280 G1. P. 262 deck No No 9
P~
6
3
deck
100x134 85x135 60x135 58x133 100x135
Good Good. Good Inferior Good
Yes No No No Yes
3/89 9/87 5/90 12/90
136,000 128,000 12g,g00 125,000
66.28 68.60 66.14 73.27
SUBJECT - ASSESSMENT DATA
1991 ASSESSMENT .158,000
ASSESSMENT/SQ.FT. 67.37
RE?4ARKS
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COMPARABLE ~ 1
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Address: .6831 Newton Avenue South
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. COMPARABLE ~ 3 ••
Manic: .
dress: 1717 East 72nd Street
COMPARABLE ~ 2
Manic:
Address: 7015 Rnox Avenue. South
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COMPARABLE ~ 4
Manic:
Address: 7424 Fremont Avenue South
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SUBJECT PROPERTY
Address 7445 Emerson Avenue South
PIO 33-028-24-24-42-0012
Story Height 2 Baths 1 & (2) 3/4
1st Floor Area 906 sq. ft. ~ Baths 1
Gross Building Area 1738 sg. ft. Finished Basement None-,
Year Built 1973 Walkout No
Condition Good Fireplace
2
1st Floor Rooms Living room, Air Conditioning Yes
dining room, kitchen
2nd Floor Rooms 4
Bedrooms 4
Garage 2 car attached
Porches/Deck 128 sq. ft. open porch
Lot Size 61 x 134
Comments: Basement has partially finished family room but was
• given no value.
GRID - COMPARABLE DATA
APPLICANT'S NAME: Brad Ames
ADDRESS:
PROPERTY ADDRESS: 7445 Emerson Avenue South
P.I.D. ~: 33-028-24-42-0012
MUNIC: Richfield
SUBJECT 155717 E 472nd
PROPERT`f 3COMP-61
7424 Fremont 6831 Newton 7301 Bryant
3 -42-37 28-33-.21 33-14-38-
COMP TZ COMP ;`3 COMP -1
TYPE OF BLDG.: 2 story 2 story 2 story 2 story 2 story
STORY HEIGHT: 2 2 2 2 2
1ST FLOOR ARE.a: 906 1132 874 1188 1002
GROSS BLDG. ARE.: 1738 1964 1706 2052 1g80
YR. OF CONST.: 1973 1968 1950 1864 1841
CONDITION: Good Good Good Average Good
1ST FL. ROOMS: 3 5 3 4 4
2N0 FL. ROOMS: 4 4 2 3 4
BEDROOMS: 4 4 3 3 4
BATHS: 1 ~ (2) 3/4 1 ~ 3/4 1 1 ~ 3/4 1 & 3/4
HALF BATHS: 1 2 1 1 1
FIN. BSMT. SQ.FT.: None:: 790 170 600 500
WALKOUT: No No No No No
FIREPLACE: 2 1 2 2 2
AIR COND: Yes Yes Yes No Yes
GARAGc AREA: 678 624 840 528 528
PORCH ARE4: 128. O.P. 160 o.P. 120 G1.P. $0 O.P. 130 S.P.
LOT SIZE: 61 x 134 58 x 133 100 x 135 856xd135 752xd13o
COMPS-SALE DATA:
SALE DATE 5/90 12/90 3/89 3/88
SALE PRICE 129,900 125,000 136,000 149,900
SALE/SQ.FT. 66.14 73.27 66.27 75.70
SUBJECT - ASSESSMENT DATA
1891 ASSESSMENT .115,800
ASSESSMENT/SQ.F~'. 66.62
RE`1ARKS: Comparable two has a pool. Comparable four has updated kitchen.
-Basement has partially finished family room but was given no
value.
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COI~ARABLE Y 1
?"~Llal C
Address: 1717 'E 72nd Street
COI~ARABLE 7f 2
Manic:
Address: 7424 fremont Avenue South
- COMPARABLE ~ 3 ••
cic:
~L.,dress: 6831 Newton Avenue South
COMPARABLE ~ 4
Manic:
Address: 7301 Bryant Avenue South
Robert W. Bainbridge
4190 Oxford Court
Shoreview, Minnesota 55126
April 9, 1991
Local Board of Review
Hennepin County Assessor
6700 Portland Avenue South
Richfield, MN 55423
Gentlemen:
I am writing this letter on behalf of my mother, Gertrude Bainbridge. She has asked me
to represent her interests and appeal the valuation placed on her Woodlake Point
condominium unit.
The purpose of this letter is to appeal both a recent valuation notice and the property
value shown on the tax statements. The two parcels are
Parcel ID 1990 Valuation 1991 Valuation
PID# 28-028-24 14 0145 $ 76,800 $ 71,200
PID# 28-028-24 14 0240 $ 5,000 $ 5,000
The Market Value of these parcels is substantially overstated and I am requesting that
the Local Board of Review consider this assessment situation and provide appropriate
relief.
A re~riew of .the facts from may be helpful ...
1) Gertrude Bainbridge purchased this property from the estate of Hildegard C.
