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20 <br /> 1 Slide #30 <br /> Conclusion <br /> • The Tax Office is committed to fair and equitable property <br /> valuations.As the results of the study provided by third <br /> party vendor are reviewed, and the internal reviews are <br /> conducted, any issues revealed will be presented to the <br /> Board of Equalization and Review as quickly as possible <br /> for resolution. <br /> )PIAN C CI'D L i <br /> 36 <br /> 2 <br /> 3 Nancy Freeman said she planned to have the results of the study available to the Board <br /> 4 in September. <br /> 5 Commissioner Fowler asked when the vendor will deliver results. <br /> 6 Nancy Freeman said she hoped they would receive this information by the end of the <br /> 7 week. <br /> 8 Commissioner Fowler asked if those results would be available to the Board in <br /> 9 September. <br /> 10 Nancy Freeman said they would review the results and bring a comprehensive report <br /> 11 back to the Board in September, but that she could share the results with the Board once it was <br /> 12 received. <br /> 13 Commissioner Fowler asked regarding slide #28 what the significance of"LLC' was, and <br /> 14 what "exempt" meant in context. <br /> 15 Nancy Freeman said exempt properties are for properties that are valued, but the owner <br /> 16 would have applied for an exemption. She gave examples of exempt properties: moderate <br /> 17 income housing, a church, or a charitable organization. <br /> 18 Commissioner Fowler asked if they were exempt from paying taxes. <br /> 19 Nancy Freeman said yes. <br /> 20 Nancy Freeman said an LLC might be an investment property. <br /> 21 Commissioner Fowler asked for clarification on the phrase "weighted mean ratio" on <br /> 22 slide #14. <br /> 23 Nancy Freeman said the mean ratio is where you look at the sum of appraised values <br /> 24 divided by the number of appraised values, and the weighted mean ratio is where you look at <br /> 25 the sum of appraised values less the sum of sales prices. <br /> 26 Commissioner Fowler said that sounded like a differential rather than a weighted mean <br /> 27 ratio. She said they are taking the appraised values, and they are subtracting the actual sales <br /> 28 prices. <br /> 29 Nancy Freeman said you divide the mean ratio by the weighted mean ratio. <br /> 30 Commissioner Fowler said the price rate differential is the mean ratio divided by the <br /> 31 weighted mean ratio. <br /> 32 Nancy Freeman said that was correct. <br /> 33 Vice-Chair Hamilton said that the definition might not be the best way to explain <br /> 34 "weighted mean ratio." <br /> 35 Chair Bedford asked for more clarification and she and Vice-Chair Hamilton discussed <br /> 36 the terms listed on the presentation. <br />