Agenda - 05-18-2021; 8-a - Minutes

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42 1 Commissioner Hamilton asked if the denominator was an average or the total value of all 2 sales. 3 Nancy Freeman said yes, it is an average. 4 Chad Phillips said it is the average of all of those, unless it is being done for just one 5 property. 6 Commissioner Hamilton asked if the appraised average is only on the 31 properties. 7 Chad Phillips said it is only on the 31 properties. He said it is a ratio of the sales price to 8 the appraised value of those 31 properties. 9 Commissioner Hamilton said the concern in Northside is if the approach can build bias in 10 the system. She said it results in values that are higher than residents can afford to pay, and 11 may not reflect the value of the home. She said high priced homes may raise the average. She 12 said a few high price homes can raise the values for everybody, and less expensive homes can 13 be artificially high. She said it is also only using the value of sold homes, while most homes are 14 not sold, which adds bias to the approach. 15 Nancy Freeman said this is a mass appraisal, and individual appeals give the Tax 16 Department the ability to make adjustments to properties that do not fit the mold. She said staff 17 is here to help, and this is not an us against them. She said some people get an appraisal just 18 to get that information to the Tax Department, but this is not feasible for everyone, as it costs 19 money. She said her department could have a workshop in the area with appraisers on hand. 20 Commissioner Hamilton asked if there is a way to designate neighborhoods by type of 21 homes, or square footage. 22 Nancy Freeman said like properties are grouped together, and current delineations were 23 set up in 2017. She said adjustments can be made, if there is a need. 24 Commissioner Dorosin said he would like to have a more detailed response to the 25 examples given by the Northside neighborhood. He said the presentation showed the overall 26 average for the County was 12.6 or 20%, but the increases in this neighborhood were much 27 higher. He said if the work is showing huge disparities and increases, then more information is 28 needed on how the formula is applied. He said if a home is being sold to an investor, it seems 29 like that is a commercial use that is generating revenue. He said this is not a fair comparison to 30 a neighboring single family home. He said one could make a case that those are not qualified 31 sales. He said there is troubling data with the percentages and the examples of the differences 32 between the appraised value and the amounts the properties sold for. He said the Greenbridge 33 unit sold for$1.2 million, but is valued at $850,000. He said a more detailed analysis is needed. 34 Commissioner Dorosin asked if one has the right to appeal every year. He said 35 suggesting one should get one's own appraisal is an expensive proposition. 36 Nancy Freeman said property owners have the right to appeal each year. 37 Commissioner Dorosin said if people do not appeal this year, they are obligated to pay 38 on this value in the future, even if it is determined that the appraisal was wrong. 39 Nancy Freeman said yes. 40 Commissioner Dorosin said this information needs to be made very clear to the 41 community. He said the Board needs more detailed information, as the percentage increases 42 seems like something is wrong. 43 Nancy Freeman said the tenant-occupied property is valued as residential. She said 44 possible income is not considered because staff does not have that information, and that type of 45 occupation can change back to homeowner occupied. 46 Commissioner Fowler asked if one does one's own appraisal, can one use properties 47 that are more comparable to one's home. 48 Nancy Freeman said any information that a homeowner can provide will be taken into 49 consideration. She said one home may have a finished basement, and another not, or one 50 house has 2 bathrooms and another has only one. She said staff may not have this information, 51 so it can be helpful to know these details. She said mass appraisals are done, and access to