Geis. The price for both parcels above was $61,900. This price represents a
discount of $14,300 or 20% from the 1991 assessed market value.
2) The purchase was consummated with the assistance of Burnet Reality. By all
standards the price represented "the most probable price that a well informed
buyer would pay a well informed seller for a property without either party being
unduly forced to buy or sell."
3) The property had been on the market for approximately 25 months. The seller
had to repeatedly lower the asking price on the property in an atempt to sell.
Local Board of Review
Page 2 of 3
April 9, 1991
4) Conversations with the Burnet Realty representative attempting to sell the final
units in the Woodlake Point development indicate that there has been a
substantial adjustment in the market for this type of property. Former price
points are not applicable and do not represent the status of the market. There
has been severe price erosion. Discounts of 30% to 40% of the former asking
prices are common and the time on the market still routinely exceeds 180 days.
5) Telephone discussions with Larry Miller of the Hennepin County Assessors Office
were inconclusive. Mr. Miller openly admitted that the assessed values for the
condominium did not reflect the actual value and were instead unrealistically
high. He said that the reason for this situation is the existence of some type of
tax increment financing. He was not specific on the details.
6) This property was purchased with the assistance of largest real estate firm in the
Twin Cities. The attorney representing my mother is a real estate specialist with
one of the largest law firms in Minneapolis. The attorney representing the estate
of the deceased was also with a larger law firm. Title insurance was purchased on
the property. A11 parties were knowledgeable and seemingly well informed. At
no time during any of the discussions, title searches, special assessment searches
or other activities prior to the closing was there any indication of an incumbrance
on the property by a tax increment situation.
7) Discussions with Bruce Palmborg, the City of Richfield Development Coordinator,
indicated that the City of Richfield is aware of a this situation. The matter is
currently under advisement and the city is working towards some type of
resolution. As would be expected, Mr. Palmborg could not be very specific, since
the city was still evaluating the. matters of fact in this circumstance.
8) The assessed market value was reduced by $5600 from 1990 to 1991. This
reduction in valuation runs counter to the stated positions of Messrs Miller and
Palmborg.
The sum of these facts and data is that the market value of this property is substantially
overvalued. Regardless of the status of any tax increment issues, the market value of the
property should be based on its recent selling price of $61,900. Any issues related to tax
increment financing should be handled by some other mechanism.. Accordingly we
respectfully request that the Board of Review lower the market value of these parcels.
Unfortunately, I will be unable to appear at the Apri129, 1991 meeting. Please consider
Local Board of Review
Page 3 of 3
April 9, 1991
the data just discussed during your review process. You may reach me by telephone at
the office at 612/638-7564 or 612/481-1078 at home.
Sincerely yours,
In closing, I want to thank the Board for consideration of this particular situation. If I
can be of any assistance in providing additional facts in this matter, don't hesitate to
contact me.
Rober ainbridge Gertrude C. Bainbridge
R /aa
SUBJECT: Gertrude Bainbridge
Wood Lake Point
6500 Woodlake Drive #601
Richfield, MN 55423 1991 EMV
PID #28-028-24-14-0145 571,200
28-028-24-14-0240 5,000
BOARD OF REVIEW MEMBERS:
Mr. Robert Bainbridge has appealed the valuation on these parcels
on behalf of his mother. I have advised him that the valuations
reflect a Minimum Assessment Agreement that stipulated a minimum
value of $71,104.97 for the condominium and $5,000 for the
garage.
Under the terms of the Minimum Assessment Agreement, there should
be no change to the minimum value.
March 18, 1991
City Assessor
6700 Portland Ave. S
Richfield Minn. 55423
re; 6745 Pleasant Ave. Id No.
1991 Assessor Estimated Market Value
Owners Value,
27-028-24-31-0025
166,500 $70.ft.
23,800 unit.
Purchase price in September 1990 170.00
Brokers fee --11,900
personal property --14,000
coin equiptment -•.1,000
Cost of real estate 143,100
Discount on contract for deed. 13,500.
Actual cash}market value $ 129,600. 18,500 per unit.
I plan to be represented at the local board.
Thanks
~~~-~~
.v~~ Robert O Neill
(~,~~~-~ c~\ 4812 Roycar Rd.
(~ ~~' Edina Minn. 55435
~~
SUBJECT: Robert O'Neill
6745 Pleasant Avenue South
PID #27-02$-24-31-0025
BOARD OF REVIEW MEMBERS:
Mr. O'Neill was contacted on April 15, 1991 to obtain income and
expense information and to arrange for an interior inspection of
the subject property. He indicated he had not owned the property
long enough to provide income and expense data. He did not want
to set up an appointment to inspect the property because he felt
it would be wasting his time, and he didn't want to bother the
tenants.
Recommend no change to 1991 Estimated Market Value of 5166,500
6745 Pleasant Avenue South
27-028-24-31-0025
1991 Estimated Market Value $166,500
YEAR BUILT 1959
GROSS BUILDING AREA 4,144 sq. ft.
UNIT MIX 7 - 1 bedroom units