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24 <br /> 1 Slide #7 <br /> � i <br /> Residential Revaluation Example <br /> (continued) <br /> • Value of the Subject property <br /> • Land value was set to s85,000 <br /> • Building grade was changed from B+io to B-05 <br /> • No other changes were made to the residence <br /> • A storage building was added to the record <br /> • The resulting new value is$394,400 <br /> • The new sales ratio is 99.8%based on its 2024 sale <br /> 2 <br /> 3 Commissioner Hamilton said it is helpful to have this example to really understand the <br /> 4 process. She asked how staff will know the design features of the home. <br /> 5 Roger Gunn said a lot of this information is available from online property listings or by <br /> 6 comparing sales prices of otherwise similar homes (from the exterior). <br /> 7 Commissioner Hamilton asked what determines building grade vs. B+10, etc. <br /> 8 Roger Gun said the building grade takes into account the construction quality as well as <br /> 9 the location. He gave the example of two similar homes in different neighborhoods selling at <br /> 10 $450,000 vs. $400,000. He said in that case you cannot put all the difference in value in the land, <br /> 11 so they pick a higher grade to capture the locational differences. <br /> 12 Commissioner Hamilton asked about the average applied to the neighborhood. <br /> 13 Roger Gunn said a best fit test is done. He said some homes will be around 100% of <br /> 14 market value, some may be less, or some may be more, but as long as the ratio of the <br /> 15 neighborhood as a whole falls within a certain range, it is acceptable according to the necessary <br /> 16 standards. <br /> 17 Nancy Freeman said it is important to keep in mind that this is a mass appraisal process. <br /> 18 <br /> 19 <br />