Board explains insurer replacement-value figures during Utterback appeal
Homeowner James Utterback presented an insurance appraisal figure of $620,000; the BOE clarified that insurer replacement-cost estimates differ from assessed values and left the assessment unchanged.
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James Utterback appeared in person and referenced a homeowner insurance appraisal that listed the house at $620,000. Chairman Geary Showman and Secretary Chris Biby explained to Utterback that the insurance figure is an estimated replacement cost and is calculated differently than assessed market or fair-market valuations used for property tax purposes. The parcel is in the county land-use program and the board noted historical dumping on part of the property.
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