Special Bd. of Aldermen — 02/27/2017 Page 9
Ken Rodgers
If you were to get a bank appraisal to refinance, that appraiser is just going to look down a few loans. They
won't even go back a full year. So when we're building a computer model for mass appraisal, we’re going back
an entire year to get the largest samples that are possible.
Alderman Jette
So when you're looking at a house, you’re not looking at what necessarily what that house may have sold for at
any point in time. You’re looking at what similar houses sold for within the last year to determine the value.
President McCarthy
If you want to put yours on the market for what it sold for in 2000, I'll talk.
Alderman Jette
| didn’t know you were looking.
Attorney Bolton
Until he could get that price.
Alderman Dowd
Actually that’s what a realtor’s price homes for sale right now then you look at comparables that have sold in
the last short period of time. My other question is from an income perspective relative to industrial properties if
it's a very large company with multiple buildings in the city and the surrounding cities and the income that’s
generated was probably spread over several of those buildings. How would you make any kind of estimate as
to the income generated by an industrial building like that?
Ken Rodgers
Well we’re looking at if that building was to be rented out. So we’re looking at just market rents. It doesn’t
matter as far as who the tenant currently is. If | were to own that building and rent it out to somebody, what
would | rent it for?
Alderman Dowd
I’m talking about manufacturing companies, engineering companies.
President McCarthy
Do you have a specific example in mind Alderman Dowd?
Alderman Dowd
Without stating it, yes. It’s not something that too many people would be able to rent.
Ken Rodgers
It’s probably kind of a specific question that I’d have to see the property and make a determination.
