BOARD OF ASSESSMENT APPEALS
April 17, 2008
The Board of Assessment Appeals met on Thursday, April 17, 2008. Members present were Stephen Palmer, Betty Richards and David Harma. The meeting was called to order at 7:10 p.m.
The following appeal was heard:
HURLEY, CLIFFORD & STEVEN – 17 Hancox St.
Steven Hurley appeared before the Board. His parents bought the Sea Village and converted it into 15 rental units. The small apartments average 500 square feet and the largest in front of the building is approximately 750 square feet. It has a 30% vacancy rate. The highest rent is $1,350 a month. The property produces a negative cash flow. Many of the baths have no tubs; just galvanized shower stalls. Many of his tenants have been there a long time and he can not raise the rents to produce a positive cash flow. For estate purposes an appraisal was done dated December 21, 2005 by Miner and Silverstein. The value was set at $2.75 million. Extensive work needs to be done on the dock and the sea wall. They have the right to one mooring. They do have a magnificent
The following decisions were made:
HURLEY, CLIFFORD & STEVEN – The Board voted unanimously to keep the increased assessment at $1,348,900.
NORMAN, CHALRES & ELIZABETH – The Board voted unanimously to deny the petition.
CHALECKI, BERNARD & ALICE - Stephen Palmer inspected the property. The Board voted unanimously to deny the petitions on all properties.
MASONS ISLAND CO. – Money Point Road M180 B2 L33
The Board voted unanimously to change the assessment to $6,000.
Poggy Bay Lane – The Board voted unanimously to change the assessment to $7,000.
The Board voted unanimously to accept the minutes for the April 7, 2008 as amended.
There being no further business, the meeting was adjourned at 9:15 p.m.