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Minutes of Board of Assessment Appeals, 03/09/2013

AGENDA: Board of Assessment Appeals

RECEIVED 03/11/2013 2:23pm
Michele R. Grande – Redding Town Clerk

Minutes

Present: Greg Stackpole, Chairman; Rick Miller; Liz Leonard
Alternates: Liz Furrer

The meeting was called to order at 9:00 a.m.
The purpose of the meeting was to hear appeals of property assessments for the 2012 Grand List.

The Board heard the following 19 appeals:

219 Ethan Allen Highway
Total Assessment $522,600
Appellants Opinion of Fair Market Value on October 1, 2012 580,000
Appellant believes that the current assessment is too high and furnished an appraisal of the property done in November of 2012 along with recent financials; and business in the location is poor and difficult to hold a tenant in the commercial space of the property.

199 Ethan Allen Highway
Total Assessment 741,700
Appellants Opinion of Fair Market Value on October 1, 2012 800,000
Appellant believes that the assessment does not reflect FMV or the age of the property. Appellant indicates that the building has settled and is now leans due to the river located behind the property. He also indicated that it is difficult to hold a tenant in the commercial space due to business being poor in the location as well as the age of the space. Financials and photographs were submitted to the Board for review.

197 Ethan Allen Highway
Total Assessment 412,700
Appellants Opinion of Fair Market Value on October 1, 2012 500,000
Appellant believes that the assessment is too high. The location of the business space is poor and often vacant. It was noted that the well and septic limitations prohibit certain clients. Appellant indicates that a majority of the land is not useable due to the steep pitch of the land.

20 Old Mill Road
Total Assessment 277,800
Appellants Opinion of Fair Market Value on October 1, 2012 355,000
Appellant believes that the assessment is too high; the residential property is located in an area re-zoned as commercial and is located near the sewage treatment plant detailed the value of two comparable homes/properties in the area.

25 Old Mill Road
Total Assessment 782,400
Appellants Opinion of Fair Market Value on October 1, 2012 N/A
Appellant requests removal of penalty for failure to file the Income and Expense Statement due to financial hardship.

10 Fire Hill Lane
Total Assessment 677,900
Appellants Opinion of Fair Market Value on October 1, 2012 900,000
Appellant furnished documentation of an appraisal of the property and values of comparable homes in the area.

7 Great Pasture Road
Total Assessment 752,350
Appellants Opinion of Fair Market Value on October 1, 2012 860,000
Appellant believes that the revaluation was not correctly assessed in line with other comparable homes; Carriage house assessment increased. Michael Nostin, Jr., Residential Appraiser, submitted a copy of an appraisal done October 2007 along with values of comparable homes/properties in the area.

6 Little River Lane
Total Assessment 455,500
Appellants Opinion of Fair Market Value on October 1, 2012 320,000
Appellant believes that the assessment is too high. The property was recently purchased at $320,000 after a long period of market exposure, the residence is out dated, and there is a shared driveway easement.

164 Sunset Hill Road
Total Assessment 186,300
Appellants Opinion of Fair Market Value on October 1, 2012 140,000
Appellant believes the assessment is too high as it is a rear lot with only 25 feet of street frontage. Appellant detailed the current value of comparable homes/properties in the area.

22 Mine Hill Road
Total Assessment 547,700
Appellants Opinion of Fair Market Value on October 1, 2012 658,000
Appellant furnished documentation of an appraisal of the property done in December 2012.

542 Redding Road
Total Assessment 219,100
Appellants Opinion of Fair Market Value on October 1, 2012 122,777
Appellant believes assessment is too high, as recently purchased two lots, 542 and 550 Redding Road for $225,000.

550 Redding Road
Total Assessment 182,500
Appellants Opinion of Fair Market Value on October 1, 2012 102,222
Appellant believes assessment is too high. See comment for 542 Redding Road.

19 Old Stagecoach Road
Total Assessment 277,700
Appellants Opinion of Fair Market Value on October 1, 2012 275,000
Appellant believes that the assessment is too high, as the property was purchased for $245,000 in 2011 and the residence requires improvements. Appellant furnished an appraisal done October 2011 along with current values of numerous comparable homes/properties in the area.

4 Meadows Edge
Total Assessment 936,500
Appellants Opinion of Fair Market Value on October 1, 2012 750,000
Appellant believes the assessment is too high and furnished information of various comparable homes/properties in the area.

3 Topledge Road
Total Assessment 10,032
Appellants Opinion of Fair Market Value on October 1, 2012 $0
Appellant states that the business has been dormant since 1994. Appellant will furnish tax return information to the Board prior to deliberation.

17 Tudor Road
Total Assessment 1,018,600
Appellants Opinion of Fair Market Value on October 1, 2012 975,000
Appellant furnished two appraisals, August 2012 and October 2012 along with comparable homes/properties in the area.

38 Umpawaug Road
Total Assessment 1,100,600
Appellants Opinion of Fair Market Value on October 1, 2012 1,140,000
Appellant states that after revaluation the property assessment increased by 5%. Appellant met with Vision Services but assessment was not adjusted. The property/residence has shown no improvements since the last valuation. Appellant furnished an appraisal from October 2012 along with values of comparable homes/properties in the area were furnished to the Board.

34 Mountain Road
Total Assessment 174,040
Appellants Opinion of Fair Market Value on October 1, 2012 $0
Appellant states that a majority of the lot is unbuildable due to DEP approval needed after waste from old farm dump is removed, estimated in cost of $200,000, more than the lot is worth. Appellant furnished letter from Land Surveyor regarding the removal process and reviewed survey map with Board members.

256 Umpawaug Road
Total Assessment 918,500
Appellants Opinion of Fair Market Value on October 1, 2012 880,000
Appellant furnished an appraisal with value of $935,000 along with information of comparable homes in the area. Appellant states numerous updates are needed to bring the house to a basic modern-day standard of living.

The Board will hear 12 scheduled appeals and deliberate on Monday, March 11, 2013 and March 14, 2013 at 4:00 p.m.

A motion to adjourn was made, seconded and carried unanimously at 4:34 p.m.

Submitted by klg, 3/11/13