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o Mr Sitko responded <br /> • Depending on the data that they have right now, at this point <br /> having the income approach would assist in revaluing They are <br /> trying to the market value of a property <br /> Mr Hussey stated. <br /> • The fundamental principle is to be as fair and as current as <br /> possible <br /> • Yes, in a down market businesses suffer Their value goes <br /> down <br /> • People will not pay what they would have paid in 2006 when the <br /> balloon was up at its highest volume <br /> • To tax at that level, to leave it there or to take to the bottom of <br /> the trough in 2009 at the end of the recession would be to fix <br /> rates based on a moment in time <br /> • That is not a fair valuation as it is a hangover from the past <br /> • Everything changes with the market and the more current we <br /> can make the tax assessment process with the best tools for a <br /> particular property type the more respect the process is going to <br /> have, the more support it is going to have from the public <br /> Mr Price stated. <br /> • All commercial properties are reevaluated by their owners when <br /> they receive their assessment notices <br /> • They hear from owners when they feel they are over assessed <br /> and they file an appeal <br /> • Does not remember having that many commercial appeals <br /> within the five years that he was there <br /> • When these hotels go in and renovate sometimes it was picked <br /> up, sometimes it was not So if they had a hotel at $15 million <br /> and they had $10 million in renovation, it might still stay at $15 <br /> million for that year <br /> • If the owners are paying too much or assessed too high, they <br /> know it on a continuous basis as part of their profit-loss <br /> information that they do <br /> • Not sure how the County would get into dealing with the owners <br /> books <br /> c Ms. Wille stated <br /> • It seemed like the key thing is getting the data in <br /> • How long would that take? <br /> • If vote in favor of this then, what's the next step? <br /> • How much time does the department need? <br /> • Would a code change be needed? <br /> • How would the committee follow through on this in an <br /> appropriate manner, what time frame and what steps would <br /> need to be taken? <br /> c Mrs Crawford responded <br /> • The department would draft a legislative change to bring to the <br /> committee for the committee to decide <br />