4. Tax Equalization Board reconvenes

2007 Cass County Board of Equalization Steven Stavenes Report Steven Stavenes, at 406 Woodland Place NW, Reed Twp is appealing the assessment on his new resi~ence. The Reed Twp assessor assessed the property at $278,000 and the local board upheld that assessment. Mr. Stavenes submitted an appraisal that indicated a value of $247,000. He also forwarded a purchase agreement stating a price of $231 ,000. The warranty deed indicates the full consideration at $280,000. I inspected the property on May 29th, 2007 and vistied with Mr. Stavenes. The residence is a good quality bilevel with an attached 3 stall garage. The upper level living area contains about 1,786 sq ft and the lower level contains about 1,503 sq ft. Both levels are completely finished. It would appear that Mr. Stavenes provided "sweat equity" when the home was constructed. I also reviewed the appraisal report. In addition to the sales listed in the report, the recorders office indicates that the adjacent property sold recently for $245,000. According to the assessor, the structure is a 1,576 sq ft rambler with no basement. It has an attached 3 stall garage and 192 sq ft sunroom. The same builder constucted both homes. In discussing the price reported on the deed, Mr. Stavenes could not provide an explanation on how that amount was arrived at. The appraisal value is 11 % less than the assessed value. I am not comfortable in recommending lowering the assessment to the private appraisal value until such time as the price reported on the deed can be explained. I would also be willing to further review the appeal if more comparable sales can be provided. Based on these findings, it's my recommendation to take no action on the appeal. However, ifthe property owner can provide additional information, he is encouraged to file an abatement and the assessment will be further reviewed.