2025_09_30 BOER Minutes - Laserfiche WebLink

Browse Search

Docusign Envelope ID:A601AB7D-8806-49E3-97E5-610E08400673 Related meeting notes: • Chad Phillips presented schedule of value on land appraisal. ➢ How AP5 carries out calculations ➢ Summary of the entirety of schedule of values for land values ➢ Base rate for acre and factor for lot size variations(in table) ➢ Roger: Base price is for one acre; not per acre Property Identification: Property Owner Myrna Schwartz Appellant(if different) David Schwartz Property Address 2017 S. Lakeshore Drive Parcel ID or Abstract 9799081762 Statement of Appeal: Request a reduction in value based on an independent appraisal. Current Assessed Value $1,979,100 County Opinion $11766,900 Time of Hearin 1:OOPM Appellant Opinion $1,460,000 County Representative Jimmy Milliken Board Decision $1,593,900 Evidence submitted by the appellant: • The property was professionally appraised in April 2025. The appraisal report is attached. Evidence submitted by the county representative: • Subject property is a lakefront property at 2017 S. Lakeshore Drive with 2,472 square feet. An appraisal was submitted with a value of$1,460,000. Comparable#3 is three and a half times the size of the subject. Comparables#1,#4 and#5 are non-lakefront properties,leaving#2 to be the only truly comparable property to the subject. Based on the appraisal comments,the main valuation issue is the land value. The appraisal suggests the land should be valued at $1,200,000. No comparable sales to support that value were noted. Of the five comparables in the appraisal,only one is a lake lot with a land adjustment. • The attached map will display the subject with a red dot and the submitted appraisal comparables with a black dot, leaving the County sales with a yellow dot. • There was a vacant land sale at 423 Lakeshore Lane(northeast corner of the lake)in December of 2021 for$1,899,000,which was the last vacant lot on the lake. This sale was used to establish the price for lots surrounding the lake. • In February 2022, 1821 S. Lakeshore Drive was sold for$1,750,000. This property was improved,but the house was subsequently demolished, and a new house was constructed. This suggests that the property was purchased for the land with the home not having any contributory value to the buyer. In July 2023, 1815 S.Lakeshore Drive with 2,408 square feet, built in 1970,with an effective age of 1990, sold for$1,760,000 and has a current value of $1,895,900(Land$1,615,000). • Upon inspection,the County suggests increasing the -10%topography adjustment to -20%,for the steep sloped land leading to the lake. This will create a revised value of$1,766,900(Land $1,520,000) for the lakefront property. • Summary • Current Property Record Card • Proposed Property Record Card