Minutes
Selectmen’s Meeting
June 25, 2007
9:05 AM Chair Bock opened the meeting.
Members Present: Peter Bock, Bill Netishen, Mary Bonser and Town Administrator Charles Brown.
Guests: Loren Martin and Heidi Seaverns.
Loren Martin was present to address the Board on updating waterfront property values in Nottingham. She gave the Board members copies of the sales analyses she had done on waterfront and water access properties within Nottingham. A sales analysis of the water access lots indicates that these values reflect a median ratio of .988, which is in line with the rest of the properties in Town (.9856). Ms. Martin does not recommend making any adjustments on water access property for this year. There is not enough information on the properties on the North River and Nottingham Lake to indicate whether or not an adjustment should be made. Each location only has one sale. Discussion followed about properties on Nottingham Lake given the fact that the dam is gone. As she stated to the Board at a previous meeting, Ms. Martin does not
recommend any adjustments to the values of property on Nottingham Lake for 2007. The values for 2007 are as of April 1, 2007 and the dam & the lake were intact on that date. The Board may revisit those values in 2008 if the rebuilding of the dam is still in question at that time. Discussion then focused on the properties on Pawtuckaway Lake, of which there are 327. Ms. Martin did a sales analysis from 10/1/05 through 6/25/07 and one from 10/1/2006 through 6/25/07. The 2005-2007 analysis indicated a median ratio of .797 and an average ratio of .8276. The 2006-2007 analysis indicated a median ratio of .798 and the average ratio of .8497. This indicates that the market has stabilized from 2005 to 2006 but values are still below the rest of the Town. The Coefficient of Dispersion of 17.0899 indicates that there is
disparity within this strata, which needs to be addressed as well. This higher number indicates that properties within this group are not being assessed equally, higher end properties may be under assessed. Ms. Martin went on to state that ideally a review of the properties should be done from the lake. She went on to say that she believes the work can be done within the contract assessing budget with no impact, or minimal impact to the budget. The review, analysis and update would be for the 327 properties on Pawtuckaway Lake with a maximum timeframe of 15 contract days used. Once the work has been completed, the Board would be given current values and proposed values of all these properties for their review. After review, Ms. Martin would meet with the Board and answer any questions. If the Board accepts the new values, the property owners would be notified by letter of the change in value. Discussion followed.
Motion: Bonser, second Bock to authorize Avitar to review Pawtuckaway waterfront properties as presented today.
Vote: 3-0 in favor.
Having no further business,
10:10 AM Motion: Bonser, second Bock to adjourn.
Vote: 3-0 in favor.
Respectfully Submitted,
Approved as written
7/9/07
Heidi Seaverns
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