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SPECIAL MEETING OF THE PEQUOT LAKES CITY COUNCIL <br /> ■-- BOARD OF REVIEW <br /> THURSDAY, MAY 1, 2008 <br /> PEQUOT LAKES CITY HALL <br /> Members Present: Mayor C. Malecha, Council Members Nagel, Sjoblad, <br /> Oraskovich and Ryan <br /> Staff Present: Sandra Peine, City Clerk <br /> Also Present: Darrel Olson, County Assessor and Rick Bymark <br /> Call Meeting to Order <br /> Mayor Malecha called the Board of Review to order at 10:00 a.m. Mayor Malecha <br /> indicated that the purpose of the meeting was to review the assessments of the <br /> current year in 2008 which are reflected in 2009. <br /> Assessor Darrel Olson indicated that for residential property, a vast majority saw <br /> no change in the market value of the property. He noted that the Department of <br /> Revenue requires a value that is 90 — 105% of the true market value. He noted <br /> , that his ratio in 2008 was 96%. <br /> Assessor Olson next addressed the commercial market values. He noted that the <br /> state issued a 20% increase in 07. Mr. Olson indicated that he took the 20% <br /> increase off of commercial property in 2008. <br /> The following individuals were heard regarding the 2008 property assessment: <br /> 1. Elaine Yablonsky <br /> Ms. Yablonsky questioned why her taxes were so high? <br /> 2. Dale Olson <br /> Mr. Olson had a question on the effect of limited market value. <br /> 3. John Meucel <br /> Mr. Meucel indicated that he has three lots on Sibley Lake, one of which is <br /> a vacant lot. This lot is 50 feet wide and is unbuildable. He stated that the <br /> market value of$104,000 is too high. The Assessor suggested that he <br /> complete a review form. <br /> .. <br />