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Minutes
Selectmen’s Meeting
August 21, 2007
9:10 AM Chair Bock opened the meeting.
Members Present: Peter Bock, Bill Netishen, and Mary Bonser.
Others: Loren Martin and Heidi Seaverns.
Loren Martin stepped forward to address the Board and gave the Board members copies of the sales analyses she had done on Pawtuckaway Lake waterfront and water access properties. This review was as a result of the meeting the Board had with Ms. Martin on June 25, 2007 to discuss updating waterfront properties on Pawtuckaway Lake. She explained to the Board that she had viewed all the waterfront properties from the lake on August 2, 2007. The sales analysis was done on properties on and around (deeded water access) Pawtuckaway Lake properties from April 1, 2005 through August 20, 2007. She explained that she had trended the sales that ocurred between 4/1/05 through 10/1/05 at 1% per month to account for market conditions during that specific timeframe. Much discussion followed about the analysis and how the site-specific
adjustments (topography, view, access to water, beach or not to name a few) were arrived at. An average waterfront value ($268,223) as well as a median waterfront value ($272,498) was calculated from the sales analysis. Values up to $ 275,000 were discussed. Ms. Martin stated that the median value is a better representation as it discards the high & low value where the average value is simply the total value divided by number of parcels. The Board asked that Ms. Martin rework the numbers with a waterfront value less than the median value produced by her sales analysis and provide that documentation for their review. The Board also requested that Ms. Martin provide a random sample of properties (6) with current values as well as proposed values so they could compare both assessed values readily to get a better picture of the impact. The reason for updating these waterfront & water access property values is to bring them up to the same level of assessment as the rest of the
Town. Ms Martin will provide a draft letter that will be sent to all affected taxpayers before 2nd issue tax bills go out if the Board adopts updated values. The letter will explain the reasoning for the update, provide the property owner with their new assessed value and outline the procedure to appeal.
Having no further business,
10:25 AM Motion: Bonser, second Netishen to adjourn.
Vote: 3-0 in favor.
Respectfully Submitted,
Heidi Seaverns
Approved as amended
9/4/07
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