TOWN OF REDDING
BOARD OF ASSESSMENT APPEALS
REAL ESTATE APPEALS
Monday, March 08, 2021
TOWN HALL HEARING ROOM
And Via Zoom Teleconference
Present: Greg Stackpole, Chairman, Margi Esten, Karen Gifford
Charles Bachmann, Alternate (4:08 PM)
Sharon Hoverman, Alternate (4:14 PM)
The meeting was called to order at 4:04 PM.
The purpose of the meeting was to hear appeals of property assessments for the 2020 Grand List.
The Board heard the following nine appeals:
35 Whortleberry Road
Total Assessment $519,500
Appellant’s Opinion of Fair Market Value on October 1, 2017 $642,000
The Applicant and Agent provided listings of other properties with lower taxes but upgraded in comparison to the subject property. The applicants feels that the assessment was unfairly appraised in 2017. Purchase price in October 2019 was $700,000.
7 Beck Road
Total Assessment $451,000
Appellant’s Opinion of Fair Market Value on October 1, 2017 $498,900
ZOOM – The Applicant indicated that the previous owner listed the property on the market for $625,000 in November 2017; it was reduced several times until it was purchased in April of 2019 for $464,000. Comparable properties were provided and photos of the dwelling noting damage/disrepair and sloping topography.
15 Poverty Hollow Road
ZOOM – After discussion of the property assessment with the Board, the Applicant decided to withdraw the appeals application.
16 Olmstead Road
Total Assessment $231,500
Appellant’s Opinion of Fair Market Value on October 1, 2017 $200,000
ZOOM – The Applicant indicated the property was purchased in 2004 for $370,000. Interior photos were provided to show mold damage from leaking skylights. There was also damage noted in the attic area due to rodents. Estimates for repair/remediation were expected to be in the low six-figure range. The topography was noted to be sloped and not buildable.
6 Long Meadow Lane
Total Assessment $614,800
Appellant’s Opinion of Fair Market Value on October 1, 2017 $650,000
ZOOM – The Applicant believes the FMV of the property is $650,000 based on an offer which was not accepted. Various comparable sales of properties in 2017 with similar grades/quality of construction were provided including 55 High Ridge and 11 Long Wall.
63 Side Cut Road
Total Assessment $643,900
Appellant’s Opinion of Fair Market Value on October 1, 2017 $532,000
The Applicant provided analysis of comparable properties of similar size. There was a disparity noted historically in assessments. Since the purchase of the property the applicant has done approximately $200,000 in renovations.
284 Black Rock Turnpike
Total Assessment $728,400
Appellant’s Opinion of Fair Market Value on October 1, 2017 $820,000
The Applicant provided a retrospective appraisal to October 2017 indicating FMV of $820,000. The property was closed on one year ago for $825,000. Bank appraisal at time of purchase for mortgage had similar value.
241 Black Rock Turnpike
Total Assessment $4,183,900
Appellant’s Opinion of Fair Market Value on October 1, 2017 $4,000,000
The Agent for the Applicant presented the information to the Board. The Applicants live on the property, which was purchased in 2004 for $8,100,000. The property was listed in 2017 for $6,495,000 and is now listed for $4,500,000.
142 Topstone Road
Total Assessment $983,800
Appellant’s Opinion of Fair Market Value on October 1, 2017 $1,100,000
The Agent for the Applicant provided a summary document relating to the real estate market in Redding which showed only three sales over $1,000,000. The owner listed the property for $1,375,000 and currently rents the property.
A motion to adjourn was made by Mr. Stackpole, seconded by Ms. Gifford, and carried unanimously at 6:12 PM.
Submitted by Krista Gramer, 3/10/20
Minutes not approved by BAA.