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Board of Possessors Meeting Page <br /> Hearing on Appeal for Real Property 'fax Abatement <br /> map 128 , Block 2 , Unit 670 � owner Edward shore (continued) <br /> David Bailey stated that the per square foot value referred <br /> to by Mr. Fox is confusing and is meaningless # the whole value <br /> must be examined. many areas are unfinished, such as a garage, a <br /> basement, a deck, an attic, etc. All of these are included in <br /> the value; so if one is comparing houses and one house has these <br /> elements and another house woes not, the value per square foot is <br /> going to be weighed differently, but the overall value is going <br /> to e very similar. Lengthy discussion followed. <br /> David Bailey stated that he did find some mistakes in the <br /> houses being used as comps by Mr. and Mrs. Fox, He asked what <br /> they thought their property is worth compared to some of their <br /> comps. Mrs . Fox stated she feels her house is worth less than a <br /> comparable size house on the water- - her house is not on the <br /> water, she cited sinigl -la ' s house, which received an abatement <br /> and now valued at $120 , 000 ; she spoke with Gregg Fraser about <br /> this . Both David Bailey and Chairman Greig explained that it i <br /> a poor corp to use because the house grade needs to be changed <br /> for "functional obsolescence" - the location changed <br /> drastically and 'beeame- noisy and crowded after the elaborate home <br /> had been started - the owners decided to finish the house in <br /> high fashion, yet they will have trouble selling it. Mr. Bailey <br /> also cited the Porciel to Douse, also overbuilt for the area. He <br /> stated that both of these properties are unique - and overbuilt. <br /> Mrs , Fox explained that she became irate when her house <br /> value increased by $17 ,000 , yet all other values of houses in the <br /> area decreased by $3 , 000 to $5 , 000 ; thea she looked into the <br /> house gradings ; her house was ]wilt in 1985 and has never been <br /> improved.' She cited lot 161 , graded A+, has 37 , 000 square feet, <br /> yet is assessed ' at $196 , 000 - she knows it was a bank <br /> foreclosure. David Bailey stated that the sale did influence the <br /> assessment; he also pointed out that there is now evidence of <br /> perhaps a 2 drop in value of properties off the water in the <br /> subject area ; next year the land values probably will be <br /> adjusted. Lengthy discussion followed. <br /> Mrs . Fox stated that a ballpark figure of $300 ,000 i s what <br /> she feels her property is worth. Chairman Greig asked if Mrs. <br /> Fox could justify the $72 , 000 decrease in value. she replied the <br /> hot tub completely, the grossly overvalued pool , the $17 , 000 <br /> increase in house value this year because of incorrect douse <br /> grading, and other neighborhood off-water and water influences. <br />