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<br />BOARD OF EQUALIZATION MINUTES - AUGUST 22, 2000 Page 2 <br /> <br />Mr. Kingsley explained that it is a hypothetical acre that consists of 45,360 square feet. Since it is a <br />hypothetical acre, there are no specific dimensions. <br /> <br />Mr. Murray asked ifhe could determine the dimensions of the one (1) acre? <br /> <br />Mr. Kingsley replied he does not think so. <br /> <br />Mr. Murray asked why not? Who determines the size and shape? <br /> <br />Chairman Marlow explained that when a building is constructed on property with a forest land classification, <br />the Assessor's office is required by law to place a value on the building site. The valuation method required by <br />State law is to take one (I) acre out of the forest land classification and assess it as a building site at 100% of <br />fair market value, even though it is just a hypothetical acre which cannot be sold separate from the remaining <br />classified forest land acreage. The actual configuration of the acre is irrelevant, because it's the value of the <br />building site which they are assessing. The Board must determine if the valuation of that acre is fair and <br />equitable. <br /> <br />Mr. Murray stated that it is not, because he is unable to use it or sell it like an individual withjust one (I) acre <br />could do. <br /> <br />Chairman Marlow stated that the Board understands his point, however, the Assessor's office is bound by law <br />to use certain methods in valuing property. Whether or not the assessment is reflective of market value will be <br />reviewed by the Board. <br /> <br />Mr. Murray stated that fair market value is the amount the property will sell for. The property cannot be sold, <br />so the value does not reflect fair market value. He added that if constructing a building on one acre increases <br />its value to $10,000 than he will construct 19 more buildings. In his opinion it is a bad law. <br /> <br />Hearing no further testimony Chairman Marlow closed the hearing. The Board will review all the information <br />submitted, conduct a physical inspection of the property and make a determination at a later date. <br /> <br />Joseph Pollack <br />RR2, Box 71 Peniel Road <br />Tryon, NC 28782 <br /> <br />BOE: 00-55-R <br />00-56-LO <br />00-57-LO <br />00-58-LO <br />00-59-LO <br />00-60- LO <br />00-61-LO <br />00-62-LO <br />00-63- R <br /> <br />PN: 921 094011 <br />959 000 002 <br />959 000 003 <br />959 000 004 <br />959 000 005 <br />959 000 007 <br />959 000 008 <br />959 000 009 <br />959 000 013 <br /> <br />Real Estate Agent Dale Christine Barron represented Mr. Pollack. Appraisers Robert Kingsley and Peter <br />Schuck were present on behalf of the Assessor's office. After explaining the hearing process Chairman <br />Marlow swore them in. <br />