3. Tax Equalization Board reconvenes

2008 Cass County Board of Equalization Fran Snelgrove Report Fran Snelgrove is appealing the assessment on a residential property, located at 551 Wall Ave, Stanley Twp, near the City of Horace. Mr. Snelgrove is asking that the 2008 assessment of $170,700 be lowered to the purchase price of $111,825. According to the listing information, the 1 12 story residence was built in 1953 , and contains 1,700 sq ft with 4 bedrooms and 1 12 baths. The basement is poured concrete and there is also a two stall garage. The residence is situated on a two acre river lot. Mr. Snelgrove, the real estate listing agent, placed the bank owned property on the market in June, 2007 for $135,450. The property was offered "as is". The listing indicated that it was unknown if the well worked and that the plumbing had frozen. The price was later reduced to $124,250. The applicant then purchased the property in Aug/Sept 2007. Prior to default to the bank in May, 2007, the property was listed at $159,900 for most of 2006. It appears that the property did not sell at that price because it showed poorly, due to the interior being run down and that the well was in poor repair. I have reviewed the information that was provided by the applicant and did meet with Mr. Snelgrove at the property. Earlier this year, the applicant stripped the interior down to the studs and is currently renovating it. He is also in the process of hooking up to rural water. It appears that property may have been liveable if the plumbing and well were repaired and the interior redecorated. The appealant chose to renovate it. It appears that the current assessment of $170,700 is excessive, based on the apparent condition of the property as of the February 1st assessment date. It also appears that the bank was motivated to dispose of the property. Considering all factors, it is my recommendation to set the assessment at $120,000 for the 2008 assessment. Suggested Motion: "I move that the total true and full valuation of the two parcels comprising 551 Wall Ave in Stanley Twp be set at $120,000 for the 2008 assessment. "