COM 0024.018 2012-2014 - Laserfiche WebLink

Home

• Mr Onishi stated that in the past the Task Force has been deferring any legislation that has been coming from the Council to allow the Task Force time to work out the recommendations • Discussion held as to Members not receiving a copy of the Bill so they are unable to discuss or decide on it at the present time Ms Wille requested that Finance provide copies of all Bills, correspondence, etc for each meeting to the Members. c. Mr Onishi suggested that all of the Bills that were sent to the Task Force from the Council be held off until the Members have had a chance to review all of the recommendations in the report before making a decision on the Bills Mr Onishi moved to defer Bill No 71 to the call of the Chair Second by Mr Hussey A call for discussion was made Motion passed by a vote of 50 • Discuss recommendations 26 and 32 from the International Association of Assessing Officers Report c Recommendation 26: Ms Wille requested a brief summary from Mrs Crawford or Mr Sitko as to the issues that are involved and what will need to be decided upon c. Mrs Crawford stated that she could inform the Members as to what the item was but any technical questions would be best answered by Mr Sitko as to valuing using income approach versus cost approach as the division currently uses As noted in the report, none of the other Counties are using the income approach but the division is not objecting to using it It would also require some time to build the data that would actually be needed to make it effective This would require a change to the County Code Mr Sitko reported that there are generally three main approaches to valuing in the real estate appraisal process — the cost, the market comparison and the income approach • Market comparison approach compares one property to other like properties and adjusts for differences between the sale prices • Cost approach values the land using the market approach then rebuilds the structure and then depreciates it • Income approach capitalizes it or puts a value on the income flow of a property Most appropriate when dealing with commercial properties or rental properties A single-family home would not be amenable to that approach This is the more appropriate method for valuing certain types of properties such as rental warehouse space retail space, apartment complexes It would provide the full compliment of approaches with the current system to value properties Mr Sitko stated • Accessing COSTAR to assist with valuing of commercial properties Contains a lot of income information that could be utilized in the current database