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INVESTIGATION OF ABATEMENT APPLICATION ABATEMENT NO. 4304 Following is a report on the investigation of the abatement application of: Cory & Renee Clasen County Board of Commissioners and State Tax Commissioner: The applicants are asking that the valuation be reduced from $600,000 to $530,000 for the year 2006 on their residence located at 406 118th Ave S, Stanley Twp. They've submitted a recent appraisal indicating a value of $530,000. The original preconstruction financing appraisal dated January, 2005 indicated a value of $545,000. Both appraisals included an additional 2.5 acre tract of land. The applicants also submitted a construction cost summary from the contractor indicating a cost of about $525,000 excluding the land. The appraisals indicated a value of $90,000-$100,000 for the lot and additional acreage. The Stanley Twp Board recommended denial of the abatement application. Although no reasons were stated, it appears that there may have been various conflicts of interest, and the matter was simply deferred to the county for an independent determination. I did inspect the property and reviewed the appraisals that were submitted. Ms. Hopson, the Stanley Twp Assessor and I discussed sales in the metropolitan area. We also reviewed other factors that affected values and reviewed additional information that was not available when the assessment was performed. The assessment of the property was complicated due to the unique nature of the land and improvements and the lack of sales with similar characteristics. After reviewing these additional factors, both Ms. Hopson and I concur that the assessment should be set at $550,000. I did speak with the applicant and he agrees that it is reasonable assessment. Although not at issue in this application, the applicant also feels that the 2007 assessment should also be set at $550,000. It appears to be a reasonable request. Suggested Motion: "I move that the Abatement #4304 be reduced to $550,000, as recommended by the Director of Equalization, in concurance with the local assessor and accepted by the applicant." Dated January 10th, 2008 . ~ XY-u-J Frank Klein Director of Tax Equalization j :Itaxlwplabate