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South Bend Redevelopment Commission <br />Regular Meeting - October 1, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Ms. KOLATA: We do rely on the <br />qualifications of the appraisers and, as I <br />mentioned, there are a number of different <br />appraisers going through the neighborhood. <br />They are all qualified appraisers. Some of <br />them are only residential qualified appraisers <br />and some of them are qualified for <br />residential and commercial properties and <br />that's part of how we've divided up the <br />work load is to make sure that we have <br />commercial appraisers on every commercial <br />property, that we have residential appraisers <br />on every residential property, and we have <br />teamed them up so that we make sure we <br />have well qualified appraisers working on <br />each piece of property. They do look at a <br />number of factors when they are arriving at <br />their value. They look at the market; they <br />look at comparable properties; if it is <br />something that is an income- producing <br />property, they look at the income level and <br />they have to consider (although they don't <br />always use) the cost approach, the <br />reproduction value of a piece of property. <br />But each one of those properties, they look <br />at a number of different ways of appraising <br />the property and then they use their <br />professional judgement as to what is the <br />value of that property. They certainly will <br />not all be the same value within the <br />neighborhood. There will be some real <br />consistencies in value, but there will also <br />be ... commercial frontage on Michigan Street <br />will have a different value than a residential <br />lot several blocks off of Michigan Street. I <br />don't think there's any question about that. <br />-20- <br />