Laserfiche WebLink
<br />CITY OF CENTERVILLE <br /> <br />ECONOMIC AND FINANCIAL INFORMATION <br /> <br />Valuations <br /> <br />Real Property <br />Personal Property <br />Less Tax Increment District Deduction <br />Fiscal Disparitiesl <br />(Contribution to Pool) <br />Distribution from Pool <br /> <br />Total Valuation <br /> <br />Estimated <br />Market Value <br />2002/2003 <br /> <br />$ 220,886,900 <br />1,805,400 ' <br /> <br />Net Tax <br />Capacity <br />2002/2003 <br /> <br />$2,188,362 <br />34,374 <br />28,329) <br /> <br />( <br />( <br /> <br />89,844) <br />333,011 <br /> <br />$ 222.692.300 <br /> <br />$2.437.574 <br /> <br />Market Value after Sales Assessment Ratio <br /> <br />The Minnesota Department of Revenue conducts the Real Estate Sales Assessment Ratio Study to accomplish <br />equalization of property valuations in the State and to determine the probable selling price of a property. The <br />Study is a three-year average of sale prices as related to the latest assessor's estimated market value. The latest <br />Sales Assessment Ratio (2001) in Centerville is 87.6% meaning the County Auditor's recorded real property <br />market value of $20,886,900 is 87.6% of the probable resale estimated market value. We have made the fol- <br />lowing computations in deriving the market value figure used in the "Summary of Debt and Debt Statistics." <br /> <br /> $ 220,886,900 <br /> 87.6% <br />= $ 252,153,995 <br />+ 1.805.400 <br />= $ 253.959.395 <br /> <br />County Auditor's recorded real property estimated market value. <br /> <br />Latest Composite Ratio from the Real Estate Sales Assessment Ratio <br />Study of the Minnesota Department of Revenue. <br /> <br />Indicated market value of real property. <br /> <br />Personal property. <br /> <br />Indicated market value of real and personal property used in <br />"Summary of Debt and Debt Statistics." <br /> <br />1 Fiscal Disoarities Law <br />The 1971 Legislature enacted a "fiscal disparities law" which allows all the Twin City Metropolitan Area Municipalities to share in <br />commercial/industrial growth, regardless of where the growth occurred geographically. Forty percent (40%) of every metropolitan <br />municipality's growth in commercial/industrial assessed valuation is pooled, then redistributed to all municipalities on the basis of <br />population and per capita valuation after the tax increment and fiscal disparity adjustments. <br /> <br />-22- <br />